Tag Archives: Appraisals

Higher-risk mortgage loans may have a new set of rules to go by when it comes to appraisals. A proposed rule from six federal agencies would set out new requirements when conducting appriasals for higher risk mortgages. For example, the rule would require creditors to use a licensed or certified appraiser when preparing reports based on the physical inspection of a property.

The Consumer Financial Protection Bureau (CFPB) released Wednesday a new proposed rule that would require mortgage lenders to provide home loan applicants with appraisal reports to determine how the value of a property was determined. CFPB proposed the rule in response to a provision of the Dodd-Frank Act that requires creditors to provide mortgage applicants with a copy of written appraisals and home value estimates. The newly-proposed rule would require that creditors inform applicants of their right to receive a free copy of appraisal reports and home estimates.

Bradford Technologies announced Monday the release of the next generation of its Collateral Valuation Report (CVR), a product that introduced statistical analysis into the appraisal process.

Software provider TAZA Systems announced that it is offering a sophisticated software system to track and manage Other Real Estate Owned (OREO) cycles and provide necessary tools for portfolio management.

MountainSeed Appraisal Management, LLC announced Monday the launch of a new program designed to make it easier for licensed and certified appraisers to offer commercial evaluations to lenders.

Integra Group Real Estate LLC announced Thursday the creation of its affiliate company, Integra Property Management.

As of Monday, Coester Appraisal Group is now CoesterVMS. According to a release from CoesterVMS, the new name reflects the company's new, expanded line of valuation management services.

ISGN Corporation announced Monday the launch of a new smart phone app for its Gators browser-based settlement services and vendor management system. The app is designed to assist appraisers, title abstractors and closing agents out in the field. It allows vendors to accept, decline, or update orders from the field, helping vendors to manage their time.

According to a press release, Military Veterans Association of Real Estate Professionals (MVAREP) was formed to ""level the playing field"" for military veterans trying to buy homes with a Department of Veterans Affairs (VA) loan. In many cases, VA appraisers are brought in to insure the loan and make sure the purchase is a good investment for the buyer. This process sometimes throws off listing agents and sellers who want to take an easier route.

Competition can lead to low prices, but sometimes when prices get too low, someone ends up paying. This is an issue the appraisal industry is facing, where appraisal management companies (AMCs) compete for clients by lowering the cost of appraisals, leading to less compensation for the appraisers. In a white paper, Jeff Schurman, executive director of Leading Causes and Rick Grant, president and CEO of RGA Public Relations, listed and explained 20 benefits for AMCs if they pay appraisers full fees.