Valuations

FHA will not cut mortgage insurance premiums

Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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Amrock levies blockbuster claims against HouseCanary, wants $740 million verdict overturned

Claims HouseCanary engaged in collusion, fraud, and deception
HouseCanary and its top executives engaged in collusion, fraud, and deception as part of an effort to convince a jury to order Amrock to pay out one of the largest judgments in the country this year, Amrock claims in a blockbuster legal filing. And based on these new revelations, Amrock wants a new trial and the $740 million judgment against it tossed out.
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Appraisal experts: Here’s how you can best prepare your borrower

Set expectations, and if they must appeal, bring solid comps
Borrowers often have considerable expectations when it comes to their home’s estimated value, and navigating these can be tough for both the loan officer and the appraiser. Experts from two appraisal management companies recently discussed how to best prepare a borrower for an appraisal the National Reverse Mortgage Lenders Association conference in San Diego, and here’s what they said.
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Here are the 10 MSAs with the lowest appreciation

VeroFORECAST predicts 7 out of 10 markets will see property values decline
[Expert commentary] The latest VeroFORECAST report shows that 351 Metropolitan Statistical Areas will experience property appreciation in the next year. But, of the bottom 10 MSAs, seven will see values decline between -0.2% and -2.2% in 2019. The two most troubled markets? Farmington, New Mexico, and Vineland-Millville-Bridgeton, New Jersey.
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Committee tracks impact of FHA’s second appraisal rule

Collects lender data looking for clues on FHA’s methods
Members of the HUD Issues Committee within the National Reverse Mortgage Lenders Association are taking a deep dive into the Federal Housing Administration’s second appraisal rule for select HECM loans. “We are tracking what we think are key elements to see if we can’t figure out where some of the problems may lie,” said Committee Chair Elly Johnson. Here’s what they’ve uncovered so far.
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NAR: Rising home prices push prospective buyers out of market

Low inventory persists in suppressing housing market
Home prices increased in the third quarter due to the continued low levels of housing inventory, keeping many potential homebuyers out of the housing market. While national family median income increased to $76,608 in the third quarter, due to rising home prices and mortgage rates, affordability is down.
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HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

Panel gives update on impact of recent HECM program changes
The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
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Amrock ordered to pay $740 million to HouseCanary for trade secret theft

Texas judge hands down largest judgment in U.S. this year
A Texas judge last week ordered Amrock, the title insurance, settlement services and valuations provider formerly known as Title Source, to pay just shy of $740 million to HouseCanary after denying Amrock’s request to vacate a jury’s earlier decision in a trade secret theft battle that rocked the housing industry.
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This real estate market will see almost 12% in appreciation

This Washington state MSA is projected to lead in appreciation
According to the latest VeroFORECAST, this MSA is projected to see 11.7% appreciation for single-family residences and 11% appreciation for condos and townhomes and its market remains one of the strongest markets in the country, with its extremely low 1.4-month supply of homes struggling to fill the demands of its growing population.
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