Industry News Blog

Appraisal Institute's President Leslie Sellers told a Congressional subcommittee last week that it was time to clamp down on the industry.  The entire speech can be found here.

Always interesting to look at business from the consumer's mindset, and helpful too, when dealing with homeowners.  Here is an article from the Wall Street Journal that gives homeowners and potential borrowers some insight to how appraisals work, and the process of appealing them. 

With all the new regulations and media coverage during the mortgage meltdown, I'm sure a lot of consumers are wondering what to do if an appraisal comes in too low. 

The U.S. Department of Housing and Urban Development informed mortgagees they can obtain a case number in FHA Connection without first having to select an appraiser from the FHA's roster or input the appraiser's information in the case number assignment screen, according to Mortgagee Letter 2010-15. The update went into effect on Feb. 15.

HUD also said the effective appraisal date must be subsequent to the case number assignment date, with limited exceptions.

Even with all the new regulations and heightened awareness, mortgage fraud is still on the incline although at a much slower pace.  According to MyBankTracker, fraud occurrences have risen five consecutive years. 

Read more about it here at MyBankTracker.