Appraisal Institute News

May 27, 2020 12:30 PM

Fed Warns of "Substantial Repricing" for CRE Properties

Elevated valuation pressures on commercial real estate assets and a bleak outlook for the sector could cause “substantial repricing,” according to the Federal Reserve’s Financial Stability Report released May 18, GlobeSt.com reported. CRE prices were high before the pandemic, and disruptions in the hospitality and retail sectors, in particular, have been severe.

May 27, 2020 12:30 PM

FHFA Rereleases Proposed Capital Rule for Fannie, Freddie

The Federal Housing Finance Agency on May 20 announced that it is seeking comments on a notice of proposed rulemaking that sets a new regulatory capital framework for Fannie Mae and Freddie Mac. The proposed rule is a re-proposal of the rulemaking previously published in July 2018, and comments are due 60 days after the rule’s publication in the Federal Register.

May 27, 2020 12:30 PM

Mnuchin Says US Economy to "Bottom Out" in Q2, See "Gigantic Increase" in Q4

U.S. Treasury Secretary Steven Mnuchin told attendees of an online conference May 21 that he expects the nation’s economy to “bottom out” during the second quarter, but then experience a “gigantic increase” during the fourth quarter, Reuters reported. Mnuchin noted that a lower level of activity in one quarter increases the chances for activity in other quarters.

May 20, 2020 08:15 PM

FHFA Gives Homeowners in Forbearance Payment Options

The Federal Housing Finance Agency announced May 13 that homeowners who are in forbearance due to the coronavirus pandemic can defer repayment of their missed monthly mortgage payments until their home is sold or refinanced or at loan maturity. Servicers will begin extending the payment deferral option July 1.

May 20, 2020 12:15 PM

HUD Extends Appraisal Inspection Options Until June 30

The U.S. Department of Housing and Urban Development announced May 14 that it has extended the Federal Housing Administration’s single-family exterior-only or desktop-only appraisal inspection options until June 30, enabling appraisers to limit face-to-face contact during the coronavirus pandemic. The guidance is included in Mortgagee Letter 2020-14.

May 20, 2020 12:15 PM

CoStar to Acquire Ten-X Digital Commercial Real Estate Platform for $190 Million

Commercial real estate analytics firm CoStar Group announced May 13 that it will acquire digital commercial real estate transaction platform Ten-X for $190 million in cash, Business Wire reported. The Ten-X platform has transacted about $7 billion in retail properties, $6 billion in office properties, $4 billion in multifamily properties and $3 billion in hotel properties.

May 13, 2020 12:30 PM

Hospitality Sector Might Not Recover Until End of the Year - or Later, STR Reports

The hospitality sector is not expected to rebound until at least the fourth quarter as the coronavirus has basically halted all travel, according to hospitality analytics firm STR, Commercial Property Executive reported May 4. Through April, hotel occupancy was down 62.2% year-to-date, while the average daily room rate was down 42.9% and revenue per available room was down 78.4%.

May 12, 2020 12:30 PM

Fannie Allows Collateral Underwriter Instead of Field Reviews

Fannie Mae on May 5 issued a Lender Letter addressing updated appraisal policies, stating that Collateral Underwriter and other third-party tools can be used in lieu of field reviews on 10% of a random sample of loans. Further, remote online notarization was made effective for all loans, depending on the state, and will remain in effect until further notice.

May 12, 2020 08:06 AM

Landscaping Can Have Major Impact on Property Values: Appraisal Institute

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today advised homeowners that improving their property’s landscaping can result in a significant return on investment when selling the home.

May 06, 2020 12:30 PM

ECOA Valuations Rule Updated to Address Coronavirus

Creditors have flexibility regarding when they must provide appraisals to mortgage applicants, according to an updated Q&A on the Equal Credit Opportunity Act Valuations Rule released April 29 by the Consumer Financial Protection Bureau. Under ordinary circumstance, creditors are required to provide appraisals promptly upon completion or three business days prior to consummation of a transaction.

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AI News

Fed Warns of "Substantial Repricing" for CRE Properties

FHFA Rereleases Proposed Capital Rule for Fannie, Freddie

Mnuchin Says US Economy to "Bottom Out" in Q2, See "Gigantic Increase" in Q4

FHFA Gives Homeowners in Forbearance Payment Options

HUD Extends Appraisal Inspection Options Until June 30

CoStar to Acquire Ten-X Digital Commercial Real Estate Platform for $190 Million

Hospitality Sector Might Not Recover Until End of the Year - or Later, STR Reports

Fannie Allows Collateral Underwriter Instead of Field Reviews

Landscaping Can Have Major Impact on Property Values: Appraisal Institute

ECOA Valuations Rule Updated to Address Coronavirus