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Can We Talk?

Both appraisers and underwriters are working in a time of significantly increased scrutiny as it relates to their work, with the pressures associated shared between them both. HUD regularly completes Post-Endorsement Technical Reviews (PETR) on its files. Direct Endorsement (DE) underwriters are on the line…

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 no repairs, modifications or required inspections to the subject property. …

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 included the American Institute of Architects, the Appraisal Foundation, the…

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 more light on consumers’ access to mortgage credit by updating…

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 brokers may be shifting to the mini-correspondent model under the…

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, loan officers and underwriters, and let’s face it: the tightly…