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Implementation deadline for appraisal review policy pushed to Oct. 31

Housing Wire

“Major stakeholders provided compelling feedback that additional time is necessary to properly meet the new expectations of the [May] ML due to staffing considerations, third-party coordination, and technology constraints,” FHA said in an informational notice.

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The New UAD: “Don’t Borrow Trouble.”

Appraisal Buzz

That’s how I first got involved in valuation technology. He taught me more than just appraisal; he taught me about life, often through a multitude of enigmatic phrases like “better than a poke in the eye with a sharp stick” or “don’t borrow trouble.” Much of this information might be passed on from the client or the AMC.

Appraisal 363
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Like it or not, desktop appraisals are here to stay

Housing Wire

By the end of 2020, FHFA signaled publicly it was considering hybrid appraisals on a permanent basis, following proposals from both Fannie Mae and Freddie Mac. Murphy and Associates Real Estate Appraisers and Consultants , raised concerns about bearing the liability for an appraisal, but relying on second-hand information.

Appraisal 370
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CFPB reverses pandemic flexibilities, vowing enforcement

Housing Wire

In one of its key decisions, the CFPB said it will roll back its leniency on reporting Home Mortgage Disclosure Act data. The CFPB also rolled back leniency on reporting of certain information related to credit card and prepaid accounts under the Truth in Lending Act, Regulation Z, and Regulation E.

Appraisal 435
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CFPB, FHFA release updated mortgage originations survey data

Housing Wire

The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) this week released updated loan-level data collected through the National Survey of Mortgage Originations (NSMO), according to a joint announcement.

Mortgage 421
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Agents fight misconceptions to win deals for military veteran clients

Housing Wire

He will also inform the listing agent that he is a veteran himself and implores them to ask any questions or express concerns they have about VA loans. At the end of the day, Pascoe says the process is not all that different than purchasing a home with a conventional mortgage. That never happens when a VA loan is involved.

Clients 418
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BREAKING The New York State AMC Law Is Now In Effect

Miller Samuel

Becky Jones sat on the Legislative steering committee at NYSAR and informed them about the bill. They've been progressive in their quick denouncement of other important issues, like appraisal waivers, so the lack of denouncement against AMCs is curious. mortgage appraisal volume) for properties in New York State.

Law 367