Archive for September, 2010

PIMP’IN ain”t EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO

PIMP’IN ain”t EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO
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Posted by Cochise on September 29, 2010 at 19:15:36:

PIMP’IN ain”t EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO

PEMCO LTD Appraisal Guidelines
Thank you for working with PEMCO LTD as we strive to effectively and efficiently market and sell HUD homes. As appraisers, you are the eyes for PEMCO LTD and we rely on your professional opinions and expertise. While your appraisals will be reviewed by our staff, your quality of work will be trusted and expected now more than ever. Please read and review this reference material to help you provide reports that meet the needs of both PEMCO LTD and HUD. We will be happy to answer your questions and assist you in any way possible. Thank you again, and we look forward to a prosperous working relationship.

PIMP’IN ain”t EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO
1.
Cover Page- Please include a cover page for all appraisal reports that includes address, appraiser name, effective date and preferably a photo of the subject property. A summary of salient features is also encouraged.
2.
URAR page 1- All information on page 1 should, as with all pages, be complete and accurate. Information on page 1 should match the sketch and sales grid for the subject. Please pay particular attention to Address, Legal Descr1ption, and Parcel number. PEMCO LTD will be the listed client and the assignment type will be indicated as “other.” PUD information must be complete if needed and further necessary comments clarifying any aspect of PUD or Condo included in the report.
-Flood Zone- Remember that if a property is noted in a FEMA Special Flood Zone
area, then it must be noted in the 100 year flood plain on the ECR.
Properties in a flood zone MUST contain a flood map.
-Septic/Well- Private Septic and Well systems require a comment about the system’s
effect (negative or not) on the subject’s marketability. locat1on should
be noted on the sketch (noted estimate is acceptable.) If locat1on is
unknown, a comment is required that includes a descr1ption of efforts
made to obtain this information.
3. Comparable Sales- Provide at least two comparable sales that have sold within 6
months from the effective date of appraisal. Provide at least two comparable sales
that have sold within 90 days and 2 current listings/pending sales if the market is noted
as declining. Note, over supply and over 6 month marketing times are indications of a
declining market. It is acceptable to expand your search for more similar comps. Overall, use
the best and most similar comps available, and if it necessary to expand parameters,
please make thorough comments.
Comparable sales over 1 year should only be used as support (if at all,) and may not
be used in positions 1-3.
Specific comments addressing the particular comp should be used for comparables over 6
months and over 1 mile. For example, “Comp #2 sold more than six months from the date
1
of appraisal and was used due to the lack of more recent similar sales in close proximity to
the subject property and for its similarity to the subject property in design, age, site,
condition and overall market appeal.” Remember that these comments must state the specific
FNMA guideline as in the example.
Explain in the sales Comparison Comments each instance of: a) any LINE ITEM
adjustment in excess of 10% of the comparable sales price b) any NET adjustments in
excess of 15% of the comparable sales price and c) and GROSS adjustments in excess
of 25% of the comparable sales price. Refrain from using generic comments. As with
comments on age and proximity, the specific comparable sale or listing should be
addressed. For example, “Comp #2 has a line adjustment for GLA that exceeds 10% and
resulted in a net adjustment that exceeds 15%. This sale was used due to it being the most
recent sale in the subject’s neighborhood.
Use of REO comparable sales, listings and pending sales may be used to demonstrate the
subject market. Please note, it is not the intent of HUD for only REO comparables to be
utilized. For EVERY REO comparable utilized, the appraiser must provide a non-REO

PIMP’IN ain”t EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO

comparable, and sufficient weighting should be employed. When an REO comp is used, it
also must include the following statement: “REO sales may be utilized ONLY when such
sales are deemed to be the best for the market area, AND they are: 1) In the subject
neighborhood or in reasonable proximity. 2) Subject to reasonable adjustment. 3) Sold with
a willing buyer and seller. 4) Exposed to the market for a reasonable period of time.
4. Opinion of Value- Appraisals completed for PEMCO LTD are, first and foremost, used
for marketing. Therefore, an opinion of value statement should be included in the additional
comments section. Be sure to include how the value was derived and if comparable
weighting was used, include the percentages for each comp. This comment is important
as it gives PEMCO LTD, HUD, Lenders, and Buyers insight into the appraiser’s valuation
process. An appraised value of $120,000 with comps ranging from $89,000-150,000 without
a comment is only going to cause questions and require additional information from the
appraiser. Make sure to verify that the value indicated by Sales Comparison corresponds to
the Final Opinion of Value, and that EVERY appraisal is indicated, “as is.”
5. Sales History- Include a comment on the sales history of both the subject and the
comparables. The comment should include whether the sale was a market sale, REO,
short sale, etc. and the impact on the market value. Verify that the correct box is indicated
for the subject and comparables.
6. Property Condition Report (PCR)- A PCR will be included with each appraisal order
and a copy must be attached to the appraisal report. The appraiser must review the PCR for
any discrepancies and inconsistencies with the appraiser’s findings and detail those in the
additional comments section or on attached addenda. The date of the PCR must also be
referenced in the appraiser’s comments.
-PCR Statement- The following statement must be included in every appraisal report:
“A property condition inspection was completed by the PCR inspector
2
on [date]. The Property Condition Report (PCR) was provided to the
appraiser by the client and is included within this appraisal. The report
has been retained by the appraiser and is part of the appraiser’s
work file.”
-Mechanical Systems- The following statement must also be included in every report:
“The mechanical systems were not checked for functionality by the
appraiser; however, a visual inspection was performed. The PCR
indicated that all systems were listed in satisfactory condition unless
otherwise noted below. If this proves to be false, the appraiser has
the right to change opinion or estimated value of this report.”
7. Insurability- The statement of insurability should be provided in bold type, should be
worded EXACTLY as it is in 4150.2, Appendix A, and refer directly to the subject property. Insurable: Properties marketed as “insurable” are those that meet FHA’s Minimum
property Requirements (MPR) for existing housing and Minimum Property
standards (MPS) for new construction at the time of the appraisal in their as-is
condition without repairs being necessary.
-Subject property is insurable in its “as-is” state without repairs. Insurable With Repair Escrow: A property that requires no more than $5,000 for
repairs to meet FHA’s MPR or MPS as estimated by the PCR and as reviewed and
determined to be reasonable by the appraiser, is eligible to be marketed for sale in
its as-is condition with FHA mortgage insurance available, provided the
purchaser(s) establishes a cash escrow to ensure the completion of the required
repairs. Purchaser(s) are permitted to include in the mortgage an amount equal to
110% of the estimated cost of the repairs.
-Subject property is insurable in its “as-is” state with repairs costing $5,000 or less with repair escrow. Uninsurable: Properties offered for sale “Uninsured” do not meet, in their as-is
condition, FHA’s MPR or MPS and the cost of repairs identified by the appraiser,
to meet MPR or MPS, are estimated to exceed $5,000. Uninsurable properties can
qualify for FHA’s Section 203(k) rehabilitation program and, depending upon the
scope and extent of repairs needed, the Streamlined (k) Limited Repair Program.
(Select 1 or more of the following statements as they pertain to the subject property)
-Subject property is Uninsurable due to repairs exceeding $5,000.
-Subject property is Uninsurable due to garage conversion without a permit.
-Subject property is Uninsurable due to an addition without a permit.

PIMP’IN ain”t EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO

3
-Subject property is Uninsurable due to the subject’s REL being under 30 years, also
making the subject property ineligible for 203(k) financing.
-Subject property is Uninsurable due to the subject’s project not being on HUD’s
approved condominium list.
Please note that the absence of HUD tags on a manufactured home does not necessitate
Uninsurability. As of now, only a REL of less than 30 years makes a property ineligible
for 203(k) financing.
8. Minimum Property Requirements (MPR)- Any MPR in the PCR must be
discussed in the addendum and must state “according to the PCR dated…” with the date
of the PCR identified. Itemize MPR items with estimated cost to cure for each item
regardless of recommended insurability. Items are to be specific with locat1on, defect,
and action required. Use the Pricing Matrix provided by HUD as a guideline to MPR
costs. Make sure to clearly separate MPR items from non-MPR items (Cosmetic.)
9. 1004MC-Market Condition Addendum- The market trend indicated on page 1 of
the URAR must be consistent with the data on the 1004MC form. If information is
unavailable or misleading, thorough comments must be made explaining research and
findings. Provide supportive comments in the summary section of the 1004MC to detail
all information on all boxes indicated. Make sure condominium information including a
a screen print from the HUD Condo look-up screen is included, if needed.
10. Photos- Please take care to insure that all photos provided in the appraisal are clear and
focused. All listed MPR items should be accompanied by photos with a descr1ption of
MPR item. Any file photos used for comparables should include a comment as to the
source of the file photo and reason for its use.
11. Order of Report- Due to the number of appraisal reports and selection of appraisers,
it is imperative that each and every appraiser provide their reports in this order:
- Cover Page
- Report (1004, 1004C, 1073, etc.)
- Additional Comparables and Listings
- Text Addendum
- MPR Addendum
- 1004MC
- Sketch
- All Photos of the Subject Property
- Comparable Photos
- Maps (locat1on and Flood Map)
- Appraiser’s License
- Any other documents
- ECR
- PCR

PIMP’IN ain”t
EASY, HUD MAC’IN Appraisers, PIMPCO, PEMCO

Comments

HELP WANTED: CAMPAIGN TO RESTRUCTURE THE APPRAISAL FOUNDATION

HELP WANTED: CAMPAIGN TO RESTRUCTURE THE APPRAISAL FOUNDATION

1. Curtis D. Harris, BS, CGREA, REB • CAMPAIGN to Restructure TAF. I don’t know much about TAF, although they occasionally fain their interest in my opinion on certain issues, with an email blast. And then there is the biannual request to apply for a position on one of their Boards, which always seem to get filled by Appraisal Institute Members. Hardly, something I feel worth while responding to due to a lack of potential traction and, credibility of TAF Members and Sponsors. Much like whistling into the wind, given the fact that the sponsors’ originations are self interest groups and BANKS. What I do know is that the present organizational structure is ineffective, evidenced by Debacle II. Remember TAF was put in place, by an act of congress, to see to it that a Debacle I would never happen again. To my understanding DII has far out passed the losses seen by DI. We went from a fragmented system of no/little regulation-oversight to a Bureaucrats of special interest, the Appraisal Institute, no/little regulation-oversight.

We pay our dues, to the Appraisal Foundation (TAF) let’s make sure we all have a vote, “NO TAXATION WITHOUT REPRESENTATION.” Now that we have gotten rid of the AI the rest should be easy.

If you feel you should have a vote, in TAF, please join us on the “Commercial Appraiser” Group, on Linkedin. You as an appraiser should be electing the Board Members and deciding what goes into USPAP. Not a select group of Bureaucrats and Special Interest Groups. If you have issues with USPAP, HVCC, AMC’s, and Corruption in our Industry. We need to hear from you. This is the big One, PLEASE GET INVOLVED.

Cochise!

P.S.
Don’t believe that The Appraisal Institute volintarily left the Appraisal Foundation, with that Fire Breathing Dragon, IRS up their tucas, they had no other option.

Comments

Michael Robinson, Craig Julian, SRA,, AI, MAI, Confessions

Michael Robinson, Craig Julian, SRA,, AI, MAI, Confessions
[ Follow Ups ] [ Post Followup ] [ Appraisers Talk Back ]

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Posted by Cochise on September 23, 2010 at 20:42:30:

Michael Robinson, Craig Julian, SRA,, AI, MAI, Confessions

Michael Robinson: “We are all to blame for the lack of enforcement, the pervasive lack of ethics, and the willingness to accept assignment conditions and shoddy treatment by clients at all costs.”

Craig Julian, SRA, MRICS: • “I agree we are all to blame…”

Michael & Craig, Speak for yourself. I’ do my best to warn the Public!

Michael Robinson, Craig Julian, SRA,, AI, MAI, Confessions

•Michael Robinson, Craig Julian, SRA

Comments

FannieMae REO Appraiser

THIS IS WHY THEIR VALUES ARE SO SCREWED UP! FannieMae REO Appraiser

http://appraisersforum.com/showthread.php?p=2038425#post2038425

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Undesirable Street Name
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#1
Today, 05:53 PM

NORTON

Join Date: Oct 2007
State: California
Professional Status: Certified Residential Appraiser
Posts: 497

Undesirable Street Name
________________________________________
working on an REO for Fannie…..the home is located on Gay Way…..should I take the time to inform the client that the subject’s marketability may be impacted by the name of its street? am I crossing a line regarding sexual orientation? or do I just let them figure it out.

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#2
Today, 06:14 PM

CANative

Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 26,425

________________________________________
NTTAWWTSN.

Does this guy have an undesirable name?

http://en.wikipedia.org/wiki/George_H._Gay,_Jr.

__________________
Sometimes I hate appraising. Actually it’s most of the time. It has now become ALL OF THE TIME.

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#3
Today, 06:21 PM

leelansford

Join Date: Mar 2002
Location: Suburban Chicago
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 8,151

________________________________________
Quote:
Originally Posted by NORTON
working on an REO for Fannie…..the home is located on Gay Way…..should I take the time to inform the client that the subject’s marketability may be impacted by the name of its street? am I crossing a line regarding sexual orientation? or do I just let them figure it out.

“…subject’s marketability may be impacted by the name of its street?”

Based upon what, exactly? Supposition, or market evidence?
__________________
Lee Lansford, IFA, ASA

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#4
Today, 06:22 PM

AnonApprsr

Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 3,378

________________________________________
I don’t think it’s a negative to marketability, at least it wouldn’t be around moonbat central (Massachusetts). Maybe, if you have the type of religious nut (known as a Religious Republican) and they are the only people who buy homes, otherwise you may be showing personal bias.
__________________
Anonymous Appraiser
Certified Residential
FHA Approved

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#5
Today, 06:25 PM

NORTON

Join Date: Oct 2007
State: California
Professional Status: Certified Residential Appraiser
Posts: 497

________________________________________
Quote:
Originally Posted by leelansford
“…subject’s marketability may be impacted by the name of its street?”

Based upon what, exactly? Supposition, or market evidence?
supposition and general logic that says a typical buyer in this market area would not be eager to attach their life to that street name….this particular market area which is dominated by foreclosures and homes under 100k.

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#6
Today, 06:32 PM

CANative

Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 26,425

________________________________________
Is the property in Davis, North Highlands or Riverside?
__________________
Sometimes I hate appraising. Actually it’s most of the time. It has now become ALL OF THE TIME.

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#7
Today, 06:35 PM

Riick

Join Date: Aug 2007
Location: Rockland, DE.| N. of the Mason-Dixon Line
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 5,230

________________________________________
It all depends upon who you are marketing TO.
In the right area, that street name would be a real PLUS.

….as to names, this gentleman had a real estate brokerage in
Center City Philadelphia; his signs were everywhere:

George B. Gay
-Real Estate-

.
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#8
Today, 06:36 PM

CANative

Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 26,425

________________________________________
It would be a lot funnier if his name was Johnny.
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#9
Today, 06:39 PM

leelansford

Join Date: Mar 2002
Location: Suburban Chicago
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 8,151

________________________________________
Quote:
Originally Posted by NORTON
supposition and general logic that says a typical buyer in this market area would not be eager to attach their life to that street name….this particular market area which is dominated by foreclosures and homes under 100k.

Unless there is market evidence to support that which you imagine…I wouldn’t go down that (figurative) road.
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Lee Lansford, IFA, ASA

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#10
Today, 06:41 PM

Smokey Bear

Join Date: Dec 2004
Location: The “OC” in Republican Land (Oh no!)
State: California
Professional Status: Certified Residential Appraiser
Posts: 10,082

________________________________________
Some people have way too much time on their hands.
__________________
For God’s sake, if you need to take legal action, GET A LAWYER. I’m not giving legal advice.

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Thanks!
Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO Consultant

The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners*
1910 East Mariposa Avenue, Suite 115
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 Cell
WebSite: http://www.harriscompanyrec.com
Private Client Website: User ID: L06291, Password: Cochise http://pow.themls.com/login.cfm

IT’S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]: Professional Association Membership http://www.orea.ca.gov/html/fed_regs.shtml#Statement7 Membership in an appraisal organization: A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization, including the appraisal institute.
CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal

From: Vendor Desk [mailto:vendor_desk@fanniemae.com]
Sent: Thursday, September 23, 2010 1:31 PM
To: harris_curtis@sbcglobal.net
Subject: Fannie Mae: Appraisals Due Within 7 Calendar Days

To view this email as a web page, go here.

Beginning with orders placed on October 1, 2010, REO (NPDC) appraisals will be due within 7 calendar days.

After careful consideration, the REO Valuation Department (NPDC) at Fannie Mae is reducing the turn-around time (TAT) expectation for appraisals from 10 calendar days to 7 calendar days effective with orders placed on or after October 1, 2010. This change is in alignment with industry standards and is based upon a review of industry practices and a survey of fee appraisers throughout the country.

Please keep in mind that orders are placed 7 days a week via AppraisalPort. You will now have 24 hours to accept an order before it is systematically reassigned. As a result, we strongly recommend that you utilize the Auto Accept feature within AppraisalPort to support managing your workload. Below is a link for guidance on how to set your Auto Accept for Fannie Mae REO product orders.

Setting Auto Accept.pdf

Another critical timeline management point is address match, specifically state abbreviation and zip code. To avoid processing delays in our internal systems, please utilize the standard 2-letter state abbreviation for the subject and comps. Also, if the zip code in our order for the subject varies from the information you will submit on your appraisal, you must contact your Specialist via AppraisalPort prior to submission to avoid delays.

It is important to note that the appraisal quality expectations have not changed as a result of these time-frame changes.

These changes do not apply to orders placed by the National Underwriting Center (NUC).

Thank you for your continued efforts and diligence in providing Fannie Mae with the highest of quality appraisal reports during these important times.

eFannieMae.com | Privacy Policy

This electronic message has been sent to harris_curtis@sbcglobal.net.
This e-mail was sent by:
Fannie Mae, 3900 Wisconsin Avenue NW, Washington, DC 20016 USA
Please do not reply to this message, as this is a “send only” message.

Comments

All-

HUD Webinar on Sponsored Originations, HECM Saver and Other Upcoming FHA Connection Modifications Effective October 4, 2010:
Tuesday, Sept. 28, 2010 2pm – 3:30pm: HUD Webinar on Sponsored Originations, HECM Saver and Other Upcoming FHA Connection Modifications Effective October 4, 2010

This FREE webinar will provide an overview of FHA Connection enhancements to support Sponsored Originations, including Sponsored Originator Maintenance page, key case processing changes, and B2G & TOTAL Scorecard modifications. HECM Saver, new ADP Codes, and the new Property Title Information section added to the Appraisal Logging screen of FHA Connection. Registration required. No fee. All times are Eastern Daylight time.
You can register for the online event at: Register here for the webinar

Note: If the above link does not function properly, copy and paste this address into your browser:

https://www.livemeeting.com/lrs/8002495109/Registration.aspx?PageName=7sf84t5msxwkjkn5

After you register, you will receive an e-mail confirmation with webinar log in and telephone dial in information.

AND

More FHA webinars:
September through December – HUD & the California Association of Realtors® (C.A.R.) are offering free, one-hour FHA webinars to C.A.R. members. These webinars cover a variety of FHA programs & policies. Sponsored by HUD & C.A.R. Registration required & only available to C.A.R. members, no fee. More info at: http://www.car.org/tools/smart/carfha/
September through December – HUD & the California Association of Mortgage Professionals & the Oregon Association of Mortgage Professionals are offering free, one-hour FHA webinars. These webinars cover a variety of FHA programs & policies. Registration required & All webinars are FREE & limited to the first 1,000 registered from California & Oregon. More info at: http://www.hud.gov/offices/hsg/sfh/events/sca092210.pdf
AND

FHA Reference guide updated:
FHA has updated Chapter 3, Page 3-08 “Technical Review Reason Codes”. Please view the revised webpage at: http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-08.cfm
AND
FreddieMac symposium comes to Chicago:
October 7, 2010, Chicago Il. Rebuilding the Purchase Market a symposium sponsored by Freddie Mac. This symposium is for real estate professionals, housing counselors & loan officers. Topics include the changes and misconceptions in the mortgage approval process, helping individuals with their home finance decisions through education & counseling, down payment assistance options as well as a networking reception. For more information or to register, visit http://guest.cvent.com/d/jdqvrw/1Q

Comments

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5442-N-01]
TITLE: Notice of Single Family Loan Sale (SFLS 2010)
AGENCY: Office of the Assistant Secretary for Housing–Federal Housing Commissioner, HUD.
ACTION: Notice of sale of mortgage loans.

SUMMARY: This notice announces HUD’s intention to sell certain unsubsidized single family mortgage loans, without Federal Housing Administration (FHA) mortgage insurance, in a competitive, sealed bid sale (SFLS 2010)…

To read this federal register notice in its entirety, please visit: http://edocket.access.gpo.gov/2010/pdf/2010-23182.pdf

AND
Missed a Webinar? Looking for training on FHA Programs? Check out the Philadelphia Homeownership Center Webinar Archives:
The archive site contains links to previously recorded webinars presented by Homeownership Center staff. Included with each link to the archived webinar is a copy of the Power Point presentation and other helpful links used in conjunction with that event. Current archived webinar topics include: FHA Loan Quality Expectations, FHA Program Update, Understanding RESPA, Changes to HUD Homes Sales (Brokers), and Changes to HUD Home Sales (Non-Profit/Government Bidders). Philadelphia Homeownership Center Archive Link: http://www.hud.gov/offices/hsg/sfh/talk/parc/phiarch.cfm
AND

FHA Training around the Nation:

September 22, 2010 – Denver, CO. A Day with FHA. This FREE live one day training class will include: Recent updates, Refinances, REO calculations & Transaction that affect the maximum LTV. Interactive scenarios/discussions covering Credit, Liabilities, Income & Assets will be facilitated along with case studies for Purchases, Refinances, & REOs. Please bring a calculator to the training course. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=616&update=N

September 28, 2010 – San Francisco, CA. Learn how to comply with HUD regulations once you are an approved agency. We recommend this workshop to program managers & housing counselors who are or will be responsible for tracking your agency’s HUD program. This training is open to non-profit & government agencies participating in HUD’s housing counseling program. Hosted by HUD & RCAC. Registration required, no fee. More info at: http://www.hud.gov/utilities/intercept.cfm?http://www.rcac.org/events.aspx?579%20

September 28, 2010 – Webinar: Build on Own Land. Learn how to use the Build on Own Land & New Construction process to benefit your clients. This FREE Webinar will benefit Real Estate Agents, Loan Officers, Underwriters & Processors. The training will provide an overview of the Build on Own Land & Construction/One-Time Close process. Other topics will include: permanent financing on new construction documentation requirements, loan calculations, & manufactured homes as it pertains to new construction/build on own land. All times are MDT. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=632&update=N

September 28, 2010 – Long Beach, CA. Live, in-person FHA training for Real Estate Professionals. Learn about FHA insured mortgage programs including rehabilitation mortgages, energy efficient mortgages, condominiums, & Real Estate Owned HudHomes (REO’s), as well as recent changes & updates. This training is for Real Estate Brokers, Agents, & Loan Officers. Registration required, no fee, all times are pacific. Register for the morning session 9:00 AM-12:00 PM at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=603&update=N Register for the afternoon session 1:00 PM-4:00 PM at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=602&update=N

November 3-5, 2010 – New Orleans, LA. National Reverse Mortgage Lenders Association 2010 Annual Meeting & Expo. Learn about the latest reverse mortgage products & programs. Sponsored by the National Reverse Mortgage Lenders Association. Registration required, fee. More info at: http://www.nrmlaonline.org/

September through December – HUD & the California Association of Realtors® (C.A.R.) are offering free, one-hour FHA webinars to C.A.R. members. Webinars cover a variety of FHA programs & policies. Sponsored by HUD & C.A.R. Registration required & only available to C.A.R. members, no fee. For dates & times please visit: http://www.car.org/tools/smart/carfha

________________

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STATEMENT BY THE APPRAISAL FOUNDATION

STATEMENT BY THE APPRAISAL FOUNDATION
REGARDING THE SUSPENSION OF
THE APPRAISAL INSTITUTE AS AN APPRAISAL SPONSOR
On September 1, 2010, the Board of Trustees of The Appraisal Foundation conducted a
hearing, the purpose of which was to provide the Appraisal Institute with an
opportunity to ask for reconsideration of a proposed seven month suspension as an
Appraisal Sponsor of the Foundation. A resolution for the suspension was adopted by
the Board of Trustees on July 12, 2010, with an effective date of September 15, 2010.
This action was based on a special meeting of the Board on June 15, 2010, at which time
information was presented to the Board regarding the conduct of the Institute.
The three resolutions the Board of Trustees adopted on July 12th were:
RESOLUTION #1
RESOLVED, that upon consideration of the information and materials presented
to the Board of Trustees with respect to the conduct of the Appraisal Institute
related to an amendment to Title XI, namely,
to maintain the independence of the Appraisal Standards and Appraiser
Qualifications Boards and to avoid potential conflicts of interest, the
Appraisal Foundation shall not directly or indirectly offer or sponsor
any qualifying or continuing education courses for certified or licensed
real estate appraisers beyond the National Uniform Standards of
Professional Appraisal Practice course specifically required for licensure
and certification
The Board of Trustees has concluded that the Appraisal Institute engaged in
conduct materially and seriously prejudicial to the purposes and interests of the
Foundation;
1155 15th Street, NW, Suite 1111
Washington, DC 20005
T 202.347.7722
F 202.347.7727
RESOLUTION #2
RESOLVED, that as a result of engaging in such conduct, the Appraisal Institute
shall be sanctioned as follows:
1) The Appraisal Institute shall be suspended as an Appraisal Sponsor
effective September 15, 2010 and ending on April 15, 2011;
2) Permission by The Appraisal Foundation to the Appraisal Institute to
reproduce the Uniform Standards of Professional Appraisal Practice
(USPAP) without charge and (b) its discount on the purchase price of
USPAP shall be revoked for a period commencing September 15, 2010 and
ending on July 1, 2012;
RESOLUTION #3
RESOLVED, The Chair of The Appraisal Foundation shall promptly appoint a
task force comprised of not less than three nor more than five members from the
Board of Trustees to liaison with the Appraisal Institute during the period of
suspension, or for such longer period as the Chair may determine, for the
purpose of rehabilitating the relationship of the Appraisal Institute with The
Appraisal Foundation as an Appraisal Sponsor.
After considering the September 1st presentation of the Appraisal Institute to the Board
of Trustees that it should reconsider its suspension, the Board passed the following
resolution:
RESOLVED, that the suspension of the Appraisal Institute as an Appraisal
Sponsor remains effective September 15, 2010 but shall end on December 31,
2010.
Without question a principal purpose of the Foundation is appraisal education. A
sponsor’s decision to promote the passage of an amendment to a federal statute that
would directly and expressly limit the future educational activities of the Foundation,
without the Foundation’s prior knowledge or its approval, is a very serious matter. In
this case, the Appraisal Institute not only drafted the proposed amendment described
above, it actively but unsuccessfully sought the support of at least three other
organizations.
1155 15th Street, NW, Suite 1111
Washington, DC 20005
T 202.347.7722
F 202.347.7727

Comments

California Real Estate Fraud Report

Dear Curtis

California Real Estate Fraud Report

http://www.californiarealestatefraudreport.com

Read this week’s news about California real estate fraud and mortgage fraud in The California Real Estate Fraud Report.

Monique Bryher
Keller Williams
12711 Ventura Blvd., Suite 200
Studio City, CA 91356

Comments

Selling Notice: New Appraiser Independence Requirements Being Developed

Selling Notice: New Appraiser Independence Requirements Being Developed

Fannie Mae has issued the following Notice (the entire text of the Notice is included in this e-mail):

Fannie Mae is working with the Federal Housing Finance Agency (FHFA) to develop and adopt appraiser independence requirements that will replace the Home Valuation Code of Conduct (HVCC). Until the revised requirements are released, the existing HVCC provisions in the Fannie Mae Selling Guide continue to apply. Updated requirements are expected to be substantially similar to the current provisions.

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, HVCC will sunset when interim final regulations are released to implement the appraisal independence-related provisions of the Act, which is expected to occur on or about October 21, 2010.

Fannie Mae is committed to supporting strong appraiser independence requirements. The revised requirements will maintain the spirit and intent of HVCC, and continue to provide important protections for mortgage investors, home buyers, and the housing market.

The revised appraiser independence requirements will be based on Fannie Mae’s experience under the HVCC and will continue to support the integrity of the appraisal process. As part of the process to develop the revised requirements, Fannie Mae has received input from key industry participants.

Fannie Mae expects to announce the revised appraiser independence requirements in an upcoming Selling Guide announcement.

This e-mail contains the entire text of the Notice. View all Announcements, Lender Letters, and Notices on eFannieMae.com.

Comments (2)

Conventional Refis Get an Equity Break

Conventional Refis Get an Equity Break
PrintEmailReprintsFeedbackShare | Tuesday, September 14, 2010

http://www.originationnews.com/on_features/conventional-refis-equity-break-1021071-1.html?ET=origination:e255:22143a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=ON_Bulletin_091410

By Brian CollinsWASHINGTON—The Federal Housing Administration is opening the door for conventional borrowers with negative equity to refinance into government-insured loans.

The agency recently issued guidelines for its FHA Short Refinance Program, which requires investors to accept writedowns on first and second mortgages (if necessary) to a combined loan-to-value ratio of 115%. The first mortgage must be written down by at least 10% to qualify.

HUD deputy assistant secretary Vicki Bott said there is a lot of excitement in the marketplace about the program which was first proposed in March. She expects some FHA lenders will able to starting originating “short refis” on Sept. 7—the effective date.

However, even though FHA is open to refis where a principal writedown may occur on a nongovernment loan, the Department of Housing and Urban Development is shutting the door on conventional borrowers with high LTV mortgages and second liens from using its regular FHA refinancing program.

Starting Sept. 7, the maximum combined LTV for a rate-and-term refinance will be 97.75%. On cash-out refinancings, the maximum CLTV is 85%, according to Mortgagee Letter 2010-24.

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