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News By Edition
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Valuation Review Edition
August 4, 2014
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How to get on, stay on, and move to the top of AMCs’ appraiser panels
Posted Date: Tuesday, July 29, 2014
An increasing amount of appraisers are finding that appraisal management companies (AMCs) are becoming their best source of business thanks to the boom in demand for third-party involvement in the appraisal space.
And while it’s true that not all AMCs are created equal, being on an appraiser panel that rewards competent work can be advantageous for all parties involved.
Unfortunately, appraisers often feel left out in the dark not knowing what is expected of them from the AMCs they work for.
Each client has slightly different requirements; however, there are some universal things all AMCs are looking for that can help appraisers get on an appraiser panel, stay on an appraiser panel and ultimately thrive working for AMCs.
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A la mode announces support for Texas appraiser organization
Posted Date: Tuesday, July 29, 2014
A la mode, the Florida-based developer of desktop, mobile and Web tools for the real estate and mortgage industries, announced July 23 that a Texas appraiser organization is the latest to join its program that gives real estate appraiser organizations tools to grow their ranks, reduce member and operating costs, and increase visibility. Keep reading for the details.
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LRES names new executive
Posted Date: Thursday, July 24, 2014
LRES, a national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union and real estate industries, has named its former chief investment officer as its new executive vice president and management advisor. The new hire will focus on corporate strategic planning, cultivating prospective leads and establishing new business opportunities. Keep reading to learn about the new hire.
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Zaio Corp. announces acquisition of Axis
Posted Date: Thursday, July 24, 2014
Zaio Corp., a provider of certified appraisal reports to those in the valuation, underwriting and lending industries, formally announced July 23 that it will be acquiring national AMC Axis Appraisal Management Solutions Inc.
Zaio had previously announced that it had entered into a letter of intent agreement with Axis on March 3.
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JP Morgan to restrict lending practices
Posted Date: Monday, July 21, 2014
JP Morgan has decided to restrict its lending when it comes to less creditworthy borrowers because the risk of foreclosure has become so cost-prohibitive that it doesn’t make financial sense for the second-biggest U.S. mortgage lender, a JP Morgan executive told Reuters July 15.
Increasing federal, state and local standards have made it difficult for banks to recoup significant money on foreclosed-upon properties.
In addition, according to data from RealtyTrac, the time it takes to foreclose on a home has jumped from an average of 120 days at the beginning of 2007 to 572 days in the first quarter of this year.
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Appraiser board to partner with nonprofit to offer Accredited Green Appraiser courses
Posted Date: Thursday, July 24, 2014
Earth Advantage, a Portland, Ore., nonprofit provider of green building research, education and certification, announced July 23 that it has a new licensing agreement with the Massachusetts Board of Real Estate Appraisers Inc. to deliver the Accredited Green Appraiser courses across all six New England states beginning in June. The Boston-based MBREA educates appraisal professionals throughout New England and participates in leadership roles within The Appraisal Foundation. Keep reading for the details.
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Appraisal Q&A: Your USPAP questions answered
Posted Date: Monday, July 21, 2014
In an effort to help promote the Uniform Standards of Professional Appraisal Practice and dispel common myths about the appraisal profession, Valuation Review has partnered with experts from The Appraisal Foundation to answer your on-the-job questions about appraisal best practices and other commonly misunderstood areas of the appraisal world, such as USPAP guidelines. Keep reading to see the Foundation’s latest USPAP guidance in our Appraisal Q&A.
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Houston appraisers struggle to keep up with changing market
Posted Date: Thursday, July 24, 2014
Dwindling supply and heightened demand in Houston’s housing market have left appraisers scrambling to keep up with the area’s escalating prices, the Houston Chronicle reported.
According to recent data from the Houston Association of Realtors, available housing inventory hit its lowest level in Houston in 40 years in June just as home prices hit record highs. Additionally, the average days on market before homes sold reached 46 days in June — the area’s lowest total ever.
Year over year, the number of Houston listings was down 9.2 percent in June, single-family home sales were up 4.5 percent, and single-family average sales price and single-family median sales price were up 6.6 percent and 11.3 percent, respectively.
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Builder confidence surpasses important milestone
Posted Date: Thursday, July 17, 2014
Builder confidence in the market for newly built single-family homes reached an important milestone in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index released July 16. Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as either “good,” “fair” or “poor.” Keep reading to see how the HMI points to increasing optimism in the housing market.
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Georgia court finds appraiser has no professional duty to developer
Posted Date: Monday, July 21, 2014
A Georgia appellate court on June 12 affirmed a trial court’s decision in a dispute over whether an appraiser and his firm, engaged by a bank to perform an appraisal of property purchased by a developer’s limited liability company (LLC) for purposes of the bank’s development loan to the LLC, owed a professional duty to the developer.
The developer had accused the appraiser and firm of negligent misrepresentation arising from the appraisal, but evidence presented at trial showed the appraiser only dealt with the bank, and that he never met the developer or gave him the appraisal report. Specific provisions of the appraiser’s report also specified that the report was only intended for use by the bank.
The court case is Adams, et al., v. DeWitt, et al., (Court of Appeals of Georgia, No. A14A0584).
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Illinois bill governing BPOs, CMAs awaits governor approval
Posted Date: Tuesday, July 29, 2014
After lobbying efforts from appraisers, Realtors and lawmakers, legislation that seeks to clarify Illinois law governing broker price opinions (BPOs) and comparative market analysis (CMAs) has passed the state legislature and awaits the signature of Gov. Pat Quinn.
Illinois Senate Bill 3044, introduced in February, adds definitions of both BPOs and CMAs to the state’s Real Estate Appraiser Licensing Act and Real Estate Licensing Act, and specifies the circumstances under which BPOs and CMAs may be performed by brokers and managing brokers.
The bill’s intent was to bring Illinois into compliance with federal requirements for the state credentialing of appraisers.
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Clearbox introduces new product to better vet appraisers
Posted Date: Monday, July 21, 2014
Clearbox LLC, a provider of compliance and data-management solutions for the appraisal industry, announced the release of its ClearOne product July 15 designed to more thoroughly vet real estate appraisers. ClearOne is a report that allows lenders, appraisal management companies and regulators to order a credentials report on appraisal professionals. Keep reading for the details.
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Industry heavyweights to join forces, announce acquisition
Posted Date: Tuesday, July 29, 2014
Two top providers of online real estate analytics and data will be brought together under the same banner thanks to Zillow’s acquisition of rival Trulia that was announced July 28.
Zillow will reportedly issue approximately $3.5 billion in stock in the acquisition.
The deal, which has been approved by the boards of the two companies and is expected to close sometime in 2015, will see both the Trulia and Zillow brands remain intact.
The acquisition has significant implications, as both companies have a substantial following — Zillow reported 83 million unique visitors to its mobile app and website in June, whereas Trulia had 54 million such users in the same month.
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Are ‘smart’ homes the next big thing?
Posted Date: Thursday, July 24, 2014
We’ve all heard about green housing and energy-efficient features becoming the norm over the next few years, but there is another housing trend on the horizon that could reshape the American home.
According to the 2014 State of the Smart Home Report from “smart home” software developer Icontrol Network, housing is on the verge of getting a sci-fi makeover.
The 2014 State of the Smart Home Report shows that there is a big push for housing features and appliances that can be controlled by the user remotely.
The report, which was generated from answers given by 932 respondents to a December 2013 survey and by another online survey in April of 1,000 respondents, depicts a buyer demographic hungry for both convenience and safety enabled by the push of a button.
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AMC announces involvement with Michigan-based lender
Posted Date: Tuesday, July 29, 2014
A nationwide provider of appraisal management company services announced July 22 that it has been named an approved AMC to a Michigan-based full-service bank with more than 100 branches in communities across the state. As an approved AMC, the company will provide appraisal services to both the lender’s retail and correspondent channels.
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Ernst Publishing names new hire
Posted Date: Tuesday, July 29, 2014
Ernst Publishing Co., a provider of technology and closing-cost data for the real estate and home finance industries, announced July 28 that an industry veteran with more than 25 years of experience will join the company as director of product management. This new hire will lead a team that will direct the company’s future product development as well as the enhancement of the company’s offerings. Continue reading to learn about the new hire.
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Valuation industry mourns the loss of thought leader
Posted Date: Thursday, July 24, 2014
Todd Bjorklund, a leader in the valuation, real estate and mortgage industries, passed away July 19 at the age of 56. Most recently, Bjorklund served as the president of Rels Valuation.
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Mortgage software provider announces acquisition
Posted Date: Thursday, July 24, 2014
A transaction solutions provider for the real estate, mortgage and consumer debt industries announced July 21 that it has entered into an agreement to acquire a provider of mortgage loan origination and servicing software systems. Keep reading to learn what companies are involved in the acquisition and what it might mean for the industry.
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National lender names six executives to residential, commercial divisions
Posted Date: Monday, July 21, 2014
A privately held, full-service mortgage lender licensed in all 50 states has appointed six new executives, the company announced July 18. Five of the new hires will be working in the company’s growing commercial lending division, while one has been hired to the company’s residential mortgage lending division. Keep reading to learn about the new hires.
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Commercial markets moving from recovery to expansion phase, report shows
Posted Date: Monday, July 21, 2014
Commercial real estate markets nationally have continued to recover, according to Integra Realty Resources’ Mid-Year Viewpoint 2014, an update of the industry’s annual compendium of real estate valuation, investment and leasing trends and forecasts. The report finds that all five key property types — office, multifamily, retail, industrial and lodging — are generally undergoing a shift from the recovery to the expansion phase of the market cycle. Keep reading for the latest details on improving commercial markets.
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How an emerging green trend might affect home values
Posted Date: Thursday, July 17, 2014
Appraisers are increasingly being called upon to understand how energy-efficient features affect the values of the properties they are appraising.
But according to an article published July 15 by NPR, a growing trend in green features is on the cusp of further complicating the valuation of residential properties.
Solar panels are growing in popularity thanks to the money they can save homeowners on their utility bills, but the installation of these panels can be upwards of $20,000. In order to afford these modern money savers, more homeowners are turning to leasing programs to outfit their homes.
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Democrats bring new housing finance reform legislation to the table
Posted Date: Thursday, July 17, 2014
Reps. John Delaney, D-Md., John Carney, D-Del., and Jim Himes, D-Conn., introduced a new proposal to Congress July 10 that would serve to overhaul the current housing finance system.
The proposal, which is known as the Partnership to Strengthen Homeownership Act, HR 5055, is just the latest in the long line of proposed legislation aiming to reconfigure the system currently in place with Fannie Mae and Freddie Mac.
The legislation is designed to bring in private capital to help ensure the strength of the housing market and reduce the risk of future bailouts.
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Senate confirms Castro as new secretary of HUD
Posted Date: Thursday, July 17, 2014
The Senate voted by an overwhelming margin July 9 to confirm San Antonio Mayor Julián Castro as the next secretary of the Department of Housing and Urban Development (HUD) by a vote of 71-26.
Castro is taking over the post previously held by Shaun Donovan, who himself was confirmed by a 75-22 Senate vote July 10 to take over as the new director of the White House Office of Management and Budget (OMB).
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USRES announces enhancement to appraisal portal
Posted Date: Thursday, July 17, 2014
USRES, a provider of management solutions for real estate assets, announced July 15 it has completed an enhancement to its proprietary Valuation Portal, powered by RES.NET. The enhancement is intended to ensure the timeliness of the transaction while also allowing borrowers to feel comfortable when ordering an appraisal. The enhancement is also intended to give USRES clients added operational controls and oversight. Keep reading to learn all about the changes to USRES’ Valuation Portal.
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Home prices expected to appreciate over the next year, report shows
Posted Date: Thursday, July 17, 2014
Veros Real Estate Solutions, a provider of enterprise risk management solutions, collateral valuation services and predictive analytics, released a report July 15 that shows most of the country’s real estate markets are forecasted to appreciate in value during the next 12 months. Keep reading to see which metro hotbeds are expected to appreciate the most, and which markets have cooled.
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