Chart – Proving Appraisal Adjustments Sales Price List Price Difference Sq Footage $ per Sq’ Lot size Yr built DOM Sold Date Sale Type 1 $154,900 $154,900 0 2284 $68 .16 ac 1991 9 18-Dec REO 2 $155,000 $179,000 ($24,000) 2363 $66 .17 ac 1988 130 25-Nov REO 3 $156,000 $148,900 $7,100 2150 $73…
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Uniform Appraisal Dataset https://www.efanniemae.com/sf/lqi/umdp/index.jsp Feeding the Beast (with Data) In a quest to improve loan quality through more robust and uniform of data, the Government Sponsored Enterprises (GSE), Fannie Mae and Freddie Mac, are introducing a new “language” called the Uniform Appraisal Dataset (UAD). The GSE’s are providing specific and mandatory guidance on how to…
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Mortgage Broker Information by State Editor’s Note: These regulations were taken in 2002 thanks to http://www.bankrate.com/nsc/news/mtg/20010104b.asp. STATE REGULATOR (linked to Web site, where available) CONSUMER HOTLINE WHERE TO CHECK YOUR BROKER’S LICENSE INFORMATION SELECTED REQUIREMENTS Alabama (No regulations) N/A N/A N/A N/A Alaska (No regulations) N/A N/A N/A N/A Arizona State Banking Department 1-602-255-4421 Licensing…
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Press Releases DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [Docket No. 07-xx] BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Docket No. OP-xxxx] FEDERAL DEPOSIT INSURANCE CORPORATION DEPARTMENT OF THE TREASURY Office of Thrift Supervision [No. 2007-xx] NATIONAL CREDIT UNION ADMINISTRATION Proposed Statement on Subprime Mortgage Lending AGENCIES: Office of the…
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Explanation of HOEPA Loan Attribute to a staffer for Congressman Miller The term “predatory lending” encompasses a variety of practices. Oftentimes homeowners in certain communities, particularly the elderly and minorities, are targeted with offers of high-cost, home-secured credit. The loans carry high up-front fees and may be based on the homeowners’ equity in their homes,…
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Turning Tide? Appraiser Independence Legislation * Mortgage Reform and Anti-Predatory Lending Act * CRS report on H.R. 3915 * Explanation of HOEPA loans * H.R. 1852: Expanding American Homeownership Act Still Pending in Congress * The Homeownership Preservation and Protection Act of 2007 * H.R. 1723: Fair FHA Appraisal Act, or visit http://www.opencongress.org/bill/110-h1723/show * H.R.…
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Report and Analysis: Readers Respond (Read Article) What Appraisers Say >> “Mr. Kantorovich (quoted in the first story) is accurate in his assessment of the Cuomo deal. Pressure on appraisers will not be eliminated but shifted from the brokers to the AMCs. Quality will suffer further as AMCs require an eight-hour turnaround time and they preset…
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New Sites * Mold, Indoor Air Quality Forum (www.iaqforum.net): Jeff Deuitch, microbiologist and real estate appraiser moderates. * Fraud Watchdog Site (www.mortgagefraudwatchlist.org): Moderated by appraiser Pam Crowley. Report sales or refinance transactions that have suspicious activity. Information is turned over to the proper authorities for investigation. Read more here. * Cell Tower Blog (http://wirelessdatacloud.blogspot.com) written…
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Fraud Watchdog Site In an attempt to put a stop to fraudulent sales and refinance transactions, Pam Crowley, CRA created MortgageFraudWatchList.org where real estate professionals can send reports and addresses of a transaction that they believe has suspicious activity. MFWL keeps the submitter’s information confidential but gives the report or address to the proper authorities…
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Editor’s Note: The following Q&A is from Lee Hess, PhD, author of Navigating USPAP. “The USPAP Q&A that have appeared in Working RE previously have generated many additional questions from readers,” said Hess. “Here are more questions and answers that affect the every day practice of appraising.” USPAP Q&A: Clarifying Competency, Reviews, Past Sales &…
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