VA Changes Appraisal Process
To ensure that veterans don’t have to pay for an appraisal if they end up not qualifying for a VA loan, the Department of Veterans Affairs is now requiring that the certificate of eligibility be in "Active or Pending" status when ordering an appraisal.
AI President Urges Congress to Pass Key Legislation
Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS, recommended at the House Financial Services Committee’s Housing, Community Development and Insurance Subcommittee’s June 20 hearing on Capitol Hill that Congress pass HR 2852, which would allow licensed appraisers to perform appraisals for Federal Housing Administration loans.
North Dakota Appraisal Requirement Waiver Request
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) has received a request for a waiver of appraiser credentialing requirements for appraisals for federally related transactions under $500,000 for 1-to-4 family residential real estate transactions and under $1,000,000 for agricultural and commercial real estate transactions throughout the State of North Dakota for a period of not less than five years. Learn more
Appraisers are an endangered species. Will tech sink or save them?
By Elina Tarkazikis, National Mortgage News
Digitalization's impact on the mortgage industry has been broad: Analytics are helping lenders identify potential clients before they start house shopping and would-be borrowers can get qualification estimates with the click of a button, upload and sign documents electronically.
For all the progress, whether in terms of the elimination of paper at various steps or the ability to accelerate certain aspects of the process, the mortgage industry has barely made a dent in terms of reducing closing times. One reason for that, many mortgage professionals say, is due to a logjam that exists specifically at the point of the appraisal.