Do Neighborhood Trends Really = 1004MC Trends?
Thursday, November 20
“We’ve spilled all this ink uncoupling the comparable-specific 1004MC from the neighborhood/market area housing trends of the URAR, yet it seems it was all wasted,” -Tawfik AhdabLately, a lot of AMCs and Appraisers are commenting regarding a “clarification for the secondary market guidelines whe...
Petition for Disclosure of UAD Data
Tuesday, November 11
The Illinois Coalition of Appraisal Professionals (ICAP) has started an on-line appraiser petition asking for disclosure to appraisers of data relating to risk assessments of appraisals submitted to the GSEs using the Uniform Appraisal Dataset (UAD). It does seem sensible that appraisers should k...
The Three S's Of FHA Inspections
Monday, November 10
FHA guidelines require that a house meet a basic level of livability before it can be approved for a loan. These standards exist to protect the lender. The property in question serves as collateral once the buyer gets a mortgage. This means if the borrower stops making payments, the lender can fo...
The Finalized Credit Risk Retention Rule Explained
Wednesday, November 05
This week, the six federal agencies finalized the credit risk retention rule as required by Section 941 of the Dodd Frank Act.The final Credit Risk Retentions Rule "largely mirrors" the 2013 proposal to lenders' dismay. The 2013 proposal was largely scrutinized by the mortgage industry, especiall...
Nonbank Servicers Under Scrutiny
Tuesday, November 04
With the current exponential rise in nonbank servicers, the CFPB and FHFA are weighing both the consequences and positive reinforcements the new trend could have on the mortgage industry and consumers.Since the financial crisis, the nations' biggest banks are rapidly losing income from their mort...
HMDA Analysis Shows Lenders Could Add Significant Revenues
Wednesday, October 29
An analysis of the 2013 HMDA data shows that lenders are missing opportunities; There is a gap in the approval rates between lenders. Some lenders have approval rates on non-conventional loans of as low as 11 perfect, where the typical rate is between 60-80 percent from larger lenders.More import...