News

NC Draft AMC Rulemaking; Comment Deadline 11/15/10

-"On September 10, 2010, the North Carolina Office of Administrative Hearings Rules Division published proposed rules regarding AMC registration. The deadline for submitting comments on the rule is Monday, November 15, 2010."

-To see proposed rules, read more: http://www.tavma.org/index.php?option=com_content&task=view&id=243&Itemid=23

Breaking News: FRB Issues Interim Final Rules on Appraiser Independence

-"Board of Governors of the Federal Reserve System (FRB) has issued the much anticipated interim rule implementing Section 129E of the Truth in Lending Act (TILA). The appraiser independence rule was part of Section 1472 of the Dodd-Frank Wall Street Reform and Consumer Protection Act."

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=242&Itemid=23

TAVMA Applauds Hawaii State Auditor Report Findings

"AMC firms have served a valuable role in helping to manage the appraisal process on behalf of lender clients for over 30 years," says Schurman. "In recent years, these firms have unfairly come under "talking point" fire from industry groups with a political agenda. It is gratifying to see the results of an objective analysis unfettered by unsubstantiated claims leveled at the AMC industry. It is the most thorough analysis of its kind to date."

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=241&Itemid=23 

Fannie Mae's Uniform Appraisal Dataset Summary Published

"To improve the quality and consistency of appraisal data on loans delivered to the GSEs, Fannie Mae and Freddie Mac are developing the Uniform Appraisal Dataset (UAD)."

-Read more at: http://appraisalscoop.com/

Implementation Time Table for Dodd-Frank

-Read more at: http://www.sec.gov/spotlight/dodd-frank/dfactivity-upcoming.shtml

 TAVMA Seeks Delay of Title XIV Appraisal Regulations

"Tavma promotes the appraisal transaction management industry and supports its members' right to do business without unfair and/or anticompetitive regulations, and provides useful information about issues impacting the real estate settlement services industry."

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=238&Itemid=23 

Fannie Mae Appraisal-Related Policies Update

 "All conventional appraisals dated on of after 9/1/2010 must contain the additional photos of the areas listed: all bathrooms, kitchen, main living area, any recent rennovations, and any physical deterioration."

-Read more at: Fannie Mae Appraisal-Related Policies Update

AMC Registration Fees: Beating the Horse One (Hopefully) Last Time

"Regulatory agencies charged with overseeing states' appraisal management company (AMC) registration program are challenged to decide how much is too much when it comes to registration fees."

-Read more at: http://tavma.blogspot.com/2010/08/amc-registration-fees-beating-horse-one.html

Bye Bye HVCC, Appraisal Management Companies Here to Stay

"Along with new oversight of the reverse mortgage industry, passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) brings new appraisal independence requirements and grant funding for state oversight and enforcement of the regulations."

-Read more at: http://bit.ly/asXP22

Three Legs of the Appraisal Management Stool

"Those who rely on a dynamic balance of all three (legs), as more of an ongoing cultural quest than just a destination, will be there when the others fall." - Adam Calvery

-Read more at: http://www.alamode.com/ee/documents/mercury/MBA_Appraisal_Article_July.pdf?ClickID=MERCBLOG_THREELEGS&ClickThruEmail=&ClickThruCustomerNumber=0

The Fools Gold of AMC Licensing

"Does anyone really think that the requirement of an AMC to fill out an application, pay a fee and require a few staff to take a 15-hour USPAP will stop the madness? Actually if the fees are an issue it could increase the cost of operating for the very folks that are presumable not paying a “fair rate”."

-Read more at: http://matrix.millersamuel.com/?p=8636

Ten Characteristics of Meaningful AMC Regulation

"It is not a rah-rah AMCs-are-great article. Nor is the blog it appears in (the writer is a guest blogger) one that agrees with much about the AMC business model. But it fairly assesses the unlikelihood that state AMC registration will make much difference for the good."

-Read more at: http://tavma.blogspot.com/

Tennessee Real Estate Appraisal Management Bond

 

 

Legislative Detail: NC Senate Bill 829 - 2010 Session

-Read more at: http://e-lobbyist.com/gaits/NC/S829

Florida Registration Bill Revised

AMC Registration, H030, revised

-Read more at: http://e-lobbyist.com/gaits/FL/H0303

Georgia Governor Signs HB1050

AMC registration update for the state of Georgia

-Read more at: http://www.legis.ga.gov/legis/2009_10/search/hb1050.htm

Top Reasons To Work With Appraisal Management Companies

"If an appraiser works as an independent agent, he or she could make an average of $4000.00 a month. However, if he or she were to work with appraisal management companies, the benefit could add up to an additional $2000.00, boosting the total income to $6000.00 a month."

-Read more at: http://tinyurl.com/28jkye4

Why Sign Up With A Smaller AMC Like Springhouse?

-Find out more at http://localattorney.attorneyslawyersonline.com/appraisal-management-companies-the-truth-revealed.html

AMC Registration Update

-Read more at: http://www.finance-commerce.com/article.cfm/2010/06/04/Association-update-Appraisalmanagement-bill-becomes-law

Fannie Mae, Freddie Mac to Deploy Appraisal Complaint Process

"Significantly, the letter also notes that both Freddie Mac and Fannie Mae have experienced improvement in the quality of appraisals since the HVCC's implementation."

-Read more at: http://bit.ly/bJC9ad

Finding the Value in Appraisal Management Companies

"An AMC's core competency is managing workflow and contracts - with clients and appraisers."

-Read more at: http://tinyurl.com/2wo56q9

Florida Governor Signs HB 303

"(THIS BILL COMBINES S2210 & S1552) Increases the number of members on the Florida Real Estate Appraisal Board. Requires the Florida Real Estate Appraisal Board to adopt certain rules. Requires application, registration, and renewal fees for appraisal management companies. Requires such companies to register with the DBPR. Requires nonresident appraisal management companies to consent to commencement of actions in this state, etc."

-Read more at: http://tinyurl.com/ylhzl7s

GMAC Posts First Profit Since Bailout, Changes Name

"GMAC Financial Services, the auto and mortgage lender that took three government bailouts to the tune of $16.3 billion last year, posted its first quarterly profit on Monday since receiving Troubled Asset Relief Program, or TARP, funds."

-Read more at: http://money.cnn.com/2010/05/03/news/companies/GMAC_profit/index.htm 

HUD Issues FAQ on Customary and Reasonable Fees

"HUD has issued a Frequently Asked Questions document to address persistent questions by appraisers concerning appraisal fees and related matters."

-Read more at: http://www.hud.gov/offices/hsg/sfh/appr/faqs_fees-time.pdf

6 Housing Trends in a Still-Shaky Market

"The drama is nearly over. After a decade of extremes -- the ebullient highs of the real estate boom, then the devastating lows of the bust -- calmer forces are beginning to prevail in the housing market."

-Read more at: http://money.cnn.com/2010/03/18/real_estate/housing_prices.moneymag/index.htm

Springhouse on the Radio!

-Tune in to hear our CEO, Brian Levine, on "All Things Real Estate" on Saint Louis 590 AM from 10:30-11am!

Appraiser Organizations Continue to Oppose BPO "Short Sales"

"real estate agents/brokers who perform BPOs “have a serious financial conflict-of-interest if they, their associates or their firms benefit from the sale of the property valued.”

-Read more at: http://www.appraisalinstitute.org/ano/current.aspx?volume=11&numbr=5/6#9922

Why Appraisal Management Companies Are Important

"AMC registration in each state is simply a burdensome minefield and is perceived by some as a violation of free trade. Any AMC regulation should be at the federal level, only one fee should be charged and rules should be uniform across the country." - CharlieW. Elliott, JR.,MAI, SRA 

-Read more at: http://tinyurl.com/ykppchn

AMC's - Friend or Foe?

"AMC's have caused us to strongly focus on our processes and report quality that has made our firm better. And I believe our appraisers have benefitted from all of this. In addition our relationship has become very mutual since we have helped AMC's in markets where they encountered service challenges. Indeed, in many cities our AMC business is the backbone of our volume." - William Fall, MAI, SRA, ASA

-Read more at: http://tinyurl.com/yfrqryq

High AMC Registration Fees Penalize Small-shop AMCs

"I almost feel applause at the prospect of forcing smaller AMCs out of prime states. But where’s the economic fun in that? Sure, there are lots of small AMCs out there. Yet crushing them with a legislative gavel won’t amount to much in terms of financial windfall for appraisers, larger AMCs, or state coffers. Here’s why."

-Read more at: http://tinyurl.com/yk5cylf

State AMC Requirements

Follow the below link to see which states have already passed individual AMC requirements, and which state legislatures are voting on it now.

-Readm more at: http://tinyurl.com/yjmk9h3

Average AMC Appraiser Has 15-Years Experience

"On average, an appraiser working with major appraisal management companies (AMC) has more than 15 years of experience appraising residential properties, according to a new survey conducted by the Title Appraisal Vendor Management Association (TAVMA)."

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=218&Itemid=30

What's Next for the Fed and Mortgages?

"The Federal Open Market Committee said in a statement after its meeting today that the $1.25 trillion program of buying mortgage-backed securities would be completed, as expected, by the end of March. That will leave investors, homebuyers and the housing sector to watch nervously in the coming months as the industry tries to recover without new support from the Fed."

-Read more at: http://blogs.wsj.com/economics/2010/03/16/whats-next-for-the-fed-and-mortgages/

Fannie Mae Slashes Mortgage Investment Forecast

"Residential investment is likely to drop 17.2 percent in the first quarter and rebound for the rest of 2010, Fannie Mae economists, led by Doug Duncan, said in their outlook."

-Read more at: http://abcnews.go.com/Business/wireStory?id=10124765

Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales'

"We strongly believe continuing to allow 'broker price opinions' (BPOs) in the property valuation component will not adequately protect the public interest (consumer, borrowers, etc.) or the interests of the various parties to the loan (lenders, loan servicers, etc.) and is likely to exacerbate mortgage fraud," the appraiser organizations said in a letter to Treasury Secretary Timothy Geithner.

-Read more at: http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2010/03/appraisal-institute-opposes-obama-administrations-plan-for-homeowner-short-sales.html

No More Approval Letters Without Properties

"As part of the changes to the Real Estate Settlement Procedures Act, borrowers can no longer shop for a home with a firm loan commitment in hand."

-Read more at: http://www.mortgagedaily.com/index.asp?spcode=google

Mortgage Groups Support AMCs in Letter To House Leaders

"AMCs enhance a lender's ability to obtain accurate appraisals in a number of ways:"

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=211&Itemid=32

Make a Referral Week - You Can Help Stimulate the Economy Today

"Small business is the lifeblood and job-creating engine of the economy and merits the positive attention so often saved for corporate bailout stories." 

-Read more at: http://blog.verticalresponse.com/verticalresponse_blog/

Deed For Lease

"Announced early November 2009, Fannie Mae launched its 'Deed For Lease' initiative allowing homeowners on the brink of foreclosure to remain in their homes as renters."

-Read more at : http://mortgage-foreclosure.org/foreclosure-options/deed-for-lease.html

FHA Issues Guidance on Appraiser Independence

"Mortgagee Letter 2009-28 recognizes appraisal management companies (AMCs) as a valuable resource for mortgage lenders to implement appraisal independence safeguards and ensure that consumers receive quality appraisals."

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=208&Itemid=23

HUD Issues New Mortgage Rules to Help Consumers Shop For Lower Cost Home Loans

"We have carefully considered the concerns expressed from every corner of the mortgage market in developing this rule. I am convinced that we successfully balanced the needs of consumers with those in the business of homeownership."

-Read more at: http://www.hud.gov/news/release.cfm?content=pr08-175.cfm

Strengthening Appraiser Independence and Improving the Valuation Process

"The poor practices of the past are being corrected and lessons
learned are being addressed."

-Read more at:http://www.fhfa.gov/webfiles/14611/hvcc_NOTICE_7_22_09F.pdf

TAVMA Position on Appraisal Institute Proposal for New Appraisal Management Company (AMC) Registration and Regulation

"During the last twenty-five years, lenders needed to automate and better manage the appraisal process, and AMCs were created to address that business need."

-Read more at: http://www.tavma.org/index.php?option=com_content&task=view&id=165&Itemid=23

 Home Valuation Code of Conduct Frequently Asked Questions (FAQs)

"The Home Valuation Code of Conduct was modified and became effective for single-family mortgage loans originated on or after May 1, 2009, and delivered to Fannie Mae."

-Read more at: https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf