Posts from — February 2010
Coester Appraisal Group add's industry job board
Coester Appraisal Group a nationwide appraisal management company announced the addition of an industry job board on Coester's website. The job board which is open to anyone regardless if they are a client or not is set to enable Coester's clients, vendors and staff to find new prospects as well as new employment opportunities. The idea behind the Job Board was the brain child of CEO of Brian Coester who was quoted as saying "we want our business to be more than "just another appraisal company" ...
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February 27, 2010 No Comments
Seriously Deliquent FHA Loans Spike 62 Percent
Federal Housing Authority-insured loans that were 90 days or more delinquent jumped to 558,944 in January – a 62.1 percent increase compared to a year ago, according to a Feb. 19 CNNMoney.com report. In comparison, the number of loans that were 30- or 60-days delinquent fell over the past year. The surge has some industry watchers worried that the agency may need a bailout.
According to mortgage consultant Allen Hardester, aggressive originators pushed loan qualification requirement limits fo...
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February 25, 2010 No Comments
Feds Say Borrowing Costs Will Remain Low Despite Key Rate Hikes
The Federal Reserve has raised an interest rate it charges banks for emergency loans, thus beginning the process to wean the banking industry from government assistance while simultaneously trying to convince the public that the move does not represent an imminent tightening of credit.
On Feb. 19, the Fed officially increased the discount rate charged to banks for direct loans by a quarter point to 0.75 percent.
“(This change is) intended as a further normalization of the Federal Reserve...
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February 25, 2010 No Comments
Impact of Looming FHFA, FDIC Vacancies Unclear
In the midst of uncertainty over congressional efforts to compromise on financial industry reforms, three of the federal agencies that currently oversee the financial sector are soon to be without permanent leaders.
The Federal Housing Finance Agency, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision are expected to have vacant director positions open by August. In addition, Federal Deposit Insurance Corp. Chairwoman Sheila Bair is expected to step aside when h...
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February 25, 2010 No Comments
Build your Brand and Your Business
[slideshare id=3017622&doc=buildyourbrandbuildyourbusiness-100128150815-phpapp02]...
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February 25, 2010 No Comments
Reverse Mortgage Appraisal's and Compliance
If you’re planning to apply for a reverse mortgage, your home’s value is probably the most important variable used to determine how much money you can get out of your home.
An official appraisal conducted by a licensed appraiser tells your prospective lender how much your home is worth, which helps them calculate how much your payout will be.
Here’s how the home appraisal process works:
Lenders have a list of appraisers they tend to work with, depending on the size, value and location ...
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February 20, 2010 No Comments
Zillow May Not Be Ready For Prime Time
We have had a lot of feedback from readers about our first article about the Zillow.com website which was published here during the week of February 12. Nearly all of the writers were extremely negative about Zillow. For example: "This website is highly inaccurate. The values of the homes are not even close. A house valued at 380K will come back on Zillow as 212K. They have a serious database problem." "It's a very BASIC GUESS. It cannot 'see' the house (if the house is) damaged by a storm or fi...
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February 20, 2010 1 Comment
Appraisal Management Companies Will Be Ready for New FHA Appraisal Rules: TAVMA
New Rules Will Prevent Appraiser Pressure and Protect First Time Buyers -
PITTSBURGH, Feb. 16 /PRNewswire/ -- Title/Appraisal Vendor Management Association (TAVMA), the trade association that represents the nation's largest appraisal management companies (AMCs), said today that its members are prepared to help lenders comply with the changes in appraisal ordering announced by the Federal Housing Administration (FHA) that went into effect February 15, 2010.
The new guidelines prohibit mortgag...
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February 16, 2010 No Comments
Important FHA notice for all mortgagees, 02/15/10 Implementation Date Will NOT Change for MLs 2009-28 and 2009-51
This is the HUD national homeownership center reference guide mailing list for real estate industry professionals that are interested in updates to HUD Mortgagee letters, notices and guidebooks, & FHA Housing Industry Training. Please visit our homepage at: http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm Servicing lenders can visit HUD's National Servicing Center at: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm This list does not provide HudHome property listings.
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Important ...
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February 11, 2010 2 Comments
Understanding FHA Appraisal Compliance
FHA Appraisal Compliance is right around the corner FHA has made it very clear that they will not tolerate any lenders who do not comply 100% with FHA's regulation. The key to success with the new appraisal changes is understanding what needs to be done and how to effectively manage the new appraisal process. FHA sent an announcement several months ago but has not provided very much follow-up or detailed as to exactly what needs to happen for a mortgage lender to be compliant with the upcoming...
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February 10, 2010 2 Comments
FHA Appraisal Compliance, right around the corner
Coester Appraisal Group a nationwide appraisal management company is stressing the urgency of mortgage lenders taking a proactive approach to adopting FHA appraisal compliance guidelines set to take effect Feb 15, 2010. The appraisal company which is known for it's excellence service as well as commitment to appraisal quality with an 100% guaranteed appraisal is concerned the mortgage community is not prepared for the switch. Task Force Manager Jerry White was quoted as saying "we have been ...
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February 10, 2010 2 Comments
'FED's Say NO to BPO' – Updated Appraisal Newscast.
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via 'FED's Say NO to BPO'....
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February 9, 2010 No Comments
Census Bureau: 130.6 Million Housing Units in the US; 18.9 Million are Vacant
by Adam Quinones:
The Census Bureau today released the Report on Residential Vacancies and Homeownership. This data covered fourth quarter 2009.
From the release...
* National vacancy rates in the fourth quarter 2009 were 10.7 percent for rental housing and 2.7 percent for homeowner housing.
* The rental vacancy rate was higher than the fourth quarter 2008 rate (10.1 percent) and not statistically different from the rate last quarter (11.1 percent).
* For homeowner vacancies, the current ra...
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February 9, 2010 1 Comment
Personal Income, Expenditures Rises Modestly
Kan, Joel
Personal income increased by 0.4 percent, disposable personal income increased by 0.4 percent and personal consumption expenditures increased by 0.2 percent in December, the Bureau of Economic Analysis reported yesterday.
December data built on November’s increases, when personal income increased by 0.5 percent, DPI increased by 0.5 percent and PCE increased by 0.7 percent, based on revised estimates.
Real disposable income increased by 0.3 percent in December, matching November...
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February 9, 2010 No Comments
Federal Reserve: Commercial BPOs Do Not Satisfy the Definition of "Evaluation"
Link to Original:
In response to clarification requests from the Appraisal Institute, the Federal Reserve’s Board of Governors issued a Jan. 14 letter confirming that a broker price opinion “does not satisfy the definition of an appraisal in the Board’s appraisal regulation.”
The Fed’s clarification was addressed to the Appraisal Institute and came in direct response to an Oct. 26, 2009, letter sent to the Fed by the nation’s four largest appraiser organizations that ask...
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February 9, 2010 1 Comment
BofA Lends $758bn in 2009
Bank of America (BAC: 14.62 -2.53%) said it extended more than $758bn in credit in 2009, including nearly $180bn in Q409. BofA originated $87bn in first mortgages to fund purchase or refinance loans for more than 400,000 borrowers in Q409. That total includes $23bn in mortgages made to 151,000 low- and moderate-income borrowers. For the year, BofA originated $378bn in first mortgages for more than 1.7m customers, including $87bn in mortgages to more than 561,000 low- and moderate-income borrower...
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February 9, 2010 No Comments
'AppraisalNEWSCAST – Let the Countdown Begin'
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via 'AppraisalNEWSCAST - Let the Countdown Begin'....
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February 1, 2010 No Comments
AppraisalNEWSCAST – Coester Appraisal Group – Appraisal Management Company – FHA and HVCC Compliance
[youtube=http://www.youtube.com/watch?v=8UgQhtheUGc]...
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February 1, 2010 No Comments
