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News By Edition
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Valuation Review Edition
March 31, 2014
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Adaptation, best practices key to appraising in new era — Part One
Posted Date: Monday, March 24, 2014
The end of one era always signals the beginning of another.
The high times of the housing boom gave way to the struggle-to-survive ethos of the recession.
And although the market has been showing signs of regaining its footing for quite a while, analysts have been slow to declare a full recovery.
Today’s analytics are clear. Although the market doesn’t look like it will return to pre-crash levels anytime soon, we are in a period of relative normalcy again.
As we move forward in 2014, home prices are increasing, foreclosures are down and more people are coming out of the shadows to rejoin the market. All of which will begin to translate, if it hasn’t already, into renewed opportunities for appraisers who can adapt to industry changes.
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How appraisers can be used for property loss deduction cases
Posted Date: Monday, March 17, 2014
The Appraisal Journal, a quarterly technical and academic publication of the Appraisal Institute, ran an article in the latest issue centered on the role of appraisers in helping homeowners validate deductions on federal income tax returns because of property damage from natural disasters.
The article, “The Appraiser’s Role in Calculating Casualty Loss Deductions from Natural Disasters,” states that because the IRS allows casualty loss deductions of the difference between a property’s pre-disaster and post-disaster value, minus any insurance reimbursement, qualified appraisers are crucial in helping pinpoint the decline of a property’s fair market value.
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LRES honors top appraisers, REO agents
Posted Date: Monday, March 24, 2014
A national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union and real estate industries, announced its top appraisers and real estate owned agents of 2013. Keep reading to see the honorees.
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Wells Fargo issues industry reminders
Posted Date: Thursday, March 13, 2014
Wells Fargo announced several reminders in its Settlement Agent Communications released March 6 to help companies align to expectations for the future, especially as the settlement services industries prepare for implementation of the Real Estate Settlement Procedures Act/Truth in Lending Act financial reform changes. Keep reading to learn more.
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Lenders issuing more adjustable-rate mortgages
Posted Date: Wednesday, March 19, 2014
It appears that what’s old is new again for the nation’s lenders.
Banks are increasing the amount of adjustable-rate mortgages (ARMs) that they are doling out to borrowers, according to data provided to The Wall Street Journal from Black Knight Financial Services (formerly Lender Processing Services), a mortgage-data and services company.
“Banks are looking for ways to get borrowers to sign up for adjustable-rate mortgages, and they’re taking several steps to make this happen,” The Wall Street Journal’s AnnaMaria Andriotis said in a webcast. “The biggest thing they’re doing, is they’re pricing the ARMs at a much lower rate than what the rates on fixed-rate mortgages are currently going for.”
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Housing preferences differ among ethnic groups, study shows
Posted Date: Thursday, March 13, 2014
A newly released study from the National Association of Home Builders (NAHB), “What Home Buyers really Want: Ethnic Preferences,” seems to support the old adage, “different strokes for different folks.”
The study helps compare how housing preferences vary by the racial or ethnic backgrounds of the buyer once factors such as age and income are accounted for.
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Zombie foreclosures still haunt housing market
Posted Date: Wednesday, March 19, 2014
A new report from RealtyTrac, a provider of national housing data and analytics, shows that owner-vacated foreclosures, sometimes called zombie foreclosures, are a problem that just won’t die in many areas across the country.
RealtyTrac released the results of its U.S. Foreclosure Market Report for February on March 13. The report is used to track foreclosure filings — default notices, scheduled auctions and bank repossessions — throughout the U.S.
The report showed that although foreclosure filings dropped 10 percent between January and February and 27 percent year over year — putting the overall total at its lowest rate since December 2006 — zombie foreclosures continue to flood the market.
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Home-buying tendencies vary between generations
Posted Date: Monday, March 17, 2014
The National Association of Realtors (NAR) released its 2014 National Association of Realtors Home Buyer and Seller Generational Trends report March 11. The report, which evaluates the generational differences of recent homebuyers and sellers, was compiled from a 122-question survey mailed in July 2013 to a national sample of 148,011 individuals who purchased their homes between July 2012 and June 2013.
The age of homebuyers was differentiated between five generations: Gen Y, those born between 1980-1995; Gen X, those born from 1965-1979; Younger Boomers, born from 1955-1964; Older Boomers, born from 1946-1954; and the Silent Generation, born between 1925-1945.
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Senate leaders announce proposal to wind down Fannie, Freddie
Posted Date: Thursday, March 13, 2014
Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, announced a bipartisan proposal March 11 that would effectively wind down government sponsored enterprises Fannie Mae and Freddie Mac.
The proposal is similar to S. 1217, bipartisan reform legislation crafted by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., last year.
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New Colorado bill would expand regulation of appraisers
Posted Date: Wednesday, March 19, 2014
A new Colorado bill, S.B. 117, sponsored by Sen. Cheri Jahn, D-Colo., and Rep. Randy Fischer, D-Colo., has been passed in the Colorado Senate. The bill aims to correct oversight in previous legislation pertaining to the regulation of the state’s real estate appraisers.
S.B. 13-154 stipulated that Colorado’s real estate appraisers were to be regulated by the state’s board of real estate appraisers in the Department of Regulatory Agencies.
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New desktop appraisal product relies on appraiser expertise
Posted Date: Monday, March 24, 2014
A nationwide appraisal management company and a developer of computer-aided appraising technology announced the launch of a new desktop appraisal product that includes a property inspection report. Valuation Link, a nationwide appraisal management company, and Bradford Technologies, a developer of computer-aided appraising technology, announced the launch of Appraiser Certified Evaluation March 18. Continue reading to see the details.
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Builder optimism remains tempered in most of country
Posted Date: Monday, March 24, 2014
Builder optimism has shown little improvement in recent months, according to the National Association of Home Builders/Wells Fargo Housing Market Index for March. The index gauges builder perceptions of current single-family home sales and sales expectations for the forthcoming six months as “good,” “fair” or “poor.” Keep reading to see the index results.
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‘Heat map’ shows shifting housing markets
Posted Date: Monday, March 24, 2014
RealtyTrac, a provider of real estate analytics, released a report March 20 showing how U.S. housing markets have shifted over the past eight years.
In its analysis, RealtyTrac assessed 410 counties (63 percent of the U.S. population) for four key indicators of housing market health: home price appreciation, affordability, percentage of bank-owned (REO) sales and unemployment rate. Each year, the counties received a ranking between 1 and 2.5 for each category, and those four rankings were compiled for total index score, with a maximum score being 10.
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N.Y. court: Appraiser had no duty to disclose disbarment
Posted Date: Monday, March 24, 2014
A real estate appraiser had no liability for fraud or breach of contract based on his failure to disclose to a client that he had previously been disbarred from the practice of law, a New York appellate court has ruled. The New York Supreme Court Appellate Division (3rd Dept.) ruled March 6 that the appraiser’s duty to his client did not include revealing the loss of his law license in a disciplinary proceeding. The case is Sutton v. Hafner Valuation Group Inc. (No. 516779).
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New tool to offer lenders better post-closing analysis
Posted Date: Wednesday, March 19, 2014
Medallion Analytics, a provider of automated solutions for lenders and settlement service companies, announced March 17 that it is rolling out a new tool that provides loan-level analysis of errors made throughout the post-closing process. Continue reading to learn more.
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Appraisal Practices Board seeks valuation experts
Posted Date: Wednesday, March 19, 2014
The Appraisal Practices Board of The Appraisal Foundation is seeking valuation professionals for a national talent pool to serve as a resource to the board as it develops future voluntary guidance on generally recognized valuation methods and techniques. Continue reading to see the APB requirements.
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Loan decisioning tool integrated with Fannie technology
Posted Date: Wednesday, March 19, 2014
Property information, analytics and services provider CoreLogic announced March 18 that it has fully integrated its IntelliMods loan modification decisioning tool with the Fannie Mae Servicing Management Default Underwriter platform. Continue reading to see what the integration means for mortgage servicers.
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Technology provider to adopt new solution for verifying bank statements
Posted Date: Monday, March 17, 2014
Roostify, a provider of automated real estate transaction technology, announced March 17 it will integrate a new solution into its end-to-end, Web-based loan processing platform to automate the retrieval of digital bank statements and verification of deposits. Keep reading to see more.
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Applications for new home purchases up in February
Posted Date: Monday, March 17, 2014
The Mortgage Bankers Association released the results of its MBA’s Builder Applications Survey for February on March 13. MBA’s BAS tracks application volume from mortgage subsidiaries of homebuilders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state and metro level. Keep reading to see the survey results.
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Senate passage of flood insurance legislation applauded by NAHB
Posted Date: Monday, March 17, 2014
The National Association of Home Builders applauded the Senate for approving flood insurance legislation that will provide much-needed certainty to homeowners and financial stability for the National Flood Insurance Program, the agency said in a March 13 release. Keep reading for the details.
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Understanding new CFPB regulations – Part Two
Posted Date: Monday, March 17, 2014
The Consumer Financial Protection Bureau (CFPB) has made its imprint on the residential housing market clear since it began its mission to protect U.S. consumers in July 2011. Perhaps two of the most notable regulations are still in their infancy. The bureau’s official interpretations of the Equal Credit Opportunity Act were spelled out in its amendments to Regulation B, which became effective Jan. 18. The CFPB’s amendments to Regulation Z, which is associated with the Truth in Lending Act, became effective Jan. 10.
Valuation Review broke down the specifics of Regulation B in Part One of Understanding new CFPB regulations.
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Homeowner survey shows mixed feelings on market
Posted Date: Thursday, March 13, 2014
Fannie Mae released its February 2014 National Housing Survey results on March 10. The February survey shows Americans’ outlook on housing and the economy has fluctuated somewhat during the past few months, but the trend for most indicators remains positive overall. Keep reading to learn more.
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Mortgage credit availability ticks up overall
Posted Date: Thursday, March 13, 2014
The Mortgage Bankers Association announced on March 11 that mortgage credit availability increased slightly in February, according to data from its Mortgage Credit Availability Index, a summary measure that indicates the availability of mortgage credit at a point in time.
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