Pressure to Approve Loans Ruined WaMu

There is a great article in the New York Times about how pressure to approve loans helped bring down Washington Mutual: MS. COOPER started at WaMu in 2003 and lasted three and a half years. At first, she was...

Appraisal Subcommittee Director Quits after First Day

I heard a rumor about this through the appraisal grapevine, but never saw anything substantial to verify it. However, according to the AP, the Appraisal Subcommitee’s new Director, Linda Nessi, quit after her first day on the job. Government...
October 29, 2008

New Farm Bill Restricts Access to Data

In the recently enacted Farm Bill, there is a provision that makes it more difficult to access data from the United States Department of Agriculture – Farm Service Agency. The provision (Section 1619) was enacted to address privacy concerns....
October 27, 2008

37,000 Real Estate Appraisers in China

Here is a fascinating look at the appraisal profession in China: Since the opening up to the outside world 30 years ago, in particular, the birth of the first real estate appraisers in 1993, the real estate appraisal industry...
October 23, 2008

HUD Addressing Appraisal Shortage Soon

HUD is preparing to address the appraiser shortage problem for areas with fewer state-certified appraisers. FHA programs now require state-certified appraisers, including the Hope for Homeowners Program (H4H). As we mentioned previously, FHA business is dramatically increasing and should...
October 20, 2008

Appraisal Group sues Countrywide for Appraisal Pressure

An appraisal group in Idaho is suing Countrywide (now Bank of America) for intimidating appraisers and pressuring them to generate reports in line with Countrywide’s business objectives. The suit alleged Countrywide used improper appraisal techniques that benefited the lender...
October 17, 2008

“More Disciplined Appraisals”

This is a little inside baseball, but on a conference call this morning, the chief executive of JP Morgan admitted that his company was taking a much closer look at appraisals and home-loans. Ms. Whitney asked Mr. Dimon, who...
October 15, 2008

New Housing Law will require new FHA Appraisal

From Appraiser News Online: Participants in the new HOPE for Homeowners program, legislation that will provide mortgage assistance to homeowners at risk of foreclosure, will be required to obtain a new Federal Housing Administration appraisal on their property. The...
October 13, 2008

Appraise Your Appraiser

Here is an interesting Q&A with a professor from the Wharton School of Business, where she discusses the appraisal profession. Why are home appraisals so crucial to the home-buying process? Real estate is the most important asset in terms...
October 8, 2008

Freddie Mac Increasing Appraisal Requirements

From Appraisal Scoop, Freddie Mac is modifying their appraisal requirements. Looks like Freddie is requiring an appraisal update from 60 days of delivery of the mortgage. That used to be 120 days and 60 days on the conversion of...
October 7, 2008