Newz: Fannie Appraiser Update Q1, Suspended AMC, Bias
March 27, 2026
What’s in This Newsletter (In Order, Scroll Down)
- LIA AD: Should I consider this an actual claim?
- Fannie Appraiser Update Q1
- 126-Year-Old Gentlemen’s Estate That Epitomizes Gilded Age Opulence Lists in the Berkshires for $8 Million
- Suspended: The AMC That Turned “Review” Into a Value Demand
- Retirement: To Stay, To Go, or Can’t Decide? That is the Question!
- AQB Releases Job Analysis Report
- A Baseless Bias Claim Turns Into a State Appraisal Crusade
- MBA: Mortgage applications decreased 10.5 percent from one week earlier
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Fannie Appraiser Update Q1
Email Message 3/19/26
Welcome to the first Appraiser Update of 2026. This edition delivers timely information to help you stay competitive and ready for what’s next, including:
Preparing for the fast-approaching Uniform Appraisal Dataset (UAD) 3.6 and Forms Redesign mandate on Nov. 2, 2026;
Understanding Appraisal Quality Monitoring letters to appraisers related to time adjustments; and
Embracing expanded eligibility for manufactured housing and accessory dwelling units – available only for UAD 3.6 submissions.
Topics list
- UAD 3.6 articles
- Appraisal Software Selection
- Treatment of Location and View
- Market Conditions Analysis Letters
- MH Policy Changes
- ADU Policy Changes
To read the update, Click Here
My comment: Worth reading, of course. Always a very popular link!
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126-Year-Old Gentlemen’s Estate That Epitomizes Gilded Age Opulence Lists in the Berkshires for $8 Million
Excerpts: 8 bedrooms, 6.5 baths, 9,364 sq.ft., 11.45 Acre lot, Built in 1900
A historical Gilded Age “cottage” that was conceived as a gentleman’s escape during the height of Manhattan’s most opulent era has hit the market in Massachusetts for $7.97 million—more than 120 years after it was built.
Located in Lenox, the heart of the Berkshires, the eight-bedroom residence is far grander than “cottage” might suggest; the word was used as a common misnomer for the extravagant country estates built in the area during the Gilded Age.
Unlike the petite properties that many associate with the word today, the sprawling home at 399 Under Mountain Road was built in 1900 as a gentleman’s equestrian estate and, despite having undergone a recent—and very extensive—renovation, it still bears many of the most elegant hallmarks of its heyday. Inside, the restoration highlights the home’s original details. Lead-glass windows frame views of rolling lawns and mature trees, while rich walnut paneling, intricate moldings, and classic pocket doors add a level of warmth rarely found in modern construction.
Ten fireplaces are scattered throughout the manor, many with ornately carved mantels.
“Every detail has been curated to embody warmth and sophistication, creating an inviting ambiance that is both refined and welcoming,” the description continues.
The extent of the property is also reflected in the home’s price tag. Having last changed hands in 2022 for $4.84 million, the dwelling is now back on the market just over four years later with a significant 65% increase on that price.
To read the listing, Click Here
My comments: Very interesting history and 50 photos.
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Suspended: The AMC That Turned “Review” Into a Value Demand
Financial Asset Services and its chief appraiser did not just cross the line of appraiser independence, they marched past it so boldly that the Virginia Board suspended them both. In a rare twist involving a reverse mortgage, the push for a lower value became so aggressive that the Board ultimately issued a second suspended license to drive the point home.
The Virginia Coalition of Appraiser Professionals recently highlighted a case that should make every appraiser pause. Financial Asset Services (FAS) was hired to manage a reverse mortgage appraisal, a product where the pressure often runs in the opposite direction. Instead of pushing for a higher value, the lender benefits from a lower one. The case files make that dynamic unmistakable.
The assignment went to a certified residential appraiser who delivered a well supported value of $385,000. FAS requested multiple revisions, none of which changed the value. Then came the lender supplied comparable sale from June 2023, well outside the twelve month window stated in the engagement letter. The appraiser agreed to analyze it, and ultimately included it in a later revision, but still found no basis to alter the value.
That is when the communication shifted. On March 21, 2025, FAS relayed that FHA and the lender considered the appraisal “high risk for overvaluation” and wanted the appraiser to revisit his reconciliation. The message insisted that the dated comparable was the best indicator of value and encouraged him to reconsider his conclusion.
To read more, Click Here
My comment: I wonder how often this occurs with AMCs that were supposed to stop this from happening?
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Retirement: To Stay, To Go, or Can’t Decide? That is the Question!
In the January 2024 issue of Appraisal Today
Many appraisers are retiring due to stress (not much business, AMC
hassles, etc.) and increasing age. In the past, prior to licensing, most appraisers were staff appraisers for lenders. Many retired with a pension and continued to do appraisals for additional income. Now most of my retired friends with pensions are teachers or government employees.
Don’t let your E&O insurance coverage lapse. You have to renew every year
before your policy runs out. If there is a lapse in coverage you could lose your
PRIOR ACTS, which means you lose your coverage history and you won’t be
covered for the appraisals you have done in the past.
If you are retiring or quitting appraising, speak to the broker about TAIL
COVERAGE. Just because you are no longer preparing new appraisal reports
doesn’t mean you can’t be sued. You still have assets that need to be protected, so you should keep your E&O insurance in place.
Appraisers and “retirement”
In this article, I focus on appraisers approaching retirement and discuss what it means for fee appraisers.
But it is helpful for younger appraisers so they can see their future and plan.
There is lots of financial and personal advice for planning retirement available to read for younger appraisers.
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March, 2026 issue emailed on
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AQB Releases Job Analysis Report 3-19-26
Excerpts: AQB National Uniform Licensing and Certification Examinations Certified General, Certified Residential, and Licensed Residential Appraisers
“The AQB took a huge step to provide better transparency and clarity around our ongoing work,” said AQB Chair Jerry Yurek. “This is a key step in our modern decision-making processes as the Criteria reassessment project continues. The Job Analysis Report is a useful resource for stakeholders and the public alike to understand some of the critical data informing the AQB’s effectiveness.
This document is a comprehensive job analysis and exam development report for the AQB National Uniform Licensing Certification Examinations for appraisers.
Job Analysis and Examination Development Overview
This report details the comprehensive process used by PSI Services LLC to update the licensing examinations for real estate appraisers, ensuring content validity and alignment with current industry practices.”
To read the report, Click Click Here
My comments: Long report (89 pages), but worth reading and/or skimming the contents list on Page 1.
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A Baseless Bias Claim Turns Into a State Appraisal Crusade
Excerpts: This is the story of how a false bias allegation became the basis for an aggressive, unjustified prosecution by the state appraisal board.
My name is Steve Orlowski, and I am a retired Illinois Certified Residential Real Estate Appraiser. In November 2020, I conducted a property appraisal. The owner deemed my value low by more than $100,000. He only complained to the State of Illinois Department of Real Estate and filed a racism complaint with HUD; he didn’t submit a reconsideration of value.
Following an informal hearing, the State of Illinois Appraisal Board required me to acknowledge my wrongdoing, complete 35 hours of coursework, submit to public discipline, and pay a fine. I hired an attorney and declined. My attorney asked me to find an expert witness. I contacted two MAI-designated appraisers. Both MAI-designated appraisers confirmed that my appraisal seemed well-developed, but they declined to represent me due to their fear of retaliation from the appraisal board.
Looking through recent real estate listings, I discovered that the property that has been causing me so much distress recently sold for $185,000. I appraised the property in November 2020 for $164,000. It seems my estimate was accurate given the slight rise in area values over the previous five years.
The shocking part of this story is how completely unaccountable the state appraisal board is. They prosecuted me without valid cause. I understand the federal government is the only entity that can discipline a state appraisal board.
To read more, Click Here
My comment: Will this bias fiasco ever end?
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, Click Here.
Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample go to www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time.
My comments: Rates are going up and down. We are all waiting for rates to drop lower in 2026.
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Mortgage applications decreased 10.5 percent from one week earlier
WASHINGTON, D.C. (March 25, 2026) — Mortgage applications decreased 10.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2026.
The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10 percent compared with the previous week. The Refinance Index decreased 15 percent from the previous week and was 52 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 5 percent higher than the same week one year ago.
“The threat of higher-for-longer oil prices continued to keep Treasury yields elevated, and mortgage rates finished last week higher. The 30-year fixed rate rose to 6.43 percent, more than 30 basis points higher than at the end of February and at its highest level since October 2025,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Given this period of increasing mortgage rates and diminishing refinance incentives, refinance applications decreased 15 percent as applications across all loan types declined. Purchase applications were also down last week, as higher mortgage rates, coupled with affordability constraints and economic uncertainty, pushed some potential homebuyers to the sidelines.”
The refinance share of mortgage activity decreased to 49.6 percent of total applications from 52.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.1 percent of total applications.
The FHA share of total applications increased to 19.7 percent from 19.4 percent the week prior. The VA share of total applications decreased to 15.9 percent from 16.7 percent the week prior. The USDA share of total applications increased to 0.5 percent from 0.4 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 6.43 percent from 6.30 percent, with points increasing to 0.65 from 0.63 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.45 percent from 6.39 percent, with points increasing to 0.56 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.15 percent from 6.08 percent, with points increasing to 0.75 from 0.70 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.83 percent from 5.66 percent, with points increasing to 0.80 from 0.73 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 5.75 percent from 5.65 percent, with points increasing to 0.68 from 0.67 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact mbaresearch@mba.org or click here.
The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.
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Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today
1826 Clement Ave. Suite 203 Alameda, CA 94501
Phone: 510-865-8041
Email: ann@appraisaltoday.com
Online: www.appraisaltoday.com
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