Industry News Blog

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.

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.

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.

11/29/2010

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

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

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. 

Read more...

10/21/2010

Here are the latest developments from the Fed regarding the appraisal process:

10/18/2010

A survey done by AMC Coester Appraisal Group claims that most appraisers AMCs use have five years or less experience.  It also said that a majority of AMC appraisers are making the average $250-$350 per appraisal, the same wages as they were making as an independent appraiser.  However, if you scroll down and read some comments, there are several people who beg to differ on that claim.

10/15/2010

A judge that previously dismissed Bank of America's (BOA) involvement in a mortgage fraud case has now ordered BOA to stand trial.  Total Realty Management is accused of buying lots for $150,000 and almost immediately flipping them for near double the value, thanks to inflated appraisals.  The management company and BOA are said to be on the hook for allowing the fraud to ensue.  But oddly, nothing is said about the appraisal company.

10/12/2010

Electronic signatures and the technology used to acquire such is under scrutiny now as President Obama vetoed the Interstate Recognition of Notarizations Act, citing concerns that the legislation would make it easier for servicers to get court approval for foreclosures.  Do you think electronic signatures have helped the industry evolve or has it opened doors for increased failure?

Read more about it ...