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The other night at 3:00 in the morning my smoke detector/CO2 alarm started beeping. Why doesn’t this every happen during the day, that will always be one of life’s great mysteries, but what do you do then?

Well, if there is no smoke, it’s probably the CO2 part of your alarm being activated. The first thing to do is open all of your windows, then shut off all gas appliances. Check everyone in the home for nausea (CO2 poisoning). If anyone is sick (headache, nausea, confusion, drowsiness) then get to a neighbors and call 911. If no one is sick, then simply call the Fire Department for a CO2 check.

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.

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.

Ellie Mae reports 50 days for loan closings and average FICO scores. In the December Origination Insight Report, Ellie Mae provides data from a sampling of loans that flow through their Encompass mortgage management software in the Ellie Mae Network. Closing time for all loans increased slightly to 50 days. Refinances were 52 days and time to close a purchase increased to 48 days, both up one day from the previous month.

Direct deposit, online and mobile payments, everyone, has heard about and, you would think, would be growing quickly as the typical form of payment. It’s easy, right?