APPRAISER LAW BLOGClaims Against Residential Appraisers in 2009
Monday, November 23, 2009
Claim of the Week — Roof Leaks 9 Years After Appraisal
By Peter Christensen
We see many frivolous claims against appraisers. No matter how accurate or careful an appraiser may be, these sorts of claims will be filed anyway.

This particular claim relates to an appraisal for a purchase loan on a single family house in a mid-western state. The home was appraised for the lender at about $60,000. The homeowner has sent a demand letter to the appraiser demanding that the appraiser pay the homeowner about $9,000 to replace the roof and remove a tree that is causing damage to the roof. The homeowner alleges the roof recently started leaking and that the appraiser should have identified this condition in the appraisal report. Here’s what makes the claim standout: the appraisal was done in 2000, 9 years and countless windstorms ago. So, here we have a non-client, non-intended user complaining about a roof that started leaking 9 years after the appraisal, a report which clearly stated that the appraiser was not a home inspector and that the report was prepared for the purpose of the mortgage transaction only.
END OF POST
Click Here to Read Full Post

Get set for some free Lender Training from CalHFA!

CalHFA is offering a series of Webinar Lender Training sessions to introduce and outline several financing options for first-time homebuyers. You can also learn about CalHFA’s policies, procedures, eligibility requirements, documentation and more.
See the invitation below to find out how you can register for this free and functional training from CalHFA.

Lender Training Invitation

For questions about this announcement, contact CalHFA Homeownership Programs Division by phone 916.324.8088; by fax 916.324.6589; or by email at homeownership@calhfa.ca.gov. You can always visit CalHFA’s web site at: www.calhfa.ca.gov or Homeownership Programs Division directly at www.calhfa.ca.gov/homeownership.

CalHFA thanks you for your business and we look forward to continuing to support your affordable housing loan needs.

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER

November 18, 2009

MORTGAGEE LETTER 2009-49

TO: ALL FHA-APPROVED MORTGAGEES

ALL HUD-APPROVED HOUSING COUNSELING AGENCIES

SUBJECT: Home Equity Conversion Mortgage Program: Subordinate Liens

This Mortgagee Letter iterates guidance issued under Mortgagee Letter 2006-20 addressing FHA requirements for secured subordinate financing under the Home Equity Conversion Mortgage (HECM) Program…

To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.

AND

FHA Condo Policy Call:

In follow-up to the presentation on Mortgagee Letters 2009-46 (a) and (b), FHA will hold another conference call to take additional questions. The call is scheduled for Wednesday, 12/02/09 at 2:00pm Eastern time. The call-in number is (866) 207-0413 and the conference id number is 43363152.

To read mortgagee letter 2009-46 (a) and (b) and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page

AND

HUD RESPA Seminar Comes to Philadelphia, PA:

December 11, 2009 – Philadelphia, Pa. New RESPA Rule Seminar. The Philadelphia Homeownership Center is hosting a seminar on the new RESPA Rule. The topics discussed will be standard Good Faith Estimate (GFE), Elimination of cap origination fees, and more. The New RESPA Rule will take full effect on January 1, 2010. Guest speaker is Ivy Jackson, HUD Director of RESPA and ILS. Do not delay, RSVP today to reserve your place, seating is limited. Registration required. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=314&update=N

AND

FHA Philadelphia Homeownership Center Webinar Archive is now online:

An archive copy of the November 18, 2009 FHA Webinar on “The FHA Appraisal Process, Existing Policy & Recent Updates” is now available online. You can view the archive version of the webinar by visiting: http://www.hud.gov/offices/hsg/sfh/talk/parc/phiarch.cfm

AND

FHA training and events around the nation:

November 30, 2009 – FHA Lender Insurance Webinar. This FREE Webinar training will provide an overview of insuring procedures for lenders who want to become an LI Lender and a refresher for current LI Lenders. The topics will include; common NORs, rejects, case warnings, and TOTAL Scorecard data. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=301&update=N

December 4, 2009 – Denver, Colorado. FHA Single Family Updates and Affordable Housing Programs Class. Real estate licensing or membership in the Denver Board of Realtors not required to attend this class. Friday from 9 am to 1pm at the Denver Board of Realtors office, 4300 E. Warren Avenue, Denver, CO 80222. $10 for Denver Board members, $20 for non-members. Call recording at 303-300-8500 to register or email Susan.R.Lyons@hud.gov for more information.

December 9, 2009 – Think FHA webinars for C.A.R. members. One-hour session, from 10:00 to 11:00 a.m. PST on recent changes in FHA & how they affect Realtors®. Sponsored by HUD & the California Association of Realtors® (C.A.R.). Registration required & only available to C.A.R. members, no fee. More info at: http://www.car.org/education/FHA/

February 23-24, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

May 18-19, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

August 24-25, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

___________________________________________________________________________________________

FHA conference call on condo policy:

FHA will conduct an industry conference call on “FHA Mortgagee Letters 2009-46 A, Temporary Guidance for Condominium Policy, and 2009-46 B, Condominium Approval Process for Single Family Housing, on Thursday, November 19, 2009 at 2:00 pm Eastern Standard Time (EST). The conference call will feature a brief overview of the mortgagee letters, followed by an open question and answer session. While the call is designed to address the new condominium guidance, answers will also be provided on questions concerning other FHA topics.

To participate in the FHA condo conference call on November 19, 2009 at 2:00 pm EST, please dial: (866) 207-0413 and provide to the operator the conference ID #41740852.

You can obtain a copy of “FHA Mortgagee Letters 2009-46 A and 2009-46 B in advance of the conference call by visiting: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/

AND

HUD-FHA has more new career opportunities for qualified individuals. Recently posted online is the position of:

Supervisory Mortgage Review Board Officer, Job Announcement Number: HQ-294953-DEU-CS: DUTY LOCATION: Washington DC

The HUD-FHA Job Vacancy Announcements are posted at www.usajobs.gov Please visit that website to view the announcements, additional information and to search for additional new HUD job listings as they are posted. HUD-FHA also has job opportunities in other locations around the nation. Please bookmark and revisit www.usajobs.gov frequently to see the new jobs as they appear online. Application forms can be found at: http://www.usajobs.opm.gov/forms.asp

AND

RESPA Seminar comes to Santa Ana CA:

December 2, 2009 – Santa Ana, CA. RESPA Seminar. The Santa Ana Home Ownership Center is hosting a two hour seminar and update on the new RESPA Rule. HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a revised HUD-1 Settlement Statement. Also discussed will be elimination of FHA cap on origination fees. The new RESPA Rules were published November 17, 2008 and will take full effect on January 1, 2010. Guest Presenters are Bart Shapiro, Deputy Director and Andrew Fay, Supervisory Investigative Coordinator, HUD Office of RESPA and ILS. PLEASE NOTE: Cell phones with cameras are not permitted in the federal building. Please do not bring these to the workshop. Registration required, no fee. RSVP today to reserve your place, seating is limited. More information at: http://www.hud.gov/apps/calendar/event.cfm?state=ca&record=10033&scheduleID=9794&calendarID=8

AND

FHA training and events around the nation:

November 20, 2009 – FHA HECM Webinar. This FREE Webinar training will provide an overview of the HECM process. Covered topic will include: HECM purchase transactions, refinances, and updates to the HECM process. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=299&update=N

November 21, 2009 – Grand Junction, Colorado. Western Colorado Foreclosure Prevention Fair. FHA staff, housing counselors, community resource agencies and mortgage servicers will be available to assist the public. Saturday 10 am – 2 pm at Canyon View Vineyards Church, 736 24 1/2 Road, Grand Junction, CO. Free.

November 30, 2009 – FHA Lender Insurance Webinar. This FREE Webinar training will provide an overview of insuring procedures for lenders who want to become an LI Lender and a refresher for current LI Lenders. The topics will include; common NORs, rejects, case warnings, and TOTAL Scorecard data. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=301&update=N

December 4, 2009 – Denver, Colorado. FHA Single Family Updates and Affordable Housing Programs Class. Real estate licensing or membership in the Denver Board of Realtors not required to attend this class. Friday from 9 am to 1pm at the Denver Board of Realtors office, 4300 E. Warren Avenue, Denver, CO 80222. $10 for Denver Board members, $20 for non-members. Call recording at 303-300-8500 to register or email Susan.R.Lyons@hud.gov for more information.

December 9, 2009 – Think FHA webinars for C.A.R. members. One-hour session, from 10:00 to 11:00 a.m. PST on recent changes in FHA & how they affect Realtors®. Sponsored by HUD & the California Association of Realtors® (C.A.R.). Registration required & only available to C.A.R. members, no fee. More info at: http://www.car.org/education/FHA/

February 23-24, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

May 18-19, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

August 24-25, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

NAR Announces Realtors Property Resource
The National Association of REALTORS (NAR) recently announced the creation of the Realtors Property Resource (RPR). The online real estate library will catalog every property in the United States. This initiative will provide access to a national database of real property information and will give real estate professionals the best access to real property information needed to serve their clients and customers.

On November 9, 2009, NAR announced it acquired technology to create the database from LPS Real Estate Group, a subsidiary of LPS. Said the press release “NAR will use the assets to develop the Realtors® Property ResourceTM, a parcel-centric information database covering all of the more than 147 million property parcels in the country as a resource for NAR members. NAR is planning to launch RPRTM in the second quarter 2010.”

RPR™ will give Realtors® nationwide data on all properties at their fingertips so they can respond quickly to consumers interested in residential and commercial real estate. This is exciting news and a terrific NAR member benefit. NAR is committed to keep Realtors® central to the transaction and to the buying and selling experience with their clients and customers,” said NAR President Charles McMillan, broker with Coldwell Banker Residential Real Estate in Dallas-Fort Worth
http://narblog1.realtors.org/mvtype/appraisalinsight/2009/11/nar_announces_realtors_propert.html

Appraisal Adjustments, Curtis-Rosenthal, MAI, Appraisal Institute: http://www.harriscompanyrec.com/files/Curtis_Rosenthal.pdf

4150.2
1/06
D- 1
APPENDIX D: VALUATION PROTOCOL
The appraisal process is the lender’s tool for determining if a property meets the minimum requirements and eligibility standards for a FHA-insured mortgage. Underwriters bear primary responsibility for determining eligibility; however, the appraiser is the on-site representative for the lender and provides preliminary verification that the General Acceptability Criteria standards have been met.
FHA RESIDENTIAL APPRAISAL REQUIREMENTS
This section provides specific instructions for completing appraisal report forms.
The appraisal reporting form to be used will depend on the property type that is being appraised. The appraiser must select the appropriate appraisal form for reporting an FHA appraisal from the following:
1. Uniform Residential Appraisal Report (Fannie Mae Form 1004 March 2005) – Required to report an appraisal of a one-unit property or a one-unit property with an accessory unit.
2. Manufactured Home Appraisal Report (Fannie Mae Form 1004C March 2005) – Required to report an appraisal of a one-unit manufactured home.
3. Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073 March 2005) – Required to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD).
4. Small Residential Income Property Appraisal Report (Fannie Mae Form 1025) – Required to report an appraisal of a two- to four-unit property.
An appraisal performed for HUD/FHA purposes requires that all sections of the appraisal form be addressed. The appraiser must complete the form in a manner that clearly reflects the thoroughness of the investigation and analysis of the appraisal findings. The conclusions about the observed conditions of the property provide the rationale for the opinion of market value. The completed appraisal form utilized, together with the required exhibits, constitutes the reporting instrument to HUD for FHA-insured mortgages.

http://www.harriscompanyrec.com/fhaappraisal.pdf

For Immediate Release
November 13, 2009 United States Attorney’s Office
Eastern District of California
Contact: (916) 554-2700
Seven Charged in 53-Count, Million-Dollar Mortgage Fraud Scheme
More Than 100 Properties Involved

OAKLAND, CA—A federal grand jury returned a 53-count indictment charging seven individuals with conspiracy to commit wire fraud, wire fraud, and money laundering for their roles in a mortgage fraud scheme that involved more than 100 properties in Northern California, United States Attorney Joseph P. Russoniello, Special Agent in Charge, IRS Criminal Investigation, Scott O’Briant, and Special Agent in Charge, FBI, Stephanie Douglas, announced.

The indictment, which was unsealed yesterday, charges Amy Schloemann, aka Amy Kinney; Karim Akil, aka Scott Kinney, aka Scott Kenney; Wonda Louise Kidd; Michelle McGuire; Kaska Clay, aka Mark Lane, aka Michael Lewis; James Ross; and Darnell Thomas.

According to the indictment, from October 2004 through July 2007, the defendants participated in a conspiracy to defraud involving more than 100 properties that provided profits in the millions to members of the conspiracy through the fraudulent purchase of real estate and the laundering of profits.

2010 Loan Limits Now Available
Fannie Mae has issued the following Announcement:

•09-34: Confirmation of Conventional Loan Limits for 2010
We have confirmed our 2010 conforming loan limits, as determined by the Federal Housing Finance Agency (FHFA). The maximum general conforming loan limit for one-unit properties will remain at $417,000. The maximum high-cost area conforming loan limits have been extended for 2010 originations.

Mortgage Fraud Blog – 10 new articles

In This Issue…
Bear Stearns Managers Found Not Guilty of Fraud
Fraudline: Is Mortgage Fraud Addictive?
Man Sentenced for Stealing Identities From Mortgage Files
2 Arrested For Fraud Involving Investment and Loan Modification Scams
President of First Fidelity Mortgage, Inc. Pleads Guilty to Bank Fraud
Florida Mortgage Fraud Task Force Makes More Arrests
Mortgage Fraud Leads to Hard Time and Big $ Judgment
Criminal Action by Georgia Dept of Banking Results in Guilty Plea
Guilty Plea In Real Estate Ponzi Scheme
Maryland Woman Pleads Guilty to Mortgage Fraud Scheme in D.C. and Maryland
Search Mortgage Fraud Blog

http://www.mortgagefraudblog.com/

APPRAISER LAW BLOGClaims Against Residential Appraisers in 2009
Monday, November 23, 2009
Claim of the Week — Roof Leaks 9 Years After Appraisal
By Peter Christensen
We see many frivolous claims against appraisers. No matter how accurate or careful an appraiser may be, these sorts of claims will be filed anyway.

This particular claim relates to an appraisal for a purchase loan on a single family house in a mid-western state. The home was appraised for the lender at about $60,000. The homeowner has sent a demand letter to the appraiser demanding that the appraiser pay the homeowner about $9,000 to replace the roof and remove a tree that is causing damage to the roof. The homeowner alleges the roof recently started leaking and that the appraiser should have identified this condition in the appraisal report. Here’s what makes the claim standout: the appraisal was done in 2000, 9 years and countless windstorms ago. So, here we have a non-client, non-intended user complaining about a roof that started leaking 9 years after the appraisal, a report which clearly stated that the appraiser was not a home inspector and that the report was prepared for the purpose of the mortgage transaction only.
END OF POST
Click Here to Read Full Post

Get set for some free Lender Training from CalHFA!

CalHFA is offering a series of Webinar Lender Training sessions to introduce and outline several financing options for first-time homebuyers. You can also learn about CalHFA’s policies, procedures, eligibility requirements, documentation and more.
See the invitation below to find out how you can register for this free and functional training from CalHFA.

Lender Training Invitation

For questions about this announcement, contact CalHFA Homeownership Programs Division by phone 916.324.8088; by fax 916.324.6589; or by email at homeownership@calhfa.ca.gov. You can always visit CalHFA’s web site at: www.calhfa.ca.gov or Homeownership Programs Division directly at www.calhfa.ca.gov/homeownership.

CalHFA thanks you for your business and we look forward to continuing to support your affordable housing loan needs.

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER

November 18, 2009

MORTGAGEE LETTER 2009-49

TO: ALL FHA-APPROVED MORTGAGEES

ALL HUD-APPROVED HOUSING COUNSELING AGENCIES

SUBJECT: Home Equity Conversion Mortgage Program: Subordinate Liens

This Mortgagee Letter iterates guidance issued under Mortgagee Letter 2006-20 addressing FHA requirements for secured subordinate financing under the Home Equity Conversion Mortgage (HECM) Program…

To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.

AND

FHA Condo Policy Call:

In follow-up to the presentation on Mortgagee Letters 2009-46 (a) and (b), FHA will hold another conference call to take additional questions. The call is scheduled for Wednesday, 12/02/09 at 2:00pm Eastern time. The call-in number is (866) 207-0413 and the conference id number is 43363152.

To read mortgagee letter 2009-46 (a) and (b) and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page

AND

HUD RESPA Seminar Comes to Philadelphia, PA:

December 11, 2009 – Philadelphia, Pa. New RESPA Rule Seminar. The Philadelphia Homeownership Center is hosting a seminar on the new RESPA Rule. The topics discussed will be standard Good Faith Estimate (GFE), Elimination of cap origination fees, and more. The New RESPA Rule will take full effect on January 1, 2010. Guest speaker is Ivy Jackson, HUD Director of RESPA and ILS. Do not delay, RSVP today to reserve your place, seating is limited. Registration required. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=314&update=N

AND

FHA Philadelphia Homeownership Center Webinar Archive is now online:

An archive copy of the November 18, 2009 FHA Webinar on “The FHA Appraisal Process, Existing Policy & Recent Updates” is now available online. You can view the archive version of the webinar by visiting: http://www.hud.gov/offices/hsg/sfh/talk/parc/phiarch.cfm

AND

FHA training and events around the nation:

November 30, 2009 – FHA Lender Insurance Webinar. This FREE Webinar training will provide an overview of insuring procedures for lenders who want to become an LI Lender and a refresher for current LI Lenders. The topics will include; common NORs, rejects, case warnings, and TOTAL Scorecard data. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=301&update=N

December 4, 2009 – Denver, Colorado. FHA Single Family Updates and Affordable Housing Programs Class. Real estate licensing or membership in the Denver Board of Realtors not required to attend this class. Friday from 9 am to 1pm at the Denver Board of Realtors office, 4300 E. Warren Avenue, Denver, CO 80222. $10 for Denver Board members, $20 for non-members. Call recording at 303-300-8500 to register or email Susan.R.Lyons@hud.gov for more information.

December 9, 2009 – Think FHA webinars for C.A.R. members. One-hour session, from 10:00 to 11:00 a.m. PST on recent changes in FHA & how they affect Realtors®. Sponsored by HUD & the California Association of Realtors® (C.A.R.). Registration required & only available to C.A.R. members, no fee. More info at: http://www.car.org/education/FHA/

February 23-24, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

May 18-19, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

August 24-25, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

___________________________________________________________________________________________

FHA conference call on condo policy:

FHA will conduct an industry conference call on “FHA Mortgagee Letters 2009-46 A, Temporary Guidance for Condominium Policy, and 2009-46 B, Condominium Approval Process for Single Family Housing, on Thursday, November 19, 2009 at 2:00 pm Eastern Standard Time (EST). The conference call will feature a brief overview of the mortgagee letters, followed by an open question and answer session. While the call is designed to address the new condominium guidance, answers will also be provided on questions concerning other FHA topics.

To participate in the FHA condo conference call on November 19, 2009 at 2:00 pm EST, please dial: (866) 207-0413 and provide to the operator the conference ID #41740852.

You can obtain a copy of “FHA Mortgagee Letters 2009-46 A and 2009-46 B in advance of the conference call by visiting: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/

AND

HUD-FHA has more new career opportunities for qualified individuals. Recently posted online is the position of:

Supervisory Mortgage Review Board Officer, Job Announcement Number: HQ-294953-DEU-CS: DUTY LOCATION: Washington DC

The HUD-FHA Job Vacancy Announcements are posted at www.usajobs.gov Please visit that website to view the announcements, additional information and to search for additional new HUD job listings as they are posted. HUD-FHA also has job opportunities in other locations around the nation. Please bookmark and revisit www.usajobs.gov frequently to see the new jobs as they appear online. Application forms can be found at: http://www.usajobs.opm.gov/forms.asp

AND

RESPA Seminar comes to Santa Ana CA:

December 2, 2009 – Santa Ana, CA. RESPA Seminar. The Santa Ana Home Ownership Center is hosting a two hour seminar and update on the new RESPA Rule. HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a revised HUD-1 Settlement Statement. Also discussed will be elimination of FHA cap on origination fees. The new RESPA Rules were published November 17, 2008 and will take full effect on January 1, 2010. Guest Presenters are Bart Shapiro, Deputy Director and Andrew Fay, Supervisory Investigative Coordinator, HUD Office of RESPA and ILS. PLEASE NOTE: Cell phones with cameras are not permitted in the federal building. Please do not bring these to the workshop. Registration required, no fee. RSVP today to reserve your place, seating is limited. More information at: http://www.hud.gov/apps/calendar/event.cfm?state=ca&record=10033&scheduleID=9794&calendarID=8

AND

FHA training and events around the nation:

November 20, 2009 – FHA HECM Webinar. This FREE Webinar training will provide an overview of the HECM process. Covered topic will include: HECM purchase transactions, refinances, and updates to the HECM process. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=299&update=N

November 21, 2009 – Grand Junction, Colorado. Western Colorado Foreclosure Prevention Fair. FHA staff, housing counselors, community resource agencies and mortgage servicers will be available to assist the public. Saturday 10 am – 2 pm at Canyon View Vineyards Church, 736 24 1/2 Road, Grand Junction, CO. Free.

November 30, 2009 – FHA Lender Insurance Webinar. This FREE Webinar training will provide an overview of insuring procedures for lenders who want to become an LI Lender and a refresher for current LI Lenders. The topics will include; common NORs, rejects, case warnings, and TOTAL Scorecard data. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=301&update=N

December 4, 2009 – Denver, Colorado. FHA Single Family Updates and Affordable Housing Programs Class. Real estate licensing or membership in the Denver Board of Realtors not required to attend this class. Friday from 9 am to 1pm at the Denver Board of Realtors office, 4300 E. Warren Avenue, Denver, CO 80222. $10 for Denver Board members, $20 for non-members. Call recording at 303-300-8500 to register or email Susan.R.Lyons@hud.gov for more information.

December 9, 2009 – Think FHA webinars for C.A.R. members. One-hour session, from 10:00 to 11:00 a.m. PST on recent changes in FHA & how they affect Realtors®. Sponsored by HUD & the California Association of Realtors® (C.A.R.). Registration required & only available to C.A.R. members, no fee. More info at: http://www.car.org/education/FHA/

February 23-24, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

May 18-19, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

August 24-25, 2010 – Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm

NAR Announces Realtors Property Resource
The National Association of REALTORS (NAR) recently announced the creation of the Realtors Property Resource (RPR). The online real estate library will catalog every property in the United States. This initiative will provide access to a national database of real property information and will give real estate professionals the best access to real property information needed to serve their clients and customers.

On November 9, 2009, NAR announced it acquired technology to create the database from LPS Real Estate Group, a subsidiary of LPS. Said the press release “NAR will use the assets to develop the Realtors® Property ResourceTM, a parcel-centric information database covering all of the more than 147 million property parcels in the country as a resource for NAR members. NAR is planning to launch RPRTM in the second quarter 2010.”

RPR™ will give Realtors® nationwide data on all properties at their fingertips so they can respond quickly to consumers interested in residential and commercial real estate. This is exciting news and a terrific NAR member benefit. NAR is committed to keep Realtors® central to the transaction and to the buying and selling experience with their clients and customers,” said NAR President Charles McMillan, broker with Coldwell Banker Residential Real Estate in Dallas-Fort Worth
http://narblog1.realtors.org/mvtype/appraisalinsight/2009/11/nar_announces_realtors_propert.html

Appraisal Adjustments, Curtis-Rosenthal, MAI, Appraisal Institute: http://www.harriscompanyrec.com/files/Curtis_Rosenthal.pdf

4150.2
1/06
D- 1
APPENDIX D: VALUATION PROTOCOL
The appraisal process is the lender’s tool for determining if a property meets the minimum requirements and eligibility standards for a FHA-insured mortgage. Underwriters bear primary responsibility for determining eligibility; however, the appraiser is the on-site representative for the lender and provides preliminary verification that the General Acceptability Criteria standards have been met.
FHA RESIDENTIAL APPRAISAL REQUIREMENTS
This section provides specific instructions for completing appraisal report forms.
The appraisal reporting form to be used will depend on the property type that is being appraised. The appraiser must select the appropriate appraisal form for reporting an FHA appraisal from the following:
1. Uniform Residential Appraisal Report (Fannie Mae Form 1004 March 2005) – Required to report an appraisal of a one-unit property or a one-unit property with an accessory unit.
2. Manufactured Home Appraisal Report (Fannie Mae Form 1004C March 2005) – Required to report an appraisal of a one-unit manufactured home.
3. Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073 March 2005) – Required to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD).
4. Small Residential Income Property Appraisal Report (Fannie Mae Form 1025) – Required to report an appraisal of a two- to four-unit property.
An appraisal performed for HUD/FHA purposes requires that all sections of the appraisal form be addressed. The appraiser must complete the form in a manner that clearly reflects the thoroughness of the investigation and analysis of the appraisal findings. The conclusions about the observed conditions of the property provide the rationale for the opinion of market value. The completed appraisal form utilized, together with the required exhibits, constitutes the reporting instrument to HUD for FHA-insured mortgages.

http://www.harriscompanyrec.com/fhaappraisal.pdf

For Immediate Release
November 13, 2009 United States Attorney’s Office
Eastern District of California
Contact: (916) 554-2700
Seven Charged in 53-Count, Million-Dollar Mortgage Fraud Scheme
More Than 100 Properties Involved

OAKLAND, CA—A federal grand jury returned a 53-count indictment charging seven individuals with conspiracy to commit wire fraud, wire fraud, and money laundering for their roles in a mortgage fraud scheme that involved more than 100 properties in Northern California, United States Attorney Joseph P. Russoniello, Special Agent in Charge, IRS Criminal Investigation, Scott O’Briant, and Special Agent in Charge, FBI, Stephanie Douglas, announced.

The indictment, which was unsealed yesterday, charges Amy Schloemann, aka Amy Kinney; Karim Akil, aka Scott Kinney, aka Scott Kenney; Wonda Louise Kidd; Michelle McGuire; Kaska Clay, aka Mark Lane, aka Michael Lewis; James Ross; and Darnell Thomas.

According to the indictment, from October 2004 through July 2007, the defendants participated in a conspiracy to defraud involving more than 100 properties that provided profits in the millions to members of the conspiracy through the fraudulent purchase of real estate and the laundering of profits.

2010 Loan Limits Now Available
Fannie Mae has issued the following Announcement:

•09-34: Confirmation of Conventional Loan Limits for 2010
We have confirmed our 2010 conforming loan limits, as determined by the Federal Housing Finance Agency (FHFA). The maximum general conforming loan limit for one-unit properties will remain at $417,000. The maximum high-cost area conforming loan limits have been extended for 2010 originations.

Mortgage Fraud Blog – 10 new articles

In This Issue…
Bear Stearns Managers Found Not Guilty of Fraud
Fraudline: Is Mortgage Fraud Addictive?
Man Sentenced for Stealing Identities From Mortgage Files
2 Arrested For Fraud Involving Investment and Loan Modification Scams
President of First Fidelity Mortgage, Inc. Pleads Guilty to Bank Fraud
Florida Mortgage Fraud Task Force Makes More Arrests
Mortgage Fraud Leads to Hard Time and Big $ Judgment
Criminal Action by Georgia Dept of Banking Results in Guilty Plea
Guilty Plea In Real Estate Ponzi Scheme
Maryland Woman Pleads Guilty to Mortgage Fraud Scheme in D.C. and Maryland
Search Mortgage Fraud Blog

http://www.mortgagefraudblog.com/