Appraisal Obsolete? Now or in the Future?

Is Appraisal Obsolete?

By George Dell

Excerpts: You’d think client/user expectation would follow wise professional leadership. Hah!

Innovation and leadership in knowledge and education has declined. The profession and its key organizations have long lost their default position. Pride in designations are diminished. Replaced by licensing, outdated appraisal processes, echoed education, and octopus-like regulation. These are built upon subjective, belief-based ‘credibility’ standards. Each of these re-reinforce what clients want and expect. Why?

USPAP (Uniform Standards of Professional Appraisal Practice) is edited every two or three years. New updates may simply undo prior updates. Chugga chugga.

Appraisers are required to repeat the same education and repurchase the USPAP book every two years, even when changes take place over a three-year period. And pay fees for the privilege. “Automated valuations,” “evaluations,” and “waivered” ways do not have such taxes and ‘regulatory guidance.’ This creates a market advantage for the lesser-quality product!

To read more, click here

My comment: I agree, unfortunately. I love the use of “octopus”: very descriptive

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on ANSI, Fannie, Appraisal Business, unusual homes, mortgage origination stats, etc.

 

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Appraisers Share Their Top Professional Goals for 2022

By: McKissock

Excerpt: Achieve a better work-life balance (39%)

Work-life balance will be a top priority for many appraisers in 2022. Indeed, as we move toward a post-pandemic world, it seems to be top of mind for many people across all professions. If you are looking to spend more time working on passion projects or being with family next year, you may want to focus on streamlining your workflow to free up time.

Maintain my current business (18%)

A significant number of appraisers said their main focus will be to maintain their current business in 2022, rather than growing it or making other changes. Are you happy with the way things are going and simply want to maintain the status quo this year?

To read more, click here

My comment: Not surprising that work-life balance is number 1. Let’s hope business stays strong for appraisers! We can always Just Say No, or get rid of bad clients when we are busy. AMCs and lenders are desperate for appraisers.

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Meet The Texas-Born Italian Princess Who’s Selling A $532 Million Roman Villa With A Caravaggio Ceiling

Excerpts: Villa Aurora, as it is widely known, sits near the highest point within Rome’s Aurelian Walls, near where some historians believe Julius Caesar hosted Cleopatra at one of his homes. The 32,000-square foot villa and surrounding garden are all that’s left of a once 86.9-acre estate owned by the Ludovisi family since 1621. In 1885, most of the property was redeveloped into smaller lots to create Via Veneto, one of the world’s most glamorous streets.

The most expensive home in the world is a real buy one get one: Snag a priceless painting, receive a fixer-upper free. That’s the story with Villa Aurora anyway, which is priced at an eye-popping $532 million not for its plethora of amenities or top-of-the-line appliances, but for its artworks.

The approximately 30,000-square-foot mansion is the site of the only Caravaggio ceiling fresco in existence—that alone is worth an estimated $350 million. The six-floor home contains numerous other valuable works, including rooms with frescoes by Guercino and a statue in the driveway that’s attributed to Michelangelo. The catch, of course, is that the 500-year-old villa is showing its age. The current owner, Princess Rita Boncompagni Ludovisi, spent years restoring the place, but millions still need to be spent on renovating the old home. Who knows, while you’re at it you may even discover another priceless painting hidden somewhere in the walls. (From the Robb Report – second two paragraphs)

To read more (very interesting story about the Princess) and see an interesting video down the page (that starts with an ad and lots of great photos, click here

My comment: WoW, as compared with any villas in the U.S.!! Personal property??Getting too many ad-only emails?

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Some of the ANSI questions answered in the Monthly Appraisal Today Newsletter, starting with the February 1, 2022 issue

  • Sloping ceilings. How to measure. Why 5 ft. was selected.
  • Stairs. What to include for two+ story homes (both levels, not just one level). Stairs to attic and basement – tricky.
  • Difference between ANSI Finished Square Footage and finished area not conforming to ANSI, such as below grade.
  • ANSI Required Declarations in your Statement of Finished Square Footage (samples).
  • Difference between GLA (Fannie) and Finished Square Footage (ANSI).
  • USPAP and ANSI

My comments: I have no idea why I never noticed or thought about why, during my 45 years of appraising houses, there were no widely adopted home measurement standards done by appraisers, for appraisals! BOMA has six ANSI standards for commercial properties, starting 50 years ago, which I have used for commercial appraisals.

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ANSI Resources Update

Available now:

Appraiserelearning:

7-hour class, 45-minute video of the 2021 changes, recorded webinars on their Youtube channel

Podcast: Episode 97 The Appraisal Update Are You Upset, Happy, or Downright Mad? 1/10/22  https://appraiserelearning.com/the-appraisal-update-podcast/

Coming soon:

4 hour live ANSI zoom class. January 27 and 24, Feb. 9 and 24.

Free Webinar with Fannie’s Chief Appraiser, Lyle Radke: January 28 8 AM Central time www.Youtube.com search for appraiser learning.

Note: appraiserelearning has been offering ANSI classes for a while.

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New 125-page ANSI book by Hamp Thomas, Measuring Square Footage with ANSI 2021: Home Measurement Textbook $29.95 paperback. To purchase the book at Amazon, search for Hamp Thomas ansi book. Well written with good images to help you understand. Hamp Thomas, “Mr. ANSI”, started writing about it in 2006-2007. He has been teaching ANSI for a long time.

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Purchase the ANSI standards online, “Square Footage – Method for Calculating: ANSI Z765 2021” for $25. The Standards are only 3 pages, with additional explanatory information on the other pages. Their online ordering problems have been fixed. www.homeinnovation.com and click on Bookstore in the upper right. It is a bit expensive and copyrighted, but you should have a copy of the original document, not just what someone chats online about what it says.

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Coming soon (hopefully)

Appraisal Institute 4 hour online class: Getting approval is in process and hope to have the offering available online in February.

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Fannie may be having training in February. I’m still waiting for any information.

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ANSI Z765-2021 and Appraisers: Two Primary Issues, In My Opinion

The Standards are only three pages long, with few changes made since 1996 when The National Association of Home Builders set it up. Very few changes over the years. There is resistance to any changes to keep it easy to understand. The 13 members of the Consensus Committee include five appraisers. The standards do not address many appraisal issues.

Primary issues:

  • There are no measurement standards for finished square footage that do not conform to ANSI Z765-2021 requirements, such as finished basements. Fannie says to put it on a separate line on forms. Very confusing. Three, or more, appraisers measuring the same house could have different Square Footage for non-conforming sq. ft.
  • Why don’t appraisers have their own Appraisal ANSI done by the Appraisal Foundation? AF has a “collaborative effort with the Royal Institution of Chartered Surveyors and their International Property Measurement Standards which seek to standardize measurement standards globally”. “Up until last month, Fannie Mae did not require that an appraiser follow a specific measurement standard.” The IPMS standard for detached dwellings, included in the Residential Building Standards, is difficult to use as it is mixed in with apartment buildings, with limited floor plan drawings.

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Rustic Rules! Take a Look at the 10 Most Popular Log Cabins of 2021

Take a break and scroll through them. Very different!

Excerpt: Something about this time of year makes most of us dream of cozying up by the fire in a woodsy cabin away from the madding world. And after the last 21 months (and counting) that we’ve had, that fantasy isn’t limited to wintertime.

How do we know? Well, in 2021, throngs of you perused all the log cabins to hit the market. We counted up the clicks and found the 10 most popular retreats on Realtor.com®. Located all over the country, many are extremely modest, while others stretch the true definition of a cabin.

Throw another log on the fire, and scroll down to see which charming abodes cracked the list. Perhaps you’ll be inspired to consider cabin life in 2022.

To read more, click here

My comment: I have never appraised a log cabin, but have seen a lot of them in movies

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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, go to www.mbaa.org Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. I have been following this data since 1993. For more information or get a FREE sample issue go to https://www.appraisaltoday.com/products.htm or send an email to info@appraisaltoday.com . Or call 800-839-0227, MTW 7 AM to noon, Pacific time.

Mortgage applications increased 1.4 percent from one week earlier

WASHINGTON, D.C. (January 12, 2022) – Mortgage applications increased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 7, 2022. The previous week’s results included an adjustment for the holidays.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 46 percent compared with the previous week. The Refinance Index decreased 0.1 percent from the previous week and was 50 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 51 percent compared with the previous week and was 17 percent lower than the same week one year ago.

“Mortgage rates increased significantly across all loan types last week as the Federal Reserve’s signaling of tighter policy ahead pushed U.S. Treasury yields higher. The 30-year fixed rate hit 3.52 percent, its highest level since March 2020. Rates at these levels are quickly closing the door on refinance opportunities for many borrowers. Although refinance activity changed little over the week, applications remained at their lowest level in over a month, and conventional refinance applications were at their lowest level since January 2020,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The housing market started 2022 on a strong note. Both conventional and government purchase applications showed increases, with FHA purchase applications increasing almost 9 percent, and VA applications increasing more than 5 percent. MBA expects solid growth in purchase activity this year, as demographic drivers and the strong economy support housing demand. However, the strength in growth will be dependent on housing inventory growing more rapidly to meet demand.”

The refinance share of mortgage activity decreased to 64.1 percent of total applications from 65.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 3.1 percent of total applications.

The FHA share of total applications increased to 9.9 percent from 9.2 percent the week prior. The VA share of total applications increased to 11.4 percent from 11.3 percent the week prior. The USDA share of total applications remained unchanged from 0.4 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 3.52 percent from 3.33 percent, with points decreasing to 0.45 from 0.48 (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 $647,200) increased to 3.42 percent from 3.31 percent, with points decreasing to 0.36 from 0.38 (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 3.50 percent from 3.40 percent, with points increasing to 0.45 from 0.42 (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 2.73 percent from 2.60 percent, with points increasing to 0.35 from 0.31 (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 3.03 percent from 2.45 percent, with points decreasing to 0.20 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. 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
www.appraisaltoday.com

Three 2022 Residential Appraisal Forecasts

Three 2022 Residential Appraisal Forecasts

The 20 appraisal events that will surface, occur or continue on into 2022
By Tim Andersen, MAI
Excerpt of three of the Events:
6. So far, appraisers have not organized themselves to fight the bogus bias and discrimination charges against them. Despite the need for such pugilistic organization, however, the status quo won’t change.
9. More and more state appraisal and taxing authorities will recognize Fannie Mae’s move to use the ANSI measurement standards by adopting those standards themselves. While this is likely a positive step, it will result in another level of regulation and standards imposed on appraisers.
10. State appraisal boards will continue their migration toward becoming consumer advocacy agencies; thus, their migration away from their original purpose, the credentialing, educating, and disciplining of real estate appraisers.
Warning: some are very controversial!
To read all 20, click here. I posted this on my blog, so you can make comments!

Read more!!

Appraisal Completion Certifications – be careful!

Appraisal Business Tips 

Humor for Appraisers

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To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, Fannie ANSI requirements, mortgage rate forecast, mortgage origination stats, etc.

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ANSI Z765-2021 Information Resources – CLICK LINK BELOW FOR MORE

Read more!!

Fannie requiring ANSI for appraisals starting 4/1/22

ANSI Update

I have been getting questions from appraisers but did not have time to research this Very Hot Topic. Below is a link to purchase the new 2021 Standards.
There are lots of comments online. The first link below by Appraisersblogs allows comments which you can read and make your own comments. The second link is a short blog post by McKissock.
Purchasing the Standards document for $25 is a good idea—link at the end of this section. I purchased a copy, so I knew what it said. Hopefully, most appraisers who do GSE appraisals will get a copy. Disclaimers coming soon regarding ANSI, assessor’s offices, etc. Disclosure of what you use is an excellent idea.
For many years, I did relocation appraisals, where 2-3 appraisers appraised the same house before the sale. Sq.ft. by the appraisers was very seldom the same. We did future values, typically 90-120 days in the future. My most favorite appraisals. Every appraisal was a test of how close I came to the sales price.
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ANSI Measuring Standard Required on April 1, 2022 – Comments allowed
By Appraisersblogs
Excerpts: includes Fannie’s 1-page “Standardized Property Measuring Guidelines” with good information.
Does following ANSI even reflect the market? Perhaps, adopting the ANSI standard will make the description of the subject property more precise. However, how is this going to help if Realtors, assessors, builders, and architects are not measuring by the same standard? Will this create a false sense of accuracy? Will there be a lot more discrepancies once the ANSI measuring standard is used by appraisers for the subject property while different measuring standards measure the comparable sales. And how do we apply the ANSI measuring standard on exterior-only appraisals, desktops, hybrids, and 2055s?
This blog post is a good place to read comments and leave your own. Over 35 comments. Click here to read.
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Fannie Mae to Adopt ANSI Measurement Standard in 2022
Short blog post with good info
By: Dan Bradley (McKissock)
Excerpt: ANSI Z765 is a copyrighted document. A downloadable PDF is available for purchase from Home Innovation Research Labs for $25.00. The website can be accessed here: https://www.homeinnovation.com/z765.
To read more, click here

Read more!!

Appraisal Errors from Reviewers and State Boards

25 Common Errors in Appraisal Reports

Excerpts: As a real estate appraiser, much of your success relies on your reputation as a competent professional. Unfortunately, certain appraisal violations are quite common—including errors in appraisal reports. Make sure you’re aware of these mistakes so that you can avoid them. Here’s a compilation of the most common errors and deficiencies found in appraisal reports by reviewers, regulators, and appraisal boards.
  • Not stating the report option utilized.
  • Not providing enough analysis for the intended user or reader to understand the report properly.
  • Inconsistencies between the description of the subject property in the improvements section and the photographs, sketch, sales comparison grid, and other areas in the report.
  • Inappropriate use of boilerplate commentary in the appraisal report to describe the neighborhood or to explain the reconciliation of the sales comparison approach.
  • Failure to summarize the support and rationale that supports the highest and best use opinion.
  • Not complying with the most current USPAP.
  • Failure to explain the exclusion of the cost and or income approaches.
To read more, click here
My comments: This was originally published by McKissock in 2019 and updated in 2020. We can always use these reminders. We know them, but sometimes forget to do them, update templates, boilerplate, etc.

Read more!!

Appraisals Obsolete Now or Later?

Is Appraisal Obsolete?

By George Dell SRA, MAI, ASA, CRE
Excerpt: Obsolete! Such a harsh word. Can it be?
Is the problem convolution?
Does it mean I will soon be obsolete? Not needed? Not loved? Terrible. What can be done?
Yet all the little signs are pointing that way. “Automated” valuation models have much of the market, and continue to gain. Other valuation methods and appraisal exempted transactions continue to grow. Evaluations, desktops, hybrids, auto-measurements, non-appraiser inspections, broker opinions.
To read more, click here
My comment: Another different perspective from George Dell! Check out “Appraisal startup Aloft closes $20M Series A” above! Not the first, and not the last, appraisal-related company to get millions in funding. Who needs experienced field appraisers when we have AVMs, hybrids, etc.?

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on Zillow, marketing tips, Freddie and Fannie new loan limits, unusual homes, mortgage origination stats, etc.

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Sewer vs. Septic for Appraisers – Don’t get into trouble!

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, Fannie new desktop form, GSEs to use desktops for purchases loans, Time management, Freddie Secret, Liability, mortgage origination stats, etc.

Read more!!

Appraising Fixer-Uppers

What About Those Fixer-Uppers?

Insights from a Seasoned Appraiser
By Steven Vehmeier
Excerpt: We’re all familiar with the term “fixer-upper.” For many different reasons, properties can come on the market in less-than-par condition. The degree and cost to cure become an issue to buyers and sellers, and a challenge for appraisers. At some point, it’s no longer “normal market value minus cost to cure equals as-is value.”
The terms “entrepreneurial incentidddve” and “entrepreneurial profit” are typically discussed in terms of investment property, but the principles involved can also be applied to the many fixer-uppers—whether the buyer is a “purely investor type” or an “owner-occupied investor type.” Maybe a couple of new terms should be discussed: “sweat equity incentive” and “sweat equity profit.”
To read more, click here
My comments: Most of my appraisals are for estates (date of death). I have never appraised a home that was ready for sale when the person died: staged, new paint and floor coverings, yards cleaned up, etc. I very seldom have any repair estimates or structural pest control or home inspection report.
I always assume the home is empty of furniture and “broom clean,” which I learned doing lots of REOs in the past. If a home is cluttered with personal stuff, the price will be lower. But, it can be fixed easily and inexpensively. If it is a mess, I tell the executor to call me when it is cleaned out so I can see what the walls, floors, kitchen countertops, etc. look like.  If I can’t see, I disclose this in the appraisal and do my best to figure out a condition estimate.
Very few MLS listings here are not fixed up for sale. I look for “fixer”, “contractor”, “as is”, “handyman”, etc. in the description.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, Fannie and condos, real estate market, fixer uppers, etc

 

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6 Appraiser Tips on Increasing Productivity

6 Ways to Streamline Your Appraisal Workflow

Excerpt:
#6. Reduce revision requests
A revision will waste 15 minutes minimum. To reduce revision requests, track your clients’ common questions, and include that information in all reports when applicable. If you work for a lot of different lenders or do a lot of appraisals for lending-related purposes, those clients and intended users are probably asking some of the same questions over and over.
For example, if your clients often ask about septic, go ahead and include a comment about the septic system in your initial report. In other words, answer the question before they ask it.
To read more plus get 5 more tips, click here
My comments: Short and well written, worth reading. I have been writing about time management in my Appraisal Today monthly newsletter since June 1992, the first issue. Saving time is a very hot topic now when everyone is very busy. All of my many articles are available free to paid subscribers. They are much longer than this blog post, of course.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on Fannie News on Forms and UAD, September Fannie Update, Bias (again), unusual homes, mortgage origination stats, etc.

Read more!!

Wholesale lender has AMC-free appraisals

UWM launches AMC-free appraisal program to coordinate appraisals in-house

Excerpt: The Pontiac, Michigan-based wholesale lender will instead coordinate appraisals in-house, contracting with appraisers directly, offering appraisers and brokers a way to bypass AMCs altogether, which UWM CEO Mat Ishbia characterizes as “middlemen.”
During a Facebook Live address, Ishbia proclaimed that while AMCs add value to the industry, appraisals have been a stumbling block for the mortgage industry.
“It’s going to be cheaper for consumers and more money for appraisers because there’s no longer going to be a middleman with UWM Appraisal Direct,” Ishbia said.
To read more, click here
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Comments from Rob Chrisman’s daily email mortgage newsletter 9-13-21
Critics wonder if appraisers will sign up for UWM’s program, or any program for that matter, given the amount of business licensed appraisers have already. AMCs take about $125-150, maybe as much as $200. If a company like UWM offers $150 more than AMCs to take their orders, does it come with a price, such as an appraiser saying they won’t do business with other AMCs? Stay tuned!
To read lots more, click here Search for appraisals.
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Comments from AppraisedValue (Housing Wire) email with comments. No link available.
The larger question is whether UWM’s direct-to-appraiser approach will be attractive enough to keep appraisers too busy to work with AMCs and whether other lenders will follow suit. As our story notes: Likely the strongest incentive for appraisers is that UWM will pass along the full appraisal fee paid by the borrower. And, while AMCs have been dogged with allegations of late pay, UWM will pay appraisers the next business day after a successful appraisal completion. 
Still, some AMCs, such as Class, have already instituted a process to pay appraisers within 24 hours. And some lenders don’t want the headache of bringing valuation in-house.
My comments: I like what UWM is doing, of course. As we all know, there are much more significant problems with AMCs than money, such as long lists of requirements, including everything from every lender they work for!

Appraisal Business Tips

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on Fannie and Bias, real estate market changing?, appraisal business, unusual homes, mortgage origination stats, etc.

Read more!!