Working RE Magazine is conducting a survey on bifurcated appraisals. VaCAP encourages each of you to complete the survey and express your opinion. The survey is 11 questions and will only take a few minutes to complete. Take the survey here. Click Here to Start the Survey.
Congresswomen Maxine Waters and Senator Sherrod Brown are questioning the Appraisal Waiver granted to North Dakota. See the Press Release below and the entire letter sent here. For Immediate Release September 27, 2019 Waters and Brown Call on Appraisal Subcommittee to Provide Answers on Unprecedented Appraisal Waiver WASHINGTON, D.C. – Congresswoman Maxine Waters (D-CA), Chairwoman… Read More: Breaking News – Unprecedented Appraisal Waiver Questioned! »
According to a CNN Business article this morning, The New York Federal Reserve spent $53 billion to rescue the overnight lending market. This happened once before… in 2008. “It’s unprecedented, at least in the post-crisis era,” said Mark Cabana, rates strategist at Bank of America Merrill Lynch. On Tuesday morning the New York Federal Reserve… Read More: This Happened Once Before…. in 2008! »
Got a low credit score and can’t get a loan? Don’t fret over it, just subscribe to a magazine. Sounds absurd doesn’t it? According an article on MSN, banks are using other means to determine your credit worthiness. We all understand alternative credit, such as phone and power bills, but companies are now considering consumer… Read More: More Trouble Brewing »
VaCAP is sadden to hear the passing of fellow appraiser, John Chinn on September 9th. He was a friend to many. Our thoughts and prayers are with his family. Read about John’s life here.
Well, the insanity continues. HousingWire is reporting that a coalition of lenders and trade groups are calling on the CFPB to eliminate the debt to income cap on all Qualified Mortgages. Yes, you read that right. lenders want to eliminate the debt to income cap to allow more loans to be originated. They claim by… Read More: No DTI CAPS- What could go wrong? »
Are the profits being reported by Fannie and Freddie being skewed because of price fixing? In an article released on CNBC by Reuters, US District Judge Jed Rakoff ruled investors can pursue antitrust claims against banks for conspiring to fix prices of bonds from Fannie Mae and Freddie Mac. According to the article, there are… Read More: The Raging Fire is Out of Control! »
$15 USPAP Appraisal Reviews in 15 minutes? A VaCAP member shared with us something they read in an appraiser group on Facebook this morning and expressed concern. We agree there is a reason to be concerned and want to alert our members to be cautious. We do not know if the source of this… Read More: Trouble is Brewing »
” Can you hear that? Do your hear the rumble? It’s a train going 80 mph toward a 25 mph curve” There is an excellent article by Richard Hagar,SRA that hit everyone’s email this morning from Working RE Magazine. The title of the article is Why “Bifurcation” Won’t Work. This is an excellent read and… Read More: Do You Hear the Rumble? »
VaCAP has learned another AMC is gone. This makes the second one in two days. Appraisal Quick out of Laguna Niguel, CA has filed for Chapter 7 Bankruptcy. According to DPOR’s website, Appraisal Quick is not licensed to conduct business in Virginia. Unfortunately VaCAP has learned of several amcs operating here in Virginia without proper… Read More: Dropping Like Flys…. »