Ohio House Bill # 463 Plywood vs. Polycarbonate Sheeting

Ohio recently enacted a ban on the use of plywood when boarding up vacant properties. Ohio is also the first state to enact a ban of this type. Property preservation has been a significant issue for many states that have areas of abandoned properties. To see a neighborhood of boarded-up houses creates a neighborhood blight issue that is hard to overcome.

March 2017 Origination Insight Report - EllieMae

Ellie Mae recently provided information on the loans flowing through their platform. They are a software provider that was founded in 1997 that many community banks utilize. Right now, they are handling almost a quarter of the loans made in the United States. That’s a decent % and the data they provide is a good reflection of the actual mortgage market.

Utilizing SAMCO as an Appraiser Resource

Contract Amendments; When?  (Illinois Appraiser Newsletter – January 2017) Was an excellent article that describes the appraiser record keeping requirement and the issues that many appraisers face by having access to all versions of a report that they have produced. The appraiser's work file is required to be complete and contain all copies of revised reports. That can be a little hard depending on your software and your tracking system. Many appraisers already have their method down for complete record keeping,but just in case you miss one, let me point out that the SAMCO system keeps all versions of your reports.

FARMLAND VALUES SLIDE FOR THIRD STRAIGHT YEAR

The Federal Reserve Bank of Chicago reported in their latest AgLetter that Midwest land values suffered a third consecutive annual decrease. Granted, the 2016 decrease was only 1% overall, much smaller than the previous two years. 2015 and 2014 both has 3% decreases for both years.

Record harvests of corn and soybeans were produced in 2016 for the five states that make up the Chicago district. According to USDA corn yields increased 11% and soybeans 8.7% from 2015 levels. National corn production for 2016 established a new record of 15.1 billion bushels, up 11% from 2015. U.S. soybean output for 2016 set a record of 4.3 billion bushels, up 9.7 % from the previous year.

‘Customary and Reasonable’ fee’s required in North Carolina

North Carolina has passed legislation that appraisal management companies must pay customary and reasonable fees to appraisers. Active enforcement is in place now. North Carolina is joining the growing list of states that are being proactive on the Dodd Frank requirement of Customary and Reasonable. Kentucky, Texas, and North Carolina are just a few.

Below is the email and guidance document issued from the North Carolina Board.

To all appraisers, appraisal management companies, and interested persons:

Mortgage Company and Realtors fined by CFPB

As reported in RISMedia and other outlets, a major mortgage lender, Prospect Mortgage along with two real estate brokerages have been ordered by the CFPB, Consumer Financial Protection Bureau to pay more than $3.5 million in penalties for operating an illegal kickback program for mortgage business referrals.The Real Estate Settlement Procedures Act (RESPA) prohibits real estate agents and brokerages from recommending settlement services, such as title insurance, appraisals, inspections, and loan origination, to consumers in exchange for payment from those service providers.

What is Appraisal/Evaluation Management?

Appraisal/Evaluation management is when an individual or group employs Licensed, Certified and General appraisers to fulfill real estate appraisal assignments, and qualified real estate professionals to fulfill evaluation assignments, on behalf of the mortgage lender. It involves recruiting, qualifying, verifying licensure and other requirements, negotiating fee and service level expectations; administrative duties like order entry and assignment, tracking and status reports, pre-delivery quality control (USPAP and Appraisal Standards), and report delivery (generally electronic). In addition, it involves ongoing quality control (a new major focus of federal regulators), accounts payable and receivable, market value dispute resolution, and record retention.

USPAP Frequently Asked Questions (FAQ)

125. ENGAGED DIRECTLY BY THE HOMEOWNER Question: I was contacted by homeowners who want me to perform an appraisal of their home to be used for a loan at a federally regulated financial institution. What are my responsibilities in this potential assignment?

Response: It is an appraiser’s responsibility to disclose to the homeowners that a lender or its agent is required by Title XI of FIRREA to directly engage the services of an appraiser in a federally related transaction. If the homeowners still want to engage you, your disclosure allows you to accept the assignment. Additional information can be found in Advisory Opinion 25, Clarification of the Client in a Federally Related Transaction.

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SAMCO Appraisal Management Company is a nationwide appraisal management service for community banks. We provide regulatory compliance and save our clients actual dollars at the end of the day.

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