Now seller concessions, gifts, other creative financing must be reported in FHA appraisals
January 20, 2004
Get ready for some extra work on FHA assignments. Months ago we reported on the trend of seller concessions and seller-assisted downpayments artificially inflating property values by being recorded as part of the "sale price" of homes. We told you that the State of Colorado warned its appraisers to take seller concessions into account to stanch this overvaluation phenomenon, as did the Appraisal Institute. Now, the Federal Housing Administration (FHA) will require such an analysis.
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a la mode the only appraisal software vendor to have every AI Ready™-compliant form available
December 31, 2003
a la mode recently became the only appraisal software vendor to have every AI Ready™-compliant form available for appraisers to use to do business with the AI Residential Database (AIRD) and AppraisalPort. Appraisal Institute Ready™ (AI Ready™) is an accreditation given to forms software packages by the Appraisal Institute, indicating that those forms comply with the Institute’s residential data storage and transmission standard. The interface used by AI Ready™ provides appraisal document software companies a common application programming interface (API) for translation of their data into the standard format. Click to read more
Mercury Network powers VA drive to recruit more appraisers for VA-backed mortgages
December 17, 2003
a la mode’s Mercury Network is doing its part to serve America’s veterans as they take advantage of the Department of Veterans Affairs (VA) home mortgage loan program. The Mercury Network now makes it easier for qualified real estate appraisers to become eligible to appraise homes for VA-backed mortgage loans. Click to read more
Mercury Network welcomes its 20,000th registered lender-user
December 15, 2003
a la mode’s Mercury Network, an appraisal workflow and transaction management hub connecting real estate appraisers and their mortgage lender clients, reached an important milestone this month. More than 20,000 lender representatives are now registered Network users doing business with Mercury-enabled appraisers.
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