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Tag Archives: Appraisals

OCC Says Multi-Dimensional Risk Management Imperative for Industry

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.

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Stearns Company Sued by Former Employee Alleging TILA Violations

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.

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VA Looks to Hire More Appraisers in Wake of Busy Fiscal Year 2012

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.

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Appraisal Institute Elects New VP

The Appraisal Institute announced the election of a new VP to head the association of real estate appraisers. J. Scott Robinson, MAI, SRA out of North Carolina will take on the role of 2014 VP beginning January 1.

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Industry Questions Legality of California City’s Eminent Domain Plan

After the city of Richmond, California, announced an unconventional plan to ward off foreclosures among underwater homeowners, several industry groups have called into question the constitutionality of the plan. The plan, which ""is fraught with negative economic consequences for the community,"" according to the ""Association of Mortgage Investors (AMI), is for the city to obtain the mortgage loans of underwater properties and help homeowners refinance at their homes' current value.

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Case-Shiller Indices Near Five-Year High

Home prices rose to their highest levels in almost five years in May, increasing by a non-seasonally adjusted 2.5 percent, according to the ""Case-Shiller Home Price Indices released Tuesday. The 20-city index was up 12.2 percent from a year earlier, and the companion 10-city index was up 11.8 percent. For the month, the 10-city index rose 2.5 percent and the 20-city index was up 2.4 percent. The 10-city index rose to its highest level since September 2008, and the 20-city index to its highest level since October 2008.

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Appraisers in Survey Uneasy About Rising Prices, Low Inventory

A recent survey from United States Appraisals shows appraisers are less confident in the overall state of the housing market than they were at the end of the first quarter. When asked about their current level of confidence in the housing market, 49.6 percent of respondents answered ""mildly or moderately"" strong, while 14.5 percent said ""mildly or moderately weak."" The level of confidence observed in the Q2 survey was slightly below that of the Q1 survey, when 54.5 percent of appraisers indicated a mildly or moderately strong outlook.

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New Home Sales Surge in June as Prices Fall

The seasonally adjusted annual rate of sales welled 8.3 percent in June to 497,000, according to a report from the Census Bureau and HUD. Economists surveyed by Bloomberg expected June sales to increase to 484,000 from May's originally reported 476,000. The median price of a new home fell 5.0 percent in June to $249,700, the third time the median price has dropped in the last four months. May's median price was revised down to $262,800 from the originally reported $263,900.

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Survey: Appraisers Confident Demand for Their Services Will Grow

A large percentage of appraisers are confident their future is bound to look brighter, according to a recent survey from the Appraisal Institute. Among the residential appraisers surveyed, 80 percent said their business outlook is either ""somewhat"" or ""very"" positive for the next one or two years, while 78 percent of commercial appraisers said the same. Additionally, 86 percent of residential appraisers and 55 percent of commercial appraisers said demand for their services is strong.

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