Archive for March, 2009

Tips For Temecula First Time Home Buyers

When you are ready to purchase a home for the first time, the process may seem overwhelming. This is especially true in today’s economy. When you are trying to get approved for a mortgage loan, keep in mind that many Temecula Valley brokers and lenders are going to be looking at your credit history along [...]

HUD/FHA Adopt the 1004MC – FHA Appraisers Required To Include 4/01/09

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Portion of 2009-09 Morgagee Letter
 SUBJECT:    Adoption of Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71)
 Currently, all Federal Housing Administration (FHA) Roster Appraisers are required to report on housing trends in the Neighborhood section of the applicable property specific appraisal reporting form. The Uniform Standards of Professional Appraisal Practice (USPAP) mandate that an appraiser [...]

HVCC – NAMB Lawsuit Update

The following was obtained by a prior post from FHAAppraisers.com

Opening Remarks, Breaking News Yesterday, Judge Ricardo M. Urbina, presiding in the matter between the National Association of Mortgage Brokers (NAMB) and James B. Lockhart, Director of the Federal Housing Finance Agency (FHFA), denied the motion for a temporary restraining order regarding the implementation of the [...]

Wells Fargo Accused of Colluding With An Appraiser Service, Rels Valuation

A lawsuit has been filed against Wells Fargo accusing the lending company of colluding with an appraiser service, Rels Valuation. Both Wells Fargo and Rels Valuation are owned by the same parent company. Wells Fargo is accused of requiring that borrowers use Rels Valuation for appraisals. Rels Valuation would then use third-party appraisers and require [...]

Qualified Appraisers are Necessary for the Accurate Restructuring of Loans

Several of the nation’s real estate appraiser organizations are asking the Administration to require that residential market values be determined by qualified appraisers. It is necessary to use licensed and certified appraisers in order to protect homeowners under the Homeowners Stability Program. In order to restructure loans, banks require homeowners to have their home appraised [...]