Blessed Assurance

In the appraisal of residential real estate, there are several basis points available to the appraiser regarding the completion of the report. The most common basis is “As Is,” which is utilized when there are…

The ANSI Standard for Measuring Houses

In April, 1996 the American National Standards Institute (ANSI) adopted a standard for measuring single-family residential buildings. American National Standard Z765-1996 was developed through a process of consensus among a wide variety of participants. These…

CFPB Proposes Rule to Improve Information About Access to Credit in the Mortgage Market

Bureau Aims to Simplify the Reporting Process for Financial Institutions WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) proposed a rule to improve information reported about the residential mortgage market. The rule would shed…

Consumer Financial Protection Bureau Issues Guidance Regarding Brokers Shifting To “Mini-Correspondent” Model

Bureau Describes Evaluation of Mini-Correspondent Transactions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The CFPB is concerned that some mortgage…

It’s a Deep Subject

In recent weeks, I have been involved in several situations surrounding the treatment of private well water and private septic sewage systems within HUD-related appraisal reports. The confusion appears to be fairly widespread among appraisers,…

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Senate Confirms Julian Castro as secretary of HUD

Last week, the United States Senate voted to confirm Julián Castro as the new secretary of the U.S. Department of Housing and Urban Development. Castro has served three terms as the mayor of San Antonio, TX.  The shakeup in leadership was sparked by the resignation…

How Appraisers Define Living Area

In the Appraisal appeal process, one of the most common complaints that borrowers have when receiving their appraisal report is that the appraiser did not measure their house correctly.   They wonder how an appraiser could leave off sometimes hundreds of square feet in their calculations.…

Confused and Misunderstood

As the Quality Control Manager for a national appraisal management company, I am directly involved with some appraisal matters in need of mediation and resolution.  In most cases, these matters involve either a Loan Officer who is questioning the results of an appraisal report, or…

CFPB TILA-RESPA Integrated Disclosure Final Rule

CFPB held a webinar this week on the Integrated Disclosure final rule of the Truth In Lending Act and Real Estate Settlement Procedures Act.  If you happen to be a fan of large numbers of acronyms and governmental codes being referenced like they were pop…

The Appraisal Part 1 – What to Expect When They’re Inspecting

A real-estate appraisal inspection can be a source of great concern on the part of the borrower.  The first time going through this process can feel like a significant invasion of privacy; a stranger walks through your home, takes photographs, and asks you personal questions…

When a Property Falls Short

As the quality control manager for national appraisal management company Landmark Network, I deal with myriad escalated valuation matters involving appraisers, loan officers and underwriters, or sometimes a combination of all three. In some cases my advice is sought to help handle an atypical circumstance.…