Archive for September, 2010

HUD Webinar

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HUD Webinar on Important Changes to HUD Home Sales for Non-Profit & Government Purchasers:

September 15, 2010 – Webinar: Important Changes to HUD Home Sales for Non-Profit & Government Purchasers. Hosted by HUD. The free webinar is scheduled for 1:30 to 3:00 Eastern time & is intended for non-profits & government agencies interested in purchasing HUD-owned properties. HUD staff will provide information on upcoming changes to the sale of HUD-owned properties & how these changes will affect non-profit & government purchasers. Registration required, no fee. More info at: http://www.visualwebcaster.com/HUD/72254/reg.html

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Free FHA Webinars for C.A.R. Members:

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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Live FHA training around the nation:

September 21, 2010 – Sacramento, CA. FHA Update & Training. FHA will conduct a live 1-day class on recent changes, highlights of underwriting the FHA appraisal & recap on underwriting & documentation requirements. This training is recommended for Underwriters, Processors, & Loan Officers. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=586&update=N

September 21, 2010 – Denver, CO. The FHA Appraisal. FREE one-day class for appraisers & lenders will discuss FHA appraisal requirements including FHA Appraisal Protocol & the review of FHA property appraisals. Approved for seven (7) hours of Continuing Education Credit from the State of Colorado. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=589&update=N

September 22, 2010 – Spokane, WA. FHA Insured Mortgage Programs. 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. Hosted by HUD. Register for the morning or afternoon session. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.addRegisterEvent&eventId=628&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 13 & 28, 2010 – Southern 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 today, space is limited & these live training sessions will fill up fast!

September 13, 2010 – Ontario, CA:

Register for the morning session 9:00 AM-12:00 PM at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=599&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=600&update=N

September 28, 2010 – Long Beach, CA:

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/

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Great News, Appraisal Institute Withdraws from Foundation

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Appraisal Institute Withdraws from Foundation

Posted: 08 Sep 2010 01:48 PM PDT

On September 7, 2010, the Appraisal Institute (AI) released a statement withdrawing their sponsorship of the Appraisal Foundation. Calling the Foundation’s statement unjust and unwarranted, the statement said the “Foundation’s decision to sanction the Appraisal Institute for conduct said to have violated the Foundation’s Bylaws is simply wrong.” A video message to members from AI President Leslie Sellers can be viewed here. A copy of the letter from AI stating their immediate withdrawal from the Foundation is available for members of AI.

As of this posting, the Appraisal Foundation has not made any public statements about the withdrawal of AI. Their most recent statement was issued on September 3, 2010.

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HUD Distributes $1B in Foreclosure Aid

HUD Distributes $1B in Foreclosure Aid

The Department of Housing and Urban Development Wednesday awarded an additional $1 billion of funding to states and counties, earmarking the money for fighting the damage caused in certain neighborhoods by home foreclosures.

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Fiserv Changes Name on Servicing Platform

Fiserv this week rebranded its multiple product loan servicing platform, calling it LoanServ.

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South Florida Foreclosures Near $65 Billion

Borrowers have defaulted to the tune of nearly $65 billion in financing in the tri-county South Florida region since the real estate crash began in 2007, according to a new report from CondoVultures.com.

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Investment Fund Buys FDIC NPLs

A unit of Mariner Holdings LLC, Leawood, Kan., has purchased part of a $760 million portfolio of property loans from the Federal Deposit Insurance Corp.

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FHA Refi Program for Underwater Loans Unveiled

The Federal Housing Administration Tuesday morning officially launched a new refinancing program to aid underwater borrowers, allowing lenders to write a new government-backed mortgage where up to 10% of the original loan amount will be forgiven.

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AVMA Asks for Delay in Fee Provision of Frank-Dodd

AVMA Asks for Delay in Fee Provision of Frank-Dodd

Posted: 07 Sep 2010 06:05 AM PDT

On August 25, 2010, The Title/Appraisal Vendor Management Association (TAVMA) sent a letter to the Federal Reserve Board (FRB) requesting that implementation of the customary and reasonable fee provision in Title XIV of the Frank-Dodd act be delayed. The fine folks at Appraisal Scoop have a copy of the letter here.

In their letter, TAVMA states that “it is unclear whether the ‘customary and reasonable’ provision should be adopted in the 90 day interim final regulations.” TAVMA believes this portion of the legislation should not be implemented in the 90 days because it is not an appraisal independence requirement. Further, “customary and reasonable” is a vague standard lacking any coherent definition.

In their letter, TAVMA seems to support the reasonable and customary fee language used by the US Department of Housing and Urban Development (HUD) noting that the agency permits fee flexibility depending on several variables. TAVMA otherwise believes there are “no readily available authoritative surveys to gauge what constitutes a customary and reasonable fee from one jurisdiction to the next.” While one might consider the US Department of Veterans Affairs (VA) an authority, TAVMA argues that this appraisal fee schedule produces fees higher than many consumers expect to pay in a mortgage transaction.

http://appraisalnewsonline.typepad.com/files/tavma-fee-objection-letter-8-2010.pdf

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FHA Message for Lenders:

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FHA Message for Lenders:

Mortgagee Letter 2010-24 eliminated the unlimited Combined Loan-to-Value (CLTV) ratio, and reinstated the requirement that the total of any FHA-insured first mortgage and any subordinate lien may not exceed the applicable FHA loan-to-value and geographical maximum mortgage amount. FHA is removing the requirement that the combined first and second loan amounts may not exceed the geographical maximum mortgage amount. Only the FHA-insured first mortgage must be within the FHA maximum mortgage limits. A Mortgagee Letter superseding in its entirety ML 2010-24 will be issued shortly and will be effective for case numbers issued on or after September 7, 2010.

All FHA Mortgagee letters can be found on-line on HUD’s website at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/

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FHA Condominium Recertification Industry Call – Question and Answer Session:

FHA will conduct another industry call on the Condominium Recertification Process on Wednesday, September 8, 2010 from 2:00 – 3:30 pm Eastern Time. The purpose of this call is to address unanswered or new questions regarding the recertification processing requirements. The dial-in number is: 1-877-941-1706 and the confirmation number is: 170410

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FHA comes to Spokane, WA:

September 22, 2010 – Spokane, WA. FHA Insured Mortgage Programs. 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 live and in person training is for Real Estate Brokers, Agents, & Loan Officers. Hosted by HUD. Register for the morning or afternoon session. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.addRegisterEvent&eventId=628&update=N

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FHA Webinars for Lenders:

Register today, these webinars will fill up fast!

September 9, 2010 – Webinar: FHA Refinance. This free training will help you better understand the FHA Refinance general guidelines. Topics to be discussed will include; Recent Updates, Streamline Refinances, Cash-Out & Rate & Term Refinances with an emphasis on changes to the Streamline Refinance guidelines. Registration required, no fee. All times are mountain daylight time. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=581&update=N

September 14, 2010 – Webinar: FHA Connection Part I. This free training will benefit Underwriters, Processors, Loan Originators & FHA Connection Coordinators. An overview of the FHA Connections system to include: Case number assignments, Appraisal Logging, Insurance Application, Coordinator privileges, overall lender functions, & case number queries. Registration required, no fee. All times are mountain daylight time. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=582&update=N

September 15, 2010 – Webinar: FHA Connection Part II. This free training will benefit Underwriters, Processors, Loan Originators & FHA Connection Coordinators. The training should increase proficiency with an overview of FHA Approval Lists, Origination Reports, Housing/HECM Counseling, UFMIP, Neighborhood Watch functions, & case number queries. Attendees must have internet access. Registration required, no fee. All times are mountain daylight time. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=584&update=N

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FHA training comes to Southern California:

September 9, 13 & 28, 2010 – Southern 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 today, space is limited & these live training sessions will fill up fast!

September 9, 2010 – San Diego, CA:

Register for the morning session 9:00 AM-12:00 PM at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=597&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=598&update=N

September 13, 2010 – Ontario, CA:

Register for the morning session 9:00 AM-12:00 PM at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=599&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=600&update=N

September 28, 2010 – Long Beach, CA:

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

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The Best Ways to Challenge a Property Tax Assessment

The Best Ways to Challenge a Property Tax Assessment

Did you know that nationally about 1/3 of the people who challenge their property taxes actually win? It’s very possible for you to do the exact same thing. If you have found that your home has been assessed at a value far above its current market value then you need to seriously consider challenging the assessment. This has a lot of positive effects none more significant than you saving money immediately on your taxes. Since you are reading this article I’ll assume that you are either in the real estate or related industry OR you are contemplating challenging your property tax assessment and are looking for ideas to support your case. You will find a lot of similar articles on the Internet so we will work hard to dig a little deeper and get you off to at least a good start on a winning strategy.

Tip 1 – First take a step back and analyze how far off of the real market value you think the assessment might be. If you feel like it is 10% or more higher than what the true value of your home is then it is probably worth pursuing a challenge. If you think it is off by less than that given your chances of winning (1/3) along with the total tax savings will most likely not be worth your time and may actually end up costing you in the end.

Tip 2 – When determining the actual market value of your property you need to find comparable homes that were sold in your surrounding community. There are several ways you can do that including taking advantage of some online services. One that is super easy and a quick reality check is from Realtor.com and is located here: REMOVED You can also contact a local realtor and get exact comps from them which is actually the ideal answer plus it’s possible that they have been in the comp homes making it easier for them to help you compare them to your house.

Tip 3 – Take a good look at the tax assessment for any errors about your home. You would be surprised what they might have wrong. Maybe they listed your home as having a pool and it doesn’t, or the wrong size, number of bedrooms, etc. This is extremely common and is also an easier way to get your assessment reduced (because it’s painfully clear it should be). This should be seen as something you HAVE to do rather than just a tip.

Tip 4 – Find out who the tax assessor is and who can help you get the assessment changed. Be courteous and setup an appointment to visit with them in person. Don’t suck up to them too much as they have heard every complement a thousand times. You just want to be courteous and respectful and if you are lucky they will help you understand the best way to combat the assessment. So when in doubt, ask.

Tip 5 – Either in person, over the phone, via email, or any other way of communication with the assessor make sure you sell the needed improvement and/or problems you are having with your home. Yeah we have a pool but the pump is broken, the drain doesn’t work, the concrete is all cracked, etc. Be descriptive and let them know that the house isn’t worth the current valuation they have in mind.

Tip 6 – Talk to your neighbors to see if they have any issues with their assessments and if any of them have been successful at getting their property taxes reduced. It’s very likely that they will either be in a similar situation or will have already won an appeal or lost one. Either way you can get some invaluable advice. In the worst case you will either get them thinking or at least get some sympathy/empathy going. It’s true that with property taxes misery loves company.

Tip 7 – Hire a real estate professional or attorney that focuses on fighting property taxes. This only makes sense if you think the assessment is way off (greater than 10%) otherwise it ‘s very possible that the costs of fighting the assessment is more than the savings. With that said, another reason to consider is that even if it costs you more this year to fight an assessment you could reap benefits for years to come making it potentially still viable.

Finally, one of the most important tips that we can give you is really more of an encouragement. If over 1/3 of the people are successful at getting their property taxes reduced nation-wide, you really do have an excellent chance of making it happen if you get informed and stick to your guns/take a stand.

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Attention FHA Servicers (sub-servicers may disregard):

Attention FHA Servicers (sub-servicers may disregard):

The deadline for FHA servicers to participate the US Treasury’s FHA-HAMP incentive program is approaching!

FHA Servicers that want to participate in the Treasury program that entitles you to receive incentive payments for successful FHA-HAMP performance must execute a new or amended Servicer Participation Agreement (SPA) and related documentation with Fannie Mae, in its capacity as financial agent for the United States as designated by the Treasury Department. FHA servicers should submit the Treasury FHA-HAMP registration form no later than Sept. 8, 2010 to ensure the SPA can be executed by the Oct. 3, 2010 deadline as published in ML 10-11. To enroll, go to https://www.hmpadmin.com/portal/getstarted/index.html.

In addition, the U.S. Treasury Department will provide incentives to existing second lien holders who agree to full or partial extinguishment as part of FHA’s new ‘short refinance’ option that was announced August 6, 2010 in ML10-23. These policy enhancements target homeowners who owe more on their mortgage than the current market value of the home, & requires the lender or investor to write off the unpaid principal balance of the original first mortgage by at least 10%. Participation in FHA’s refinance program is voluntary; contact the HAMP Support Center to find out how to reserve your right to receive qualifying incentive payments.

Get More Information:

Details about qualifying incentive payments for FHA-HAMP, the FHA Short Refi and to access copies of the Treasury Department’s Supplemental Directives, go to:

HUD Mortgagee Letter 2010-11 – Availability of Treasury Success Payments for FHA-HAMP Modifications:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-11ml.pdf

HUD Mortgagee Letter 2010-23 – FHA Refinance of Borrowers in Negative Equity Positions:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf

Treasury Department Supplemental Directive 10-03:

https://www.hmpadmin.com/portal/docs/fha_hamp/sd1003.pdf

Treasury Department Supplemental Directive 10-08:

https://www.hmpadmin.com/portal/docs/news/2010/hampupdate080610.pdf

For questions, please send an email to: setup@hmpadmin.com or call: (866) 939–4469 Monday-Friday from 9:00 am-9:00 pm ET.

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HUD, lenders agree to give local government first look

HUD, lenders agree to give local government first look

State and local governments get exclusive first priority on foreclosed properties in certain high-foreclosure neighborhoods. Read more specifics about the agreement between HUD and some of the nation’s top mortgage lenders.
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http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=6F6B39855F20467A9D215F6ED7D3F96C

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Call For Eminent Domain Photos For Upcoming ABA Book

Call For Eminent Domain Photos For Upcoming ABA Book

Posted: 01 Sep 2010 04:51 PM PDT

Here’s your chance to be a well-known “eminent domain photographer.”
The ABA Section of State and Local Government Law will soon be publishing a Handbook on Eminent Domain, and is need of photographs to illustrate it. We’re looking for high resolution, not copyrighted pictures for the various chapters to illustrate “public purpose,” “inverse condemnation,” “pre-trial,” “trial,” “flooding and erosion,” “valuation,” and “damages.”
We’ve thought of appropriate illustrations for some on that list – e.g., a ball stadium for “public purpose, ” a limited-access highway under construction for “damages,” but the creative readers of this blog may have others. Illustrations from projects that you might have been involved in are one possible source (maps, plans, aerials, so it doesn’t necessarily have to be a photograph); high reso and not copyrighted are the primary criteria.
If you have material you’d be willing to share, send it to the book’s editor, Bill Schiederich at bscheiderich [at] ci.beaverton.or.us.

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