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News By Edition
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Valuation Review Edition
February 17, 2014
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Fannie Mae unveils new Appraiser Quality Monitoring list - Part One
Posted Date: Thursday, February 13, 2014
Accountability is the industry term du jour within the settlement services professions thanks to the heightening of regulations that affect everyone from lenders to appraisers.
These days, the onus to comply is ubiquitous. There is pressure for both companies and individuals alike to work within the rules-based framework constructed by the industry’s regulating bodies.
With the stakes for noncompliance as high as ever, Fannie Mae, the leading source of residential mortgage credit in the U.S. secondary market, recently unveiled its Appraiser Quality Monitoring (AQM) list on its website to help proliferate accurate valuations for the loans it buys.
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FHA to expand acceptance of electronic signatures
Posted Date: Monday, February 3, 2014
The Federal Housing Administration (FHA) has announced that it is granting expanded authority to lenders to accept electronic signatures (e-signatures) on documents associated with mortgage loans. The new policy allows e-signatures on origination, servicing and loss mitigation documents, as well as FHA insurance claims, real estate owned (REO) sales contracts and related addenda. Current FHA policy allows for electronic signatures only on third-party documents, such as sales contracts and other documents not controlled by the lender.
“By extending our acceptance of electronic signatures on the majority of single-family documents, we are bringing our requirements into alignment with common industry practices,” said FHA Commissioner Carol Galante. “This extension will not only make it easier for lenders to work with FHA, it also allows for greater efficiency in the home-buying and loss mitigation process.”
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Freedom Mortgage adds two senior executives
Posted Date: Monday, February 10, 2014
Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, has appointed two industry veterans as senior executives in the company’s recently formed Financial Institutions Partner Group. Keep reading to learn about the hires.
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First American to acquire Interthinx
Posted Date: Monday, February 10, 2014
First American Financial Corporation, a global provider of title insurance, settlement services and risk solutions to participants in real estate transactions, announced the signing of an agreement Feb. 6 with Verisk Analytics Inc. to acquire Interthinx Inc. Interthinx is a provider of loan quality analytics, decision support tools and loan review services for the mortgage industry.
Established in 1996, Interthinx provides solutions designed to help clients minimize risk, increase operational efficiencies, satisfy regulatory requirements, manage data verification and ensure compliance. The company is best known for FraudGUARD, its market-leading mortgage fraud analytics product.
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More builders expected to go green to meet demand
Posted Date: Monday, February 10, 2014
McGraw Hill Construction, a provider of data, news and intelligence for the construction industry, has released the results of its Green Home Builders and Remodelers Study. McGraw Hill has been collecting data regarding green housing construction since 2006.
The study shows that the demand for more green-friendly homes is growing stronger amongst buyers, even though green construction is often associated with greater cost.
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Housing survey shows consumers more optimistic about homeownership
Posted Date: Monday, February 10, 2014
Fannie Mae has released the results of its January 2014 National Housing Survey. The survey polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances and overall consumer confidence. Keep reading to see the survey results.
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Wealthy borrowers shift to shorter-term mortgages, research shows
Posted Date: Thursday, February 6, 2014
Wealthy borrowers have begun to move away from 30-year mortgages in favor of shorter-term loans, The Wall Street Journal has reported.
The move away from long-term mortgages can be traced to borrowers’ desire to slash interest payments accrued over the lifespan of the loan.
Interest rates typically drop in accordance with the timespan of the loan. Generally speaking, borrowers can expect rates to drop by one-quarter to a full percentage point as they move from 30-year mortgages to shorter loan timeframes.
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The housing rollercoaster is over, according to new report
Posted Date: Thursday, February 6, 2014
With the tremendous ups and downs seen in the past decade, the U.S. housing rollercoaster has finally slowed down, according to Clear Capital.
Clear Capital, a provider of data and solutions for real estate asset valuation and collateral risk assessment, has just released the results of its Home Data Index (HDI) Market Report, a proprietary report that offers insight into the most recent pricing conditions, not only at the national and metropolitan level, but within local markets as well.
Clear Capital’s data shows that national home prices are currently in line with inflation-adjusted long-run average levels, which according to Clear Capital’s analysts, is a sign that pricing levels have returned to normal in the wake of the recent bubble.
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Fannie Mae announces financing totals for 2013
Posted Date: Thursday, February 6, 2014
Fannie Mae, the leading source of residential mortgage credit in the U.S. secondary market, has announced that it provided $28.8 billion in financing to the multifamily market in 2013, working with lender partners to finance 507,000 units of multifamily housing. Keep reading to see the full breakdown.
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New York appraisers found to be innocent of wrongdoing charges
Posted Date: Monday, February 10, 2014
In a case of “he said, she said,” a New York State Supreme Court Justice found that the New York Department of State improperly sought to revoke the licenses of two prominent New York City appraisers.
The appraisers, Steven Knobel and Jeffrey Jackson, founding partners of the appraisal firm Mitchell, Maxwell & Jackson (MMJ), were originally sued in May 2010 by Marianne Mueller, a former executive vice president at MMJ, who was allegedly fired for incorrect billing and insubordination. Mueller sought approximately $800,000 in commissions, attorney fees, late fees from her paycheck and punitive damages, The Real Deal reported.
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Financial institutions continue to face stiff penalties for home mortgage misconduct
Posted Date: Monday, February 10, 2014
The meter is still running on U.S. financial institutions found to be negligent in their handling of home mortgages and related securities before the housing crash.
Morgan Stanley and JP Morgan, who recently agreed to pay a combined $1.86 billion for their misconduct, are just the latest institutions to face stiff penalties for recklessly processing mortgage loans, Bloomberg has reported.
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CoreLogic unveils new product to forecast loan performance
Posted Date: Tuesday, January 28, 2014
CoreLogic, a provider of housing market information, analytics and business services, announced the release of RiskModel Agency. RiskModel Agency is a new credit and prepayment model developed to forecast agency loan performance.
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New software features to help lenders remain compliant with QM regulations
Posted Date: Tuesday, January 28, 2014
Mortech, a Zillow-affiliated business that provides mortgage technology software solutions for mortgage bankers and secondary market teams, announced the release of new functionality to its Marksman product and pricing engine. Continue reading to learn the details.
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Webinar series offers in-depth training on mortgage disclosure forms
Posted Date: Monday, February 10, 2014
The Consumer Financial Protection Bureau has released its final rule on the integrated mortgage disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act. Not much time has passed since industry members had to implement a new Good Faith Estimate and HUD-1 form under the 2010 RESPA reform. Similar to that reform, preparing for this new rule will require extensive staff training, retooling and systems upgrades to ensure compliance.
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The Appraisal Foundation seeks members for board of trustees
Posted Date: Thursday, February 6, 2014
The Appraisal Foundation, the nation's foremost authority on the valuation profession, has begun its annual search for qualified candidates to serve on its board of trustees. Keep reading to see more.
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Home prices increase year over year, report shows
Posted Date: Thursday, February 6, 2014
CoreLogic, a residential property information, analytics and services provider, has released its December CoreLogic Home Price Index report. The report shows that home prices nationwide, including distressed sales, increased in December 2013 compared to December 2012. Keep reading to see the full results.
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MBA releases mortgage origination data from 2013, projects market in 2014
Posted Date: Thursday, February 6, 2014
The Mortgage Bankers Association (MBA), the national association representing the real estate finance industry, released the results from its Quarterly Survey of Commercial/Multifamily Mortgage Bankers’ Originations.
The survey data shows that commercial and multifamily mortgage originations throughout the U.S. increased 34 percent from the third quarter to the fourth quarter of 2013, and that originations were up 16 percent from the fourth quarter of 2012 to the fourth quarter of 2013.
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NAHB applauds Senate passage of Homeowner Flood Insurance Affordability Act
Posted Date: Monday, February 3, 2014
The National Association of Home Builders has applauded the Senate passage of the Homeowner Flood Insurance Affordability Act, legislation that would provide relief from soaring flood insurance premium rates for many homeowners across the nation. The legislation contains an amendment by Sen. Roy Blunt, R-Mo., which is critical to the health of the remodeling industry.
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Foreclosures down on yearly, monthly basis, report finds
Posted Date: Monday, February 3, 2014
CoreLogic, a residential property information, analytics and services provider, has released its December National Foreclosure Report, which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to the latest report, foreclosures are down on both a yearly and monthly basis. Keep reading to see the full details.
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Index shows monthly decline in home sales
Posted Date: Monday, February 3, 2014
The National Association of Realtors has released the results from its Pending Home Sales Index for December 2013. The index shows that home sales measurably dropped in December, with abnormal weather partly inhibiting home shopping in much of the U.S. Declines were experienced in all four major regions that the index surveys. Keep reading to see the full results.
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Welcome to the new age of appraisal review
Posted Date: Monday, February 3, 2014
As part of Valuation Review’s Feb. 3 cover story, How appraisal review products are helping shape the valuation industry, we asked some of the top appraisal review product developers what they have in store with the future of their products. Here are their responses:
David Raskin | Interthinx: Interthinx will soon unveil two new automated products, both of which will focus closely on collateral and valuation. One is a large-scale enhancement to an existing product — FraudGUARD, and the other is a standalone collateral risk assessment tool.
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How appraisal review products are helping shape the valuation industry (pt. 2)
Posted Date: Monday, February 3, 2014
Appraisal review products are helping lenders, appraisal management companies (AMCs) and appraisers cross-check appraisals in a more comprehensive way than in the past. The result is more confidence in valuation conclusions.
In part two of our feature, Valuation Review talks with five companies at the forefront of developing appraisal review products to see how these products are helping to change the industry.
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How appraisal review products are helping shape the valuation industry (pt. 1)
Posted Date: Monday, February 3, 2014
The quality of an appraisal hinges on accuracy and defensibility. In turn, the reputations of those in the settlement services professions depend on being able to have faith that property valuations have been determined using sound reason and dependable metrics.
Appraisal review products are helping lenders, appraisal management companies (AMCs) and appraisers cross-check appraisals in a more comprehensive way than in the past. The result is more confidence in valuation conclusions.
In part one of our feature, Valuation Review talks with five companies at the forefront of developing appraisal review products to see how these products are helping to change the industry.
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