Appraisal Blogs

PITTSBURGH — November 10, 2009 – Findings Reconfirm AMC’s Strong Reliance on Local, Independent Appraisers — The typical driving distance traveled by independent appraisers, retained by the nation’s largest appraisal management companies (AMCs), averages 13 miles in urban and suburban areas this year, according to a new survey conducted by the Title Appraisal Vendor . . . → Read More: Press Release: Average Distance Traveled by AMC Appraisers is 13 Miles

KB Home and Countrywide Financial Corp. have been named as defendants in a Class Action suit filed on October 30th, 2009 in the US Dist. Court for the Middle District of Florida – Orlando Division.  The attached suit details alleged predatory practices in an attempt to dominate mortgage lending and corrupt the loan underwriting and approval . . . → Read More: KB Homes and Countrywide Financial Named in Class Action Complaint Alleging Inflated Appraisal and Inflated Appraisal Fee Schemes

November 6, 2009 MORTGAGEE LETTER 2009-46 ATO: ALL APPROVED MORTGAGEESSUBJECT: Temporary Guidance for Condominium Policy In Mortgagee Letter 2009-46 B, the Federal Housing Administration (FHA) announced the permanent baseline guidance for condominium project eligibility. This Mortgagee Letter (ML) waives five provisions of that guidance and serves as a temporary directive to address current housing market conditions. . . . → Read More: HUD Issues Mortgagee Letters on Condominium Approval (2009-46A & 2009-46B)

Announcement 09-14, Electronic Appraisal Reports, Enhancements to the Loan Delivery File Format, and Mortgage Fraud Reporting, stated that Fannie Mae will require the submission of electronic appraisal reports and their addenda in an acceptable XML format for all loans requiring an appraisal report. The date lenders will be required to comply with this requirement has changed . . . → Read More: Fannie Mae – Electronic Appraisal Delivery UPDATE – MISMO XML Standard

The FBI is on the Phone for You By Peter Christensen

The FBI released a report earlier this year entitled 2008 Mortgage Fraud Report “Year in Review”. It indicated the obvious: that reports of mortgage fraud and investigations of it by the FBI increased significantly in 2008. The FBI further indicated:

“With the anticipated continued upsurge . . . → Read More: What Should the Good Appraiser Do When the FBI or Any Law Enforcement Officer Calls?

Washington, DC, November 5, 2009 — The Appraisal Foundation, a Congressionally authorized non-profit organization dedicated to promoting professionalism in appraising through the establishment of appraisal standards and appraiser qualifications, announced today the establishment of a third independent board, the Appraisal Practices Board (APB).

Earlier this year, the Foundation Board of Trustees established a Task Force to . . . → Read More: Appraisal Practices Board (APB) to Commence Work in July 2010 – New Independent Board