Valuation Review - Daily News

HUD, Census Bureau announce April new residential construction activity

Mon, 20 May 2013 19:23:30 GMT

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau announced the following new residential construction statistics for April 2013. Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1.02 million. This is 14.3 percent (±1.0 percent) above the revised March rate of 890,000 and is 35.8 percent (±1.3 percent) above the April 2012 estimate of 749,000. Single-family authorizations in April were at a rate of 617,000; this is 3 percent (±0.9 percent) above the revised March figure of 599,000. Authorizations of units in buildings with five units or more were at a rate of 374,000 in April.

Regional Review: Bay area median sale price over $500,000

Mon, 20 May 2013 19:22:28 GMT

The median price paid for a Bay Area home moved above the half-million-dollar mark for the first time in almost five years, pushed up by pent-up demand, an improving economy, investor activity, low mortgage interest rates and constrained supply, as well as a continued decline in distressed sales, a real estate information service reported.

The median price paid in the nine-county Bay Area rose to $510,000 in April. That was up 17.0 percent from $436,000 in March, and up 30.8 percent from $390,000 in April a year ago.

LPS' Workout Interaction Tool interfaces with Fannie Mae

Mon, 20 May 2013 19:21:40 GMT

Lender Processing Services Inc., provider of innovative technology, services, data and analytics to the mortgage and real estate industries, announced the launch of its Workout Interaction Tool (WIT), a Web-based application that provides data from its MSP servicing system to and from Fannie Mae's Servicing Management Default Underwriter(SMDU) platform.

ISGN appoints former Xerox exec to chief product officer

Mon, 20 May 2013 19:20:33 GMT

ISGN Corp. announced the addition of former Xerox executive Nancy Alley as its chief product officer. In this role, Alley will oversee ISGN’s technology business unit, which includes all aspects of the mortgage life cycle from loan origination to servicing and default management, as well as construction lending, settlement services and vendor management.

CoreLogic Case-Shiller HPI: 2012 a big year for home price increases, more to come

Mon, 20 May 2013 19:15:56 GMT

CoreLogic, a residential property information, analytics and services provider, released an analysis of home price trends in more than 380 U.S. markets based on the CoreLogic Case-Shiller Indexes. The indexes are owned and generated by CoreLogic, supplemented with data from the Federal Housing Finance Agency (FHFA).

Appraisers among those who defraud with reverse mortgage scams

Mon, 20 May 2013 19:10:45 GMT

At the beginning of 2011, the first of our nation’s baby boomers reached the age of 65. Since then, thousands a day are also reaching that milestone. They have many reasons to celebrate. Senior citizens are most likely to have a “nest egg,” to own their home, and to have excellent credit. Unfortunately, these are also many of the same qualities which make them so attractive to con artists.

In a statement before the House Committee on Energy and Commerce, Subcommittee on Commerce, Manufacturing and Trade, Joseph Campbell, deputy assistant director, Criminal Investigative Division Federal Bureau of Investigation (FBI) discussed the bureau’s focus on reverse mortgage fraud schemes, which can include appraisers.

Webinar: Would your marketing agreements pass a CFPB review?

Wed, 15 May 2013 18:27:16 GMT

Much has changed in the way of marketing agreements in the past decade. With the Consumer Financial Protection Bureau (CFPB) at the helm, new regulations, an interpretive rule and the volatilities of the market, title insurance, mortgage, real estate and settlement services professionals need to be on alert with how they are structuring marketing agreements. Industry members should also be aware of where the market is headed in terms of business partnerships, alliances and other types of arrangements.

Regional Review: Highest Southland April home sales since '06

Wed, 15 May 2013 18:26:28 GMT

Southern California homes sold at the fastest pace for an April in seven years amid the release of pent-up demand for move-up homes and high levels of investor purchases. The median sale price rose to a 58-month high, reflecting both home price appreciation as well as the simultaneous plunge in foreclosure resales and surge in mid- to up-market buying, a real estate information service reported.

FNC Index: Home prices up 0.4 percent in March

Wed, 15 May 2013 18:24:49 GMT

The latest FNC Residential Price Index (RPI) shows the U.S. housing market continues to recover, recording its 13th consecutive price increase in March. In recent months, the ongoing housing recovery has maintained its pace with steady and persistent gains in home prices despite signs of continued job market weakness and soft economic growth.

CoreLogic report examines increase in new home sales, home-price rebound factors

Wed, 15 May 2013 18:22:38 GMT

CoreLogic, a residential property information, analytics and services provider, released its May MarketPulse report. In this report, CoreLogic Chief Economist Mark Fleming and Deputy Chief Economist Sam Khater examine factors contributing to the increase in residential investment and new home sales so far in 2013.

Appraisal Institute: Landscaping can impact home values

Wed, 15 May 2013 18:22:00 GMT

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, advised homeowners to properly maintain their landscaping, which can significantly affect property values.

Metro area home price growth trend continues

Mon, 13 May 2013 18:14:51 GMT

Metropolitan area median home prices continued to rise in the first quarter, with the national gain showing the best year-over-year performance in over seven years, according to the latest quarterly report by the National Association of Realtors (NAR). A companion breakout of income requirements to purchase a median-priced home on a metro basis shows the typical buyer earns roughly double the income needed to buy a home in his or her area.

CoreLogic HPI rises by 10.5 percent year-over-year

Mon, 13 May 2013 18:10:08 GMT

CoreLogic released its March CoreLogic home price index (HPI) report. Home prices nationwide, including distressed sales, increased 10.5 percent on a year-over-year basis in March 2013 compared to March 2012. This change represents the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in March 2013 compared to February 2013*.

Valuation Partners names mortgage, appraisal veterans to executive team

Mon, 13 May 2013 18:05:54 GMT

Valuation Partners, a national appraisal management company with access to over 10,000 independent fee appraisers in all 50 states, has named three mortgage and valuation industry veterans to its management team:

• Damon Zeigler has been appointed vice president, vendor management
• Amanda McIntyre has been promoted vice president of operations
• Rick Smith has been appointed vice president - controller

Zeigler brings more than 22 years of appraisal and mortgage industry experience to Valuation Partners, with particular expertise in client relations, vendor management and financial analysis. He has held numerous senior level operations and vendor management roles in the appraisal and real estate services industries, including 21 years at LSI, a leading lender processing services provider, where he served as vice president of vendor management. At Valuation Partners, Zeigler will be responsible for broadening the company’s appraiser and Realtor networks. He holds an MBA from the University of Pittsburgh and a B.S. in economics and mathematics from Washington and Jefferson College.

LPS: New problem loan rate hits six-year low, nears pre-crisis levels

Mon, 13 May 2013 18:04:45 GMT

The March Mortgage Monitor report released by Lender Processing Services found that new problem loan rates (seriously delinquent mortgages that were current six months ago) have fallen below 1 percent for the first time since 2007. At 0.84 percent, the March new problem loan rate is approaching pre-crisis levels, and nearing the conditions of 2000-2004 when the rate averaged 0.55 percent.

Borrower sues over alleged inflated appraisal scheme

Wed, 08 May 2013 18:25:40 GMT

A residential mortgage loan borrower alleged that his mortgage broker joined with an appraisal company in an illegal scheme to inflate appraisals in order to induce borrowers to enter into high-cost, adjustable-rate mortgages that they were unable to afford. The borrower also alleged that the broker received a yield spread premium from the mortgage lender as a kickback for securing a loan with a higher interest rate. The lower court dismissed the claims, but a federal appeals court disagreed.

Platinum Data Solutions CEO Phil Huff talks ValuTrac partnership

Wed, 08 May 2013 18:24:49 GMT

Last month, ValuTrac Software, a software solutions provider to the appraisal management and mortgage lending industry, and Platinum Data Solutions, provider of collateral valuation and risk assessment technologies, entered into a partnership that would result in integrating ValuTrac’s ValuTrac Pro, a customizable appraisal management system, with Platinum’s RealView, a configurable appraisal data quality verification technology. To find out more about this partnership, Valuation Review sat down with Platinum Data Solutions Chief Executive Officer Phil Huff.

Valuation Review: What prompted the partnership?

Huff: Platinum was in the process of due diligence with three different appraisal management system providers. As it were, ValuTrac was also in the process of investigating ways to meet its customers QC needs. This prompted a meeting between the two CEOs, leading to the partnership.

Appraisal Institute joins Global Property Standards Coalition

Wed, 08 May 2013 17:00:28 GMT

The Appraisal Institute joined some of the world’s leading professional organizations May 2 in forming the International Property Management Standards Coalition. The two-day meeting at the World Bank in Washington, D.C., focused on developing and embedding a single standard for the way property is measured worldwide.

Metro-West’s Greg Stephens receives 2013 Valuation Visionary Award

Wed, 08 May 2013 16:59:35 GMT

Metro-West Appraisal Co. announced that Greg Stephens, senior vice president of appraisal operations and compliance, is the winner of the 2013 Valuation Visionary Award.

Veros release proprietary Home Price Index

Wed, 08 May 2013 16:56:45 GMT

Veros Real Estate Solutions announced it is making its proprietary home price index, VeroHPI, available for commercial use for the first time. Now lenders, secondary marketers, servicers and analysts will have direct access to information previously available only in Veros products. This information includes sophisticated analytics with a repeat sales index, which immediately improves decision-making regarding residential property price trends in markets across the country.

InHouse rolls out enhanced website, social media presence

Wed, 08 May 2013 16:56:03 GMT

InHouse Inc., a provider of appraisal technology for banks, lenders, credit unions and other mortgage originators, is turbocharging its online presence to reflect changes within the industry and make the appraisal process easier for lenders and appraisal professionals alike.

Appraiser sentenced to prison for $4M fraud scheme

Mon, 06 May 2013 15:41:56 GMT

A real estate appraiser was sentenced to to 15 months in prison, followed by three years of supervised release, for conspiracy to commit wire fraud.

According to his guilty plea, the appraiser appraised a number of properties on behalf of purchasers who were seeking financing through a mortgage brokerage company in Baltimore. The appraiser admitted that from April 2004 to April 2008, he prepared at least 16 fraudulent appraisals for $4 million in loans originated at the mortgage company. He falsified the appraisals by using fake photos and descriptions of the properties, misrepresenting the condition of the properties, and used inappropriate comparable properties.

Clear Capital: April's stable home prices reflect the new normal

Mon, 06 May 2013 15:37:35 GMT

Clear Capital, provider of data and solutions for real estate asset valuation and collateral risk assessment, released its Home Data Index (HDI) Market Report with data through April 2013. “National yearly gains in April continued to ramp up to 7.2 percent,” said Alex Villacorta, director of research and analytics at Clear Capital. "But market observers shouldn’t be fooled by the large headline numbers. Last year was a turning point for the market where the year started with prices at virtually their lowest point and saw a very strong correction through the year. Now, however, the market is stabilizing and the large yearly and even quarterly gains of 2012 are starting to subside, which is a good thing as markets return to more normal rates of growth. Much of the gains we see right now in the yearly trends are a reflection of the market lows in 2012, rather than a function of recent short-term momentum."

Regional Review: Miami on the rise

Mon, 06 May 2013 15:36:08 GMT

Miami-area home sales rose above a year earlier for the 11th consecutive month in March amid sizeable gains in mid- to high-end activity and a record level of sales to investors and other absentee buyers. The median price paid for a home rose 14.1 percent from a year ago, marking the 15th month in a row with a year-over-year increase, a real estate information service reported.

In March, 10,215 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. March sales rose 18.8 percent from the prior month and rose 7.1 percent from a year earlier.

WINDWARD is corporate sponsor of ‘Make A Child Smile’ Bike-Building Charity Event

Mon, 06 May 2013 15:26:33 GMT

October Research, LLC is pleased to announce that WINDWARD CONSULTING | SOFTWARE, LLC is once again the corporate sponsor of the annual "Make a Child Smile" Bike-Building Charity Event at the National Settlement Services Summit.

Tips for working with an AMC and making more money (Part 2)

Mon, 06 May 2013 15:17:52 GMT

Appraisers can be upset about the industry’s changes or not upset about them — it really doesn’t matter. Appraisers have got to accept that they’re here to stay so they can put their action plans to work. Norman Vincent Peale once said, “The secret of life isn’t what happens to you, but what you do with what happens to you.” If appraisers are going to be working with an AMC, and they want to make more money, have more control of their time and be able to pick and choose the companies they work with. They have to focus on the solution, rather than the problem.

Here are the final three tips for how to work with an appraisal management company (AMC) and make more money.

CFPB releases compliance guides for high-cost mortgage, appraisal rules

Mon, 06 May 2013 15:09:18 GMT

The Consumer Financial Protection Bureau (CFPB) released small entity compliance guides for three more of its January rulemakings. The guides cover the bureau’s Home Ownership and Equity Protection Act (HOEPA) rule, and rules pertaining to lender-furnished appraisals and appraisals for higher-priced mortgages.

Editor's Note: Money, Money, Money

Wed, 01 May 2013 19:28:02 GMT

The April 29 edition of Valuation Review is all about working together. Sure, there is a streak of independence that runs through the appraiser profession. Appraisers take pride in their knowledge and expertise, and rightfully so. But even the most independent appraiser can’t succeed alone.

Mortgage banker and world-wide ‘edutainer’ to deliver powerful keynotes

Wed, 01 May 2013 19:27:17 GMT

October Research, LLC is pleased to announce it has selected a high-profile mortgage banker and a world-renowned business author to deliver keynotes at the 2013 National Settlement Services Summit, to be held in Cleveland, Ohio, June 10-12 at the Marriott at Key Center.

Landmark Network launches appraisal app

Wed, 01 May 2013 19:26:32 GMT

Available now for immediate free download through the Apple App Store, Landmark Network Inc. announces the release of the first iPhone and iPad application for the valuation management space; providing users the ability to access and manage their appraisal orders on the go.

CoreLogic acquires Case-Shiller

Wed, 01 May 2013 19:25:31 GMT

CoreLogic, a residential property information, analytics and services provider, announced the acquisition of Case-Shiller from Fiserv Inc. in conjunction with first quarter 2013 CoreLogic earnings results on April 24. The acquisition closed on March 20, 2013.

Tech case study: Mobise mobile appraisal app

Wed, 01 May 2013 19:24:23 GMT

Mobise, developer of enterprise iPad applications, and King County announce iRealProperty, the iPad solution, which manages thousands of properties combined with smart maps, camera, sketching and GPS, providing appraisers with a powerful device to manage property assessments in the field, while staying connected with the office.

Five ways to work with an AMC, and make more money (Part 1)

Wed, 01 May 2013 19:14:23 GMT

I understand that a lot of appraisers are upset by the changes in the industry. Whether the new ways of doing business are right or wrong, they are here. The reality is that appraisal management companies (AMCs) are not going away. The current legislative and lending environment is only going to get stricter over the next several years, particularly as we go into the year of "implementation,” where all of the changes we’ve talked about are all going to be put into action. It’s going to shake up the mortgage lending and appraisal industries even more then they have previously.

Appraisers can be upset about the industry’s changes or not upset about them — it really doesn’t matter. Appraisers have got to accept that they’re here to stay so they can put their action plans to work. Norman Vincent Peale once said, “The secret of life isn’t what happens to you, but what you do with what happens to you.” If appraisers are going to be working with an AMC, and they want to make more money, have more control of their time and be able to pick and choose the companies they work with. They have to focus on the solution, rather than the problem.

Exclusive: National alliance created to develop valuation education

Thu, 25 Apr 2013 13:08:04 GMT

The Appraisal Foundation (TAF) and 11 of its sponsoring organizations have formed a national education partnership, the Alliance for Valuation Education (AVE), an organization dedicated to providing greater availability of consistent, quality valuation education. Valuation Review sat down with David Bunton, President at TAF, for an exclusive interview to find out more about the collaboration and the group’s education vision for the appraisal profession.

“I’ve been at the Foundation for 23 years, and it’s not often that you get this kind of collaboration,” Bunton explained. “The last time there was collaboration of this magnitude was probably when the Foundation was created 26 years ago. We’re really pleased that all these organizations have agreed to work together and be part of it. I think it’s great for the profession. In addition, it will also expose these organizations to appraisers who are currently not affiliated with a professional society.

Mortgage Applications Increase Slightly

Wed, 24 Apr 2013 19:07:07 GMT

Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of mortgage loan application volume, increased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1 percent compared with the previous week. The Refinance Index increased 0.3 percent from the previous week. The seasonally adjusted Purchase Index increased 0.3 percent from one week earlier to the highest level since May 2010. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 18 percent higher than the same week one year ago.

DataQuick: REO-to-rental neighborhood rankings identify markets with highest ROI potential

Wed, 24 Apr 2013 19:06:30 GMT

During the housing downturn, different neighborhoods across the United States experienced different levels of distress. The same is true in recovery. As a result, it is important to understand neighborhood-level general and distressed property trends in order to make sound REO-to-Rental investments.

March Existing-Home Sales Slip Due to Limited Inventory, Prices Maintain Uptrend

Wed, 24 Apr 2013 19:05:03 GMT

Existing-home sales eased in March from inventory constraints, which continued to pressure home prices, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.6 percent to a seasonally adjusted annual rate of 4.92 million in March from a downwardly revised 4.95 million in February, but remain 10.3 percent higher than the 4.46 million-unit pace in March 2012.

Global DMS named finalist for Pennsylvania Governor’s Impact Awards

Wed, 24 Apr 2013 19:03:39 GMT

Global DMS, provider of web-based compliant valuation management software for the mortgage industry, has been named one of five finalists in the state of Pennsylvania’s inaugural “Governor’s Impact Awards” in the category of small business impact within its region.

ISGN integrates TRUPOINT Partners’ Fair Lending Analytics into CFPB Mock Audit

Wed, 24 Apr 2013 19:03:06 GMT

ISGN Corp., provider of end-to-end technology solutions and services to the U.S. mortgage industry, partnered with TRUPOINT Partners to offer a comprehensive Consumer Financial Protection Bureau (CFPB) mock audit, ensuring financial institutions and mortgage lenders maintain compliance with the changing regulatory environment, CFPB rules and fair lending requirements.

Number of improving housing markets holding steady in April

Mon, 22 Apr 2013 16:25:54 GMT

Following seven consecutive months of gains, the list of improving U.S. housing markets remained virtually unchanged in April, with 273 metros on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI). This total reflects a net reduction of one market since March and again includes entrants from all 50 states and the District of Columbia.

Former Interthinx VP heads to ServiceLink

Mon, 22 Apr 2013 16:22:13 GMT

ServiceLink, an end-to-end origination, servicing and default solutions provider for mortgage lenders and servicers, announced that Mike Zwerner has joined the company as senior vice president of corporate development. In this role Zwerner will direct the company’s marketing and communications teams, expand key partner relationships, assist in the development and oversight of corporate business development, and help facilitate divisional strategic synergy and execution.

Regional Review: Bay area home sales dip below 2012 level; median sale price rises

Mon, 22 Apr 2013 16:21:19 GMT

Bay Area home sales fell below a year earlier for the second consecutive month in March as demand continued to outstrip supply in many markets. While low-end sales fell sharply compared with March 2012, $500,000-plus transactions jumped, helping to push the median sale price up on a year-over-year basis for the 12th consecutive month, a real estate information service reported.

A total of 7,263 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 34.4 percent from 5,404 the month before, and down 6.0 percent from 7,723 in March 2012.

APB issues discussion draft: The Measurement and Application of Market Participant Acquisition Premiums

Mon, 22 Apr 2013 16:20:31 GMT

The Appraisal Practices Board released a discussion draft concerning “The Measurement and Application of Market Participant Acquisition Premiums.” Increased interested in identifying and recognizing the fair value of assets and liabilities in financial statements prompted the most recent exposure draft.

Five more charged in multimillion-dollar mortgage fraud scheme

Mon, 22 Apr 2013 16:09:41 GMT

A 34-count indictment was unsealed charging five people with various crimes stemming from their participation in a mortgage fraud scheme between May 2004 and February 2009 that involved fraudulent documents, inflated purchase prices on loan documents for more than 100 Philadelphia properties and resulted in more than $20 million in fraudulent loan proceeds.

Jacquie Doty, CoreLogic VP of Collateral Solutions, on the ever-changing appraisal landsacpe (Part 2)

Wed, 17 Apr 2013 18:56:24 GMT

In part two of our Q&A with Jacquie Doty, vice president of Collateral Solutions for CoreLogic, we talk appraisal review, quality assurance and the ever-changing landscape of appraisal regulation.

Valuation Review: Many of the UAD errors are first seen by the lender or appraisal management companies. How do you see this impacting appraisers?

Doty: Appraisers will now have to take even greater strides to avoid making UAD errors in the first place, since fatal errors on an appraisal report could slow down the lender’s ability to sell and transfer a loan to the GSEs and could potentially cost the appraiser future assignments from a lender or AMC. It is possible that lenders will begin to track instances in which appraisers did not comply with UAD requirements and the loan sale was delayed. Ultimately, this could result in a shift in the amount of work to appraisers who have shown they consistently produce UAD-compliant appraisals. Of course, it’s in appraisers’ best interests to produce a UAD-compliant appraisal, as re-work is also costly for the appraiser. Appraisers can research companies that can provide tools to assist them in completing UAD-compliant reports, perhaps by alerting the appraiser when UAD fields are out of compliance.

FNC Index: February home prices at 28-month high

Wed, 17 Apr 2013 18:43:10 GMT

The latest FNC Residential Price Index (RPI) indicates that U.S. property values rose again in February, continuing a trend that began in the spring of 2012, which has become widely recognized as the beginning of the housing market’s recovery. In February, the FNC RPI recorded a 28-month high after rising for 12 straight months. For the 12 months through February, the index increased 6.1 percent — its fastest acceleration since July 2006.

Veros named master distributor of Freddie Mac Home Value Explorer, Home Value Calibrator Tools

Wed, 17 Apr 2013 18:42:06 GMT

Veros Real Estate Solutions is the newest distributor of the Freddie Mac Home Value Suite, which includes the Home Value Explorer (HVE) and Home Value Calibrator. Freddie Mac's Home Value Suite is a defined set of valuation modeling tools that are designed to automate, streamline, and ultimately drive down the industry’s cost of collateral valuation. The suite was developed to serve lenders in processing and underwriting capacities, portfolio managers, quality control professionals, real estate brokers and Wall Street investors. Veros is authorized to directly distribute the products.

Narrative1 Software launches new commercial valuation software

Wed, 17 Apr 2013 18:41:17 GMT

Narrative1 Software LLC launched Commercial Express, an innovative new product for commercial/multifamily valuation. Commercial Express is a short-format commercial appraisal software for faster data input, analysis and report generation.

Lee & Associates Valuation adds two appraisers to Atlanta office

Wed, 17 Apr 2013 18:40:13 GMT

On the heels of Lee & Associates Valuation and Consulting Services opening a new Chicago office, the firm has added two veteran appraisers to its Atlanta office. Christopher Calhoun and Bennett Sands join Lee & Associates Valuation as Senior Appraisers. Lee & Associates Valuation and Consulting Services is the new service line of commercial real estate firm Lee & Associates.

InHouse introduces underwriting queue enhancements to improve appraisal quality

Wed, 17 Apr 2013 18:39:09 GMT

InHouse Inc., a provider of appraisal technology for banks, lenders, credit unions and other mortgage originators, introduced new underwriter queues in its InHouse Connexions appraisal process management platform to improve the quality of appraisal submissions while enhancing lender compliance with government-sponsored enterprise (GSE) and regulatory requirements.

Webinar to deliver in-depth RESPA training

Mon, 15 Apr 2013 19:37:56 GMT

The RESPA statute is among the most controversial consumer protection laws impacting mortgage and settlement services, and companies year after year defend themselves in court over violations. But industry professionals and business owners can prevent lawsuits and government enforcement actions by understanding what can and cannot be done under this unwieldy federal law and staying abreast of new guidance and judicial decisions.

Freddie Mac appraisal data enhancements

Mon, 15 Apr 2013 19:36:37 GMT

As part of Freddie Mac’s efforts to enhance data quality, Freddie Mac compares a select set of appraisal data fields delivered through the Uniform Collateral Data Portal (UCDP) with loan delivery data entered into the selling system. Starting April 22, the government-sponsored enterprise (GSE) will expand the set of data fields, and the selling system will compare a loan's property address delivered through the UCDP against the property address entered into the selling system.

CoesterVMS launches CFPB Suite

Mon, 15 Apr 2013 19:35:39 GMT

CoesterVMS, a nationwide appraisal management company, launched its Consumer Financial Protection Bureau (CFPB) Suite, a web-accessible compliance program that allows lenders to verify compliance with all third-party regulations set forth by the CFPB every time an appraisal is done. CoesterVMS’ CFPB Suite is powered by a proprietary technology that logs, files and sorts all CoesterVMS’ compliance related activities for every third-party regulation, from appraiser independence and appraiser selection requirements, to mandates for customary and reasonable fees, and current state licensing laws.

FHFA extends HARP to 2015

Mon, 15 Apr 2013 19:34:29 GMT

The Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to Dec. 31, 2015. The program was set to expire Dec. 31, 2013. “More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

Apprentice appraiser prepares false appraisal for fraud schemers

Mon, 15 Apr 2013 19:31:57 GMT

Four individuals have pled guilty to offenses relating to mortgage fraud schemes. One of which pled guilty to conspiracy to commit bank fraud used her position as an apprentice appraiser to prepare appraisals with inflated values to help herself and others qualify for mortgage loans. She also failed to disclose material conflicts of interest to the mortgage lender when she performed appraisals on her own home and homes where she was the real estate agent.

ValuTrac Software, Platinum Data Solutions enter into partnership

Mon, 15 Apr 2013 19:31:13 GMT

ValuTrac Software, a software solutions provider to the appraisal management and mortgage lending industry, and Platinum Data Solutions, provider of collateral valuation and risk assessment technologies, announced that they have entered into a partnership. The companies will integrate ValuTrac’s ValuTrac Pro, a customizable appraisal management system, with Platinum’s RealView, a configurable appraisal data quality verification technology, to provide mortgage lenders and appraisal management companies a solution for managing workflow, ensuring compliance and mitigating risk in the appraisal review process.

CoreLogic VP of Collateral Solutions Jacquie Doty talks GSEs, UAD and appraisal improvement

Mon, 15 Apr 2013 16:00:00 GMT

Appraisers have a lot to keep up with. The valuation industry is an evolving landscape of rules, regulations, new technology and changing business models. And then there are the government-sponsored enterprises Fannie Mae and Freddie Mac, who have their own rules, regulations and technology. The government-sponsored enterprises’ (GSE) mortgage putback rules are complicated and consequential. Many might think repurchase requests based on the appraisal are due to under or overvaluation, when in reality they are primarily due to the comps selected. Valuation Review reached out to Jacquie Doty, vice president of Collateral Solutions for CoreLogic, on the impact of the GSE mortgage put-back rules to find out how increased appraisal transparency might help the issue.

Appraisals reviewed: What appraisers need to know about quality control

Wed, 10 Apr 2013 18:09:50 GMT

Quality control appraisal reviews are often a tension point in the appraisal relationship. It’s a topic that is often heated. To bring some clarity to the process, Valuation Review talked to valuation professionals from all walks of the appraisal industry. From an appraisal firm’s point of view of appraisal review to tips from the top appraisal minds, no quality control topic was left unchecked.

Webinar: Are you ready to implement the LO compensation rule?

Wed, 10 Apr 2013 18:05:01 GMT

Parts of the CFPB’s new loan originator compensation rule take effect as early as June of this year. Mortgage professionals are encouraged to get the training they need now in order to ensure compliance by its effective date. Dodd Frank Update is offering a 90-minute training webinar on the rule and how to comply with its various parts. Read on for more on this educational opportunity.

Seasonal increase in loan cures, rise in modification activity

Wed, 10 Apr 2013 18:04:02 GMT

The February Mortgage Monitor report released by Lender Processing Services (LPS) found an increase in loan "cure" rates (those loans that were delinquent in the prior month and are now current). The majority of cures were on loans one-to-two months delinquent, with approximately 500,000 loans curing in February alone. As LPS Applied Analytics Senior Vice President Herb Blecher explained, these cures were not unusual, but rises seen in loans three-to-five months delinquent and foreclosure-initiated categories were unexpected.

FHA improves its financial stability, more reforms necessary

Wed, 10 Apr 2013 18:03:10 GMT

While the Federal Housing Administration (FHA) still faces challenges ahead, the agency has taken a number of significant steps to mitigate risk and increase the solvency and strength of the mortgage insurance fund. That’s according to National Association of Realtors (NAR) President Gary Thomas, who testified before the U.S. House Financial Services Subcommittee on Insurance, Housing and Community Opportunity about the future of the FHA.

Defendant added to multimillion-dollar Philadelphia mortgage scheme

Wed, 10 Apr 2013 17:57:44 GMT

You may remember reading about a a Philadelphia mortgage scheme that was fueled by fraudulent appraisers earlier this week. That lawsuit has yet another addition. The fifth defendant is charged with participating in a massive mortgage fraud conspiracy that operated between May 2004 and February 2009, primarily in the West Philadelphia section of the city of Philadelphia, involving KREW Settlement Services. KREW is a Philadelphia real estate settlement company that is alleged to have been at the center of the conspiracy. The defendant is alleged to have directly participated in securing a $324,000 mortgage loan from Washington Mutual Bank on 4930 Kingsessing Ave. in Philadelphia based on the submission of a false loan application and other false documents. The information alleged that other co-conspirators helped prepare the false supporting documentation, including false appraisal and false tax returns for Murphy, and failed to record Washington Mutual Bank’s mortgage.

Certified appraisers at all-time high, opportunities coming

Wed, 10 Apr 2013 17:57:07 GMT

The percentage of appraisers with a state certification is at an all-time high, the nation’s largest professional association of real estate appraisers announced. With more than half of U.S. appraisers aged 51 to 65, the Appraisal Institute anticipates opportunities for new appraisers.

Appraisal fees, report quality: Our chat with Envoy Mortgage’s Christopher Cash continues

Mon, 08 Apr 2013 18:20:24 GMT

In the first part of our interview with Christopher Cash, senior operations manager at Envoy Mortgage, a mortgage bank based in Texas that has branches across the country, we talked about the consolidation of appraisal management companies (AMCs) and the relationship with appraisers. In this part we tackle customary and reasonable appraiser fees and appraisal report quality assurance.

Minimizing the risk of lender-required indemnity provisions

Mon, 08 Apr 2013 18:10:15 GMT

The most common way appraisers can limit their personal liability is through the purchase of “errors and omissions” (“E&O”) insurance.

Generally speaking, an E&O policy will cover a claim asserted by a lender where the appraiser fails to comply with the standard of care in rendering the opinion of value. Additionally, in states that allow claims directly by a property owner, an E&O policy typically insures those claims as well. The indemnity provision however, may create a hurdle where a property owner sues the bank and the bank, in turn, sues the appraiser. A common provision in E&O policies excludes claims arising out of a contract. A relatively common exclusion provides that the policy will not cover claims: [b]ased on or arising out of liability assumed by the named insured under any contract or agreement, unless such liability would have attached to the named insured even in the absence of such contract or agreement.

Grossly inflated appraisals fuel $20 million fraudulent loans

Mon, 08 Apr 2013 18:04:49 GMT

A woman was charged with participating in a mortgage fraud conspiracy involving more than 100 Philadelphia properties and more than $20 million in fraudulent loan proceeds. She is charged with conspiracy to commit loan and wire fraud, making false statements in connection with a Federal Housing Administration loan, and loan fraud. The information also seeks the criminal forfeiture of more than $467,000.The conspiracy also included grossly inflated appraisals, false title insurance policies, false receipts for home repairs that were never performed, and straw buyers who knowingly allowed their names and identities to be used to purchase the properties and defraud the banks.

CoreLogic HPI rises by 10.2 percent, largest increase in nearly seven years

Mon, 08 Apr 2013 18:01:34 GMT

CoreLogic released its February CoreLogic HPI report. Home prices nationwide, including distressed sales, increased 10.2 percent on a year-over-year basis in February 2013 compared to February 2012. This change represents the biggest year-over-year increase since March 2006 and the 12th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.5 percent in February 2013 compared to January 2013*.

Pending home sales slip on constrained inventory

Mon, 08 Apr 2013 18:01:07 GMT

February pending home sales flattened with limited buyer choices, but remained at the second highest level in nearly three years, according to the National Association of Realtors (NAR). The Pending Home Sales Index* a forward-looking indicator based on contract signings, slipped 0.4 percent to 104.8 in February from a downwardly revised 105.2 in January, but is 8.4 percent higher than February 2012 when it was 96.6. Contract activity has been above year-ago levels for the past 22 months; the data reflect contracts but not closings.

Lender-required indemnity provisions create obstacles for appraisers

Wed, 03 Apr 2013 19:09:25 GMT

In the wake of the housing market crash, the public has been inundated with stories of homeowners facing foreclosure, banks closing and once-successful real estate agents and appraisers struggling to make ends meet. As the government and media strive to determine who and what is to blame for this country’s financial crisis, the professionals who continue to work in the real estate industry find themselves operating in an ever-increasing litigious environment. Real estate appraisers, specifically, are routinely expected to sign engagement agreements with lending institutions containing indemnity provisions.

A common indemnity provision looks like this:

Envoy Mortgage’s Christopher Cash talks AMC consolidation, management (Part 1)

Wed, 03 Apr 2013 19:05:29 GMT

With the growing cost of appraisal management company (AMC) registration state laws, many AMCs are hanging it up, unable to front the money to stay in business. While appraisers rejoice, the consolidation of AMCs put lenders in a tough spot. To get the lender view of the appraisal industry, Valuation Review talked to Christopher Cash, senior operations manager at Envoy Mortgage, a mortgage bank based in Texas that has branches across the country.

Valuation Review: From the lender’s point of view, what does the consolidation of AMCs and appraisal firms mean to your business?

Home values performed 42 percent better when located near public transportation

Wed, 03 Apr 2013 18:56:41 GMT

Location, location, location near public transportation may be the new real-estate mantra according to a new study released by the American Public Transportation Association (APTA) and the National Association of Realtors (NAR). Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.

February housing performance improves, but will steady growth continue?

Wed, 03 Apr 2013 18:55:18 GMT

Housing performance in February continued to steadily improve as it has in prior months with an increase in home prices and a decrease in foreclosures, despite a decrease in sales, according to a monthly Property Intelligence Report (PIR) from DataQuick, a provider of advanced real estate information solutions powered by data, analytics and decisioning. The PIR noted that housing markets hit hardest by the market downturn — Arizona, California, Florida and Nevada — have experienced a rebound in home prices that has not yet been experienced in the rest of the country. Home price growth in those states exceeded 10 percent over the last year, while remaining market rates hovered around 2.5 percent.

Appraisal Standards Board adopts “Collateral to Conform with USPAP” Advisory Opinion

Wed, 03 Apr 2013 18:53:51 GMT

The Appraisal Standards Board (ASB) has adopted its proposed revisions to Advisory Opinion 13 (AO-13), Performing Evaluations of Real Property Collateral to Conform with USPAP, The Appraisal Foundation reported. The updated AO-13 became effective upon adoption on March 27, since it applies to the 2012-13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP).

Foreclosures down 19 percent nationally since February 2012

Wed, 03 Apr 2013 18:53:19 GMT

CoreLogic released its National Foreclosure Report for February that provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures fell from 58,000* in January 2013 to the February level of 54,000, a decrease of 7 percent.

Appraisal rule takeaways: What you must know about the CFPB’s new mortgage rules

Mon, 01 Apr 2013 18:48:03 GMT

The Consumer Financial Protection Bureau (CFPB) released several important rules in January, including a pair of appraisal-related rules setting forth some new obligations for lenders. John Redding, a partner with Buckley Sandler LLP, discussed key aspects of the new rules during the recent Independent Community Bankers of America Convention and Techworld in Las Vegas.

The CFPB released issued two final appraisal rules on Jan. 18, 2013. One of the rules implements Dodd-Frank amendments to the Equal Credit Opportunity Act (ECOA) and Regulation B, while the other sets forth new appraisal requirements for high-priced mortgage loans under the Truth in Lending Act and Regulation Z. The latter rule was issued jointly by the CFPB, Federal Reserve, Federal Deposit Insurance Corp., Federal Housing Finance Agency, National Credit Union Administration and the Office of the Comptroller of the Currency

Redding noted that both rules will take effect on Jan. 18, 2014.

Delinquency, foreclosure rates continue to decline

Mon, 01 Apr 2013 18:45:15 GMT

Lender Processing Services Inc., provider of integrated technology, data and analytics to the mortgage and real estate industries, reported the following first look at February 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market.

Shadow inventory down 28 percent from 2010 peak

Mon, 01 Apr 2013 18:44:25 GMT

CoreLogic reported that the overall shadow inventory is down 28 percent from its peak in January 2010, when it reached 3 million homes. Current residential shadow inventory as of January 2013 was at 2.2 million units, representing a supply of nine months. This figure represents an 18-percent drop from January 2012*, when shadow inventory stood at 2.6 million units.

Bradford Technologies releases CompCruncher 3

Mon, 01 Apr 2013 18:43:04 GMT

Bradford Technologies Inc., developer of interactive valuation analytics for appraisers, launched CompCruncher 3, the third generation of the technology that introduced statistical analysis into collateral valuations with the highly acclaimed valuation product, Collateral Valuation Report (CVR). CompCruncher 3 introduces several industry-first innovations, including seamlessly incorporating statistical support into traditional appraisal products and auto-generating appraisal reports, such as the 1004, with a single click. CompCruncher 3 is the industry’s first computer-aided appraising technology.

Housing recovery is moving full steam ahead, with some exceptions

Mon, 01 Apr 2013 18:41:13 GMT

Veros’ future home price index (HPI) forecast continues to show significant strengthening and improvement. The HPI indicates that, on average for the top 100 metro areas, Veros expects 2.2 percent appreciation over the next 12 months. This is the third consecutive quarter where the index has shown forecast appreciation. As of this forecast update, 75 percent of U.S. markets are expected to see appreciation, while 25 percent of the markets are expected to experience declining home prices.

Accurity Valuation president discusses new franchises, appraiser fees

Thu, 28 Mar 2013 13:13:32 GMT

Earlier this week, Accurity Valuation announced that it had spun off appraisal management company (AMC) IRR-Residential to form a new franchise of appraisal firms. To find out more about this move, Valuation Review reached out to Tom Munizzo, former IRR-Residential chief appraiser and compliance officer and now president of Accurity Valuation.

Valuation Review: Thanks for taking the time to talk to us, Tom. This is an exciting move. What prompted the decision to move to a staff-appraiser/appraisal firm model from an AMC model?

Munizzo: Maybe I should clarify what’s happening ...

VRM Mortgage Services expands property preservation panel with local providers

Mon, 25 Mar 2013 20:37:22 GMT

VRM Mortgage Services, a real estate solution provider focused on helping financial institutions adapt and excel in a changing marketplace, announced the creation of its locally-sourced property preservation panel. Launching in seven cities with discounted certification events, local companies will be asked to provide comprehensive initial and ongoing preservation and maintenance services in the marketplaces they currently serve. The initiative will launch in Jacksonville, Fla., on March 23 with additional certification events during April and May in Raleigh, N.C.; Carrollton, Texas; Detroit, Mich.; Tucson, Ariz.; Hampton, Va. and Atlanta, Ga.

Real Property Appraiser Qualification Criteria interpreted and revised in AQB second exposure draft

Mon, 25 Mar 2013 19:54:30 GMT

The Appraiser Qualification Board issued the Second Exposure Draft of Proposed Interpretation and Revision to the Real Property Appraiser Qualification Criteria with the goal to promote and maintain a high level of public trust in appraisal practice by establishing minimum education, experience and examination requirements for real property appraisers.

Lee & Associates opens valuation service line in Chicago

Mon, 25 Mar 2013 19:30:37 GMT

Lee & Associates Valuation and Consulting Services, a new service line of commercial real estate firm Lee & Associates, has announced the opening of its Chicago office. The office is headed by Christopher Myers, MAI, with Nicholas Cipriano, both well-known and respected veterans within the appraisal industry.

LRES’ Alice Sorenson talks NAHB white paper, industry issues and solutions

Mon, 25 Mar 2013 19:00:50 GMT

When the National Association of Home Builders (NAHB) released a white paper that determined “serious problems in the residential appraisal process must be addressed in order to restore confidence in the residential real estate market and to establish a foundation for sustainable growth of the U.S. economy,” it didn’t take long for appraisers to speak out against that opinion. It was the latest assault on appraisers who have seen their fair share of blame and potshots. Still a month after the release, the conversation continues. Valuation Review talked to Alice Sorenson, chief investment officer of LRES, an appraisal management company based in Orange, Calif., about the NAHB slant, what’s really going on in the appraisal industry and how we can work together to solve the problems we actually have.

“Everyone seems to think that appraisers have a magic wand that’s going to fix the industry. It’s been going on for quite a long time,” Sorenson said. “This white paper is really a persuasive paper. The NAHB is busy trying to convince someone of their position. They’re only presenting their version of their side of it. The paper alleges that there are serious problem within the appraisal and housing industries. I think this is an industry problem. It’s not just restricted to the appraisal industry.”

IRR-Residential spins off from Integra Realty Resources, becomes Accurity Valuation

Mon, 25 Mar 2013 18:47:27 GMT

IRR-Residential, a national leader in real estate appraisal services for lenders and attorneys with franchise offices nationwide, has spun off from Integra Realty Resources and changed its name to Accurity Valuation. The company, which operates as a franchisor, will continue to render its services to customers through an expanding nationwide network of franchise and member appraisers, thereby giving experienced valuation professionals an alternative to working for an appraisal management company (AMC).

Appraisal Institute provides homeowners with property tax appeal tips

Mon, 25 Mar 2013 18:28:55 GMT

Homeowners who are considering property tax appeals should be prepared with all the necessary information, said the nation’s largest professional association of real estate appraisers. As many U.S. homeowners begin receiving their local property tax bills, the Appraisal Institute offered suggestions to make the appeal process easier, particularly in working with assessors.

Metro-West increases its national appraisal footprint

Thu, 21 Mar 2013 13:27:21 GMT

Metro-West debuted five national branches, including offices in Albuquerque, N.M., Buffalo, N.Y., and Philadelphia. With the new expansions, our company has more than 175 staff appraisers in over 50 metropolitan markets in 30 states. These moves are reflective of our company’s growth and solidify Metro-West’s position as the largest independent appraisal firm in the nation.

More appraisal review tips from valued professionals

Wed, 20 Mar 2013 20:07:35 GMT

In tackling one of the most problematic points in the appraisal industry — appraisal review — Valuation Review asked appraisers what their most common stress points are in a quality-control review process. In the second part, appraiser pros sound off on what firms can do to improve their appraisal processes and how technology impacts the process.

CoreLogic data shows positive equity uptick in housing market

Wed, 20 Mar 2013 19:13:03 GMT

CoreLogic released new analysis showing approximately 200,000 more residential properties returned to a state of positive equity during the fourth quarter of 2012. This brings the total number of properties that moved from negative to positive equity in 2012 to 1.7 million and the number of mortgaged residential properties with equity to 38.1 million.

The analysis also shows that 10.4 million, or 21.5 percent of all residential properties with a mortgage, were still in negative equity at the end of the fourth quarter of 2012. This figure is down from 10.6 million properties, or 22 percent, at the end of the third quarter of 2012.

The Appraisal Foundation seeks candidates for Appraisal Practices Board, Board of Trustees

Wed, 20 Mar 2013 18:39:46 GMT

The Appraisal Foundation is conducting its annual search for qualified candidates to serve on the Appraisal Practices Board and the Board of Trustees. The deadline for completed applications is fast approaching on April 2. Take note, however, that an individual may submit an application for the Appraisal Practices Board or the Board of Trustees, but not both boards at this time.

False appraisals lead to prison sentence for two men

Wed, 20 Mar 2013 18:16:48 GMT

It was part of the scheme for the co-defendants to cause to be submitted false appraisals for some of the properties. One defendant usually recommended an appraiser to the mortgage broker for the loan approval. He supplied the appraiser with inflated values of comparable homes or omitted information concerning the home sales so the appraiser would overvalue the current home. At closing, through a grant program, the defendants funneled money back to the home buyer who was one of the defendants. They concealed from the lenders and other parties associated with the transactions that the home buyer was receiving a kickback for buying the home.

Mortgage applications decrease, numbers still up from last year

Wed, 20 Mar 2013 17:45:34 GMT

Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15. The Market Composite Index, a measure of mortgage loan application volume, decreased 7.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7 percent compared with the previous week. The Refinance Index decreased 8 percent from the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 6 percent higher than the same week one year ago.

Housing Scorecard: Important progress made, but still cautious

Mon, 18 Mar 2013 21:00:33 GMT

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the February edition of the Obama Administration's Housing Scorecard — a comprehensive report on the nation’s housing market. Data continue to show important progress across many key indicators, as home prices ended the year with strong gains and purchases of new homes and sales of existing homes were also strong — although officials caution that the overall recovery remains fragile.

Appraisers review appraisal review: Tips from top appraisers (Part 1)

Mon, 18 Mar 2013 20:46:24 GMT

While appraisers have a lot to gripe about in the less than perfect appraisal process, appraisal review is often one of the biggest stress points between the appraiser and client. Coercion, poor practices and just plan appraisal ignorance all can play a role in making the appraiser’s work more stressful. We asked our panel of excellent appraisers how they deal with this potential pitfall.

Valuation Review: What are the most common stress points in the appraisal review process?

“The majority of complaints are from borrowers, and second most are from AMCs. The complaints range from failing to fill in a check box in a Fannie Mae form to accusations based on strange misinterpretations of USPAP by state subcontract review appraisers, prosecutors, and AMC reviewers,” explained Roger Durkin, chair of the American Society of Appraisers (ASA) and an attorney for appraisers who defends appraisers before the licensing board. “USPAP interpretation is a serious issue. Did you know that a sanction by the licensing board that you violated USPAP may be used as relevant and admissible evidence in a civil negligence law suit? My wish is that review appraisers recognize that their policing actions can have a serious impact on appraisers. I would add that review is or should be an objective professional critique measured against clearly delineated standards (USPAP) should include a critique of the logic or logical fallacies, and finally a critique of the credibility of the appraiser.”

How low can you go? ‘Low appraisals’ still grabbing headlines

Mon, 18 Mar 2013 20:14:31 GMT

“Low appraisal.” That’s a fairly subjective phrase. From the appraiser’s point of view, an appraisal is neither high nor low, it simply is. It’s the market value for the property. “Low appraisal” is a term thrown around by other industry participants who are looking to throw the blame on someone. It’s a topic that has seen a lot of headlines recently and everyone is weighing in on the issue. Now we have an AMC’s take on the issue.

Regional Review: Market distress indicators in California continue to decline

Mon, 18 Mar 2013 19:44:35 GMT

An estimated 28,719 new and resale houses and condos sold statewide last month. That was down 0.5 percent from 28,871 in January, and down 3.1 percent from 29,630 sales in February 2012.

Sales are generally flat from January to February. February sales in California have varied from a low of 20,513 in 2008 to a high of 48,409 in 2004. Last month's sales were 9.9 percent below the average of 31,890 sales for all the months of February since 1988.

Home prices on the rise

Mon, 18 Mar 2013 19:17:35 GMT

The latest FNC Residential Price Index (RPI) indicates that U.S. property values continued to recover through January — the 11th consecutive month of rising prices. Despite the uneven pace of price gains across different geographical markets, there are clear signs that the housing recovery is increasingly widespread.

Forty-two appraisal firms combine to form Valbridge Property Advisors

Mon, 18 Mar 2013 18:41:00 GMT

Forty-two appraisal firms across the United States announced that they are now operating as Valbridge Property Advisors (www.valbridge.com), having combined to provide independent valuation and advisory services to local, regional, multi-market and national clients. The 42 firms are independent valuation leaders in their local markets, some having been in business for decades or more.

Webinar: New loan servicing standards education

Wed, 13 Mar 2013 21:34:54 GMT

Under a mandate by the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) released a final rule on Jan. 17 on new mortgage servicing standards, amending Regulation X and Regulation Z. This rule was one of many released by the CFPB in January, and like the others, it requires training, retooling and the implementation of new policies and procedures this year.

Getting appraisers and QC reviewers on the same page

Wed, 13 Mar 2013 20:28:57 GMT

With the uptick in the market, appraisers can expect more scrutiny of their appraisals going forward. Appraisers and review appraisers share equally in ensuring the review process will go smoothly.

For the appraiser, the following suggestions should lead to fewer revisions and result in a more efficient process: