The appraisal volume continued its slight downward trend dropping –0.62% nationally for the week beginning 8/2/15.
HousingWire is partnering with a la mode, inc., an appraisal forms software company which has since 2006 tracked the appraisal volume throughout the country, to provide a weekly read on appraisal volume.
a la mode captures 50% of the appraiser market – more than 6 million appraisals per year since 2007, making it the most comprehensive record of national appraisal.
Here are the latest figures.
Mandatory registration for the Federal Housing Administration's new Electronic Appraisal Delivery portal begins on Monday, Aug. 17.
The FHA notified all of its approved mortgagees, as well as appraisers and other stakeholders of the opening of the mandatory registration process in an email this week.
According to the FHA, mortgagees are required to register for the EAD, the new web-based portal for electronic appraisal report and data submissions, in one of seven “onboarding” phases.
Appraiser opinions of home values were 2.33% lower than homeowner estimates in July, according to the Quicken Loans national Home Price Perception Index.
The gap between homeowner estimates and appraiser opinions of value in July was nearly double the gap between these values in May.
“Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing,” said Quicken Loans Chief Economist Bob Walters. “While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”
Homeowners are increasingly overvaluing their homes, according to the national HPPI. The study showed appraisers’ opinions of home values was, on average, 2.33% lower than homeowners’ estimates in July.
CoesterVMS, a national appraisal management company, is one of the real estate, housing industry and real estate investment companies that made Inc.’s 500/5000 list, and this is CoesterVMS’s second year in a row to make the list.
The company ranked no. 1868 in the listing, an exclusive ranking of the nation’s fastest-growing private companies. The list represents the most comprehensive look at the most important segment of the economy – America’s independent entrepreneurs.
“We have focused on building a company that provides solid services and technology along with exemplary customer services, and it is encouraging to be on the Inc. 500|5000 for the second year in a row,” said Brian Coester, CEO of CoesterVMS “We’ve added over 300 clients this year, and we’re currently adding four to five new clients per day.
This is part of Bank of America’s strategy to simplify and streamline itself, focusing bank-owned businesses on “operations that provide services directly to consumers.”
The anticipated closing date is Sept. 30.
CoreLogic will become a vendor supplying appraisal services to Bank of America. All domestic employees within LandSafe Appraisal are expected to transition to CoreLogic. CoreLogic wants to provide a seamless transition to support LandSafe’s business partners.
News of the sale, answered industry rumors that first percolated in May, with top names like Solutionstar, Fidelity and Solidifi in the running to buy the company.
LandSafe Closing Services companies are affiliated with Bank of America to provide closing services, including appraisal, credit report and verification. Only the appraisal company of LandSafe was sold.