Beginning on July 1, 2017 the nation’s 3 largest credit bureaus will implement a reporting change that will significantly reduce the amount of tax-lien and civil-judgement information reported within consumer credit reports. This change, which was implemented under the National Consumer Assistance Plan (NCAP), will result in the elimination of the above reported items if consumers ...
Read more
Can appraisals shield lenders from buybacks?
November 15, 2016
They can if the appraisal conforms to criteria recently outlined by Fannie Mae. Beginning December 10, 2016, lenders using Fannie Mae’s Collateral Underwriter® (CU™) tool will receive representation and warranty relief for the appraised value on properties with qualifying scores of 2.5 or...
Read moreDon’t throw AMCs under the bus
June 11, 2015
We read with interest a recent academic survey of mortgage brokers (published in European Business Journal in March 2015) on the perceived impact that appraisal management companies (AMCs) have on mortgage brokerage business. I’m sure you’re not surprised (we weren’t) to hear that mortgage brokers don’t like AMCs. Brokers in general believe that AMCs limit... Read more
Don’t fall into the dodgy appraisal fray
December 2, 2014
In today’s Wall Street Journal, an article titled “Dodgy Home Appraisals Make a Comeback” was front page news and created quite a stir online. The article references statements made by the Office of the Comptroller of the Currency (OCC) dating back to September 2013, when it summarized the results of lender examinations conducted...
Read more