Items Tagged with 'Appraisals'

ARTICLES

  • Class Appraisal names Gary Ferguson as its new CTO

    Ferguson will lead Class Appraisal's new tech development efforts
    Class Appraisal named Gary Ferguson as its chief technology officer to spearhead its pursuit of tech solutions. Ferguson has 20 years of experience in enterprise application development and has spent most of his career in the mortgage industry. Prior to joining Class Appraisal, Ferguson was CTO at Centric Technology Solutions.
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  • FHA Commissioner Brian Montgomery hints at issues in FHA appraisals

    Already seen problems in HECM, but there might be problems in forward too
    The FHA has already identified issues in appraisals on reverse mortgages and is taking steps to address the problem. But now, FHA Commissioner Brian Montgomery told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the FHA is seeing some things in forward appraisals that give him "pause."
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  • Texas Real Estate Commission, Appraiser Board accused of ignoring customer service “crisis”

    Government watchdog says licensing agencies are hoarding money
    The Texas Sunset Commission, a state government watchdog agency, said in a report published this month that the Texas Real Estate Commission and the Texas Appraiser Licensing and Certification Board are keeping excess revenue in their coffers to pay for a new building rather than using the money to deal with customer service problems that are “overwhelming” the agencies.
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  • FHA: We saw appraisal issues on 37% of HECM loans

    Agency will use confidential collateral risk assessment to look for patterns among lenders
    The FHA's investigation into possible appraisal inflations on reverse mortgage loans revealed an issue the agency decided it must address. The FHA said Monday that out of the 134,000 appraisals it reviewed, approximately 50,000 were inaccurate by at least 3%. FHA Commissioner Brian Montgomery said it was hard to know how many appraisals will be flagged for a second review moving forward, and that the agency intends to monitor the efficacy of the new guidelines throughout the year.
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  • FHA to require second appraisal on select reverse mortgages

    Aims to combat inflated valuations, reduce MMI Fund risk
    The Federal Housing Administration announced Friday that it will require reverse mortgage lenders to provide a second property appraisal on loans flagged by FHA as potentially having an inflated property valuation. The agency said the move is intended to reduce risk to the Mutual Mortgage Insurance Fund, which will ultimately ensure the long-term sustainability of the program.
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  • Class Appraisal promotes Jon Tallinger to chief growth officer

    Tallinger named to newly created role
    Class Appraisal announced on Monday that it promoted Jon Tallinger to serve as its chief growth officer. "In the newly created role, Jon will continue to drive growth with Class’s existing accounts but will also focus on new channels and new valuation product offerings that will allow Class to lead the charge in the changing valuation landscape," Class Appraisal President John Fraas said.
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  • An inside look at the battle over AVMs

    What exactly makes a company’s valuation system a “trade secret”?
    [Expert commentary] There's a serious battle being waged right now over automated valuation models. Some in the housing industry love AVMs, while others despise them. And AVMs only seem to be growing in popularity. But what happens if one company gets accused of stealing another company's AVM formula?
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  • Freddie Mac bringing appraisal-free mortgages to condos

    Expanding beyond single-family housing
    Freddie Mac is expanding its appraisal-free mortgage program to include condos, the government-sponsored enterprise announced this week. Up until now, the appraisal-free mortgages were only available for single-family houses, but now, Freddie is expanding its no-appraisal-required mortgages to include condos too.
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  • ATTOM Data Solutions launches new automated valuation model

    New "lender-grade" AVM available for 80 million homes
    ATTOM Data Solutions announced it has partnered with AVM Analytics to launch a new, lender-grade automated valuation model. ATTOMIZED AVM is available for 80 million U.S. homes, is targeting real estate investors, real estate portals, insurance providers, mortgage companies, appraisal management companies, and more.
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