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Compliance Alliances Address Regulations
While there are some new mortgage compliance offerings emerging, many enhancements to such services are being accomplished through strategic alliances and integration.
Different Drivers for Elevated Mortgage Fraud Risk in CA, FL
Potential identity fraud and income fraud have placed California at an elevated risk of mortgage fraud. In Florida, lenders face more risk of being deceived about occupancy and home values.
Layoffs at Several Mortgage Service Providers
While banks dominate recent mortgage-related jobs cuts, at least five mortgage service providers have also been scaling back their staffing.
Appraisal Outfit Adding Employees
A real estate valuation firm that operates from the Lake Tahoe area is adding dozens of employees at an office near California's capitol.
Appraisers Go After Chase for Fees from Failed AMC
In January, Evaluation Solutions/ES Appraisal Services declared bankruptcy, leaving thousands of real estate appraisers, agents and brokers with unpaid invoices for work performed. With close to nine million dollars in unpaid invoices for appraisals and broker price opinions, it is the worst of a growing number of appraisal management company failures that have left appraisers stiffed and steaming.
AMC to Pay Some Appraisers Up Front
A new program from a national appraisal management company will enable appraisers to be paid when they do the inspection -- eliminating liability for mortgage lenders.
Lawsuits Allege Compliance Breaches
Among recent decisions in mortgage compliance actions, a California state appellate court decided in favor of the borrowers in a case involving missing disclosures, yield spread premiums and an inflated appraisal on a subprime mortgage. A federal court on the East Coast recently ruled that another couple failed to exhaust their administrative remedies under what some have termed an obscure federal law now finding use in mortgage compliance lawsuits.
Appraisal Services Expand
Though no new standalone products have recently been introduced, the appraisal business was abuzz with partnerships, product upgrades and new product features. Two companies reported financial growth, one of which celebrated a ten-year anniversary, and two more underwent identity changes.
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