96% of Markets Better Off Than in 2010

A new report by RealtyTrac shows that 96 percent of the counties that they track are better off than they were four years ago. But still, there’s a ways to go in the housing market, with only 8 percent of the 410 U.S. counties analyzed faring better than they did during the housing boom eight years ago.

RealtyTrac analyzes housing market health by gauging four main categories: home price appreciation, affordability, percentage of bank-owned REO sales, and the unemployment rate.

How Much of the Residential Mortgage Market do AMC's Have??

Ever since the Home Valuation Code of Conduct was announced the market share of AMC's has been increasing.  Before the HVCC (pre-2009) AMC's had a market share of approximately 20%.  Not a very high number.  Todays estimate of AMC's Origination Share is 60% of the total market.  The HVCC originally just placed a buffer between appraisers and loan officers to prevent pressure being placed on the appraiser to inflate values and only concerned Fannie-Freddie funded loans. With the 2010 Inter Agency Appraisal and Evaluation Guidelines that were announced by the joint federal financial regulatory agencies the focus became the need for quality control with qualitative reviews.

Federal Regulators Propose Supervision Requirements for AMC’s

One of many issues that the Dodd-Frank Act touched was supervision of appraisal management companies.  Banks and appraisers both, are overseen by multiple agencies, it’s only fair that AMC’s are also.  Minimum requirements for state registration and supervision of appraisal management companies were provided in the Act.  On March 24, six federal agencies jointly issued a proposed rule to implement these requirements.  The agencies are the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Agency and the National Credit Union Administration. 

Under the proposed rule, participating states would require that an AMC:

Fed Rate Hike, Mortgages vs. Credit Cards, Time to rework HELOC loans?

Wow, a lot of headlines for this week!  

Yellen hints rate hike is possible around mid-2015  

WASHINGTON • Janet Yellen tried at her first news conference as Federal Reserve chair to clarify a question that's consumed investors: When will the Fed start raising short-term interest rates from record lows?

Yellen stressed that with the job market still weak, the Fed intends to keep short-term rates near zero for a "considerable" time and would raise them only gradually. And she said the Fed wouldn't be dictated solely by the unemployment rate, which Yellen feels overstates the health of the job market and the economy.

Appraisers Becoming Active on 'Customary and Reasonable' Fee's

Many times SAMCO, and other professional AMC's, are just lumped into one overall group by appraisers.  Now, as an appraiser, you know that not all appraisers are the same as you, either in professionalism or quality.  So why are AMC's considered that way?  SAMCO is a champion for customary and reasonable (C&R) fees.  I strongly encourage all new community bank clients (the only ones we work for) to view the over all fee's in their area.  Sometimes a community bank has a relationship with 2 or 3 appraisers for a below market fee. One reason an appraiser can provide a below market fee appraisal, corners are cut in quality.  Since the community bank has no professional oversight for appraisal quality that's OK with them, as an appraisal is an appraisal, right?

Ag-Lending Boom Draws to a Close

by CHRIS CUMMING

The last few years have been golden for American farmers and the banks that serve them, but there are signs that the good times may be coming to an end.

With commodity prices expected to fall, many agricultural lenders anticipate their clients could have trouble making loan payments this year. Farm banks are bracing for a tough year ahead — and hoping that it's no more than a one-year dip.

SAMCO Appraisal Management Company Integrates with Encompass Loan Origination Software

SAMCO is excited to announce we will be fully integrated with Encompass Loan Origination Software effective on the 3/6/2014 release update. This Encompass integration gives our Clients who utilize Encompass the ability to list SAMCO as the appraisal service provider within Encompass and orders can be facilitated from the Encompass software to auto populate new orders within the SAMCO platform. Outlined below are some of the key features of the integration.
 
SAMCO - Encompass Integration Functionality

Woman Keeps Up Mortgage Years After Death

They say nothing in life is certain but death and taxes, though it may be time to add mortgage payments to that list. A woman’s “mummified” body was recently discovered by a contractor in a garage of a foreclosed home in Pontiac, Mich. It seems the woman’s death went unnoticed for years partially because she stayed current on her mortgage each month until recently. The woman had automatic payments coming from her bank account each month to cover her mortgage. But police say that the woman, who was in her 40s, likely died back in 2008.

“She had $54,000 in her account and her bills were being deducted,” says Undersheriff Mike McCabe. “Eventually the money ran out and her house went into foreclosure.”

Got a Few Extra Minutes?

Here is a scenario that I think we have all experienced. You have been assigned an appraisal of a basic ranch home, in an established neighborhood. Your research finds a 1375sf home with a detached garage. You make the appointment, show up, introduce yourself, and begin your inspection. The walk through, and photographs on this 3 bedroom, 1 bath dwelling (on a crawl space) takes 5-7 minutes, and that's while chatting with the owner!

 

Healthy Banks Buying Healthy Banks

Most community banks are searching for creative ways to not just improve their bottom line, but to grow!  More than a third of community bankers who responded to this year’s ICBA Industry Report Card survey, plan to increase marketing budgets in 2014 while over half will maintain their 2013 levels.  Many community bank board’s realize that their efficiency ratio is in the 70’s or higher, when they should be in the mid 60’s and are turning to third party vendors to help reduce overhead. 

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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.

SAMCO is committed to earning your loyalty one appraisal at a time.

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