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Interagency Guidelines Urge Institutions to Use Caution

Last Updated: 01/18/2011

Interagency Guidelines urge institutions to use caution if they engage a third party to administer any part of its appraisal and evaluation function.

The guidelines go on to state, ‘An institution should have internal controls for identifying, monitoring, and managing the risks associated with using a third party arrangement for valuation services, including compliance, legal, reputational, and operational risks.

North Carolina Board Confirms AIMSdashboard is not an AMC

Last Updated: 01/09/2011

To alleviate any AMC Regulation concerns about NC’s view of AIMSdashboard, a board representative confirms AIMSdashboard is not an AMC.

Since AIMSdashboard/AIMS is not an AMC, no registration # is required on appraisal requests. The appraisal request generated by lenders (and other appraisal clients) using the AIMS software are the client of the appraiser.

BOA Fannie Mae Agreement

Last Updated: 01/07/2011

A lot of changes happening for Bank of America this New Year. The lending giant, along with BAC Home Loans Servicing LP, and Countrywide Home Loans, Inc. has reached an agreement with Fannie Mae regarding the outstanding repurchase requests for residential mortgaeg loans. The resolution equates to approximately $1.52 billion.

AIR -- HVCC Comparison

Last Updated: 11/29/2010

Click here for a look at the newest changes and revised language of the Appraiser Independence Requirements.

Customary and Reasonable Fees No Joke

Last Updated: 11/15/2010

Payment of “customary and reasonable” fees to appraisers is not set to be implemented and enforced until April 1st, 2011. Lenders and AMCs who do not comply with the new fee structure guidelines as per the Dodd-Frank bill will likely face penalties of up to $10,000 per day.

For an update of VA fee schedules and timeliness requirements state by state, go here.

An Inside Look at the Foreclosure Mill

Last Updated: 10/25/2010

Michael Hudson, author of The Monster: How Predatory Lenders and Wall Street Bankers Fleeced America, shares an article and excerpt from his book at The Huffington Post. Hudson reveals how insiders felt about making bad loans as the mortgage market meltdown began to surface, as well as how those processing foreclosures couldn't handle the pressure of ruining so many lives.