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News By Edition
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Valuation Review Edition
December 5, 2011
The appraisal industry in 2011 was a roller coaster ride of innovation and regulations; successes and setbacks. Will 2012 bring peace to the appraisal industry or can we expect more of the same? In the Dec. 5, 2011, edition of Valuation Review we talked to sources from every corner of the industry to find out what's ahead for appraisers in the coming year. Also in this edition, appraisal negligence claims against LPS are dismissed, FHA report card to Congress shows needed improvement and appraiser coercion allegations tackled by a New York District Court. All those stories and more.
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ISGN assists lenders in managing HARP 2.0
Posted Date: Sunday, December 4, 2011
The government estimates millions of more homeowners will be eligible for the new simplified Home Affordable Refinance Program 2.0, which is the only government program designed for underwater borrowers who owe more than their house is worth. ISGN Corp. is prepared to assist lenders and servicers with loan infrastructure needs in meeting the expected higher demand of distressed borrowers for the new streamlined federal HARP. Read on for the details.
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The once and future value of appraisals
Posted Date: Sunday, December 4, 2011
The appraisal industry in 2011 was a roller coaster ride of innovation and regulations; successes and setbacks. Will 2012 bring peace to the appraisal industry or can we expect more of the same?
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New UAD appraisal reader from ACI
Posted Date: Sunday, December 4, 2011
ACI released a new Appraisal Reader powered by Appraisal.com. The new technology helps lenders and reviewers view and validate appraisal reports prepared by any appraisal software vendor that supports the new MISMO XML format. Read on for more info.
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New York Attorney General free to pursue appraisal fraud claims
Posted Date: Sunday, December 4, 2011
A ruling from the New York Court of Appeals affirmed two lower court rulings, holding that New York state laws regulating appraisal practices are not preempted by federal laws, including the Home Owner's Loan Act and the Financial Institutions Reform, Recovery and Enforcement Act. Read on for the ruling and allegations against the defendants.
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FDIC goes after allegedly negligent appraisers
Posted Date: Wednesday, November 30, 2011
For 29 appraisers, it wasn't a very thankful holiday. In the weeks leading up to Thanksgiving, the appraisers in question were sued by the Federal Deposit Insurance Corp. (FDIC). They face allegations of professional negligence in the form of over-appraising the value of properties securing loans by the failed Downey Savings. Read on for the story.
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Increase in misrepresented borrower data reported by Interthinx
Posted Date: Wednesday, November 30, 2011
Interthinx released its quarterly Mortgage Fraud Risk Report covering data collected in the third quarter of 2011. According to the most recent analysis, employment and income fraud risk is on the rise, up 8.8 percent from third quarter 2010 and up 50 percent from third quarter 2009. Read on for more findings.
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Frequently-asked ULDD questions
Posted Date: Wednesday, November 30, 2011
The uniform loan delivery dataset (ULDD) is in effect for loans sold with an application date on or after Dec. 1. The whole process can be confusing; so, we asked Jennifer Creech, president and chief executive officer of InHouse, and Jeff Bradford, chief executive officer of Bradford Technologies, the questions lenders are asking. Read on for their answers.
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Kirchmeyer & Associates unveils appraisal warranty insurance program
Posted Date: Tuesday, November 29, 2011
Kirchmeyer & Associates Inc announced the addition of a collateral valuation insurance program, in partnership with Wrightstown, PA - Group9 Insurance Solutions, providing mortgage lenders and investors complete assurances of appraisal quality and accuracy. The program protects against default losses including repurchase expenses, affecting eligible loans including firsts, seconds and HELOCs. Read on for more details.
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New-home sales rise 1.3 percent in October
Posted Date: Tuesday, November 29, 2011
Sales of newly built, single-family homes inched up 1.3 percent to a seasonally adjusted annual rate of 307,000 units in October, according to newly released data from the U.S. Commerce Department. The gain is from a downwardly revised rate in the previous month, and marks the best pace of new-home sales activity since this May. Read on for more info.
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Appraisal Institutes urges CFPB to separate appraisal fees
Posted Date: Tuesday, November 29, 2011
The Appraisal Institute a letter urging the Consumer Financial Protection Bureau to separate appraisal fees from administration and processing fees on the new settlement disclosure form prototype. Read on for their concerns and a response from others in the industry.
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2.0 upgrade: The pros and cons of HARP revision
Posted Date: Monday, November 21, 2011
The Federal Housing Finance Agency with government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac announced a series of changes to the Home Affordable Refinance Program, dubbed HARP 2.0, in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. Read on for a breakdown of the revision.
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Lenders: Are you UCDP compliant?
Posted Date: Monday, November 21, 2011
Do you know what your responsibilities are under the new Uniform Collateral Delivery Portal? Are the appraisals you are submitting to the government-sponsored enterprises compliant? What is required for the Uniform Appraisal Dataset? If you're a lender and don't know the answer to these questions, it's time for a crash course in digital loan submission.
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HUD grants $749 million to fund housing for low-income seniors, disabled
Posted Date: Sunday, November 20, 2011
Thousands of very low-income senior citizens and persons with disabilities will have access to affordable supportive housing thanks to $749 million in housing assistance announced by the U.S. Department of Housing and Urban Development. Read on for the details.
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Judge dismisses appraisal negligence claims against LPS
Posted Date: Sunday, November 20, 2011
In May, the Federal Deposit Insurance Corp. filed complaints against CoreLogic and Lender Processing Services for losses totaling up to more than $283 million based on CoreLogic's affiliation with eAppraiseIT and in LPS' case, its subsidiary LSI Appraisal LLC, an appraisal management company. Earlier this month, a judge made a ruling on claims of negligence. Read on for the verdict.
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