Industry News Blog

The Appraisal Institute is requesting that HUD clarify on the HUD-1 the fees that are being paid to AMCs as “Origination” or “Other Settlement Services,” so borrowers are aware that the increase is due to a third party vendor, and not an increase of appraisal fees.

Click here to read the letter from The Appraisal Institute.
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Fire Your Appraisal Management Company

Lenders and appraisers alike are finding their dependence on appraisal management companies (AMC) is not necessary.  Lenders can remain compliant and appraisers don't have to compromise quality and lower their fees when an appraisal independence management system (AIMS) is in place. 

MortgageDaily.com released its Fourth-Quarter 2009 Regulatory Actions report that points to a potential increase of bank failures.  The latest findings, 1,311 regulatory orders, show a more than 100 percent increase actions against banks, credit unions and thrifts.   This includes a significant growth in cease-and-desist orders.  MortgageDaily.com noted that banks that fail often face cease-and-desist orders prior to their closure.

The Appraisal Institute, along with the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers, have released a list of principles they say AMCs should follow. 

Click here to read the draft.