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Appraiser Used IDs of Other Appraisers
An Ohio appraiser will spend four years in prison over admittedly using the identities of other appraisers on inflated reports.
Freddie Revises Cashout, Appraisal Requirements
Guideline changes at the Federal Home Loan Mortgage Corp. favorably impact cashout refinances for borrowers who didn't use a mortgage to purchase the property. The secondary lender additionally updated its appraisal requirements.
Appraisers Guaranty Values
A number of valuation firms are providing warranties for the values they come up with. The services are primarily being promoted by appraisal management companies looking to increase the value of their offerings.
California Claims No. 1 Mortgage Fraud Ranking
Activity climbed on cases being prosecuted in California for mortgage fraud, leaving the state with more mortgage fraud than any other. New York also saw acceleration, while Florida's mortgage fraud index topped the list and Minnesota remained prominently perched among the five-worst locales. But as a whole, the country's case activity was slower.
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Georgia Ascends to 5-Worst Negative Equity States
U.S. borrowers who owed more than their properties were worth accounted for a smaller share of all residential borrowers in the third quarter. Georgia's latest negative-equity rate, meanwhile, thrust it into one of the five worst positions.
AMCs and Tech Providers Help With UCDP Compliance
Lenders have just a few days to comply with new appraisal delivery requirements on conforming mortgages, and several offerings from valuation firms and appraisal technology service providers promise to help with the transition.
FHA Revises Appraiser Approval Regulations
Real estate appraisers who provide valuation reports for loans insured by the Federal Housing Administration are now subject to revised regulations.
Appraisal Fraud Down as Income Fraud Surges
While the overall risk of fraud has changed little and appraisal fraud risk has fallen, a dangerous spike was noted in the risk of borrowers lying about their income or jobs. Among the 10 metropolitan areas at the greatest risk of mortgage fraud, most are ranked among the areas with the 10-highest foreclosure rates. Some metropolitan areas in the Northeast have seen a significant increase in the risk of identity and occupancy fraud.
Updated HARP Guidelines Released
The much-anticipated guideline updates to the federal refinance initiative have been released by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.
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