Tag Archives: Appraisals

A recent bulletin from the Office of the Comptroller of the Currency (OCC) recommends new guidelines for national banks and federal savings institutions regarding their third party vendors, including appraisal management companies (AMCs). Banks and mortgage lenders are cautioned to choose their appraisers and other vendors wisely, as regulators will hold lenders accountable of the quality and accuracy of their vendors' work.

PCV Murcor, a real estate valuations provider, announced the launch of ValuationsDirect, an online appraisal ordering platform designed specifically for mortgage brokers and correspondents. Appraisal reports ordered through the new platform are sent to local appraisers who have specific expertise in their markets and come with a certificate of appraiser independence.

Axios Valuation Solutions, a Fort Worth-based compliant appraisal services provider, announced the release of Desktop Appraisal, a new solution designed to combine the company’s technology and analytics with the expertise of local market appraisers to deliver compliant, reliable valuations.

Global DMS, a provider of Web-based compliant valuation management software, announced that it launched AMCmatch.com, a search engine that allows lenders, servicers and other users of valuation products to efficiently locate and qualify the best fit appraisal management company (AMC) for their needs.

July property data from Homes.com shows that property values in nearly one-quarter of the top 100 U.S. markets have fully recovered. According to the site’s latest report, 22 of the top 100 markets in the United States reported price increases of more than 100 percent from their respective troughs, up from 19 the month prior.

Home prices rose in July by less than two percent for the first time since March but still reached their highest level since August 2008, according to the Case Shiller Home Price Indexes released Tuesday. The 20-city index was up 1.8 percent in July 12.4 percent in the last year — while the companion 10-city index was up 1.9 percent.

In Fort Worth, Axios Valuation Solutions now offers a Regulatory Review Program in its suite of services. Regulatory Reviews are designed to meet requirements outlined in the Texas Administrative Code

Speaking at an industry conference in Phoenix, Arizona, this week, Darrin Benhart, the OCC's deputy comptroller for credit and market risk, said the changing regulatory environment requires mortgage lenders to consider a number of potential risks on different fronts. Benhart acknowledged the list of mortgage-related reforms is extensive. ""These reforms mean you will need an even greater emphasis on risk management techniques that not only look at credit risk but also encompass operational and compliance risk,"" he said.

A former chief appraiser from TriMavin, an AMC, is suing the company and Stearns, its parent corporation, alleging the companies violated federal regulations and terminated her employment in response to her complaints. According to the complaint, Stearns developed a program to recruit mortgage brokers and loan officers by telling prospective recruits they could provide their own personal list of appraisers to be included on the approved panel for the appraisal process at TriMavin.

Hot on the heels of a huge fiscal year (FY) 2012 and the issuing of its 20 millionth home loan, the Department of Veterans Affairs (VA) is working through a mandate to expand its VA Appraiser Fee Panel by 25 percent. ""Right now we have just over 4,100 appraisers on our fee panel,"" said Gerald Kifer, supervisory appraiser of the VA in a WorkingRE.com article. ""We are looking to appoint an estimated 1,400 additional appraisers to VA panels nationwide."" The expansion comes at an appropriate time. VA loan volume has grown a staggering 305 percent from FY 2007 to FY 2012.