Author Archive

AMCs v. Direct Contact – It’s A Dead Heat

The Appraisal Institute reports on a finding by Global DMS that the number of lenders directly ordering appraisals is roughly the same as the number of lenders using AMCs. According to the report, AMCs may be suffering from client...

Fannie Clarifies 1004 MC Addendum

Fannie Mae released Lender Announcement 2009-19, Miscellaneous Underwriting, Eligibility, and Property-Related Updates, which, among other things, clarifies some issues with the 1004 Market Conditions Addendum. Readers may recall that the 1004MC Addendum was released in Announcement 08-30 and went...
June 10, 2009

Appraisals Making it Harder to Refinance or Sell

Today’s Wall Street Journal reports on the impact appraisals are having on the real estate transaction, whether it be a sale or refinance. The article covers all the current hot topics of the appraisal industry: HVCC, AMCs, and appraiser...

Fannie Mae Announces Electronic Appraisal Requirements

Announcement 09-14: Electronic Appraisal Reports, Enhancements to the Loan Delivery File Format, and Mortgage Fraud Reporting, states that effective March 1, 2010, Fannie Mae will require the submission of electronic appraisal reports in the MISMO XML standards. Fannie will...

Existing Homes Sales Rise for April

The National Association of REALTORS today reports that existing homes sales increased in April, particularly for lower cost homes. According to NAR, 4.68 million single-family, townhomes, condominiums, and cooperatives sold in April. This represents a 2.9 percent increase (seasonally...

Early Reports Indicate HVCC Driving Up Fees

It started this past weekend with Ken Harney’s article in the Washington Post “New Appraisal Rules Come with Costs“. Mr. Harney reported that the cost of an appraisal for the consumer increased approximately $125 (from $325 to $450) as...

NAR Adopts Policy to Regulate AMCs at Midyear Legislative Meetings

On Saturday, May 16, 2009, the NAR Board of Directors adopted policy that supports the regulation of appraisal management companies, primarily through FIRREA and the existing appraisal regulatory infrastructure. NAR President Charles McMillan hinted at such a policy in...

Homebuyers Allege Inflated Sales; File Suit Against KB Homes, CountryWide

A group of homeowners in West Valley, AZ today filed suit against KB Homes and Countrywide contending the two conspired to inflate the selling price of homes during the peak of the housing market and even as prices began...

Appraisal Foundation – February Q&A

QUESTIONS REGARDING 2010-11 REVISIONS TO THE ETHICS RULE The Appraisal Standards Board recently adopted changes to the Conduct section of the ETHICS RULE that will become effective January 1, 2010 for the 2010-11 edition of USPAP. The specific language...

NAR Supports Appraiser Independence in Recent Testimony

The 2009 National Association of Realtors President, Charles McMillan testified before the House Financial Services Committee on HR 1728, “the Mortgage Reform and Anti-Predatory Lending Act of 2009″ last week. While discussing the legislation, Mr. McMillan specifically addressed Title...