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…. »
Rob Chrisman Reports Appraiser Connections Closes it Doors. “It is with great sadness that I must inform everyone that effective immediately Appraiser Connections is shutting down. All orders in the system will be complete, just no new orders. Retail loan officers will be given new user IDs for the new AMC that will be taking over and… Read More: Another AMC Shuts Down »
VaCAP has just been made aware of a Sunshine Act Meeting that will take place on Tuesday August 20th. We have been told that the FDIC meeting on Tuesday will vote with no discussion to raise the residential de minimis. This is scheduled to happen despite the volumes of opposition and in the wake of… Read More: BREAKING: FDIC MEETING »
This is a CALL TO ACTION . Please listen to Phil Crawford’s Voice of Appraisal Show released this morning. He has put out a call to action to every appraiser to write a letter of recommendation for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board. Send your emails /letters of recommendations… Read More: Call to Action Now! »
Phil Crawford has a new Voice of Appraisal Show out today. This is one of the best shows Phil has ever done. He touches on issues with Bifurcation, Board competitors and even mentions VaCAP and our “Other Side of Things” article that received a lot of attention on Appraisers Blogs last week. Phil encourages support… Read More: Phil Crawford and Voice of Appraisal »
VaCap, along with 27 other state appraisal organizations signed a letter of support in favor of HR 3619. HR3619 requires the disclosure of amc fees and the appraiser fee on closing statements of a mortgage loan, registration of appraisal trainees on the ASC registry, adds a representative of the Veterans Administration to ASC and authorizes… Read More: VaCAP & NSAO Supports HR 3619 »