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News By Edition
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Valuation Review Edition
August 5, 2013
Appraisals are no longer one of the background aspects of the mortgage and home buying process. Regulators, lenders, buyers, sellers, homebuilders – everyone is putting appraisals under a microscope for their own reasons. Contributor Roger Beane, CEO of LRES, takes a look at some of these issues, saying “With more state and federal regulations coming, appraisers are expected to follow a growing laundry list of do’s and don’ts, but there are a number of ways appraisers can effectively perform while maintaining full compliance.” Inside the edition we have: News about some high-priced loans that might be exempt from appraisal requirements under a Dodd-Frank rule; a summary of the Valuation of Green Building draft from the Appraisal Foundation; and commentary from a bankers association warning all industries about forthcoming mortgage rules. |
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How to effectively perform appraisals under a very watchful eye
Posted Date: Monday, August 5, 2013
The appraisal industry is now being looked at through a microscope, and
nothing gets past the magnifying lens. Appraisers are sometimes singled
out to blame for the mortgage meltdown of 2008, and with problems (or
perception) comes consequences. As a result, appraisers have been
operating in a much stricter environment during the last five years than
they ever thought possible.
The rules under the Consumer Financial
Protection Bureau (CFPB), the Dodd-Frank financial reform bill and the
latest state licensing requirements have added to the quality control
pressures on the industry. With more state and federal regulations
coming, appraisers are expected to follow a growing laundry list of do’s
and don’ts, but there are a number of ways appraisers can effectively
perform while maintaining full compliance.
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Appraisal Foundation looking to fill two resource panels
Posted Date: Wednesday, July 24, 2013
The Appraisal Foundation, a non-profit organization dedicated to the
advancement of professional valuation, is initiating its search for
qualified candidates to serve on two volunteer resource panels that will
report to the Board of Trustees. There are up to ten vacancies on each
of the two panels and terms will last approximately one year.
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Metro-West Appraisal touts Regulatory Reviews program
Posted Date: Wednesday, July 24, 2013
Metro-West Appraisal Co. sent out information this week touting its
Regulatory Reviews program. Developed by Greg Stephens, the company’s
senior vice president of appraisal operations and compliance and the
2013 President of the North Texas Chapter of the Appraisal Institute,
the program meets the requirements outlined in the Texas Administrative
Code.
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Rule proposed to exempt some high-priced loans from appraisal requirements
Posted Date: Wednesday, July 24, 2013
Six federal financial regulatory agencies issued a proposed rule that
would create exemptions from certain appraisal requirements for a subset
of higher-priced mortgage loans. The proposed exemptions are intended
to save borrowers time and money and to promote the safety and soundness
of creditors. The appraisal requirements for higher-priced mortgages
were imposed by the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage
loans are considered to be higher-priced if they are secured by a
consumer’s home and have interest rates above a certain threshold.
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Residential Sales Report shows 5.3 million pace in June
Posted Date: Wednesday, July 24, 2013
RealtyTrac, an online marketplace for real estate data, released its
first-ever U.S. Residential Sales Report. It says that U.S. residential
property sales reached an estimated annualized pace of 5.3 million in
June 2013, up 2 percent from the previous month and up 8 percent from a
year ago.
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LRES deploys new version of LRES DirectConnect to speed appraisal process
Posted Date: Monday, July 22, 2013
LRES, a national provider of commercial and residential valuations and
asset management for the mortgage, banking, credit union and real estate
industries, announced the company now is offering the latest version of
LRES DirectConnect with an enhancement meant to optimize and accelerate
the appraisal order processing.
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Comment deadline for ‘Comparable Properties’ drafts approaching
Posted Date: Monday, July 22, 2013
The Appraisal Practices Board (APB) and the Appraisal Foundation
sent a reminder out about the extended deadline for comment on the
second exposure drafts for Identifying Comparable Properties. Read on for the contact information and for a refresher on the content of these two second exposure drafts.
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‘Valuation of Green Building’ draft released, ready for comments
Posted Date: Monday, July 22, 2013
The Appraisal Practices Board of the Appraisal Foundation released a First Exposure Draft for its Valuation of Green Buildings: Background and Core Competency.
The board is seeking public comment in response to this exposure draft
and based on the comments received, may make revisions to the guidance
and issue subsequent exposure drafts. Read on for a look at the key
points of the draft and the evolving nature of green appraisal
expectations.
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Multifamily dip drives housing starts lower in June
Posted Date: Thursday, July 18, 2013
Nationwide housing starts declined in June as construction of
multifamily buildings slowed following recent months of strong activity
in that sector, according to newly released figures from HUD and the
U.S. Census Bureau. Meanwhile, the pace of single-family production held
fairly even, with a decline of less than one percentage point.
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Mortgage applications stay on the decline, but credit starts to loosen
Posted Date: Wednesday, July 17, 2013
Seems like this has been predicted for awhile now, but a substantial
decline in mortgage applications has arrived. Driven by rising interest
rates and an overall lessened pool of interested/eligible applicants,
refinance activity has nose-dived since the start of summer, according
to data produced by the Mortgage Bankers Association.
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Bankers association hopes to delay mortgage rules, warns all industries of fallout
Posted Date: Wednesday, July 17, 2013
The American Bankers Association (ABA) urged the Consumer
Financial Protection Bureau (CFPB) to delay the implementation of the
mortgage rules that will go into effect in January 2014. In a July 11
letter, the group said that the implementation of the rules will have
serious consequences for its members, including appraisers.
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Recent survey says real estate appraisers are optimistic about the future
Posted Date: Wednesday, July 17, 2013
According to a survey conducted by the Appraisal Institute real estate
appraisers are optimistic about job demand in their local markets. The
study, conducted from May 31 to June 17 represents 561 real estate
valuation professionals — mostly fee appraisers. The majority of
residential and a great many commercial appraisers said they were
“cautiously optimistic.” Check out the specific areas of growth both
residential and commercial appraisers see in the coming years.
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Solidifi launches EXTRAordinary Appraiser Program to the mortgage industry
Posted Date: Monday, July 15, 2013
Solidifi highlighted the top appraisers in the industry with the launch
of its EXTRAordinary Appraiser Program. Thirty of these appraisers were
recognized at a private reception at the annual Valuation Expo in Las
Vegas. Read on for the full list and the rest of the details.
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CoreLogic reports foreclosure inventory down 29 percent from a year ago
Posted Date: Monday, July 15, 2013
According to CoreLogic’s May National Foreclosure Report, foreclosures decreased by 19,000 between May 2013 and May 2012.
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a month-over-month basis, completed foreclosures increased 3.5 percent
from 50,000 in April 2013 to the May level of 52,000. This is in
comparison to the averaged 21,000 per moth nationwide between 2000 and
2006. Completed foreclosures are an indication of the total number of
homes actually lost to foreclosure. Since the financial crisis began in
September 2008, there were 4.4 million completed foreclosures across the
country.
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