Valuations

Former head of FHA and MBA David Stevens blasts reverse mortgages

Suggests fixes to curtail "outrageous profits" and "predatory sales approach"
David Stevens isn’t a fan of reverse mortgages, and he’s not afraid to say it. The former FHA commissioner and recently retired president and CEO of the MBA posted a comment about HECMs on LinkedIn that got people talking. "Brian Montgomery is trying to fix the abuse," he said, "but the product is the one that kept me awake at night when I was there." We reached out to Stevens to talk more about his issues with the program and his suggestions for fixing them.
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FHFA: Home prices are slowly increasing

Rise 6.3% from Q3 2017
Home prices moderately increased in the third quarter of 2018, rising only 1.3% month over month but still up 6.3% from the same quarter last year. FHFA Supervisory Economist William Doerner said rising mortgage rates have cooled down housing markets.
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Radian grows valuations business by acquiring Independent Settlement Services

Independent Settlement Services will eventually be rebranded
Radian Group is growing its valuations business, as the company announced Wednesday that it acquired Independent Settlement Services, a national appraisal and title management services company. According to Radian, the acquisition is “consistent with Radian’s growth and diversification strategy,” and the company’s focus on the product offerings of its title, mortgage and real estate services businesses.
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Appraisers accuse federal regulators of recreating housing crisis conditions

Appraisal Institute blasts proposal to eliminate appraisal requirement on certain home sales
As one might expect, appraisers are none too pleased about the FDIC, the OCC, and the Federal Reserve proposing to eliminate the appraisal requirement on certain home sales of $400,000 and below. According to Appraisal Institute President James Murrett, the newly proposed rules would add significantly more danger to the lending environment and harken back to the way things were just before the financial crisis.
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Regulators propose ending appraisal requirement on some home sales of $400,000 and below

FDIC, OCC, Fed propose raising appraisal threshold for first time since 1994
The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Federal Reserve released a proposal Tuesday that would increase the appraisal requirement from $250,000 to $400,000, meaning that certain home sales of $400,000 and below would no longer require an appraisal.
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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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