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Results: 52 Articles found.
Apr 15, 2015 12:30 PM

FHA Hosting April 16 Call on New Appraisal Requirements

The Federal Housing Administration will host a conference call April 16 for appraisers and underwriters interested in hearing about changes in the revised Single-Family Handbook, including to the Appraiser and Property Requirements section and the Appraisal Report and Data Delivery Guide.

 
Apr 15, 2015 12:30 PM

Fed to Unwind Trillions in Bond Purchases

The Federal Reserve faces the challenge of when and how to start unwinding billions of dollars in bonds that were purchased as part of the quantitative easing program, Bloomberg reported April 7. The bonds constitute the world's largest fixed-income portfolio. > FULL STORY

 
Apr 15, 2015 12:30 PM

GE to Sell Real Estate Portfolio

General Electric is nearing a deal to sell its $30 billion real estate portfolio to a group led by private-equity firm Blackstone and Wells Fargo, Reuters reported April 9. The sale would be the largest commercial real estate deal since Blackstone's 2007 purchase of Equity Office Properties Trust.

 
Apr 08, 2015 12:30 PM

Golding Likely to Lead FHA

The White House and the U.S. Department of Housing and Urban Development plan to name senior HUD advisor Edward Golding as head of the Federal Housing Administration, HousingWire reported March 26.

 
Apr 08, 2015 12:30 PM

Credit Program Expected to Impact Millions of Consumers

Financial data firms FICO, LexisNexis Risk Solutions and Equifax announced a pilot program April 1 that potentially could help millions of consumers qualify for mortgages, HousingWire reported.

 
Apr 08, 2015 12:30 PM

Retail Investment Up, Underwriting Standards Down

Investment in retail properties grew 16 percent between 2013 and 2014, and competition among lenders to make retail real estate loans led to a "modest" easing in underwriting standards last year, according to real estate investment firm Marcus & Millichap, MBA NewsLink reported April 2.

 
Apr 01, 2015 12:30 PM

Electronic Appraisal Submissions Coming June 2016

The Federal Housing Administration will require appraisals for single-family homes to be submitted through an online electronic delivery portal starting in June 2016, the U.S. Department of Housing and Urban Development announced March 26.

 
Apr 01, 2015 12:30 PM

Virginia Enacts Law on Reasonable and Customary Fees

Virginia Gov. Terry McAuliffe on March 23 signed into law S.B. 1445, which requires appraisal management companies operating in the state to compensate appraisers at a reasonable and customary rate. ​

 
Apr 01, 2015 12:30 PM

Fannie, Freddie Likely to Remain in Conservatorship

Sen. Richard Shelby, R-Ala., chair of the Senate Banking Committee, said he’d rather leave the government-sponsored enterprises in conservatorship than pass a bill that includes specific government support for the housing market, Bloomberg reported March 25. Bloomberg noted the comments appear to confirm that the GSEs will remain under federal control for years.

 
Mar 25, 2015 12:30 PM

Report: Fannie, Freddie Might Need another Bailout

Fannie Mae and Freddie Mac may need another taxpayer bailout due to increased risks caused by shrinking reserves, according to a report from the Federal Housing Finance Agency Office of Inspector General, Reuters reported March 18. The government-sponsored enterprises received a $187 billion taxpayer bailout in 2008.

 
Mar 25, 2015 12:30 PM

AQB Adopts New State Background Check Requirements

The Appraiser Qualifications Board on March 20 adopted significant changes to the background check requirements of the Real Property Appraiser Qualification Criteria. The new requirements are modifications to original background check requirements adopted by the AQB in December 2011, which never took effect. The new requirements will take effect Jan. 1, 2017.

 
Mar 25, 2015 12:30 PM

Fed Prepares for Rate Increase, Downgrades Outlook

The Federal Reserve, citing its confidence in the U.S. economy, set the stage March 18 for its first rate hike since 2006 — at the same time it slightly downgraded its economic outlook, USA Today reported. The Fed said growth “had moderated somewhat” due to several factors, including a sluggish housing market.

 
Mar 18, 2015 12:30 PM

Report: Appraisers, Homeowners Differ on Opinions of Value

Appraisers’ opinions of home values dropped below homeowner estimates in February, the first time in 18 months that appraised value was not higher than homeowner opinion, according to the Home Price Perception Index released March 10 by mortgage lender Quicken Loans.

 
Mar 18, 2015 12:30 PM

Arizona Passes Law Eliminating Appraisal Board

Arizona Gov. Doug Ducey on March 12 signed into law SB 1480, legislation that eliminates the Arizona Board of Appraisal effective July 1. The ABOA’s administrative functions will be reassigned to the Department of Financial Institutions. Arizona joins a handful of states that don’t have an appraiser board or commission.

 
Mar 18, 2015 12:30 PM

Cleveland Fed: Rate Hike Needed ‘Soon’

Cleveland Federal Reserve President Loretta Meister told an association of business economists on March 9 that improved economic conditions indicate that the Fed should increase rates “soon,” Reuters reported. Mester said that while inflation remains weak, she is “reasonably confident” that prices will rise by the end of 2016.

 

AI Report Analyzes State Rules on Appraiser Background Checks

The Appraisal Institute announced March 11 that it has analyzed and compiled all state licensing and certification statutes and regulations pertaining to background checks for applicants seeking appraiser credentials and published them in the special report “State Requirements Regarding Background Checks for Real Estate Appraisers.”

 
Mar 11, 2015 12:30 PM

Beige Book: Residential, Commercial Markets Continue to Improve

The Federal Reserve Beige Book released March 4 showed continued improvements at a modest-to-moderate pace in most markets, with home sales and prices increasing in most districts. Commercial real estate also showed positive growth, with vacancy declining in some districts and construction increasing in others.

 
Mar 11, 2015 12:30 PM

Washington Strips Power from New York Fed

The Federal Reserve Bank of New York has been stripped of its power in a behind-the-scenes reorganization at the nation’s central bank, The Wall Street Journal reported March 4.

 
Mar 04, 2015 12:30 PM

Court: Appraisers Don’t Need Access to Homes

The New York State Supreme Court’s Appellate Division in Rochester ruled that the city of Buffalo does not have the right to send appraisers into private homes without approval, the Buffalo News reported Feb. 23. The court said interior inspections violated homeowners’ privacy rights, which are protected by the Fourth Amendment.

 
Mar 04, 2015 12:30 PM

Cushman & Wakefield Looks for a Buyer

Commercial real estate firm Cushman & Wakefield is on the market, and banks Goldman Sachs and Morgan Stanley have been hired to help it find a buyer, Bloomberg reported Feb. 24. The firm is majority-owned by Exor SpA, and they are seeking approximately $2 billion and a buyer that isn’t a direct competitor.​

 
Mar 04, 2015 12:30 PM

Yellen Says Rates May Rise with Low Inflation

Federal Reserve Chair Janet Yellen told the House Financial Services Committee Feb. 25 that the central bank could raise interest rates before inflation goes up, provided price increases move ahead and the job market picks up, USA Today reported.

 
Feb 25, 2015 12:30 PM

Survey: Appraisers Want Collateral Underwriter Transparency

Nearly 90 percent of appraisers responding to the Illinois Coalition of Appraisal Professionals’ Collateral Underwriter survey said they think Fannie Mae should make the CU process transparent and nearly 70 percent said they would raise fees to cover extra work required by CU, the organization reported Feb. 18.

 
Feb 25, 2015 12:30 PM

ASB Adopts Changes to 2016-17 USPAP

The Appraisal Standards Board on Feb. 6 adopted modifications to the Uniform Standards of Professional Appraisal Practice for 2016-17. The action followed a 19-month process during which four exposure drafts were issued, as well as another one on proposed Advisory Opinions; the Appraisal Institute provided input to ASB during the process.

 
Feb 25, 2015 12:30 PM

Attorney General Targets Banking Executives

U.S. Attorney General Eric Holder announced Feb. 17 that he gave federal prosecutors 90 days to determine whether cases can be brought against top bank executives and other individuals whose misconduct in the pooling and sale of residential mortgage-backed securities contributed to the 2008 financial crisis, Reuters reported.

 
Feb 18, 2015 12:30 PM

Study: Appraisers, Homeowners Agree on Home Values

Mortgage lender Quicken Loans reported Feb. 10 that appraisers’ opinions of home values in January were nearly identical to those held by homeowners; the gap was 0.18 percent, with appraisers offering a slightly higher opinion of value, according to the Home Price Perception Index.

 
Feb 18, 2015 12:30 PM

Military Members Receive $123 Million for Illegal Foreclosures

Mortgage servicers that are part of the National Mortgage Settlement are required to pay out $123 million in relief to compensate 952 U.S. service members whose homes were illegally foreclosed on, HousingWire reported Feb. 10.

 
Feb 18, 2015 12:30 PM

HUD Secretary Challenged on Mortgage Insurance Premiums

U.S. Department of Housing and Urban Development Secretary Julian Castro was grilled by House Republicans during a Feb. 11 hearing on the Federal Housing Administration’s plan to reduce mortgage insurance premiums, The Hill reported.

 
Feb 11, 2015 12:30 PM

Fannie Clarifies CU Details; AI Wants More Answers

Fannie Mae clarified key details of its new Collateral Underwriter tool in a Feb. 4 lender letter, noting that CU does not accept or reject appraisal reports or characterize such reports as “good” or “bad.” The Appraisal Institute sees the clarifications as a necessary step because it has received numerous questions about CU.

 
Feb 11, 2015 12:30 PM

FHFA: Debt Reductions Possible for Underwater Homeowners

Federal Housing Finance Agency Director Mel Watt said Feb. 4 that he still supports the idea of principal reduction on properties where borrowers owe more than their homes are worth, Bloomberg reported. Watt is working out how to accomplish that goal without passing along the costs to taxpayers.

 
Feb 11, 2015 12:30 PM

Farm and Ranch Land Values Stabilize in 2014

Farm and ranch land values stabilized in 2014 after years of double-digit increases, according to a Feb. 5 report from Farmers National Company, a firm that specializes in farm and ranch land real estate. The biggest drivers for land values remains location and quality.

 
Jan 28, 2015 12:30 PM

Housing Gets Little Attention at State of the Union

During his Jan. 20 State of the Union address, President Obama only briefly mentioned housing and mortgage issues and only when talking about the Federal Housing Administration’s decision to reduce mortgage insurance premiums, MarketWatch reported. Experts say that failure to address the still “broken” housing finance system was a mistake.

 
Jan 28, 2015 12:30 PM

S&P to Pay $77M for Alleged CMBS Misrepresentation

Ratings agency Standard & Poor’s settled with the U.S. Securities and Exchange Commission for $77 million over claims it misled investors on some commercial mortgage-backed securities it rated, Reuters reported Jan. 21. S&P also will be banned from rating any CMBS for one year.

 
Jan 21, 2015 12:30 PM

Homebuyers Willing to Pay More for Solar; AI Aids in Research

Homebuyers are willing to pay more for homes with host-owned solar photovoltaic energy systems, according to a report released Jan. 13 by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory. Two Appraisal Institute professionals contributed to the landmark study as part of a multi-institutional research team.

 
Jan 21, 2015 12:30 PM

CFPB Launches Mortgage Toolkit, Critics Fault Disclosures

Nearly half of all homebuyers don’t shop around for mortgages, the Consumer Financial Protection Bureau reported Jan. 13, and so the agency launched “Owning a Home,” an online toolkit to help consumers navigate the mortgage process. However, the toolkit is being criticized for sharing rates and costs without including required disclosures, HousingWire reported.

 
Jan 21, 2015 12:30 PM

Supreme Court Gives Consumers Mortgage Cancellation Rights

The U.S. Supreme Court gave homeowners an additional opportunity to cancel their mortgages if lenders fail to provide required disclosures, Bloomberg reported Jan. 13. The case centered on a three-year deadline for borrowers wishing to rescind their loans; the justices unanimously agreed that borrowers don’t have to file suit within three years and instead can meet the deadline by sending a letter to lenders.

 
Jan 14, 2015 12:30 PM

Montana Mulls Updates to Appraiser Licensing and AMC Laws

During its 2015 session, the Montana legislature will consider House Bill 29, which would revise the state’s appraiser licensing and appraisal management company oversight laws, the Appraisal Institute reported Jan. 8.

 
Jan 14, 2015 12:30 PM

FHA to Reduce Annual Insurance Premiums

The U.S. Department of Housing and Urban Development on Jan. 8 said that the Federal Housing Administration will lower by a half-percent the annual premiums borrowers will pay. This action is projected to save more than two million FHA homeowners an average $900 annually and spur 250,000 homebuyers to purchase a home over the next three years.

 
Jan 07, 2015 12:30 PM

FHFA Warns Against ‘Super Priority’ Liens

The Federal Housing Finance Agency issued a warning Dec. 22 to homeowners, financial institutions and state authorities regarding super priority liens created by energy retrofit programs or homeowner associations. The FHFA expressed concern that such liens can sometimes force a Freddie Mac or a Fannie Mae lien into a risky secondary position.

 
Jan 07, 2015 12:30 PM

Ambac Sues Bank of America over Faulty Mortgage Bonds

Insurance firm Ambac Assurance Corp. filed suit against BofA Dec. 30 in an effort to recover hundreds of millions of dollars it lost during the financial crisis from insuring approximately $1.68 billion of securities backed, in part, by risky mortgages issued by Countrywide, Reuters reported Dec. 31.

 
Jan 07, 2015 12:30 PM

CoreLogic: Top Housing Market Drivers in 2015

More millennials are expected to enter the housing market in 2015, analytics firm CoreLogic reported Dec. 29 in its 2015 Housing Outlook. The prediction was one of several the firm identified for the coming year; among the others: housing will benefit from oil price drops and Houston will be the most interesting housing market to watch.

 
Dec 17, 2014 12:30 PM

Fannie Mae Adjusts Comparative Sales Guidelines, Solar Policy

Fannie Mae released on Dec. 16 its updated Selling Guide for single-family homes, which includes an adjustment to comparable sales that eliminated the 15 percent net and 25 percent gross adjustment guidelines. It also clarified its policy on the valuation of homes with solar panels.

 
Dec 17, 2014 12:30 PM

Ratings Agency Suspension Could Damper CMBS Outlook

While commercial mortgage-backed securities have experienced a major boost over the past few years, a move by the U.S. Securities and Exchange Commission to suspend ratings agency Standard & Poor’s abilities to rate CMBS could dampen future growth, commercial real estate data firm CoStar Group reported Dec 10.

 
Dec 17, 2014 12:30 PM

GSEs Introduce 3 Percent Down Payment Programs

The Federal Housing Finance Agency announced Dec. 8 that Fannie Mae and Freddie Mac will offer new mortgage programs that allow individuals to make down payments of only 3 percent in a bid to help first-time and lower-income buyers enter the housing market, The Wall Street Journal reported.

 
Dec 10, 2014 12:30 PM

AQB Proposed Background Checks Focus on ‘Public Trust’

The Appraiser Qualifications Board of The Appraisal Foundation released on Dec. 2 a new exposure draft of proposed revisions to the 2015 Real Property Appraiser Qualification Criteria. Included among the revisions is a requirement that all applicants for real property appraiser credentials have a background that does not call into question public trust.

 
Dec 10, 2014 12:30 PM

SEC Decision on IFRS Could Affect Appraisals

The U.S. Securities and Exchange Commission is once again reviewing issues related to whether or not U.S. public companies can utilize the International Financial Reporting Standards for financial reporting purposes, the Appraisal Institute reported Dec. 10.

 
Dec 10, 2014 12:30 PM

Court Won’t Unseal Files on Washington Mutual Appraisal Scheme

A federal judge said he will not unseal files related to an alleged appraisal rigging scheme that Washington Mutual launched in an effort to favor mortgage lenders just before the 2008 market crash, Courthouse News Service reported Dec. 3.

 
Nov 19, 2014 01:52 PM

Bank of America Won’t Loosen Lending Standards

Bank of America Chief Executive Officer Brian T. Moynihan said the bank will not loosen mortgage lending standards even though regulators are trying to increase credit availability, Bloomberg reported Nov. 12. He said the bank has no incentive to create more mortgage availability when customers are susceptible to default.

 
Nov 19, 2014 01:47 PM

CFPB Changes Compliance Guide for Mortgage Rules

The Consumer Financial Protection Bureau on Nov. 10 announced two changes to its compliance guide for the new major qualified mortgage rules that took effect this year. The changes address lender and policymaker concerns.

 
Nov 19, 2014 01:44 PM

AI Cautions USDA about Raising Appraisal Threshold

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly submitted a letter Nov. 14 to the U.S. Department of Agriculture in which they cautioned against proposed changes to the Business and Industry Guaranteed Loan Program that would raise the threshold for when appraisals are required.

 
Jun 11, 2014 12:30 PM

South Carolina Passes New Appraiser Licensing Standards

South Carolina has instituted the new Real Estate Appraisers License and Certification Act in order to bring appraiser licensing and standards in line with uniform national standards, Valuation Review reported June 5. South Carolina Gov. Nikki Haley signed HB4644 into law May 16.

 

CFPB Scrutinizing ‘Zombie Foreclosures’

The Consumer Financial Protection Bureau is starting to scrutinize mortgage servicers’ practice of starting foreclosures and then walking away from them, leaving homeowners who may already have vacated the property on the hook for mortgage debt, taxes and maintenance, National Mortgage News reported March 12.

 
Jan 22, 2014 12:30 PM

Congress: Qualified Mortgage Rule Could Stall Recovery

Some congressional members have expressed concern that the Consumer Financial Protection Bureau's new Qualified Mortgage Rule could curb mortgage credit access and slow the housing recovery, HousingWire reported Jan. 14.

 
 
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