Waivers, huh?

[djd09]

FHFA Transfers $301 Million for HTF and CMF​

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Published by Peter Lawrence on Wednesday, March 13, 2024 - 12:27PM

The Federal Housing Finance Agency (FHFA) announced Feb. 28 the transfer of $301 million for the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF) combined. The announcement stated $105 million would be transferred to the U.S. Department of the Treasury (Treasury) for the CMF and $196 million would be transferred to the U.S. Department of Housing and Urban Development (HUD) for the HTF. The CMF Notice of Funds Availability (NOFA) for the 2024 round announced that Treasury's Community Development Financial Institutions (CDFI) Fund would award approximately $246.5 million for the fiscal year (FY) 2024 CMF funding round. The larger amount includes transfers carried over from previous years' funding.

Unfortunately, the transfers for 2024 are a decrease from 2023's amounts of $191 million for the CMF and $354 million for the HTF–a combined total of $545 million. In total, HTF and CMF allocations for 2024 are $244 million less than the total allocations for 2023. This reduction in funding for the HTF and CMF hinders efforts to address the nation's affordable housing crisis, and other options must be used to finance more affordable homes.

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waivers are just making housing more affordable...

 

[djd09]

FHFA Expands Uniform Appraisal Dataset (UAD) Aggregate Statistics with New Measures and New Quarterly Data​

Agency launches two additional data dashboards​

FOR IMMEDIATE RELEASE

6/29/2023

Washington, D.C.—The Federal Housing Finance Agency (FHFA) today published its 2023 first quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics. The Data File and Dashboards also include new statistics and property characteristics.
For the first time, FHFA's UAD Aggregate Statistics include data on residential property sales comparisons ("comparables"). These data can provide vital quantitative insights into the appraisal process, as comparables are a leading method used to assess property values. The UAD Aggregate Statistics also have been updated with new property characteristics, including:

• Lot size categories
• Property condition ratings
• Presence of an accessory dwelling unit
• Largest race/ethnicity group in a tract

"Today's release significantly increases the number of individual statistics FHFA had previously made available to the public," said Director Sandra L. Thompson. "The new and updated data further demonstrate our commitment to transparency and to providing access to information that can help deter appraisal bias."
FHFA added two new dashboards that present census tract data and appraisal gap statistics. The Census Tracts Dashboard allows the public to more easily explore data at the census tract level, which had previously only been accessible to users with advanced statistical software. The Appraisal Gap Dashboard highlights disparities in the proportion of borrowers whose property had an appraised value below the contract price.

squeal squeal piggy piggy...you should let the gse's waive them

 

[Tiffany Gibbons]

A 0 LTV buyer has more on the line than a 80 LTV borrower, and all cash sales are stronger than financed sales, meaning they can usually get a “discount” vs. financed sales for a faster close and importantly no financing/appraisal contingencies. For 80 LTV using OPM to finance who cares if it’s a couple hundred more a month extra? In fact, if I was working with 2 lenders in the purchase of one property, and one offered me a lower rate but required an appraisal, and the other offered my a slightly higher with a waiver, in an competitive environment I would probably choose the waiver.

You're an appraiser. Most buyers are not.

 

[J Grant]

So start there. Did those sales alter the pricing trends in their market segment?

It is impossible for me to definitfely say, but I believe they did, since every new higher closed sale forms a comp for the next AVM/waiver or appraisal.

 

[Tiffany Gibbons]

It is impossible for me to definitfely say, but I believe they did, since every new higher closed sale forms a comp for the next AVM/waiver or appraisal.

It should be obvious to everyone that is does, but I guess not.

 

[Tiffany Gibbons]

FHFA Expands Uniform Appraisal Dataset (UAD) Aggregate Statistics with New Measures and New Quarterly Data​

Agency launches two additional data dashboards​

FOR IMMEDIATE RELEASE

6/29/2023

Washington, D.C.—The Federal Housing Finance Agency (FHFA) today published its 2023 first quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics. The Data File and Dashboards also include new statistics and property characteristics.
For the first time, FHFA's UAD Aggregate Statistics include data on residential property sales comparisons ("comparables"). These data can provide vital quantitative insights into the appraisal process, as comparables are a leading method used to assess property values. The UAD Aggregate Statistics also have been updated with new property characteristics, including:

• Lot size categories
• Property condition ratings
• Presence of an accessory dwelling unit
• Largest race/ethnicity group in a tract

"Today's release significantly increases the number of individual statistics FHFA had previously made available to the public," said Director Sandra L. Thompson. "The new and updated data further demonstrate our commitment to transparency and to providing access to information that can help deter appraisal bias."
FHFA added two new dashboards that present census tract data and appraisal gap statistics. The Census Tracts Dashboard allows the public to more easily explore data at the census tract level, which had previously only been accessible to users with advanced statistical software. The Appraisal Gap Dashboard highlights disparities in the proportion of borrowers whose property had an appraised value below the contract price.

squeal squeal piggy piggy...you should let the gse's waive them

Sure, that's how appraisers select comparable sales, census tracts, not the actual subject property's square footage, effective age, lot size, quality of construction, car storage, etc.

 

[Dublin ohio]

doh
I never said a waiver changed a sale price

Doh. So what does it change.

What I see in my local market and a couple of orders I got for purchases that were cancelled for the appraisal because a waiver was granted, both purchase prices were very high -

Do you know whether of not the waiver was granted. Did you check the final loan amount on those sales. What happens if the AVM comes back short. I don't know. Do you. Did those sales you referred to above become outliers. Could they have appraised at the purchase price

 

[Zoe]

Also work if you've ever heard Guns n Rose's "Civil War", that movie clip is the into to that song. Also, Paul Newman had dreamy blue eyes...

Good actor. The movie was "Cool Hand Luke" (1967) I was young but watched it later. Really good movie.

Obviously OP don't get the "failure to communicate". LOL

 

[George Hatch]

It is impossible for me to definitfely say, but I believe they did, since every new higher closed sale forms a comp for the next AVM/waiver or appraisal.

So you don't think most appraisers disregard an outlier when they come across one?

When your datasets break down into 2 different pricing tranches that would be a good reason to investigate further.

 

[Tiffany Gibbons]

So you don't think most appraisers disregard an outlier when they come across one?

When your datasets break down into 2 different pricing tranches that would be a good reason to investigate further.

Yes, I think most good appraisers do that. Maybe not the fastest and cheapest appraisers preferred by AMCs and GSEs by their reasoning with "modernization tactics", that's the real problem when it all blows up (Again).