http://www.appraisalinstitute.org/ANO/ This is the syndication feed for Appraiser News Online. 120 With short sales continuing to represent a substantial portion of the real estate market, Fannie Mae and Freddie Mac have implemented policies to expedite short sales and reviewed how appraisals factor into its process, the National Association of Realtors reported May 15. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19987 Staff Thu, 23 May 2013 00:00:00 GMT Residential Lawmakers and bank regulators reportedly are scrutinizing actions taken by Rust Consulting, the firm hired to distribute $3.6 billion to homeowners entitled to compensation from a foreclosure settlement the government reached with the nation’s top banks, to see how erroneous checks were mailed, The Wall Street Journal reported May 15. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19984 Staff Thu, 23 May 2013 00:00:00 GMT Financial News Richmond Federal Reserve President Jeffrey Lacker, who has long opposed the Fed’s purchase of mortgage-backed securities, said that improved housing performance is reason for the Fed to stop providing aid to the U.S housing market, Reuters reported May 15. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19981 Staff Thu, 23 May 2013 00:00:00 GMT Financial News Edward DeMarco, acting director of the Federal Housing Finance Agency, said that any discussion of housing reform needs to focus more on the role of Federal Home Loan Banks and how they fit into the future of housing finance, HousingWire reported May 14. DeMarco noted that FHLBanks provide critical secondary market services to their members like buying whole loans directly from them and holding them in a portfolio. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19978 Staff Thu, 23 May 2013 00:00:00 GMT Residential Freddie Mac announced May 13 that its new Streamlined Modification program will be available immediately to all eligible borrowers, such as Hurricane Sandy victims, and should expedite financial relief for thousands of distressed families nationwide. The program originally had been scheduled to begin July 1. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19975 Staff Thu, 23 May 2013 00:00:00 GMT Financial News The Ohio Supreme Court ruled May 14 that servicing a residential mortgage does not constitute a “consumer transaction” as defined by state law, Mortgage Daily reported. Consumer groups argued that the ruling removes protections for borrowers trying to save their homes from foreclosure. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19972 Staff Thu, 23 May 2013 00:00:00 GMT In the States Industry experts believe hotel property value growth and increasingly favorable debt terms will continue over the next 12 months, according to a recent survey conducted by the Lodging Industry Investment Council, MBA NewsLink reported May 16. The survey of LIIC’s members revealed that 98 percent of respondents believe that hotel real estate values will increase over the next 12 months, with 64 percent predicting a “significant” increase of 5 to 10 percent. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19969 Staff Thu, 23 May 2013 00:00:00 GMT Commercial / General The nation’s housing affordability remained strong during the first quarter, with 73.7 percent of homes sold from January through March reported as being affordable to families earning the U.S. median income of $64,400 — a slight dip from 74.9 percent reported the previous quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released May 14. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19966 Staff Thu, 23 May 2013 00:00:00 GMT Residential A handful of hedge funds that have bought preferred shares in government-sponsored enterprises Fannie Mae and Freddie Mac are hoping for big payouts as the two firms return to profitability, The Wall Street Journal reported May 14. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19963 Staff Thu, 23 May 2013 00:00:00 GMT Commercial / General Ellie Mae operational data released May 15 revealed that mortgage firms have been easing up on lending standards for the past 12 months, and average credit score requirements have decreased nine points on government-insured refinances, Mortgage Daily reported. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19960 Staff Thu, 23 May 2013 00:00:00 GMT Market Trends Fixed mortgage rates increased for the second consecutive week, Freddie Mac reported May 16 in its weekly Primary Mortgage Market Survey. The 30-year fixed-rate rose 0.09 percent since last week to 3.51 percent. The 15-year fixed-rate increased 0.08 percentage points to 2.69 percent. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19957 Staff Thu, 23 May 2013 00:00:00 GMT Financial News Mark Linné, MAI, SRA, principal, Chrysalis Valuation Consultants; Scott Klug, regional vice president, CoStar Group; and Jack Huntress, managing director, residential, Environmental Data Resources, will address the topic of “Real Estate Data: What Will the Future Behold?” at the Appraisal Institute’s 2013 Annual Meeting July 23-25 in Indianapolis. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19954 Staff Thu, 23 May 2013 00:00:00 GMT Inside the Institute Paula K. Konikoff, JD, MAI, Appraisal Institute Professional Standards and Guidance Committee chair, shared details about 2014-15 updates to the Uniform Standards of Professional Appraisal Practice in a video posted to AI’s YouTube channel May 16. http://www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=9/10#19951 Staff Thu, 23 May 2013 00:00:00 GMT Inside the Institute