Shopping Cart
Welcome,   My Account

News

Category:
Results: 42 Articles found.
Apr 23, 2014 12:30 PM

Fannie Mae Updates Appraisal Policies

On April 15, Fannie Mae announced updates to its Selling Guide that affect appraisal policies relating to appraisal updates, required photos and acceptable comparable properties. The changes, which are effective immediately, follow a comprehensive review of the Guide’s appraisal requirements chapters.​

 
Apr 23, 2014 12:30 PM

Senate May Delay Vote on GSE Reform

The Senate Banking Committee may delay a pending vote on reform of government-sponsored enterprises Fannie Mae and Freddie Mac as it looks to acquire further votes, National Mortgage News reported April 14.

 
Apr 23, 2014 12:30 PM

Housing Industry Tires of Waiting on Direction from FHFA Chief

Lawmakers and those involved in the nation’s housing industry remain frustrated by a lack of communication and guidance from the office of Mel Watt, who took over as director of the Federal Housing Finance Agency in January, regarding his plans for Fannie Mae and Freddie Mac, Reuters reported April 14.​

 
Apr 16, 2014 12:30 PM

Appraiser, Lender Feedback Sought for New FHA Handbook

On April 8, the U.S. Department of Housing and Urban Development asked appraisers, lenders and other stakeholders to provide feedback on its new Federal Housing Administration handbook, which will serve as a consolidated resource for the agency’s single-family housing policy. The comment period will last 30 days.

 
Apr 16, 2014 12:30 PM

FHFA, Chicago Settle Feud over Vacant Property

The Federal Housing Finance Agency and the city of Chicago settled their nearly three-year legal battle over Chicago’s vacant property ordinance that requires mortgagees to register, secure and maintain foreclosed properties, HousingWire reported April 8.

 
Apr 16, 2014 12:30 PM

FHA Reconsidering Spot Loans for Condos

Condominium owners in buildings that are not approved for Federal Housing Administration lending may soon be able to obtain “spot loans,” which the agency banned nearly four years ago, Inman News reported April 8.

 
Apr 09, 2014 12:30 PM

Report: CFPB Slow to Complete Bank Examinations

The Office of the Inspector General for the Federal Reserve reported that the Consumer Financial Protection Bureau took too long to complete bank and non-bank examination reports and failed to meet its own timeline when offering feedback to financial institutions on their compliance with the Dodd-Frank Act, Bloomberg reported April 1.

 
Apr 09, 2014 12:30 PM

Lawsuits Targeting Appraisal Reviews on the Rise

The frequency of negligence claims against appraisers for work performed at the height of the real estate bubble is winding down, but as this occurs, new areas of litigation are emerging and focusing on appraisal review, according to an article published in the First Quarter 2014 issue of Valuation magazine.​

 
Apr 09, 2014 12:30 PM

Mortgage Complaints Skyrocket in 2013

The Consumer Financial Protection Bureau received 163,700 consumer complaints in 2013, almost double the amount it received in 2012, and mortgages were the most groused about item, accounting for 37 percent of all complaints, according to the 2013 Consumer Response Annual Report released March 31.

 
Mar 26, 2014 12:30 PM

Regulators Propose Supervision Requirements for AMCs

Six federal agencies jointly issued a proposed rule March 24 that would implement minimum requirements for state registration and supervision of appraisal management companies.

 
Mar 26, 2014 12:30 PM

FHA to Launch New Appraisal Portal

The Federal Housing Administration’s Office of Single-Family Housing will soon offer a web-based appraisal portal similar to the Uniform Collateral Data Portal already in use by Fannie Mae and Freddie Mac, HousingWire reported March 20.

 
Mar 26, 2014 12:30 PM

IRS Bans Appraiser Group from Façade Easement Valuations

The Internal Revenue Service’s Office of Professional Responsibility announced March 19 that it reached a settlement with a group of appraisers from a firm accused of aiding in the understatement of federal tax liabilities by overvaluing façade easements for charitable donation purposes.

 
Mar 19, 2014 12:30 PM

White House, Senate Agree on Plan to Wind Down GSEs

The White House and Senate leaders have agreed on a proposal for winding down mortgage giants Fannie Mae and Freddie Mac almost six years after the federal government bailed out the two firms, The Wall Street Journal reported March 11.

 

Report: DOJ Failed to Adequately Prosecute Mortgage Fraud

The U.S. Department of Justice has repeatedly emphasized that prosecuting mortgage fraud is one of its top priorities, but the DOJ Inspector General released an audit showing that between 2009 and 2011, the agency had done little to fulfill its commitment, HousingWire reported March 13.

 

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.

 
Mar 12, 2014 12:30 PM

Congress Wants Answers from SBA on ‘Going Concern’ Appraisals

Responding to growing concern from the real estate industry over the U.S. Small Business Administration’s policy change on the appraisals of special purposes properties, 15 members of the House of Representatives sent a letter March 6 to the SBA’s acting administrator Marianne O’Brien Markowitz seeking clarification on the matter.

 
Mar 12, 2014 12:30 PM

AI Addresses ‘Green’ Issues at White House Appraisal Roundtable

On March 11, the Appraisal Institute participated in the U.S. Department of Housing and Urban Development’s Mortgage Appraisal Roundtable at the White House to help identify ways in which the mortgage appraisal process can be improved. 2014 President Ken P. Wilson, MAI, SRA, and Sandra Adomatis, SRA, attended.

 
Mar 12, 2014 12:30 PM

Risk of Mortgage Fraud Drops, Valuation Fraud Steady

Lenders faced a reduced risk of mortgage fraud during the fourth quarter of 2013, yet borrowers were three times as likely to lie about occupancy on multi-unit properties compared to single-unit properties, according to the National Mortgage Fraud Risk Report released Feb. 28 by analytics firm Interthinx.​

 
Mar 05, 2014 12:30 PM

Yellen Says Fed May Slow Quantitative Easing

Federal Reserve Chairwoman Janet Yellen told the Senate Banking Committee Feb. 27 that the Central Bank may suspend further reductions in quantitative easing if economic growth continued to slow, although she conceded that some of the slowdown could be the result of severe winter weather, The Wall Street Journal reported.

 
Mar 05, 2014 12:30 PM

Bank of America Investigated for FHA Compliance

Bank of America is undergoing another federal probe, this time by the civil division of the U.S. Attorney’s Office of the Eastern District of New York over the bank’s alleged failure to comply with the Federal Housing Administration’s Direct Endorsement Program, Reuters reported Feb. 25.

 
Mar 05, 2014 12:30 PM

Morgan Stanley Settles with SEC for $275 Million

Morgan Stanley has agreed to a $275 million deal with the U.S. Securities and Exchange Commission to settle allegations that it traded toxic subprime mortgage bonds, HousingWire reported Feb. 26. The trades date back to 2007.

 
Feb 26, 2014 12:30 PM

SBA Nominee Queried on Going Concern Appraisals

Maria Contreras-Sweet, the nominee for administrator of the U.S. Small Business Administration, was questioned during a Senate confirmation hearing Feb. 12 on a policy change that prevents qualified real estate appraisers from performing going concern appraisals.

 
Feb 26, 2014 12:30 PM

CFPB Targets Servicers Who Fail to Follow Reforms

The Consumer Financial Protection Bureau’s Deputy Director Steven Antonakes said that the agency will crack down on mortgage servicers that are in violation of new rules that went into effect Jan. 10, noting that they had a year to prepare for changes, National Mortgage News reported Feb. 19.

 
Feb 26, 2014 12:30 PM

Federal Reserve: Economy Strong Enough for More Quantitative Easing

Officials from the Federal Reserve banks of Atlanta, San Francisco and St. Louis said they believe the U.S. economy is performing strongly enough that the central bank will be able to stick to its plan to wind down quantitative easing this year, Reuters reported Feb. 19.

 
Feb 19, 2014 12:30 PM

GSEs Updating Method for Processing Appraisal Reports

According to guidance released Feb. 11 by Fannie Mae, beginning July 13 both Fannie and Freddie Mac will only accept MISMO XML submissions in the Uniform Collateral Data Portal. The PDF extraction service in UCDP will be retired as of that date, and the GSEs will no longer accept appraisals submitted in other file formats.

 
Feb 19, 2014 12:30 PM

Bipartisan GSE Reform Bill Nearing Completion

The Senate Banking Committee is near completion of a bipartisan bill that would reform Fannie Mae and Freddie Mac, National Mortgage News reported Feb. 12. U.S. Department of Housing and Urban Development Secretary Shaun Donovan said it is critical to move on reform now, given pending litigation.

 
Feb 19, 2014 12:30 PM

HUD Seeks Court Guidance on Eminent Domain

U.S. Department of Housing and Urban Development Secretary Shaun Donovan told attendees at a Feb. 12 Politico event that the use of eminent domain to force the sale of private-label mortgages out of securitized trusts needs to be decided by the courts, National Mortgage News reported Feb. 13.

 
Feb 12, 2014 12:30 PM

FHFA: Fannie, Freddie Fail to Analyze Appraisal Data

Fannie Mae and Freddie Mac failed to fully analyze data from the Uniform Collateral Data Portal and continue to take unnecessary risks when purchasing and guaranteeing mortgages, according to a report from the Federal Housing Finance Agency’s Office of the Inspector General, Mortgage Daily reported Feb. 6.

 
Feb 12, 2014 12:30 PM

Suit Alleges Banks Filed False Mortgage Claims with HUD

A whistleblower filed suit against 22 banks, mortgage companies, trustees and custodians Feb. 3, alleging that they submitted fraudulent mortgage claims to the U.S. Department of Housing and Urban Development, National Mortgage News reported. Damages are expected to amount to around $10 billion.

 
Feb 12, 2014 12:30 PM

Judge Postpones $8.5B Bank of America Settlement

Bank of America’s proposed $8.5 billion settlement with investors who purchased allegedly faulty mortgage securities from the bank’s Countrywide unit during the financial crisis has been delayed, Reuters reported Feb. 5.

 
Feb 05, 2014 12:30 PM

NJ Governor Vetoes BPO Legislation...Again

Legislation that would have significantly expanded the ability of New Jersey real estate brokers and salespersons to offer broker price opinion services did not become law because of a Jan. 21 “pocket veto” by Gov. Chris Christie. This is the second time Christie has vetoed BPO legislation.

 
Feb 05, 2014 12:30 PM

Government Increases BofA Penalty by More Than $1 Billion

The federal government increased by more than $1 billion the penalty amount it’s seeking from Bank of America for selling defective mortgages through its Countrywide unit, Reuters reported Jan. 30.

 
Feb 05, 2014 12:30 PM

Fannie Mae Resolves $18.9 Billion Claim against Lehman Brothers

Fannie Mae reached a settlement with the remnants of Lehman Brothers Holdings that will resolve an $18.9 billion claim against the investment bank over mortgage loans and mortgage-backed securities it sold the government-sponsored enterprise before the financial crisis, The Wall Street Journal reported Jan. 24.

 
Jan 29, 2014 12:30 PM

Treasury Supports Comprehensive Housing Finance Reform

Despite Fannie Mae’s and Freddie Mac’s recent and significant profits, the U.S. Department of the Treasury still is pushing for comprehensive housing finance industry reform, Mortgage News Daily reported Jan. 22.

 
Jan 29, 2014 12:30 PM

Super Bowl Real Estate Showdown: Denver vs. Seattle

More than 50 percent of the population in the cities of Denver and Seattle are homeowners, but Seattle homeowners pay a lot more for property than those in Denver for virtually the same square footage, according to data released Jan. 21 by real estate analytics firm Redfin.

 
Jan 29, 2014 12:30 PM

Fed to Cut Bond Buying Program Again

The Federal Reserve is ready to make a second cut to its bond-buying program, reducing its purchase of Treasurys and mortgage bonds from $75 billion per month to $65 billion per month, The Wall Street Journal reported Jan. 20.

 
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.

 
Jan 22, 2014 12:30 PM

Report: Property Appreciation Approaching Peak Levels

Residential real estate values and appreciation grew during the fourth quarter of 2013, but at a slower rate than previous quarters, which may indicate that the market is topping out, analytics firm Veros Real Estate Solutions reported Jan. 16.

 
Jan 22, 2014 12:30 PM

Fed Settlements Could Cost Wall Street Firms $50 Billion

Wall Street banks looking to settle with federal authorities over their alleged roles in helping to set off the mortgage crisis could be on the hook for as much as $50 billion, The New York Times reported Jan. 9. Wall Street is using the Fed's $13 billion settlement with JPMorgan Chase as a guide for determining how much each bank might have to pay in order to settle with regulators.

 
Jan 15, 2014 12:30 PM

Feds Probe Alleged Intentional MBS Misrepresentations

Federal regulators have launched an investigation into whether or not numerous large Wall Street banks cheated customers in the aftermath of the financial crisis by deliberately mispricing mortgage bonds, The Wall Street Journal reported Jan. 7.

 
Jan 15, 2014 12:30 PM

Mortgage Firms Settle for $320M after Whistleblower Complaint

Home America Mortgage and Taylor Bean & Whitaker Mortgage will pay more than $320 million to settle allegations they falsified loan applications and documentation - including appraisals - in order to secure government backing for mortgages, National Mortgage News reported Jan. 7.

 
Jan 15, 2014 12:30 PM

Fannie Mae Launches Appraiser Quality Monitoring Website

Fannie Mae launched a website Jan. 6 focused on its new Appraiser Quality Monitoring process, which evaluates appraisals for data accuracy and consistency. The site gives lenders access to a list of appraisers whose reports will be subject to 100 percent review or no longer accepted by Fannie.

 
 
Results: 42 Articles found.

Pop up content here.

Agree Disagree
close (X)