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News By Edition
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Valuation Review Edition
May 7, 2012
In the May 7, 2012, edition of Valuation Review, we celebrate the publication's 10th anniversary with an appraiser ride-along cover story. Also in this edition, the 1004MC is under attack from appraisers for misrepresenting local market data, a court rules in favor of Rels Valuation and Wells Fargo and InHouse adds appraisers to meet lender demand. Valuation Review also breaks down Twitter to provide a how-to guide to tweeting with the appraisal industry. All that and more in this jam-packed 10th anniversary edition of Valuation Review.
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Ten years of appraisal intelligence
Posted Date: Wednesday, May 23, 2012
Your 10th birthday is a big one. By that time, you’ve learned a few things, gotten the feel for how life works and made a friend or two along the way. But it’s just the beginning. A lot has changed since Valuation Review hit the appraisal scene in 2002. Starting out as Appraisal Intelligence, the publication saw early success in an industry that was undergoing a massive change.
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The atypically typical appraiser: Scott Rager finds value in opportunities
Posted Date: Wednesday, May 16, 2012
“I had a gun pulled on me once,” Scott Rager said with a laugh. Mid-morning light saturated the third-floor home office that moonlights as a guest room when Scott isn’t plugging away at appraisals on his dual-screen computer set. His take-things-as-they-come attitude shines through his appraisals as much as it does his appraisal war stories.
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Opinion of Value: Part 2 of The atypically typical appraiser
Posted Date: Wednesday, May 9, 2012
Scott is the first to admit that he can take a few liberties in his appraisal career that aren’t an option for most appraisers. That doesn’t mean that Scott doesn’t work just as hard to make his own ends meet. In fact, full blown appraisals are hard to come by in Scott’s local Northeast Ohio market. He makes up for it with alternative valuation products, many of them being collateral evaluations.
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The THING! … of value: Court rules in favor of Rels Valuation and Wells Fargo
Posted Date: Tuesday, May 8, 2012
An appraisal fee issue erupted in a federal appeals court when a borrower alleged that Rels Valuation and Wells Fargo ran an “inflated appraisal fee scheme,” violating RESPA. The district court dismissed the claims, finding the borrowers failed to show a "thing of value" was exchanged for a referral and failed to allege unlawful fee splitting occurred, chalking up a win for Rels Valuation and Wells Fargo.
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1004MC: Form over function
Posted Date: Sunday, May 6, 2012
The industry’s stability is often based on value, and appraisers have been under fire for the past year for how individual home values reflect the market as a whole. Though a misunderstanding of what appraisers do plays a major role in the blame game, some appraisers have suggested that it, in some cases, might be that a certain fill-in form doesn’t accurately portray the current, real-time movement of housing markets.
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DataQuick adds short sale enhancements to RiskFinder Distress
Posted Date: Wednesday, April 25, 2012
DataQuick added several key content and performance enhancements to its RiskFinder Distress solution, including enhanced tracking of short sales. These additional features provide investors, lenders and servicers expanded distressed property reviews based on a new data algorithm and extended customization. Released earlier this year, RiskFinder Distress delivers an exhaustive monthly tracking of distressed property trends and statistics at the national and local level.
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Bradford Technologies introduces Compass Interactive
Posted Date: Wednesday, April 25, 2012
Bradford Technologies partnered with Woodfinn to introduce Compass Interactive, a seamless interaction between Woodfinn Compass, a cloud-based appraisal management software, and Bradford Technologies’ ClickFORMS appraisal software. With Compass Interactive, lenders and AMCs get access to instant communication with appraisers who use ClickFORMS. This can dramatically improve the efficiency of the review process by eliminating quality control-related appraisal resubmissions.
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InHouse adds appraisers to meet lender demand
Posted Date: Wednesday, April 25, 2012
InHouse Inc. added to its nationwide network of appraisers with an active recruiting and interviewing campaign. The effort is part of an ongoing program to meet the unprecedented demand among lender clients in response to the InHouse Connexions appraisal management platform’s “Build Your Own Appraisal Solution” approach.
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1004MC, Part 2: Numbers don't lie
Posted Date: Wednesday, April 25, 2012
The 1004MC requires the appraiser to use the information on the form as the basis for his or her conclusions. While the data grouping on the form shows a declining market, the appraiser might be seeing a market improving, but he or she can’t craft an opinion of value that contradicts the data on the form.
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NS3: Keynotes share a glimpse of what to expect in 2012
Posted Date: Monday, April 23, 2012
October Research has selected two very prominent figures to deliver the keynote addresses at the 2012 National Settlement Services and Compliance Summit. Read on for details of what they plan to share with attendees.
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Calyx Software updates for UAD delivery
Posted Date: Monday, April 23, 2012
Calyx Software launched Point and PointCentral 7.6. Point 7.6 introduces a Uniform Collateral Data Portal (UCDP) screen for efficient delivery of Uniform Appraisal Dataset (UAD) files to Fannie Mae and Freddie Mac. The Uniform Loan Delivery Dataset (ULDD) reporting functionality, which Calyx offers at no additional charge, has been enhanced with additional fields in the XML file.
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Coester Appraisal Group enhances Cloud Control with automated review tech
Posted Date: Monday, April 23, 2012
Coester Appraisal Group enhanced Cloud Control, appraisal management technology built on the Salesforce.com platform, by adding C-Data, the company’s automated appraisal review technology. C-Data automated review technology provides a comprehensive and thorough review by electronically evaluating every field in an appraisal report; identifying potential fraud, errors, discrepancies and missing information; and availing its extensive findings both online and in printed reports.
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LenderMobile now enables vendor ordering on iPad
Posted Date: Monday, April 23, 2012
LenderMobile upgraded LenderMobile+, its flagship application, to enable the ordering of vendor services. Loan officers and other originators now can order, directly from their iPads, credit reports, identity checks, tax return verifications, flood determinations, among other third-party vendor requests.
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Freddie Mac on short sale communication time lines
Posted Date: Wednesday, April 18, 2012
A short sale is a valuable alternative to foreclosure when a home retention option is no longer feasible. As lenders engage in short sale transactions, the government-sponsored enterprises clarified existing requirements and introduced a new uniform set of minimum response time frames for working with struggling homeowners who are eligible for Home Affordable Foreclosure Alternative (HAFA) short sales and short sales processed in accordance with Guide Chapter B65, Workout Options.
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Former SVP at LPS to lead ISGN product and technology strategy
Posted Date: Wednesday, April 18, 2012
ISGN Corp. named Tim Anderson director of corporate technology strategy. Anderson brings more than 30 years of mortgage industry and technology experience to ISGN, where he’ll develop a strategic roadmap for ISGN’s delivery of products, services and technology, helping position the company as the leading driver of solutions in the mortgage marketplace.
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Regional review: Southern California home sales up
Posted Date: Wednesday, April 18, 2012
Southern California home sales shot up last month from February amid the usual surge in late-winter shopping, but the gain over a year earlier was modest. Sales of $500,000-plus homes, though a bit lower than last year, jumped 36 percent from February, helping to lift the region’s overall median sale price to a six-month high – and to about where it was in March 2011, a real estate information service reported.
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Inflated appraisals lead to fraud indictment
Posted Date: Wednesday, April 11, 2012
A federal grand jury returned a nine-count indictment against two Ohio men, alleging that the two recruited sellers drew up purchase contracts for prices significantly higher than the asking price, obtained inflated appraisals and submitted fraudulent documents to lending institutions.
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