Posts Tagged: Appraisal Compliance

Valuation Management Group – TRID & Appraisal Suggestions

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Effective October 3, 2015 under the new TRID (TILA-RESPA Integrated Disclosure) regulations, variances in the cost of appraisals will no longer fall into the 10% tolerance bucket, and only if a valid changed circumstance occurs can the cost of an appraisal to the borrower exceed what was disclosed on the Loan Estimate (LE). By habit,… Read more »

Valuation Management Group – TRID – What Is a Changed Appraisal Circumstance?

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What happens if it is determined after the Loan Estimate is delivered to the borrower that the subject property is complex and appraisers request more money for the appraisal assignment? TRID allows for a fluctuation of the estimated price and production of a new Loan Estimate if there is a “Change in Circumstance”. Change of… Read more »

Final Rule for Registration and Supervision of Appraisal Management Companies

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On April 30, 2015, six federal financial regulatory agencies jointly issued a final rule setting minimum standards for the registration and supervision of appraisal management companies (AMCs) in states that elect to register AMCs. Under section 1124, the Final Rule, participating States must require that AMCs: 1. Register with, and be subject to, supervision by… Read more »

FHA Extends Implementation Date of the FHA Handbook

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On April 30th, HUD announced that FHA is extending the effective date of the Single Family Housing Policy Handbook 4000.1 to September 14, 2015. According to HUD Deputy Assistant Secretary Kathleen Zadareky, the decision to extend the effective date was in response to concerns expressed by industry participants that they need more time to implement… Read more »

Tips for Residential Appraisal Reviews

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We are very pleased that residential lending is increasing. With this good news we want to remind lenders to establish and maintain policies on appraisal review that ensure compliance with Dodd Frank, Interagency Appraisal and Evaluation Guidelines, and Fannie Mae/Freddie Mac guidance. Many of these laws and guidance policies were established after concerns were raised… Read more »

Compliant Appraisal Management and Review Process – Part III

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For the third and final part of VMG’s three part blog on better understanding appraisal management services and appraisal compliance, we will discuss outsourcing of the appraisal management process and the benefits. Click here to read Part I: PART I – Selecting and Engaging the Appraiser or Part II: PART II – Quality Assurance Reviews Part III… Read more »

Compliant Appraisal Management and Review Process – Part II

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Here is the second part of Valuation Management Group’s (VMG) three part blog to provide a better understanding of appraisal management services and appraisal compliance. In this segment, we will discuss the importance of having compliant quality technical appraisal reviews. Click here to read Part I: Part I – Selecting and Engaging the Appraiser Part… Read more »

Compliant Appraisal Management and Review Process – Part I

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As a full service national appraisal management company, Valuation Management Group selects and engages the appraiser, provides compliant quality technical appraisal reviews, ensures appraisal compliance, improves efficiency, and can reduce expense for a financial institution. VMG is presenting a three part blog series to provide a better understanding of appraisal management services and appraisal compliance…. Read more »

Millennials Largest Group of Home Buyers

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First-time home buyers are on the rise this year, and according to new data from the National Association of Realtors Home Buyer and Seller Generational Trends report, millennials are the largest group of home buyers. The study found that 32 percent of all buyers are 34 and younger, part of the millennial generation. This is… Read more »

Tips for Commercial Appraisal Reviews

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We are pleased that commercial lending is increasing. With this good news we want to remind lenders to establish and maintain policies on appraisal review that ensure compliance with Dodd Frank, Interagency Appraisal and Evaluation Guidelines, and Fannie Mae/Freddie Mac guidance. Many of these laws and guidance policies were established after concerns were raised that… Read more »