Tag Archives: AMCs

The FHFA has released a new paper, authored by Jessica Shui and Shriya Murthy, that examines how appraisals conducted by appraisal management companies compare to those conducted by lenders themselves. What’s the verdict? According to the FHFA paper, “the results indicate ...

Compliance by states that do have an AMC regulatory body begins one year from the day the new regulations go live, which would put the deadline at the beginning of Q3 2016, according to FHFA. Compliance means adopting minimum registration and supervisory protocols for AMCs, including those that are subsidiaries of federally insured depository institutions.

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.

Collateral Risk Solutions, Inc. (CRS) has launched a new Appraisal Audit Service (AAS) to help lenders and AMCs adapt to new regulations that require them to perform post-closing appraisal audits.

New York Attorney General Eric T. Schneiderman announced a $7.8 million settlement with eAppraiseIT and its parent corporation, CoreLogic, formerly known as First American Corporation. The settlement is in regards to allegations that eAppraiseIT violated appraiser independence laws by conspiring with Washington Mutual (WaMu) to inflate home values.

JVI Solutions LLC, a nationwide appraisal and inspection services provider, and Active Data Technologies Inc., the parent company of Foreclosure.com, announced Wednesday that the two Florida-based firms have forged a technology partnership which they describe as ""game-changing."" The joint venture will soon introduce a proprietary automated home appraisal and broker price opinion (BPO) system that integrates interactive analytical data into a mobile platform.

InHouse, Inc., a provider of appraisal management services, has announced the promotion of Jennifer Creech to CEO and president. Creech had been serving as the president of InHouse since 2010. In the CEO role, she replaces Tim Ngyuen, who is now focusing his efforts solely on business development for InHouse. Since joining the company in 2009, Creech has leveraged her 20 years of senior management experience in mortgage lending to help fuel the company's growth.

StreetLinks Lender Solutions says the company can ensure compliance with phase one of the Uniform Mortgage Data Program (UMDP) for appraisals ordered through both its full-service AMC solution, LenderPlus, and self-managed appraisal software platform, LenderX. All appraisals on loans destined for Fannie Mae or Freddie Mac are now required to comply with new Uniform Appraisal Dataset (UAD) requirements. StreetLinks requires that appraisers provide their assessments in the UAD-compliant format.

Axios Valuation Solutions, LLC has just made the appraisal process smarter with the introduction of its new mobile application for smart phones and tablets. The new application will be offered to Axios' nationwide appraisal network and will allow the appraiser to receive, accept, or decline orders in real time. Appraisers can even view a map of the property location.