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Tag Archives: Appraisals

Real Property Insight Selects Mercury Network for New Valuation Service

The Oklahoma-based technology developer a la mode has teamed up with Real Property Insight to bring the industry a new valuation service for distressed assets. Real Property Insight is a specialized integrator of information and services focused on distressed asset disposition, and the company has selected a la mode's Mercury Network Vendor Management Platform to manage the valuation portion of its new product, the Real Property Insight (RPI) Report. a la mode estimates this valuation service will save the industry approximately $72 billion.

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CoreLogic Promotes Wes McDaniel to Chief Appraiser

CoreLogic announced Tuesday that the company has promoted Wes McDaniel to the newly created role of chief appraiser for CoreLogic Valuation Services. In this position, McDaniel will be responsible for ensuring the quality of appraisal content developed by CoreLogic's in-house appraisers and its national panel of more than 14,000 independent appraisers.

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BrokerPriceOpinion.com Launches Property Inspection Report

BrokerPriceOpinion.com, a provider of customized valuation solutions, has launched its new Professional Property Inspection report, which incorporates detailed home information from an automated valuation model (AVM). The report also includes verification of the physical condition of the property and full photo documentation, and meets the new federal interagency appraisal and valuation guidelines that went into effect April 1.

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Pro Teck Valuation Services Offers Customized Appraisal Reviews

Pro Teck Valuation Services announced the availability of customized appraisal reviews via AppraisalCheck, its suite of desk and field review products for the repurchase market. AppaisalCheck identifies appraisal fraud, errors, and misrepresentations. The company says it has seen a growing need for retro forensic reviews to determine whether there is any culpability on behalf of the originator.

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Three States Move to Ban Foreclosure Sales From Appraisal Values

With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market. Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons to determine the value of homes around them. Maryland had proposed a similar bill, but withdrew the legislation on Tuesday.

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REALcondition Report Helps Lenders Comply with New Guidelines

A new exterior property value analysis tool called REALcondition Report from PLATINUMdata Solutions is designed to assist lenders in complying with the new Interagency Appraisal and Evaluation Guidelines. While automated valuation models (AVMs) on their own do not address property condition - since that requires an actual visit to the physical property - REALcondition Report is based on an in-person exterior assessment.

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Coester Appraisal Group Hires Chief Developer, National Sales Director

Coester Appraisal Group, a Maryland-based appraisal management company, recently hired two new executives. Haroon Khalid is the company's new chief developer, and Joseph Bryant will serve as national sales director. According to a statement from the company, the hires were part of a plan to grow the business and elevate appraisal industry standards.

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Pending Sales of Previously Owned Homes Rise Unexpectedly

After declining for two months, pending sales of existing homes unexpectedly increased in February, the National Association of Realtors reports. The trade group's pending home sales index rose 2.1 percent compared to January but remains 8.2 percent below February 2010. The index reading for last month was 90.8. A reading of 100 indicates a healthy level of sales activity. The last time the pending sale index registered above the 100 mark was in April 2010 when homebuyers were rushing to sign contracts before the homebuyer tax credit deadline.

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Sales of Previously Owned Homes Slump 9.6%

Existing-home sales fell in February following three straight monthly increases, according to data released by the National Association of Realtors (NAR) Monday. Sales of previously owned homes dropped 9.6 percent last month to an annual rate of 4.88 million. The latest figures came in much lower than analysts were expecting. NAR attributed the February results to the twin headwinds of tight credit and appraisal problems that resulted in contract cancellations. Distressed homes accounted for nearly 40 percent of the pre-owned sales volume in February.

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Solidifi Meets Compliance Tests for New Appraisal Requirements

Solidifi U.S. announced this week the completion of an internal audit to ensure the company meets or exceeds financial regulatory reform. The company based its audit on the demands of the now-sunset Home Valuation Code of Conduct (HVCC), the Federal Housing Administration's (FHA) appraiser independence guidelines, the requirements of the Dodd-Frank Act and its supporting interim final rules, and revisions to regulators' interagency guidelines.

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