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North Carolina Phase 2 Extended Three Weeks; Statewide Requirement for Face Coverings Added

Governor Roy Cooper announced yesterday that as trends move in the wrong direction, North Carolina will remain in Phase 2 for three more weeks. Executive Order 147 also requires face coverings in public and at various business settings where individuals cannot maintain a physical distance of six feet from others.

Construction sites are specifically included:

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US Economy Expected to Begin Recovery in Q3: ABA Forecast

The U.S. economy will experience about a 6% contraction this year, but will begin to recover from a severe second-quarter downturn in the third quarter, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee.

While the group, made up of 16 chief economists from some of the North America’s largest banks, is unanimous that the economy will expand in the third quarter, there are a wide range of views as to the damage caused by the COVID-19 shock. Four committee members believe the economy will shrink less than 5% in 2020 while just as many see a greater than 8% contraction. The committee members were divided on when they expect economic output to recover to the pre-pandemic level, with the largest number of committee members forecasting it will happen in 2022.

Click here to read more.

AI Webinar - Is it Too Early to Evaluate Pandemic Impact on Real Estate Valuation?

The Appraisal Institute has assembled a stellar lineup of appraisers from the Top 10 Metropolitan Statistical Areas to help investors, developers, brokers, and other industry stakeholders understand initial buyer and seller reaction to COVID-19.

Residential real estate appraisers from across the country will summarize initial observations and identify considerations that appraisers will evaluate in the near and long term. We will also discuss trends in rural markets, appraiser reaction to policy changes of the GSEs, FHA and VA, and the dynamics with employee relocation appraisals, which require forecasting.

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AI ANSWERS: Weekly Updates from the World's Leading Valuation Authority

Now available!  Last week's AI Answers features a discussion with Lyle Radke, director of collateral policy at Fannie Mae. We received information on a range of issues, including a partnership between AI and Fannie Mae on diversity in the appraisal profession, the strong performance of appraisers in the COVID-19 pandemic, and what's ahead for Fannie Mae for the remainder of the year.  

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AI ANSWERS: Weekly Updates from the World's Leading Valuation Authority

Now available!  This week's AI Answers features a discussion with Lyle Radke, director of collateral policy at Fannie Mae. We received information on a range of issues, including a partnership between AI and Fannie Mae on diversity in the appraisal profession, the strong performance of appraisers in the COVID-19 pandemic, and what's ahead for Fannie Mae for the remainder of the year.

Listen to the conversation.

Fannie Allows Collateral Underwriter Instead of Field Reviews

By Phil Hall

Fannie Mae has issued a Lender Letter to its single-family sellers that updated the temporary policies enacted on March 31 in response to the COVID-19 crisis while reaffirming a key tenet regarding borrower income requirements.

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‘Uncertainties’ in Valuations Worry CRE Investors: Survey

By Dean Boerner

As public equities-laden pension funds reel from massive hits leveled by stock market volatility this year, commercial real estate will likely continue growing in importance for institutional investors in the long term, experts say.

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ECOA Valuations Rule Updated to Address Coronavirus

Creditors have flexibility regarding when they must provide appraisals to mortgage applicants, according to an updated Q&A on the Equal Credit Opportunity Act Valuations Rule released April 29 by the Consumer Financial Protection Bureau. Under ordinary circumstance, creditors are required to provide appraisals promptly upon completion or three business days prior to consummation of a transaction.

Read the Rule Here

NC Auditor’s Report on NCDOT

Click here to view the audit report prepared by the NC State Auditor of NCDOT.

Second Round of Small Business Funding Approved

President Trump on April 24 signed the Paycheck Protection Program and Health Care Enhancement Act, bipartisan legislation that provides $320 billion in additional funding for small businesses affected by the coronavirus pandemic. The Small Business Administration started accepting applications April 27, and already has approved more than 100,000 loans.

Read more here.

Credit Unions Allow Appraisals to be Delayed 4 Months

Federal banking regulators last week moved to allow banks to delay getting an appraisal on a property for as many as 120 days after a mortgage closes, and now, credit unions can do the same thing.

In order to “allow credit unions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the National Emergency declared in connection with coronavirus disease,” the National Credit Union Administration will allow credit unions to postpone obtaining an appraisal until four months after a mortgage closes.

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Mecklenburg County Transitions to State Order as Local Stay at Home Restrictions Time Out

Mecklenburg County, the City of Charlotte and the six county towns, have agreed to follow the State of North Carolina’s Stay at Home Order starting April 30.

Mecklenburg County Manager Dena R. Diorio announced the agreement to the Board of County Commissioners at its public policy meeting Tuesday afternoon, one day before the county’s current order was set to expire.

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Governor Extends Stay At Home Order Through May 8, Plans Three Phase Lifting of Restrictions Based on Virus Trends

See information slides from the April 23 Briefing.

Governor Roy Cooper issued Executive Order No. 135  extending North Carolina’s Stay At Home order through May 8. The orders extending closure of restaurants for dine-in service and bars and closure of other close-contact businesses are also extended through May 8.

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NEW VIDEO: Valuation Impacts Of COVID-19

The Appraisal Institute’s April 17, 2020, webinar featured about a dozen nationally recognized commercial real estate experts who addressed changing market conditions during the coronavirus (COVID-19) pandemic. Click here or below to view.

GSEs, Agencies Issue Coronavirus Guidance for Appraisers

The government-sponsored enterprises, agencies and other policymakers have all issued valuation guidance since March 23 to help clarify how appraisers can perform their work during the coronavirus pandemic, and all new guidance is available on the Appraisal Institute’s coronavirus page. 
 
Recent activity includes:
  • The Federal Housing Finance Agency announced March 23 that Fannie Mae and Freddie Mac will ease standards for both property appraisals and employment verification. Specifically, the FHFA said appraisal alternatives will be used to prevent appraisers from having to inspect a home’s interior.
  • The Department of Housing and Urban Development announced March 27 that it is making modifications to the re-verification of employment and Acceptable Appraisal Reporting Forms and Protocols for Federal Housing Administration loans by allowing exceptions for exterior-only and desktop appraisal inspections in certain transactions.
  • The Department of Veterans Affairs announced March 27 that it will allow appraisers to perform exterior-only appraisals with enhanced assignment conditions or, in limited instances, a desktop appraisal.
  • The Department of Agriculture announced March 27 that it is granting lenders temporary exceptions pertaining to appraisals, repair inspections and income verification for the Single-Family Housing Guaranteed Loan Program. The exceptions are in effect for a 60-day period.
Find more information on the Appraisal Institute’s coronavirus page

New NCAI COVID-19 Resources Webpage

The North Carolina Chapter of the Appraisal Institute (NCAI) continues to monitor developments regarding the COVID-19 (coronavirus) outbreak. The health and safety of our members and event participants is of the highest importance and we are taking this outbreak very seriously.  

In an effort for us all to stay informed, NCAI has created a COVID-19 Resources Webpage that provides the latest news regarding the COVID-19 situation at the state, national, and industry levels. 

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AI Issues Coronavirus-related Direction for Appraisers

The Appraisal Institute issued guidance cultivated from its Professional Practice staff on March 16 to help AI professionals and other real estate valuers serve their clients during the rapidly evolving global coronavirus pandemic.

“Appraisers should take care not to put themselves in harm’s way while completing their assignments,” the guidance said, which directed appraisers to the Centers for Disease Control and Prevention’s current risk assessment.

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NCAI Statement on COVID-19 (Coronavirus)

Updated 3/23/2020

The North Carolina Chapter of the Appraisal Institute (NCAI) is closely monitoring developments regarding the COVID-19 (coronavirus) outbreak. The health and safety of our members and event participants is of the highest importance and we are taking this outbreak very seriously. The Charlotte 7-Hour USPAP Update class, scheduled for March 19, and the Greensboro 7-Hour USPAP Update class, scheduled for March 26, are cancelled. Refunds will be provided.

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