Appraisal Institute News

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 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.

May 06, 2020 12:30 PM

CFPB Issues Rule to Ease Access to Mortgage Financing

The Consumer Financial Protection Bureau on April 29 announced steps to make it easier for consumers who are facing financial emergencies due to COVID-19 to obtain mortgage financing. The bureau issued an interpretive rule to allow consumers the right to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules.

May 06, 2020 12:30 PM

Removing 1 Million Homes from Flood Zones Could Save $1 Trillion: Government Report

The U.S. could save more than $1 trillion by removing a million homes from flood-prone locales and relocating residents to higher ground, according to a report from the Federal Emergency Management Agency and the U.S. Department of Housing and Urban Development, Scientific American reported April 27. The cost to buy and raze the properties is estimated at $180 billion.

Apr 29, 2020 12:30 PM

Credit Unions Allow Appraisals to be Delayed 4 Months

The National Credit Union Administration will allow credit unions to postpone obtaining an appraisal for up to four months after a mortgage loan closes, HousingWire reported April 23. Federal banking regulators last week established a short-term policy that allows banks to defer completed appraisals for up to 120 days.

Apr 29, 2020 12:30 PM

Second Round of Small Business Funding Approved

President Trump on April 24 signed the Paycheck Protection Program and Health Care Enhancement Act, bipartisan legislation that provides $320 billion in additional funding for small businesses affected by the coronavirus pandemic. The Small Business Administration started accepting applications April 27, and already has approved more than 100,000 loans.

Apr 29, 2020 12:30 PM

SEC Proposes Rule for the Valuation of Fund Assets, Including Real Estate Holdings

The Securities and Exchange Commission on April 21 proposed a new rule that would establish a framework for the valuation of investment fund assets, including real estate, MarketScreener reported. The Commission last comprehensively addressed valuation practices in 1970. The comment period on the proposed rule closes July 21.

Apr 22, 2020 12:30 PM

Longest Economic Expansion in US History Probably Over Due to COVID-19: Fannie Mae

The coronavirus has likely ended the longest economic expansion in U.S. history, according to an April 15 report from Fannie Mae’s Economic and Strategic Research Group. As consumers shelter in place and businesses indefinitely close, two consecutive quarters of negative growth in gross domestic product are expected, which is the common definition of a recession.

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AI News

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

ECOA Valuations Rule Updated to Address Coronavirus

CFPB Issues Rule to Ease Access to Mortgage Financing

Removing 1 Million Homes from Flood Zones Could Save $1 Trillion: Government Report

Credit Unions Allow Appraisals to be Delayed 4 Months

Second Round of Small Business Funding Approved

SEC Proposes Rule for the Valuation of Fund Assets, Including Real Estate Holdings

Longest Economic Expansion in US History Probably Over Due to COVID-19: Fannie Mae