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• W202945090 abstract "Over the many years that banks have been making residential real-estate loans, the traditional appraisal has been one of the constants of the process, whether performed by staff or hired outsiders. But just as many other aspects of mortgage and home-equity lending are changing, the use of appraisals and even what will fulfill the traditional role of the full-blown appraisal is evolving. A combination of regulatory shifts, fine-tuning by the appraisal profession, expanding technology, and consumer and lender demand for speed and efficiency are working towards a sea change. It's a process in the course of shifting, both in how we approach it and what we need to have done, observes Jay T. Fitts, executive vice-president, LaSalle Bank, FSB, and an appraiser by training himself. Lenders are driving this business very much to a low-cost, commodity activity. We're probably approaching a fork in the road, says Eric Von Pingel, senior vice-president and director of the residential appraisal department at Bank of America. Pingel, head of ABA's Housing and Real Estate Finance Committee, says most change in appraisals is still potential, rather than actual, with most lenders still using full-scale The economy itself is playing a role in the development of the appraisal business, in that the absence of runaway inflation brings about more stable real-estate prices, suggests Chuck Dahlgren, senior vice-president and manager of residential production, Wachovia Mortgage Co. encourages lenders to think that it may not be necessary to call for a full appraisal when something less will suffice. Indeed, Von Pingel says lenders seem to be coming around to thinking of appraisals in cost-benefit terms. They are thinking in terms of matching the rigor of the process to the risk, of a particular transaction, says Von Pingel. This will tend to reduce the demand for full appraisals. Collateral is typically a secondary, not primary, source of repayment, borrower credit-worthiness being the first line of defense. As potential credit risk declines, says Von Pingel, there is an opportunity to use less-expensive alternative But that's getting ahead of our story. FIRREA and beyond You could say that the present evolution in appraisals began with 1989's Financial Institutions Reform, Recovery, and Enforcement Act. The act's Title XI imposed a stiff federal-and-state scheme of regulation of lender use of appraisals and certification and licensing of appraisers. Having snapped both the lending and appraisal industry to attention, the law was subsequently softened by other legislation and regulations. For instance, in mid-1994 the last in a series of adjustments was made, decreeing that for most purposes a loan would have to be for $250,000 or more before appraisal by a state-licensed or -certified appraiser would be required. In place of the requirement of a formal appraisal, the regulators permitted the on certain loans to be weighed on the basis of less-formal evaluations performed by staff or other qualified parties. (However, this did not affect loans destined for the secondary mortgage markets, where certain investors, notably the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., continued to insist on full-scale appraisals.) That final threshold shift opened the door to a whole series of changes, says Mark P. Sennott, executive vice-president at Market Intelligence, an appraisal management firm based in Hopkinton, Mass. Firms such as Sennott's provide, sometimes in addition to standard appraisals, a range of appraisal alternatives collectively called collateral assessment products. At the same time that the regulators approved the $250,000 threshold, they approved banks' use of stripped-down appraisals performed under the departure provision of the Uniform Standards of Professional Appraisal Practice, which are promulgated by the private, not-for-profit Appraisal Foundation's Appraisal Standards Board. …" @default.
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• W202945090 title "Appraisals: A Trade under Renovation" @default.
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