Industry News

Aug 05, 2020 12:30 PM

Fannie Mae, Freddie Mac Update Appraisal Guidance FAQ

Fannie Mae and Freddie Mac on July 29 released an updated FAQ document that provides temporary guidance to appraisers on several policy areas in response to the COVID-19 national emergency. The document updates guidance on the use of photos in reports for exterior-only appraisals and provides new guidance on UCC-1 financing statements and waivers for exterior-only or desktop appraisals.

Mar 18, 2020 12:30 PM

Appraisal Institute Seeks Guidance from Policy Makers

The Appraisal Institute announced March 18 that it is aggressively engaging all primary appraisal policy makers to help guide appraisers during the coronavirus pandemic. AI expects some guidance to be released as early as this week about exterior-only and/or desktop appraisals for loans sold to Fannie Mae and Freddie Mac.

Feb 06, 2020 12:30 PM

FHA Delays Launch of Electronic Appraisal Delivery System

The Federal Housing Administration announced Jan. 28 it is postponing changes to its Electronic Appraisal Delivery system Appraisal Logging Screen due to a lapse in appropriations. FHA also is delaying the Appraisal Case Transfer screen in FHA Connection and the start date for business-to-government appraisal logging and transfer connections to an undetermined future date.

Nov 20, 2019 12:30 PM

AQB Clarifies Sanctions Criteria, Reviews PAREA Guidelines

The Appraiser Qualifications Board at its Nov. 1 public meeting adopted the second exposure draft of proposed changes to the Real Property Appraiser Qualification Criteria pertaining to supervisor qualifications. The changes clarify that sanctions levied against an appraiser over administrative matters do not prevent that individual from acting as a supervisory appraiser. The changes take effect Jan. 1.

Nov 06, 2019 12:30 PM

FHFA Scorecard for GSEs Sets Stage to Exit Conservatorship

The Federal Housing Finance Agency on Oct. 28 released its annual scorecard outlining goals for Fannie Mae and Freddie Mac for the coming year, and this one emphasized the removal of the government-sponsored enterprises from conservatorship, HousingWire reported. The scorecard also addressed national housing finance matters and safe and sound business practices.

Aug 28, 2019 12:30 PM

LIBOR Replacement Remains Elusive for US Lenders: Fitch

The London Interbank Offered Rate is set to expire at the end of 2021, but a replacement for the short-term interest rate benchmark hasn’t been determined, HousingWire reported Aug. 20. Investor consent has been a problem for the phase-out of LIBOR, according to a group of trustees from Fitch Ratings’ U.S. RMBS Trustee Roundtable.

HUD Halts Rule Change for FHA Down Payment Assistance

The U.S. Department of Housing and Urban Development on July 23 suspended “until further notice” a rule change made in April that affects its down payment assistance guidelines for Federal Housing Administration loans, HousingWire reported. A federal judge in Utah had ordered the suspension pending confirmation of the program’s legality.

Jul 31, 2019 12:30 PM

Jody Bishop Elected 2020 Appraisal Institute Vice President by AI Board of Directors

Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Mount Pleasant, South Carolina, was elected 2020 vice president of the Appraisal Institute July 25 by the AI Board of Directors at its meeting in Denver. Bishop’s one-year term will begin Jan. 1, followed by one year each as president-elect, president and immediate past president.

Jul 31, 2019 12:30 PM

Court Orders California to Spend $330 Million Settlement Exclusively on Homeowners

The California Supreme Court on July 18 ruled that the state must spend the $330 million it received in 2012 as part of a nationwide settlement with lenders over unfair mortgage practices exclusively on homeowners, the Sacramento Bee reported. Gov. Gavin Newsom’s administration sought to continue using some funds for general purposes, as the previous administration had done.

Jul 17, 2019 12:30 PM

Federal Agencies Exempt Community Banks From Volcker Rule

A final rule exempting community banks (those with consolidated assets less than $10 billion) from the Volcker Rule was adopted July 9 and jointly announced by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Securities and Exchange Commission.