The Cost approach. What is it? Another method an appraiser may use to develop an opinion of value is the cost approach. In a nutshell, it’s a breakdown of what the cost would be to rebuild the property today if it were destroyed – but it’s not that cut and dry. The term reproduction cost is used if an exact replica of the original property is produced. If a property…
One of the most common questions we hear from borrowers and even lenders is – the borrower switched lenders and we need the appraiser to change the lender name. Can the appraiser just switch it without having to do a new assignment? The answer is no. If the appraiser changes the name of the lender/client, the appraiser is no longer following the Scope of Work Rule as required by the…
Before your next home appraisal, be sure to review and discuss our 12 Point Appraisal Checklist with your lender. Our team at Nationwide Appraisal Network has all the tools you need to prepare for your appraisal day. To learn more about appraisals, please visit our NAN University loaded with FREE webinars and whitepapers! ABOUT NATIONWIDE APPRAISAL NETWORK- NAN is an industry leader in appraisal property valuations, providing a unique…
Did you know your home’s gross living area does not include your garage or any space below grade, like a basement? As a national appraisal management company, one of the most common questions we get from borrowers and even lenders revolves around how living area is calculated. We get asked about heated vs. non-heated spaces, finished and unfinished basements and even porch and patio areas. So does the appraiser actually…
Proposal Would Provide Surviving Family Members and Other Homeowners with Same Protections as Original Borrower WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers.
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Federal Housing Finance Agency Director Mel Watt on Monday announced plans to expand home buyers’ access to mortgages by loosening up lending standards. FHFA’s Latest Efforts FHFA Unveils New Plans to Make Mortgages Easier to Obtain HARP Is ‘Not a Scam,’ FHFA Director Says FHFA Seeks Comments on G-Fee Hikes
Fully 43% of Respondents Outsource To AMCs, According To A Nationwide Appraisal Network Survey Working with an AMC seen as a way to help avoid conflict of interests and to comply with regulations.
If you’re considering outsourcing the appraisal process to a third party Appraisal Management Company, consider the following before making your selection. Choosing the best appraisal management partner is an important decision.
Effective January 2014, rules adopted by the Consumer Financial Protection Bureau (CFPB) allow borrowers to receive copies of all valuation products ordered with their loan (even if the lender did not rely on them three days prior to closing.) Various valuation products (appraisals, AVMs, BPOs) may produce different values and cause confusion for borrowers.
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