Industry News

Feb 06, 2020 12:30 PM

FHA Delays Launch of Electronic Appraisal Delivery System

The Federal Housing Administration announced Jan. 28 it is postponing changes to its Electronic Appraisal Delivery system Appraisal Logging Screen due to a lapse in appropriations. FHA also is delaying the Appraisal Case Transfer screen in FHA Connection and the start date for business-to-government appraisal logging and transfer connections to an undetermined future date.

Nov 20, 2019 12:30 PM

AQB Clarifies Sanctions Criteria, Reviews PAREA Guidelines

The Appraiser Qualifications Board at its Nov. 1 public meeting adopted the second exposure draft of proposed changes to the Real Property Appraiser Qualification Criteria pertaining to supervisor qualifications. The changes clarify that sanctions levied against an appraiser over administrative matters do not prevent that individual from acting as a supervisory appraiser. The changes take effect Jan. 1.

Nov 06, 2019 12:30 PM

FHFA Scorecard for GSEs Sets Stage to Exit Conservatorship

The Federal Housing Finance Agency on Oct. 28 released its annual scorecard outlining goals for Fannie Mae and Freddie Mac for the coming year, and this one emphasized the removal of the government-sponsored enterprises from conservatorship, HousingWire reported. The scorecard also addressed national housing finance matters and safe and sound business practices.

Aug 28, 2019 12:30 PM

LIBOR Replacement Remains Elusive for US Lenders: Fitch

The London Interbank Offered Rate is set to expire at the end of 2021, but a replacement for the short-term interest rate benchmark hasn’t been determined, HousingWire reported Aug. 20. Investor consent has been a problem for the phase-out of LIBOR, according to a group of trustees from Fitch Ratings’ U.S. RMBS Trustee Roundtable.

Feb 27, 2019 12:30 PM

No Hearing on Residential Appraisal Threshold Increase

The Appraisal Institute on Feb. 19 received notice from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that a request for a hearing on the proposal to raise the residential appraisal threshold from $250,000 to $400,000 was denied.

Feb 27, 2019 12:30 PM

California Solar Rule Could Add $10K to New Home Prices

California will require solar panels on all new homes starting next year, and the mandate could increase property prices by $8,000 to $10,000 and hurt affordable housing, according to the California Energy Commission, CNBC reported Feb. 17. However, homeowners are expected to recoup costs through lower utility bills.

Feb 27, 2019 12:30 PM

Co-living Units Average Higher Rents, Net Incomes Than Regular Apartments: Report

Demand for co-living properties is high, with rental income averaging 44 percent more per square foot than conventional apartments in the same building, and average net operating incomes about 30 percent higher per square foot, even after accounting for the costs of amenities like Wi-Fi and housekeeping, National Real Estate Investor reported Feb. 19.

Feb 20, 2019 12:30 PM

CFPB Releases List of Rural and Underserved Counties

The Consumer Financial Protection Bureau on Feb. 12 released its 2019 list of rural and underserved counties, which those entities can use to determine if they are exempt from certain appraisal and ability-to-pay rules.

Feb 20, 2019 12:30 PM

Court Sides With Zillow, Affirms Zestimate not an Appraisal

The U.S. 7th Circuit Court of Appeals ruled Feb. 12 that Zillow is correctly marketing its Zestimate as an estimate and not an appraisal, GeekWire reported. A group of Illinois homeowners sued Zillow claiming that the Zestimate tool was marketed as being equivalent to an appraisal and was undervaluing their homes.

Feb 20, 2019 12:30 PM

Amazon Drops Plans for New Campus in New York City Following Local Criticism

Amazon announced Feb. 14 that it was scrapping plans for a headquarters campus in New York City following backlash from union leaders, activists and lawmakers, Reuters reported. Amazon would have received $3 billion in incentives for opening a site in Long Island City. The e-commerce giant had not made any land acquisitions.