Appraisers Blog

APRIL 23, 2024

FNMA's Census Block Grid adjustment, which modifies values based on median home values within specific census blocks, is akin to redlining.

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Appraisers Blog

APRIL 28, 2024

In reply to PD. The letter that wrote might as well have been on some obscure blog that no one reads. It was not shocking and didn’t “do” anything. Just my port right here. It conveys a message but nothing from it will directly happen.

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Appraisers Blog

APRIL 23, 2024

The process of appraisal modernization began with the CU system and MISMO, and ends with the total elimination of human appraisers in favor of proprietarily managed software. Ford: Critical analysis of the CU system. Fraudulator 2.0 link] FHFA & OIG report on AI in mortgage lending.

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Appraisal 66

Appraisers Blog

APRIL 23, 2024

In reply to Spencer Paul. CU is not the same thing as the AVM that issues waivers. They may rely upon some of the same data and analysis, but they are different tools.

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Appraisers Blog

APRIL 28, 2024

Just got more confirmation that this is really real from one of the more modern architects of the valuation acceptance, appraisal waivers and PDC crap. They are in fact using the CBG in all of these products and in all underwriting.

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Appraisal 68

Appraisers Blog

APRIL 24, 2024

Duh, the fact that this is now only being discussed after decades of including the census tract in the report is the most amazing aspect of this entire discussion. If the census tract number is being used strictly for data collection and statistical analysis of housing activity, that is perfectly fine. In reply to Spencer Paul.

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Appraisal 64

Appraisers Blog

APRIL 23, 2024

FNMA's Census Block Grid adjustment, which modifies values based on median home values within specific census blocks, is akin to redlining.

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Appraisers Blog

APRIL 24, 2024

In reply to Spencer Paul. The below link; ‘Data analytical models for loan treatment.’ ’ There are new strategies of multi dimensional consideration for every data factor available to assimilate, considerations for lenders which may run beyond the scope of an individuals credit score and an individual home.

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Appraisers Blog

APRIL 23, 2024

If they are using that information to arrive at the CBG adjustments, then it would only be logical that it was being used to locate sales the CU would prefer you use in order to lower the risk score, or in otherwards lower the value. In reply to Bill. It would have to be.

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Appraisal 71

Appraisers Blog

APRIL 23, 2024

In order to be even close to useful you’d need 4-5 well defined mid C/Q entry choices, BUT, and this is the point – our use of the grid with $ adjustments is nothing more than our saying we can narrow the bracket to reflect a more meaningful range which we then might rank.

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Appraisers Blog

APRIL 23, 2024

It’s right out there in the open, even Fannie admits it in their AVM patents. “Under the “Tract” mode, the comparable analysis application will look for comparable sales in the Census Tract of the subject property, and all contiguous Census Tracts. ” From the Census Bureau.

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Appraisal 63

Appraisers Blog

APRIL 23, 2024

In reply to ERIC S KENNEDY. They all already know. That is the point of it all. They all know and they are using race as a distraction, or the tool used to nail in the coffin top.

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Appraisers Blog

APRIL 23, 2024

And this is why the state of Maryland is investigating FNMA, thier valuation acceptance and appraisal waivers that leave people in the dark about thier actual property values. Just trust us they say. Did Zillow do this and imploded?

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Appraisal 68

Appraisers Blog

APRIL 23, 2024

Well girls and boys, it sounds like participants in the appraisal industry are coming together in a “grass roots” movement. This is exciting and promising and I hope the momentum continues. we are mad as hell and not going to take it any more!

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Appraisal 62

Appraisers Blog

APRIL 23, 2024

Also it would have been nice to tell me this was going to be written with that statement prominently displayed. It’s far more comfortable being buried in the comment section of a blog only we read.

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Appraisers Blog

APRIL 23, 2024

Census, zip code and big data. Thats where Fannie is taking this. Markets change from decade old housing to mid current century build from block to block. How exactly is Fannie or whatever to distinguish. while census tracts and zip codes overcame common sense. Secondary market lenders. Now it’s not.

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Appraisers Blog

APRIL 23, 2024

FNMA's Census Block Grid adjustment, which modifies values based on median home values within specific census blocks, is akin to redlining.

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Appraisers Blog

APRIL 23, 2024

In reply to Bill. Oh I do understand that, but I feel I have to assume they are using all the same data. I get that one does the underwriting and one produces the value, but is illogical to view them as working harmoniously in sink?

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Appraisers Blog

APRIL 23, 2024

FNMA's Census Block Grid adjustment, which modifies values based on median home values within specific census blocks, is akin to redlining.

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Appraisers Blog

APRIL 23, 2024

In reply to Pat. While they don’t have a 1 mile rule, the UW comments regarding such are suggestive otherwise. Yes FNMA will deny anything and everything.

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Appraisal 68

Appraisers Blog

APRIL 23, 2024

Am I the only one who recognizes that there is insufficient qualitative data points in a URAR 1004 to run a reliable AVM.

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Appraisers Blog

APRIL 23, 2024

The comment was written after an underwriter expressed concern regarding a comp that was outside the neighborhood (by way of its census tract) and that no neighborhood adjustment adjustment was applied. With permission from the original author, please feel free to use the below comment as is or edit to your liking.

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Comps Appraisal Marketability 68

Appraisers Blog

APRIL 23, 2024

I made some slight adjustments, but I like it: COLLATERAL UNDERWRITER (CU): If the lender / client uses such a platform, the following applies. In reply to Bill Johnson.

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