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Are Hybrid Appraisals Becoming the New Normal In Real Estate Transactions?
Appraisals, a critical part of real estate transactions, have customarily been done in-person by an experienced appraiser. However, with advancements in technology and the rise of big data, alternatives to the traditional appraisal field are beginning to become more prevalent in the U.S.
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Proposed Policy Could Increase Technology Use in Home Appraisals
When it comes to home appraisals, we may soon rely a little bit more on technology. A recently-proposed regulation amendment may allow more homes in the U.S. to enter the market based on an algorithmic assessment—which could mean faster processing times and lower costs.
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Boots on the Ground
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Common Ground
This is the second in a series of four articles from RPR. Read the first article here. Question: What do the REALTOR® and the mortgage investor have in common? Answer: The need for the proper and accurate valuation of properties. In this post, I will explain how RPR tools and features created for REALTORS® to use with their clients and customers also support the transaction within the mortgage industry. To better understand this relationship, let us start with the basics of mortgage credit risk: the 3 "C"s of underwriting: Credit: Lenders examine a potential borrower's credit history to determine their likeliness to repay debt. Capacity: Lenders determine the stability of the consumer's income, their debt-to-income ratio, and if they have adequate reserves. Collateral: The determination of the loan-to-value ratio and the quality of the down payment (are funds borrowed? Seller-assisted gifts, etc.). This is also known as the borrower's "skin in the game." The lower the loan-to-value the less likely a borrower will walk away or default.
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