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Survey Suggests AMC Appraiser Drive Distances Low
The implementation of the Home Valuation Code of Conduct has led to accusations that appraisers are doing work in markets they are not familiar with. But a new survey by an appraisal trade group refutes such statements.
The average distance traveled by appraisers who are used by the largest appraisal management companies is 13 miles, according to a poll of Title-Appraisal Vendor Management Association members.
AMCs determine appraiser travel distance using either Geo-coding, zip-code-to-zip-code mapping, or order-form instructions that limit distance, a news release from the trade association indicated.
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Lower Fees for NAMB Members
A wholesale lender based in Washington is offering discounts to members of the National Association of Mortgage Brokers.
Organizational Executives
Three organizations -- including a banking trade group, a banking regulator and a federal housing agency -- recently announced organizational changes.
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Bankers Debate Future of Fannie, Freddie
CHICAGO -- As U.S. bankers pondered the future of Fannie Mae and Freddie Mac at the American Bankers Association conference last week, protestors demonstrated outside the event.
FHA Council Formed
A group of executives from some of the biggest U.S. mortgage lenders are part of a new council that is addressing how to ensure the continued viability of the Federal Housing Administration program.
FHA Policy Updates
In addition to several updates to guidelines for making residential loans insured by the Federal Housing Administration, several trade groups are lobbying Congress for more changes -- including the extension of temporary higher loan limits.
Mortgage Bankers Recruit CEOs, Managers
GMAC Financial Services has hired a new secondary executive, while a former subprime executive has re-emerged at another lender. The Mortgage Bankers Association has recently seen lots action among its ranks.
RESPA Lately
Updates to the Real Estate Settlement Procedures Act have several trade groups warning of an upcoming "train wreck." But help has arrived just in case implementation is not delayed.
TIL - Reg Z Report
Two firms are helping lenders comply with new requirements under the Truth in Lending Act. Real estate agents and brokers recently warned the nation's central banker about the negative impact to Federal Housing Administration borrowers from upcoming changes.
New Group Gains 100 Members
A new association that defends the competitive posture of community-based mortgage lenders has added 100 members during its first month in business.
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