Changes in Federal Regulations Affecting Residential Property Appraisals

Posted in Residential Property Appraisals on Jun 17, 2013

Regulatory changes attempt to protect consumers by prohibiting creditors from misrepresenting the value of property: An analysis by Arkansas residential appraiser, Ferstl Valuation Services.

Refinancing mortgages has become increasingly popular to take advantage of record-low mortgage rates, but higher-priced and higher-risk loans face greater scrutiny from government regulators to curtail abuses by lenders and real estate speculators. As a skilled and certified Arkansas residential appraiser, Ferstl Valuation Services, helps to prevent these kinds of unethical practices by providing heightened scrutiny of higher-interest loans. These higher-priced loans do not include reverse mortgages, home equity lines of credit, temporary or bridge loans, and construction financing for new homes.

The recent regulatory changes attempt to protect consumers by prohibiting creditors from misrepresenting the values of property, banning prepayment penalties during the first four years, prohibiting lenders from relying on unverified assets or incomes, and requiring that creditors make good-faith efforts to determine borrowers’ abilities to repay loans.

Residential Appraisals: What’s Included in a Thorough, Well-Prepared Report?

Posted in Residential Property Appraisals on May 7, 2013

In all residential real estate appraisal reports from certified, licensed real estate appraisers like Ferstl Valuation Services, there are some important elements you’ll want to make sure are included. Here’s a helpful list to keep on hand in order to verify the residential real estate appraisal report that you receive will meet the needs of all those involved in your case.

Scope of Work and Intended Use

At the top of a report’s list for important information is, of course, the client’s identifying information and the property address. The scope of work, as well as the purpose and type of the appraisal are next.