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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.
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.
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.
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.
Appraisers can simulate the actions and thought processes of buyers by analyzing the importance of the quality of property attributes in the market, according to an article published this week in The Appraisal Journal.
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.
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.
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.
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged consumers to winterize their homes to potentially reduce energy costs, increase comfort in cold months and possibly improve resale value.
Properties impacted by contamination raise challenging appraisal issues, according to a new book from the nation’s largest professional association of real estate appraisers.
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