Appraisal Changes Coming for Fannie Mae Loans
Appraisers will be required to use American National Standards Institute – or ANSI – Measuring Standard for measuring, calculating and reporting gross living area and non-GLA areas of properties requiring interior and exterior inspections on loans sold to Fannie Mae.
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Local Realtor® testifies to Congress on lack of appraisers in rural areas for veterans
Michelle Czekalski Bradley, past chair of NAR’s Real Property Valuation Committee, and a Pennsylvania Realtor®, recently testified in front of Congress about the lack of home appraisers in rural areas.
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Homeowners overestimating house worth by 1.33 percent
The gap between homeowner’s estimates of their home’s worth and appraiser’s estimates has grown for the first time in the past sixth months.
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Appraisals nearly 2 percent lower than expected by homeowners
Appraiser values were 1.95 percent lower than homeowners’ estimates in April 2016, but the gap between the two is decreasing, according to the national Home Price Perception Index (HPPI).
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More homeowners value their homes higher than appraisers
In July, homeowners were more likely to believe their houses were worth 2.33 percent more than an appraiser’s opinions, according to Quicken Loans’s national Home Price Perception Index (HPPI).
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Valuing land crucial in real estate transaction
“Incorrectly valuing land can get both appraisers and real estate agents in trouble,” Melanie McLane, a real estate and appraiser instructor, said.
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FHFA issues new appraisal standards, effective Sept. 1
New standards for appraisals were recently announced by the Federal Housing Finance Agency (FHFA) and take effect September 1. The Uniform Appraisal Dataset (UAD) was created to improve the quality and consistency of appraisals on mortgages for Fannie Mae and Freddie Mac, according to FHFA.
Read More State outlines new regs for 'appraiser trainees'
Appraiser assistants have until October 1 to complete 75 hours of education and apply to become an appraiser trainee if they want to continue working in the appraisal business, according to Dan Bradley, chair of the State Board of Certified Real Estate Appraisers.
Read More Applying new technologies to the appraisal business
With more than 32 years in the real estate/appraisal business, Melanie McLane, a REALTOR® and appraiser, has seen a fair share of changes in the industry.
Read More Misinformation creates HVCC confusion
Many REALTORS® think HVCC only affects appraisers but that’s not the case, according to Michelle Czekalski Bradley, PA Certified General Appraiser with Czekalski Real Estate Appraisal. HVCC has an effect on everyone industry-wide including REALTORS® because they’re part of the transaction.
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