All Posts Tagged With: "appraisal"
Why Obama Should Favor Mortgage Appraisals
President Obama inherited the worst financial crisis since Hoover and the Great Depression. It follows that getting the country back on track is no easy task and while his new housing plan includes much to support it also includes a provision to dump appraisals when they are most needed. Dump is really the right word. Fannie [...]
6Feb2012 | Peter G. Miller | 2 comments | Continued
Maryland Rejects Foreclosure-Free Appraisals — What About Your State?
The Maryland House of Delegates has rejected proposed legislation that would have required appraisers to value real estate without using data from foreclosures or short sales. If enacted, the legislation would have ended all mortgage lending in the state because the higher valuations shown in appraisal reports would not reflect marketplace realities. Moreover, the legislation [...]
2Jun2011 | Peter G. Miller | 0 comments | Continued
4 States Consider Use Of Faked Appraisals
It’s amazing. If you don’t like appraisal results, if you want home prices to be higher, then just change appraisal rules. That’s the theory behind a new legislative drive now taking place in several states. The Appraisal Institute reports that “four states — Illinois, Maryland, Missouri and Nevada — are considering legislation that would prohibit [...]
31Mar2011 | Peter G. Miller | 13 comments | Continued
The Mortgage Modification That Hurts Borrowers
Our lender has modified our mortgage. That sounds pretty good because mortgage modifications are in the news and some people very much need new rates and terms. But in this case, what’s happened is this: Out of the blue and without any other notice our lender has cut off our home equity line of credit [...]
7Apr2010 | Peter G. Miller | 0 comments | Continued
What Is The BPO Foreclosure Connection?
When lenders take back a property through the foreclosure process they want two things: They want to know how much it’s worth and they want to know as cheaply as possible. One way to determine value would be to get an appraisal of the property. Appraisals are independent estimates of value developed by licensed appraisers, [...]
13Feb2010 | Peter G. Miller | 0 comments | Continued
Appraisal Worries Really About The Future
Tim writes and points to a number of problems he sees with the Home Valuation Code of Conduct (HVCC). Fair enough. Let’s look at what he offers: >>>Instead of a majority of valuation assignments going to appraisal managment companies we now have virtually ALL assignments being controlled by these joint venture arrangments. Notice how the [...]
22Jul2009 | Peter G. Miller | 0 comments | Continued
Appraisers Seek Sensible Reform
There’s been considerable debate regarding the Home Valuation Code of Conduct (HVCC), the agreement to curb appraisal abuses worked out between New York Attorney General Andrew Cuomo, Fannie Mae, Freddie Mac and their then regulator, the Office of Federal Housing Enterprise Oversight (OFHEO). A number of leading real estate and lending trade associations are seeking [...]
14Jul2009 | Peter G. Miller | 0 comments | Continued
New appraisal code should help home buyers
Freddie Mac and Fannie Mae’s new Home Valuation Code of Conduct went into effect as of May 1st, a document which is important to buyers, sellers and lenders. For a number of years appraisers have reported being pressured to meet certain price points when evaluating a home, pressure placed on them by lenders and loan [...]
11May2009 | Peter G. Miller | 3 comments | Continued
Why Is Illegal Flipping A White-Collar Crime?
Hardly a week passes without more revelations of illegal flipping. Typical of what you see has been the recent situation in Cincinnati where more than three dozen people have been convicted in a $50 million illegal flipping scam. Timothy Husvar, according to the Cincinnati Enquirer, was involved in illegal flipping worth $2.3 million over a [...]
15Sep2008 | Peter G. Miller | 0 comments | Continued
What If The Appraised Value Is Less Than Sale Price?
Lenders will provide financing on the basis of the sale price or the appraised value — whichever is less. This means if the appraised value is less than the sale price, the seller may have to lower the price, the buyer may have to offer more cash, or both parties may need to make some [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
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