19th September 2012

Bill to Expand HARP Would Eliminate Appraisal Costs

Appraisal costs would be eliminated in a proposed bill that would give homeowners with mortgages held by Fannie or Freddie and who have equity in their homes the same opportunity to refinance through the Home Affordable Refinance Program as those with underwater mortgages, Mortgage News Daily reported Sept. 11.

The Responsible Homeowner Refinancing Act, sponsored by Sens. Robert Menendez, D-N.J., and Barbara Boxer, D-Calif., would extend guidelines and reduce fees under HARP for homeowners regardless of the loan-to-value ratio of their current loan held or owned by the government-sponsored enterprises.

Homeowners would have to be current on their mortgages in order to qualify for the bill, which would:

Eliminate appraisal costs for all borrowers.
Borrowers who live in communities without a substantial number of recent home sales often have been prevented from using the Automated Valuation Models typically used by the GSEs and therefore have to pay for a manual appraisal to refinance. The proposed bill would require the GSEs to develop additional streamlined alternatives to manual appraisals, Mortgage News Daily reported.

Remove barriers to competition.
The bill proposes to eliminate the different standards that exist for lenders currently servicing a loan than for new lenders, and calls for stricter underwriting criteria and greater risks from the GSEs’ reps and warranties. The legislation would direct the GSEs to require equalizing the underwriting and associated reps and warranties between existing and new lenders so borrowers would get more competitive pricing and more favorable loans terms.

Guarantee access to streamlined refinancing for all GSE borrowers.
The bill would allow lenders to offer a single, streamlined program to all GSE borrowers rather than continuing to distinguish between borrowers with LTVs above 80 percent and those below. Borrowers with greater equity have endured greater costs and administrative burdens that basically have locked them out of HARP, Mortgage News Daily reported.

Eliminate upfront fees on refinancings.
Enhancements to HARP earlier this year lowered or completely eliminated some fees for HARP loans, creating what the sponsors called an economically indefensible situation where borrowers with significant equity have faced steeper costs for refinancing than borrowers with no equity, Mortgage News Daily reported. These additional fees can be as high as 2 percent of the loan amount. The bill would prohibit the GSEs from charging upfront fees to refinance any loan they already guarantee.

Streamline the refinancing application process.
The bill proposes the elimination of employment and income verification requirements. According to Mortgage News Daily, the sponsors felt there’s no reason to require proof of employment or income for such loans since participation in HARP already requires borrowers to be current and have a history of timely payments, and the GSEs already own the risk.

“Passing this bill will get rid of the red tape that leaves millions of borrowers trapped in higher interest loans, puts money back into the pockets of middle class families, and strengthens our economy,” Menendez said, Mortgage News Daily reported.

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13th September 2012

Use dual monitors to boost appraiser productivitiy! [HOW TO]

Having two or three displays side-by-side doesn’t just look cool, it can actually boost your productivity.

You might have seen in my videos or pictures that I use dual monitors to be a more productive appraiser. This will tell you how you can do it as well.

How to set up dual monitors


…continue reading the rest of this post: Use dual monitors to boost appraiser productivitiy! [HOW TO]

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7th September 2012

FHA News–Lots of Free Training and Webinars for FHA!

**FHA News is provided by Lore DeAstra, MBA, SRA, CDEI, author of FHA – The Future of Financing (FHA Guide, Checklist and eBook). See below for details on the package.

FHA News–Lots of Free Training and Webinars for FHA!

September 12 & 13, 2012 – Phoenix, AZ – FHA Lender Training. FHA’s Santa Ana Homeownership Center will be conducting 2-day classes on recent changes, automated (AUS) vs. manual underwriting, review and discussion of feedback certificate and documentation, post endorsement technical reviews, insuring deficiencies, highlights of underwriting the FHA appraisal and much more. This training is highly beneficial for mortgage lending professionals; Underwriters, Processors, and Loan Officers, but all are welcomed. The exact same training will be offered in 3 different locations, and on different dates. Registration required, no fee. Register at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=1432&update=N

September 18, 2012 – Webinar: The REO Appraisal. Join us for a FREE webinar! The Real Estate Owned (REO) Appraisal will acquaint the audience with the correct reporting procedures that FHA Roster appraisers should follow when completing FHA appraisal reports for HUD Real Estate Owned (REO) properties. This seminar introduces and explains, rather than supplants, official policy issued in Handbooks and Mortgagee Letters. Appraisers new to the FHA Roster, as well as seasoned professionals looking for a refresher will benefit. Registrants will receive an email confirmation prior to the webinar with a web link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required (http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=1488&update=N ). Webinar is at 9am MOUNTAIN TIME. Questions? E-mail us at: denverhoc-pudtraining@hud.gov

September 24 – 25, 2012- Chicago, IL. FHA Training/Update for Lenders and Appraisers. SAVE THE DATES! FHA training/update for lenders and appraisers is coming to downtown Chicago, IL. Location and registration details will be posted soon. The FHA Atlanta Homeownership Center staff will provide training and updates on FHA underwriting and appraisal requirements. Watch this listserv for our next notice!

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5th September 2012

How to handle a subpoena from the FDIC

I recently received notice from my E&O company with a quick note on how to respond to a subpoena from the FDIC so I thought I would share it with you.

A member received a subpoena from the FDIC stating that the FDIC, through one or more of its law firms it works with is sending a wave of subpoenas to appraisers requesting information from your work files. The subpoenas are being issued on official letterhead from the FDIC.

If you receive one, known as a subpoena decus tecum, contact your E&O carrier immediately and my E&O provide advised NOT to reply to or even aknowldedge receipt of the subpoena in any fashion.

Of course I am no lawyer, but it would always be a good idea to contact your provider first.

Hope nobody gets one of these!


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5th September 2012

Urban Lending Solutions has an immediate need for appraisers

Urban Lending Solutions has an immediate need for appraisers

Urban Lending Solutions Appraisals

Panel Appraisers Needed

Description: uls.pngUrban Lending Solutions Appraisals, LLC (“ULSA”) was formed to provide a unique experience for AMC panel appraisers. We offer weekly payment cycles and a staff with real-world appraisal experience. In fact, ULSA’s team of staff appraisers has an average of 17 years of experience in the appraisal industry. We fully understand the obstacles encountered by panel appraisers, so ULSA maintains appraiser to appraiser communication for feedback on your appraisals.

We are accepting applications for our nationwide panel, with emphasis on the service areas below for immediate expansion:

CA: All counties
CO: All counties
CT: New London; Fairfield; Hartford
FL: All counties
IL: All counties
IN: All counties
MA: All counties
MI: All counties
MO: All counties
NH: All counties
NJ: Monmouth; Mercer
NY: Kings; Wayne; Queens
OH: All counties
PA: Allegheny; Cumberland; Erie; Lycoming; York; Butler
VT: Chittenden; Bennington

We look forward to you joining our panel! Apply today by contacting us below.

Link: http://www.urban-lsa.com/for-appraisers/for-appraisers
Email: appraiserapplications@urban-ls.com
Phone: 888.996.8060

Please provide feedback on this company below and make sure they are paying reasonable and customary fees! Thanks!


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