Posts By: Keith Morgan

FDIC Releases Examination Procedures for Mortgage Rules

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The FDIC recently released interagency consumer compliance examination procedures for the mortgage rules issued pursuant to the Dodd-Frank Act. These procedures are intended to help financial institutions seek a better understanding of the areas that the FDIC will focus on as part of the examination process.  These procedures apply to Financial Institutions under $1 Billion in… Read more »

FHFA’s Oversight of Fannie Mae and Freddie Mac’s Use of Appraisal Data

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On February 6, 2014 the Federal Housing Finance Agency (FHFA) issued an interesting synopsis of the Office of Inspector General’s audit. The synopsis covers the FHFA’s oversight of Fannie Mae and Freddie Mac’s (GSE’s) use of the UCDP to analyze appraisal data, prepurchase, to improve loan quality and reduce risk. You can access the synopsis… Read more »

Using VMG’s Website to its Full Potential

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At VMG, we strive to provide the best possible client experience. The key to providing superior service is communication and there are multiple avenues to communicate with our clients – email, phone, LinkedIn, Facebook, Blogs and the VMG website. While many people prefer email and phone communications, there are times when an email or phone… Read more »

Spring Forward!

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The winter weather in January and February of 2014 has definitely impacted the real estate markets throughout the United States. Now we turn our attention to Spring and what is traditionally the season that buyers get active looking for new homes. We hope this Spring is going to be early and energized. As we begin… Read more »

New Consumer Protection Rights

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The CFPB has created a consumer guide that many lenders are probably not aware of. It is titled, “What the new ECOA appraisal and other valuations rule means for consumers.” Click Here to View Guide. It explains how the lender cannot discriminate because of race, color, national origin, sex, religion, marital status, age, income from public assistance,… Read more »

“BAD DNU” Consumer Confidence on the Rise

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A recent report released by Prudential Real Estate found that the number of consumers that are positive about the residential market in 2014 has grown more favorable in December. Of those surveyed, 78 percent of consumers are optimistic toward the residential market in 2014. This is a 5-point increase from the previous quarter. The report… Read more »

Tips for Working with an AMC

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Here are some helpful tips for working with any Appraisal Management Company. At VMG we try to make your experience as pleasant and smooth as possible. We have someone that answers all calls during operating hours. In addition, we have Client Specialists and Quality Assurance Reviewers dedicated to each client so you always know exactly… Read more »

Change is in the Air; USPAP 2014-2015 – Part II

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The most impactful changes for most appraisers and clients are the written report options. Formerly in USPAP, there were three written report options for real and personal property appraisers to use: Commercial Self-Contained Appraisal Report, Commercial Summary Appraisal Report and Commercial Restricted Use Appraisal Report. Now there are only two written report options: Commercial Appraisal… Read more »

Change is in the Air; USPAP 2014-2015 – Part I

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Compliance is a high-profile issue facing all aspects of a real estate transaction today more so than any time in recent history. The scrutiny being placed on the loan process, documentation, approval, valuation of the asset and how the consumer is treated during the process is at the forefront and has caused some dramatic, and… Read more »

What is a “Complex” Residential Appraisal Assignment?

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There are many characteristics that can cause a property to be considered “Complex.” Another word for “Complex” would be “Atypical.” The definition of “Atypical” is: not typical: not usual or normal: Source for definition: http://www.merriam-webster.com/dictionary/atypical Properties that may be considered “Complex” could be: When a property differs from: The neighbourhood (this could be due to… Read more »