Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Rohit Chopra pleads the fifth on QM rule

Consumer Financial Protection Bureau Director Rohit Chopra, in his first report to Congress, answered for decisions made by his predecessor, and provided some indication of his priorities going forward.

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner. 

Which core segments of brokerage make the most money

Today’s HousingWire Daily is a RealTrending crossover episode. It features Tracey Velt, editorial director at HW Media Company RealTrends, who interviews Chris Kelly and Christian Wallace.

Real Estate

Quicken Loans: Homeowners overestimate their home values

Home prices are high, but not that high

Although home prices are on the rise, even hitting highs in some markets, they are not quite as high as homeowners think they are, according to the National Home Price Perception Index released by Quicken Loans, a retail mortgage lender.

The HPPI found that appraisers valued homes at an average of 1.69% lower than what homeowners expected in July.

This is a smaller gap than June, when appraisers valued homes at 1.93% below homeowner expectations.

That being said, home values also increased in July, according to the Quicken Loans Home Value Index. The national index, based solely on appraisals, showed an increase in home prices of 1.43% from last month, and 6.24% from last year.

Contrary to the national trend, homeowner perception has not kept up with rising home values in the west. Appraised values were higher than homeowners estimated in Western cities including Denver, San Jose and San Francisco, by as much as 3.1%, 2.52% and 2.36% respectively.

“One of the most important things for consumers to take away from the HPPI is just how regionalized housing truly is,” said Quicken Loans Chief Economist Bob Walters. “While those on the West coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values.”

“If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance,” Walters said.

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please