Items Tagged with 'appraisal news'

ARTICLES

  • 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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  • Why does it take so long to close a loan? Appraisers

    Speakers at CoreLogic and Urban Institute housing summit say appraisals delay closing
    Recent data from Ellie Mae showed that it takes about a month and a half on average to close a mortgage. Several speakers at Wednesday’s housing summit hosted by the Urban Institute and CoreLogic said that closing times could conceivably be much shorter than that, even as little as 10 days. So what’s keeping lenders from closing a loan in a week and a half instead of a month and a half? Appraisers.
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  • Wells Fargo to pay $50 million to settle claims of overcharging for appraisals

    Accused of hiking up appraisal prices for struggling borrowers
    It’s been a rough few weeks for Wells Fargo and things aren’t about to get any better. The besieged bank is reportedly set to pay $50 million to settle claims that the bank overcharged “thousands of homeowners” for appraisals conducted after the borrower defaulted on their mortgage.
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  • HUD watchdog issues warning on fraudulent, inflated reverse mortgage appraisals

    Turns out the housing industry isn’t done with these yet
    In the run-up to the financial crisis, fraudulent appraisal schemes ran rampant in the housing industry, eventually leading to the complete overhaul of the property appraisal system and the rise of appraisal management companies. As it turns out, schemes like that have not been completely forced out of the industry.
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  • Appraisal Alert: Activity picks up thanks to potential Fed interest rate hike

    Texas appraisals in legal spotlight, more TRID guidance sought
    Appraisal Alert is a weekly roundup of news, information and trends in the appraisal industry, and this week there's a world of things happening. According to Kevin Golden, director of analytics for a la mode inc, the industry can credit the rise in volume to fears of a rate hike from the Fed.
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