Lender best practices dictate use of "watch" and "do not use" lists for their vendors, but common sense dictates that this is so that dishonest appraisers can be kept off the rolls Read More...
We're thrilled that we've been named a Top 25 Mortgage Technology Vendor by SourceMedia's Mortgage Technology magazine. The list was published in the June issue. Read More...
The Financial Crimes Enforcement Network (FinCEN), an interagency unit devoted to money laundering and other financial criminal activity, reports periodically on official complaints or reports of suspicious activity and the nature of the complaint. Last month the agency reported that mortgage fraud allegations increased 41 percent from 2004 to 2005. Read More...
If you're like many appraisers, you're vaguely aware that GLB (as we'll call it) is a law that deals with financial privacy. You may have heard something about it being applicable to appraisers, but no one's ever really pressed the issue, so like the vast majority of your colleagues, you've never really done anything about it. Read More...
Fitch Ratings, which provides investors with opinions as to the creditworthiness of the companies and other entities they invest in, let the air out of AVM advocates in 2004 when it began to discount "non-full appraisal values" by 10-15 percent across the board in selected "weak" markets. This month the company is revising its discount policy to be more AVM- or investment-specific and expanding it nationwide. Read More...
Effective July 1, USPAP will no longer include a Departure Rule, nor anything called "Complete" and "Limited" appraisals. In their place will be a comprehensive new Scope of Work Rule, a set of minimum standards for all appraisal, appraisal review and appraisal consulting assignments. Are you ready? Read More...
Recently, counsel for the Appraisal Institute produced and distributed an article, "Copyrighting Appraisal Reports: Can You? Should You?", which called into question the ability and wisdom of appraisers copyrighting their reports. Since we've been in the lead convincing appraisers to protect their rights, we felt we needed to respond. Read More...
Seller paid closing costs a problem, but not, seemingly, for real estate agents Read More...
Lamenting the effect of "the allure of easy money" on former tile salesmen and investment analysts, USA Today this week reported on the contraction of real estate jobs as the housing market normalizes. Read More...
The Appraisal Foundation reminds that the 2006 edition of USPAP was adopted with an effective date of July 1, 2006. Read More...
Contact Kara Calderon for appraisal or real estate industry news and Molly Dowdy for mortgage industry news. Or call 1-800-252-6633.
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