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You may remember this scene in Fast Times at Ridgemont High, where Spicoli has a pizza delivered to class. Mr. Hand: "Am I hallucinating here? Just what in the hell do you think you're doing?" Jeff Spicoli: "Learning about Cuba, and having some food." Mr. Hand: "Mr. Spicoli, you're on dangerous ground...
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One appraisal two appraisals three appraisals...where's the floor???? This statement sums up the home valuation experience for many borrowers in the current lending environment.... "They switched lenders and got another appraisal that, at $290,000, would have allowed the deal to go through. Their new...
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Fannie Mae has issued the following Notice.... Fannie Mae is working with the Federal Housing Finance Agency (FHFA) to develop and adopt appraiser independence requirements that will replace the Home Valuation Code of Conduct (HVCC). Until the revised requirements are released, the existing HVCC provisions...
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I have had to order new appraisals on several loans now because the original lender found some logical reason to turn the loan down and I had to move to a new lender. Because of HVCC, a new appraisal is being required by all of my lenders... On several occassions, the original appraiser ended up getting...
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"The economy is so bad, California and the US is outsourcing Border Patrol to Mexico." So wrote a few folks Friday. In spite of that, our equity markets continue to do well, much to the surprise of many. Some believe that it is because that given the alternative investment opportunities around...
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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 21, 2010. Michael Fratantoni, the MBA's Vice President of Research and Economics says: " Refinance application volume jumped last week as continuing financial market turmoil...
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The Federal Housing Finance Agency opened yet another chapter in the ongoing tale of home appraisals, their role in the housing bubble, and in the recovery. In a letter addressed to Andrew M. Cuomo , the New York State Attorney General today, Edward J. DeMarco, acting director of the agency announced...
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Many people have the mistaken idea that the "their bank" is going to give them special consideration for a home loan. The underwriter is looking at the appraisal that was delivered to them and isn't concerned at all about your banking relationship with them. Continue to work with the loan...
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Our FOCIS –plus study has a section on Home Value Code of Conduct (HVCC) compliance. Warehouse lenders in particular are interested in whether a mortgage company has a written HVCC policy and what process lenders use to comply. Some lenders have an internal appraisal management process to comply...
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Since the inception of the Home Valuation Code of Conduct (HVCC) in May 2009, there has been much discussion, and misinformation, about the benefits and harm caused by the controversial agreement with the New York Attorney Generals office and the Federal Housing Finance Agency. This agreement, originally...