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News By Edition
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Valuation Review Edition
January 21, 2013
In the Jan. 21, 2013, edition of Valuation Review, we investigate how to shore up your company's valuation data vulnerabilities. Also in this edition, Solidifi and Kirchmeyer join forces to become the nation's third largest independent appraisal provider, the real estate market hits bottom and is in full recovery mode and the Appraisal Institute welcomes a new association president. All that and more in this edition of Valuation Review.
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What do you do if you suspect a data security breach?
Posted Date: Monday, February 11, 2013
Identify the signs of a possible breach: This could be unscheduled data feeds, external code (such as virus, Trojans, worms), code injection (SQL injection), unusually frequent activity indicating penetration attempts (distributed denial of service), access log-on failures (indicating potential attack attempts), unauthorized log-on, large file downloads outside of normal procedures, record inaccuracies indicating data corruption or missing information from a work file.
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What data security means to appraisers
Posted Date: Wednesday, February 6, 2013
So what does all this data security info mean for appraisers? Surely the appraisal is an important part of the loan process and includes NPI, which needs to be handled with discretion and security. The appraisal report itself contains photos and information that is confidential and which must be protected to ensure consumer safety and privacy.
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Compatible appraisal data security system partners
Posted Date: Monday, February 4, 2013
There are many different types of loan origination software (LOS) platforms and data submission portals. It can be overwhelming at times when each company seems to have its own technology solutions. As the lending community seeks to standardize data through the XML MISMO standards, lenders, appraisal management companies (AMCs) and appraisers alike will need to ensure that their chosen platform securely connects to their clients’ platforms.
“One of the first questions for integration partners should be whether or not the partner retains data that is received from the LOS,” said Keven Smith, president and chief executive officer of Mortgage Builder Software, Southfield, Mich. “If they do retain any portion of the data received, the client needs to do its due diligence with the partner as to its security and data protection protocols.”
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Appraisal data security starts at home
Posted Date: Monday, January 28, 2013
There are some simple steps you can take to ensure that your in-house employees are correctly using and securing your company’s NPI data. Passwords might seem like a simple piece of the security puzzle, but they are often overlooked. You need to instill a regular schedule of changing passwords and access codes. An unchanged password could be the difference in a former employee gaining access to your company’s information.
You also have to be careful how the access codes and passwords are used outside of your in-house systems.
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Solidifi talks transitions, technology and the future of the company
Posted Date: Thursday, January 10, 2013
Earlier this week, Solidifi and Kirchmeyer Associates announced a deal that brought the two companies together, working under the Solidifi name, and quickly bumped the company to the third largest independent provider of residential real estate appraisals in the United States. And with that big transaction came big questions: What does this mean for appraisers and current lender clients? What did this deal mean to the Kirchmeyer brand? And what’s next for the new big dog in town? Valuation Review sat down with Solidifi’s Chief Valuations Officer Andrew Bough and James Kirchmeyer, chief executive officer of Kirchmeyer and Associates, to talk transitions, technology and the future of the company.
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Residential Finance Corp. appoints new CFO
Posted Date: Wednesday, January 9, 2013
Residential Finance Corp., an award-winning nationwide mortgage lender, has named senior industry executive Nicholas Hahn to the position of chief financial officer. Hahn, a 30-year banking and financial services industry veteran, will serve as a key member of Residential Finance’s executive team and be responsible for directing and overseeing the company’s finance and accounting functions.
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CoesterVMS implements flat-fee structure
Posted Date: Wednesday, January 9, 2013
CoesterVMS, a nationwide appraisal management company (AMC), has implemented the appraisal industry’s first-ever flat fee model for residential appraisals. Under the flat fee model, which took effect on Jan. 1, 2013, all conventional appraisals are priced at $450 while FHA appraisals are $475.
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Clear Capital: 2013 housing price gains to be less than half of 2012
Posted Date: Tuesday, January 8, 2013
Clear Capital, the premium provider of data, collateral risk assessment, and real estate asset valuation and analytics, released its Home Data Index (HDI) Market Report with data through December 2012.
Report highlights include:
• Home prices in 2012 finished the year strong, boosted off the market lows of early 2012.
• December's quarterly trends were mostly flat, indicating potential fiscal cliff and winter impact.
• 2013 forecasts call for continued, moderate growth as some potential buyers get priced out of the market.
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Safeguarding appraisal privacy, protecting data integrity
Posted Date: Monday, January 7, 2013
Of course, appraisers are aware of their obligations as it relates to confidentiality and USPAP requirements. Most appraisers are also aware that they are considered a financial institution under the definitions provided by the Gramm-Leach- Bliley Act (GLB). Compliance is mandatory and a policy must be in place to protect the information security and data integrity. Another important aspect of data governance is data verifiability.
The ability to confirm that data provided in an appraisal report is legitimate is now a bigger topic because of the wide availability of data sources. It is no longer sufficient to just name a source as “public record” or “MLS”. The details of the actual source by name, effective date and reference numbers are now the order of the day.
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Shadow inventory continues decline
Posted Date: Monday, January 7, 2013
CoreLogic reported that the current residential shadow inventory as of October 2012 fell to 2.3 million units*, representing a supply of seven months. The October inventory level represents a 12.3 percent drop from October 2011, when shadow inventory stood at 2.6 million units.
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Regional Review: Phoenix area home sales
Posted Date: Monday, January 7, 2013
Sales of existing houses and condos in the Phoenix area rose to the highest level for a November in seven years, while the median price paid for all homes sold in the region was the highest in more than four years, a real estate information service reported. Buyers paid a median $167,500 for all new and resale houses and condos sold during November in the combined Maricopa-Pinal counties metro area — the highest level since the median was $175,000 in October 2008. The November median rose 4.7 percent from October and rose 31.9 percent from November 2011.
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Solidifi, Kirchmeyer join forces, now nation's third largest independent appraisal provider
Posted Date: Monday, January 7, 2013
Solidifi and Kirchmeyer, two independent appraisal management companies (AMCs), joined forces in a deal that will see Solidifi become the third largest independent provider of residential real estate appraisals in the country. The new combined entities will operate under the Solidifi name and aim to be an alternative to traditional appraisal management companies servicing more than 50 percent of the nation’s top lenders.
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Regional Review: Ohio home sales increase
Posted Date: Wednesday, January 2, 2013
Home sales activity throughout Ohio increased 23.6 percent in November, helping the marketplace record its 17th consecutive monthly sales gain, according to the statistics provided by the state’s Multiple Listing Services. Sales of new and existing homes have posted a 14 percent increase during the first 11 months of 2012 compared to the same period a year ago, reaching 104,001 sales versus the 2011 mark of 91,213.
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Real estate market has hit bottom, is in full recovery mode
Posted Date: Wednesday, January 2, 2013
Veros Real Estate Solutions said an analysis of its data shows compelling evidence that the national real estate market has hit bottom and is now in a full recovery. This is the conclusion of the company’s VeroFORECAST real estate market forecast for the 12-month period ending Dec. 1, 2013, updated quarterly and covering 975 counties, 335 metro areas, and 13,586 zip codes.
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Regional Review: Las Vegas home sales “rebalancing”
Posted Date: Wednesday, January 2, 2013
Las Vegas-area home sales fell below a year earlier for the sixth consecutive month in November as a big jump in sales between $200,000 and $500,000 couldn’t compensate for a decline in sub-$200,000 transactions. The market’s rebalancing, including more move-up buying and fewer foreclosure resales, helped the median sale price rise year over year for the eighth consecutive month, a real estate information service reported.
In November, 4,118 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 9.9 percent from the month before and down 7.7 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.
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Appraisal Institute welcomes a new association president
Posted Date: Wednesday, January 2, 2013
Richard Borges II, MAI, SRA, of Greenwood, Ind., began his one-year term as president of the Appraisal Institute on Jan. 1. The Appraisal Institute is the nation’s largest organization of real estate appraisers with nearly 23,000 members in nearly 60 countries. The Appraisal Institute’s other elected officers for 2013 are President-Elect Ken Wilson, MAI, SRA, of Plano, Texas; Vice President M. Lance Coyle, MAI, SRA, of Dallas, Texas; and Immediate Past President Sara Stephens, MAI, of Little Rock, Ark. Also serving on the Appraisal Institute’s Executive Committee, as a non-voting member, is Chief Executive Officer Frederick Grubbe, CAE.
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Regional Review: Year-over-year gains for Southern California home sales, prices
Posted Date: Monday, December 17, 2012
Southern California’s housing market continued its gradual recovery last month, logging the highest November sales in six years amid strong demand from investors and move-up buyers. The median sale price rose nearly 17 percent from a year earlier, the result of price appreciation as well as the ongoing shift toward fewer foreclosure resales and more mid- to high-end activity, a real estate information service reported.
A decline in sales from October to November is normal for the season. Last month’s sales were the highest for the month of November since 23,005 homes sold in November 2006, though they were 11.3 percent below the November average of 21,730 since 1988, when DataQuick’s statistics begin. The low for November sales was 13,173 in 2007, while the high was 31,987 in 1988.
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Altered appraisals lead to guilty verdict in mortgage fraud trial
Posted Date: Monday, December 17, 2012
A federal jury found a defendant guilty of wire fraud, mail fraud and money laundering following a six-day mortgage fraud trial. The object of the scheme was to get cash out of a house beyond its equity while still appearing to be a “rate-and-term” refinancing. A “rate-and-term” refinancing is one that changes only the interest rate and length of the loan but does not result in cash-out to the borrower. It is typically easier to obtain than a cash-out loan. The defendants were able to get large loans because they provided the lender with altered appraisals, inflated by up to $350,000.
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Landmark Network acquires Hamilton Appraisal Management Services
Posted Date: Monday, December 17, 2012
Landmark Network Inc. has completed the acquisition of regional appraisal management company, Hamilton Appraisal Management Services (HAMS). The HAMS management team will continue to operate from its existing location in Mahwah, N.J., under the Landmark Network brand.
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U.S. residential liquidity improving
Posted Date: Monday, December 17, 2012
Liquidity conditions in the nation’s residential for-sale market are generally improving, according to a report released this week by mortgage technology company FNC. The report, built from FNC’s For-Sale-Observations Database that captures more than 60 percent of the for-sale market, indicates the median asking price among for-sale properties is up 8.6 percent since January and 6.1 percent over this time last year.
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Accurate Group receives $55 million investment from private equity firm
Posted Date: Monday, December 17, 2012
The Accurate Group announced a multimillion-dollar investment from a private equity fund that will now allow the company to execute planned expansion goals. The private equity firm, ABS Capital, has invested $55 million in the Accurate Group, which makes it the company’s lead investor. ABS will also be part of the board of directors.
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