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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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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Links to Multiple Articles published by TAVMA (Title/Appraisal Vendor Management Association) in the appraisal press and other online real estate-related publications strongly defending HVCC’s role as a “firewall” protecting appraisal independence. TAVMA Opposes New Consumer Protection Bill – http://www.dsnews.com/articles/tavma-opposes-new-consumer-protection-bill-2010-01-25 AMCs Warn Legislation Could Kill HVCC – http://broadcastarchives.net/mortgage-blog/?p=8014 Home Valuation Code of Conduct is Better for…
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Editor’s Note: It’s summertime; time for getting away for a little R&R, if you can. (If you’re on vacation and reading this from the beach or lake, maybe you’re not quite unplugged enough!) Long-time appraiser Doug Smith offers advice for enhancing your business and family life by taking a break. Taking a Break by Doug...…
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