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October 2017

ASC Releases Final Rule for AMC Fees; AI Reiterates Concerns

The Appraisal Subcommittee on Sept. 25 published the final rule on the Collection and Transmission of Annual Appraisal Management Company Registry Fees, which establishes the formula for transmitting registry fees to the ASC by states that elect to register and supervise AMCs. The Appraisal Institute reiterated its concern about the final rule.

October 2017

AI Guide Note Can Help Appraisers in Disaster Areas

As disaster recovery efforts continue throughout the U.S., the Appraisal Institute on Sept. 6 reminded appraisers assisting property owners and lenders in communities affected by hurricanes and fires that they can find guidance in AI Guide Note 10: Development of an Opinion of Market Value in the Aftermath of a Disaster.

October 2017

Ginnie Mae Investigates Lenders for Targeting Military Members

Ginnie Mae is investigating allegations that lenders pressured current military members and veterans into unnecessary mortgage refinancing in order to reap high fees from the process, Bloomberg reported Sept. 14. The loans in question are tied to Ginnie securities, which support loans made through the U.S. Department of Veterans Affairs.

October 2017

House Flippers Caused Housing Crisis, Report Finds

House flippers with good credit scores caused the housing market collapse by defaulting on loans, according to a report from the National Bureau of Economic Research, Quartz Media reported Aug. 29. Data showed that borrowers with low credit scores accounted for only 35 percent of foreclosures during the crisis period.

October 2017

Mortgage Fraud Increases 17 Percent: CoreLogic

The risk of mortgage fraud during the second quarter increased nearly 17 percent from the same point last year, and is expected to continue rising as buyers shift to purchase transactions, according to the Mortgage Fraud Report from research firm CoreLogic, MBA NewsLink reported Sept. 20.

October 2017

AI Among 35 Groups Seeking to Halt Appraisal Waivers

The Appraisal Institute on Sept. 6 joined with nearly three dozen appraiser organizations in asking Congress to call on the Federal Housing Finance Agency to prevent Freddie Mac and Fannie Mae from issuing appraisal waivers.

October 2017

Wells Fargo Faces Another Lawsuit over Mortgage Fees

A lawsuit filed against Wells Fargo last month alleged that the lender improperly charged fees to close on mortgage loans, and class action status is being sought, USA Today reported Sept. 5. Wells Fargo previously has been accused of improperly charging borrowers for fees the lender should pay.

October 2017

GSE Reform Coming Next Year, Treasury Says

The process of taking the government-sponsored enterprises out of conservatorship likely will begin next year — once the U.S. Department of the Treasury handles tax reform, Treasury Secretary Steven Mnuchin said during a Sept. 15 policy summit, HousingWire reported.

October 2017

Homes in High-risk Cities Have Higher Values: Report

Home values in U.S. cities at high risk for natural disasters have increased more than twice as fast as values in cities at low risk for natural disasters, according to analytics firm ATTOM Data Solutions, MBA NewsLink reported Sept. 21.

October 2017

Report Shows Home Flipping Slowdown

Home flipping during the second quarter declined 6.9 percent as high home prices and lower returns made flipping projects less desirable, according to a report from analytics firm Attom Data Solutions, CNBC reported Sept. 14.