Paper sheds light on lenders’ appraisal requirements
August 18, 2006
An outfit called the Center for Responsible Appraisals and Valuations released an "Appraisal Compliance Paper" this month with the purpose of informing lenders about their responsibilities for overseeing their appraisal and valuation systems. It's sometimes not as "plain English" as it could be but is a good summary of what responsible lenders are being instructed to do by FIRREA and federal banking authority guidance. Click to read more
Including the cost approach as a value added service
August 03, 2006
Now that Fannie Mae makes the cost approach optional, many of you aren't doing it anymore on single family residential assignments. Many of you still are because your clients sometimes ask for it, and you like delivering a more complete, even more attractive, report. Many of you would include the cost approach if you could upcharge for it, while some of you are reluctant to do so.
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Where everybody lines up on client pressure
August 03, 2006
Client pressure is a huge issue and concern for most appraisers. In a recent survey the Appraisal Advocacy Coalition found that when asked about the importance of 14 different issues appraisers rated client pressure the most important of all, tied with data theft. Click to read more
Before you “diversify” or troll for new clients, take care of the ones you have
July 20, 2006
All the tricks of the marketing and client retention trade won't keep all your clients ordering at the same pace they did in 2003. But that's not a reason to take your eye off the ball, it's a reason to bear down and do everything you can to be sure your phone keeps ringing (or XSite keeps pumping out orders) while your colleagues' go silent. Click to read more
More AMC reliance, fee pressure part of a normalizing market
July 20, 2006
Last week Washington Mutual announced it was cutting some 900 jobs, including hundreds in its in-house appraisal department, in favor of outsourcing appraisal management to two Appraisal Management Companies, LSI and a First American unit. The transition is underway and will proceed "throughout the remainder of 2006." Click to read more
40,000 MILA broker/subscribers can use a la mode SureDocs for mortgage disclosures
July 06, 2006
MILA, Inc., a leading e-commerce wholesale lender based in Mountlake Terrace, Washington, said it has evaluated a la mode's new SureDocs electronic document creator for mortgage originators and will accept electronically signed RESPA disclosures generated by SureDocs from its 40,000-plus broker/subscribers. a la mode’s SureDocs is desktop software that allows brokers to generate PDF versions of origination documents directly from their LOS or any other program they can print from.
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Appraisers report placement on lenders’ Do Not Use lists for a variety of troubling reasons
July 06, 2006
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 Click to read more
a la mode honored as Top 25 national Mortgage Technology vendor
June 29, 2006
a la mode was honored this month with inclusion on the annual Mortgage Technology magazine list of the “Top 25 Mortgage Technology Vendors,” confirming its role as one of the most mission critical and influential technology companies in the real estate industry.
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A top 25 technology company
June 16, 2006
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. Click to read more
Financial Suspicious Activity Reports on appraisers spiking
June 16, 2006
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. Click to read more
