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News By Edition
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Valuation Review Edition
March 17, 2014
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Understanding new CFPB regulations – Part One
Posted Date: Thursday, March 13, 2014
The Consumer Financial Protection Bureau (CFPB) has made its imprint on the residential housing market clear since it began its mission to protect U.S. consumers in July 2011.
Perhaps two of the most notable regulations are still in their infancy.
The bureau’s official interpretations of the Equal Credit Opportunity Act (ECOA) were spelled out in its amendments to Regulation B, which became effective Jan. 18. The amendments require more transparency between lenders and consumers, as lenders are now required to disclose all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling.
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Analysts to rely on new data to forecast home prices
Posted Date: Tuesday, March 11, 2014
The growing emphasis on advanced analytics in the housing market has been helping give industry analysts a clearer picture of the state of U.S. markets in recent years.
Economists are now looking to take the next step to use more sophisticated housing data as a tool to better forecast future home prices.
Since U.S. home prices are a key indicator of overall economic health, being able to get a read on housing trends months in advance could help everyone invested in the market, from buyers and sellers to real estate professionals and home builders.
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New funds to help stabilize communities through home demolition
Posted Date: Thursday, March 6, 2014
Depressed neighborhoods throughout the Midwest are getting a second chance at stability thanks to newly appropriated funds.
Part of the Hardest Hit Fund of the Troubled Asset Relief Program (TARP), which was created in 2008 to preserve the housing market, has been allocated to rid blighted communities of abandoned houses that have dragged down housing values.
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Fannie Mae to appoint new chairman of board of directors
Posted Date: Monday, March 3, 2014
The Federal Housing Finance Agency announced that Fannie Mae’s chairman of the board of directors will step down from his post effective March 31 due to the FHFA’s mandatory retirement age. FHFA also announced who will take over the position.
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Metros improve in economic, housing activity, index shows
Posted Date: Tuesday, March 11, 2014
The National Association of Home Builders (NAHB)/First American Leading Markets Index, a monthly index used to identify U.S. metro areas approaching and exceeding their previous normal levels of economic and housing activity, shows that markets in 59 out of the approximately 350 metro areas surveyed surpassed their last normal levels of economic and housing activity. Continue reading to learn the details.
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First-time homebuyers left out in the cold, data shows
Posted Date: Tuesday, March 11, 2014
Tightening regulations on U.S. lenders has resulted in more selective lending practices in the residential housing market.
Because of the qualified mortgage/ability-to-repay rules taking effect earlier this year, lenders are now more liable for the loans they make than in the past.
New data shows that first-time homebuyers are perhaps the biggest demographic getting shut out because of the combination of new credit standards and rising home prices, Bloomberg reported.
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Multifamily markets to remain strong in 2014
Posted Date: Tuesday, March 11, 2014
The escalation of home prices and interest rates, more stringent lending standards and slow income growth have led to a booming multifamily market.
The Freddie Mac Multifamily Investment Index, which measures the relative attractiveness of investing in multifamily properties over time, was at 146.3 for the third quarter of 2013, which is significantly above the historical average of 124.6, according to Freddie Mac’s 2014 Multifamily Economic Outlook.
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Foreclosures continue to drop, report shows
Posted Date: Monday, March 3, 2014
CoreLogic, a residential property information, analytics and services provider, has released its January National Foreclosure Report. The Foreclosure Report provides data on completed U.S. foreclosures and foreclosure inventory. Keep reading to see the conclusions of the report.
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Virginia General Assembly approves amendments regarding Appraiser Board’s oversight of AMCs
Posted Date: Thursday, March 6, 2014
New amendments have been made to Virginia H.B. 762, which has been approved by the Virginia General Assembly and awaits the signature of the governor.
The bill includes changes in language that provide Virginia’s Real Estate Appraiser Board with more flexibility to effectuate provisions of the state’s law pertaining to its handling of appraisal management companies (AMCs) and require that AMCs operating in the state obtain a license from the Real Estate Appraiser Board in order to conduct business. The bill also increases the required bond amount and letter of credit amount for each applicant for licensure from $25,000 to $100,000.
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RealtyTrac announces new information in its property database
Posted Date: Tuesday, March 11, 2014
RealtyTrac, a provider of comprehensive real estate data and housing information, announced the addition of new environmental and area-specific information for the 108 million property addresses searchable on its website, giving real estate consumers more data to make informed purchasing decisions. Keep reading to learn more.
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New model allows lenders to better assess borrowers
Posted Date: Monday, March 3, 2014
DataQuick, a provider of advanced real estate information solutions powered by data, analytics and decisioning, has announced enhancements to its Precision Loan Model that will provide a more accurate way for lenders and investors to identify and position all relevant loans on a property.
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Webinar to discuss mortgage form implementation plan
Posted Date: Tuesday, March 11, 2014
The title insurance and mortgage lending industry will begin to feel the sting of implementing the newly integrated mortgage disclosure forms soon enough. And while challenges always present themselves when dealing with new regulations, planning ahead and following the advice of industry experts can lead companies to a smooth transition and successful implementation. Keep reading to learn more.
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Millions of homes returned to positive equity in 2013, report shows
Posted Date: Tuesday, March 11, 2014
CoreLogic, a residential property information, analytics and services provider, released new analysis on March 6 showing that 4 million homes returned to positive equity in 2013, bringing the total number of mortgaged residential properties with equity to 42.7 million.
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Zaio Corp. announces intent to acquire Axis Appraisal Management Solutions
Posted Date: Thursday, March 6, 2014
Axis Appraisal Management Solutions, a national appraisal management company, announced it has entered into a letter of intent with Zaio Corp., a provider of appraisal reports from appraisers across the country, in which Zaio would acquire Axis. Keep reading to see the details.
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Firm launches loan subservicer review program for lenders
Posted Date: Thursday, March 6, 2014
A CPA and business advisory firm serving the mortgage industry for over 25 years has launched a loan subservicer oversight review program for lenders that use third-party subservicers to service their loans. The subservicer oversight program helps lenders comply with all regulations that apply to the lender/servicer relationship. Keep reading to learn more.
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Impending legislation set to keep flood premiums manageable for coastal communities
Posted Date: Thursday, March 6, 2014
It appears that adoption is imminent of new legislation that aims to keep flood insurance affordable for coastal homeowners throughout the U.S.
The House voted 306-91 March 4 in favor of the Homeowner Flood Insurance Affordability Act, which would mandate that flood insurance premiums under the National Flood Insurance Program (NFIP) could not increase more than 18 percent annually on a property.
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Fidelity National Title Group returns as Summit presenting sponsor
Posted Date: Monday, March 3, 2014
Erica Meyer, chief executive officer and publisher of October Research, LLC, announced today that Fidelity National Title Group has signed on as the presenting sponsor for the 10th Annual National Settlement Services Summit, making this the third consecutive year the company has taken on this central role.
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Commercial real estate market shows subtle growth
Posted Date: Monday, March 3, 2014
The residential and commercial real estate markets, while dependent on different economic factors, appear to be sharing a similar pattern of incremental overall growth early in 2014.
The National Association of Realtors (NAR) has released its latest Commercial Real Estate Outlook for the first quarter of 2014. The Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets.
The report shows that while commercial markets are improving, they aren’t doing so at a blistering pace.
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Newly constructed homes are growing larger, data shows
Posted Date: Monday, March 3, 2014
For all the things the recession has done to impair the housing market over the past few years, reducing the size of new homes being built is not one of them.
The National Association of Home Builders (NAHB), citing Census Bureau data, reported that new home construction has been dominated by a bigger-is-better ethos over the past four years.
“The average home size has continued to rise for the past four years, from 2,362 square feet in 2009 to 2,679 square feet in 2013,” said Rose Quint, NAHB assistant vice president for survey research.
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