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Appraisal News
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AMC Directory | Appraiser Independence Requirements | FHA Appraisal Requirements
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Latest Appraisal Headlines
| Last Updated |
Friday, May 24, 2013 |
10:15 AM |
Texas Time |
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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.
The fallout has been extensive. According to the bankruptcy documents filed by Stutsman, Thames and Markey P.A., the law firm handling the bankruptcy proceedings, over 10,000 individuals and firms are listed as debtors, making it the most devastating and farthest reaching AMC bankruptcy in recent history.
Since Working RE first reported on this in early 2013, the appraisers and agents affected have been pressuring JPMorgan Chase Bank, N.A., the lender that hired ESA for most of work, to make good on the AMC's unpaid debts. Many appraisers have filed complaints with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. So far, regulators have been indifferent to the problem.
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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. |
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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.
Mortgage Fraud SARs Filings Fall
The number of reports filed by banks and credit unions that suspect mortgage fraud slid more than a quarter last year. Also lower were the number of instances involving appraisal insiders.
Guides Released for Several CFPB Rules
Guides have issued for small mortgage firms on three rules that were published earlier this year. The guides address compliance with the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act and the Truth in Lending Act.
California Real Estate Continues to Outperform Nation
Real estate prices continue to rise, and housing markets in the West are leading the way. Some East Coast markets are exhibiting weakness.
Mortgage, Appraisal Business Improve With Home Market
The country's recovering real estate market and rising home prices mean more business for a slew of housing-related businesses.
Appraiser Business Better
A majority of real estate appraisers who participated in a recent survey indicated that home values have increased, while more than half said they were mostly confident about the current state of the U.S. housing market. Most have seen an increase in order volume.
QM Clarifications Issued
Proposed clarifications have been issued for the Ability to Repay/Qualified Mortgage rule as well as the mortgage servicing rule. |
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Appraisal News | AMC Directory | A p p r a i s e r Independence Requirements | FHA Appraisals
Appraisal industry news coverage, including stories about HVCC issues, AVMs and appraiser fraud.
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