Newz: New URAR, GSEs Update Appraisal Market Areas Requirements, Lender Redlining
November 8, 2024
What’s in This Newsletter (In Order, Scroll Down)
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Claudia Says: Navigating Value Revisions in Appraisals
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The New URAR: Embracing New Beginnings
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$19.8 Million Cape Cod Estate Next to Kennedy Family’s Famed Hyannis Port Compound Hits the Market
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CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama
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October 2024 Real Estate Market Update: A Balancing Act of Hope and Hurdles
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What can we expect for the future of the appraisal and the country?
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GSEs Update Appraisal Market Area Requirements
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Mortgage applications decreased 10.8 percent from one week earlier
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The New URAR: Embracing New Beginnings
By Jo Traut
Excerpts:
What’s New with the New URAR?
Think of the new URAR like upgrading from a basic flip phone to a modern smartphone. The old flip phone did its job—making calls and sending texts—but the new smartphone offers so much more. It’s customizable, adaptable to various apps and functions, and streamlines your daily tasks.
Similarly, the new URAR goes beyond a static, one-size-fits-all approach. It’s dynamic and data-driven, tailored to different property types and appraisal assignments, ultimately allowing us as appraisers to provide clearer and more comprehensive reports .
Why the Change?
The existing URAR has been dependable, much like an old-school flip phone. But as technology advances and standards evolve, the mortgage industry requires a more versatile tool. This redesign addresses current inefficiencies, meeting the rising demand for improved reports, as well as enhancing the experience for both appraisers and report readers.
To read more, Click Here
My comments: Read this blog post! Definitely the best practical appraisal advice I have read on new URAR. Includes links to relevant technical details.
No more 30-40 page appraisal SFR reports that is not what GSEs (and most appraisers) wanted. No more outdate “forms” reports that do not change fast enough to accommodate GSE (and USPAP) changes.
Both URAR and UAD acronyms are used in articles and references I have read. I like that the GSEs kept the same name for the reports (formerly “forms”)
URAR – Uniform Residential Appraisal Report
UAD – Uniform Appraisal Dataset
I will be writing more about the new URAR upcoming changes in future issues of this weekly newsletter and my monthly newsletter.
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- Appraisal Business Tips
Humor for Appraisers - 2024 Updated UAD and URAR – What does It Mean for You?
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$19.8 Million Cape Cod Estate Next to Kennedy Family’s Famed Hyannis Port Compound Hits the Market
Excerpts: 7 bedrooms, 7.5 baths, 9,629 sq.ft. 3 Acre lot, Built in 1914
Adjacent to the famed Kennedy Compound in the exclusive Hyannis Port enclave, the eight-bedroom mansion, known as Port View, has just become available “for the first time in a quarter century,” according to the listing.
The seaside, 9,629-square-foot residence sits right next to the home where President John F. Kennedy and wife Jacqueline Kennedy Onassis famously spent their summers sailing the waters of Nantucket Sound.
Some of the most impressive features found throughout the 26-room estate’s open floor plan include high ceilings, ornate architectural details, an imperial staircase, and six fireplaces.
“The whole interior views to the water,” she said. “It’s like being on a ship with front row ocean views. You are just drawn to it.”
Built in 1914, the Cape Cod mansion has been thoughtfully modernized over the years to retain its historic integrity.
Period details include exposed-beam ceilings and preserved mahogany inlay floors. French doors from the main living and dining areas give way to an enormous patio with waterfront views.
To read more, Click Here
To see the listing, with 28 photos, Click Here
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CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama
Top mortgage lender to pay a $1.9 million penalty and provide $7 million in loan subsidies
Oct. 15, 2024
Excerpts: Today, the Consumer Financial Protection Bureau (CFPB) and the Justice Department (DOJ) took action to end Fairway Independent Mortgage Corporation’s illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Alabama area. The CFPB and DOJ allege that Fairway illegally redlined Black neighborhoods, including through its marketing and sales actions.
Fairway’s actions discouraged people from applying for mortgage loans in the Birmingham metropolitan area’s Black neighborhoods. If entered by the court, the settlement announced today would require Fairway to pay a $1.9 million civil penalty to the CFPB’s victims relief fund. Fairway would also be required to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in majority-Black neighborhoods.
To read more, Click Here
My comments: How much money did Fairway make vs. what an appraiser makes for an appraisal. More lenders in the news vs. “biased” appraisers!
