NAR Comments on GSE Appraisal Waivers
Source: https://www.nar.realtor/articles/nar-comments-on-gse-appraisal-waivers?om_rid=AADiz8&om_mid=_BZxBpIB9gTJja3&om_ntype=NARWeekly
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On September 12, 2017, NAR sent a letter to the Federal Housing Finance Agency (FHFA), as well as to Fannie Mae and Freddie Mac (collectively the GSEs), commenting on the recent decision by Fannie Mae and Freddie Mac to allow for data-based valuations rather than traditional in-person appraisals in certain purchase transactions. Given recent complaints of long appraisal wait times and a lack of appraisers in certain areas of the country, NAR is supportive of innovations in the appraisal field that would help alleviate some of these issues and help the real estate market function efficiently.
However, NAR does have some concerns with the appraisal waiver programs implemented by the GSEs. Given the recent housing crisis and its role in the Great Recession, NAR firmly believes that creating mechanisms to provide safety and soundness to the real estate market is necessary, and traditional in-person appraisals are a very important element of ensuring a home loan is supported by sufficient collateral. Entities using automated valuation methods must demonstrate that those methods will not put undue risk into the housing market. While NAR is pleases with the GSEs requirement of 80 percent loan to value and limitation on the types of properties that can be financed without a traditional appraisal, there are still questions on the full applicability of the program and borrower requirements. NAR asks FHFA and the GSEs to provide more information on their programs for better transparency and assurances to the public, as well make it clear to borrowers that the transaction did not include a traditional appraisal.
About Empire Appraisal Group, Inc.
Empire Appraisal Group, Inc. has been helping people make informed real estate decisions since 2005. They are Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times. When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience. Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 8,000+ appraisals to his credit.
We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.
We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.
In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.
Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298. Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.
We provide residential appraisal services to all cities in Broward County: Parkland, Coral Springs, Coconut Creek, Dania Beach, Cooper City, Davie, Deerfield Beach, Fort Lauderdale, Sunrise, Hallandale Beach, Hillsboro Beach, Hollywood, Lauderdale by the Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Pembroke Pines, Plantation, Pompano Beach, Sea Ranch Lakes, Tamarac, Weston, Wilton Manors.