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Yesterday's FHA audio presentation on new 4000.1 handbook effective 6/15/15
I attended FHA's call-in audio presentation. It was excellent, particularly the main speaker, who is an appraiser. Unfortunately I did not get his name. Good questions from appraisers and lender employees plus practical answers from FHA. Some of the topics: 3 year sales history on comps, FHA vs Fannie requirements, appliance inspection, roof and attic inspection.
I have attended webinars that just repeated verbatim what was in the written materials. This audio (non-web) presentation was very practical and helpful.
Training will be available at www.HUD.gov by "the end of the month". I assume this means the end of April. I will let you know.
The effective date of the new FHA 4000.1 manual is 6/15/15, but the main speaker said to start using it now. The data delivery guide is effective in 2016 but was released early so software vendors can update their software for reviewing your appraisals before they are sent to a client.
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AMC Final Rules
From Appraisalbuzz
Excerpt:
If there is one thing I have learned post housing finance crisis it is that the term "soon" means different things to different people. Those "Inside the beltway", I have come to learn, live on a different timetable than the rest of us. And if you pondered how sausage is made, you would wonder how anything ever gets done at all. After an excruciatingly long wait, the FFIEC (Federal Financial Institutions Examination Council) will finally be issuing AMC Final Rules.
The major components within the Draft AMC Rules were:
Minimum AMC Registration Requirements
- Firms vs. AMC
- Appraisal Independence
- Customary & Reasonable Fee Enforcement
- Voluntary State Adoption
- Appraiser Selection
Check out the Buzz comments and post your own comments!!
https://www.appraisalbuzz.com/amc-final-rules/
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Final Rule Released on Minimum AMC Requirements
Source: Appraisal News Online - Appraisal Institute
Thanks to the AI for this writeup as I did not have enough time to read it!!
Excerpt:
Highlights of the rule include:
Independent Contractor Definition: The rule revises the standard used to determine if an appraiser is an independent contractor based on whether or not the appraiser is treated as an independent contractor by the AMC for federal income tax purposes.
AMC/Appraisal Firm Distinction: The rule distinguishes between AMCs and appraisal firms based on their respective use of fee appraisers and employees. Each employee appraiser must pay a registration fee to the state or states where they practice. An AMC will only be subject to a registration fee once state registration and supervision regulations become effective pursuant to Dodd-Frank. The rule also provides coverage for "hybrid" firms, meaning entities that both hire appraisers as employees to perform appraisals and engage independent contractors to perform appraisals.
AMC Panel Threshold Size: The rule clarifies that when the number of appraisers is counted for the purpose of determining the size of an AMC's panel threshold, that the count be based on the number of appraisers listed on the roster who potentially are available to perform appraisals and not on the number of appraisers actually engaged to perform appraisals.
Trainee Appraisers Not Barred: The rule clarifies that AMCs may engage appraisers who use trainee appraisers to assist on assignments.
Link to Final Rule: www.fdic.gov/news/board/2015/2015-04-21_notice_sum_d_fr.pdf
http://www.appraisalinstitute.org/ano/-final-rule-released-on-minimum-amc-requirements/
My comment: I haven't read the rules yet but it is good there is finally something at the national level about AMC regulations after all these years!! I don't think it says anything about requiring C/R fees or scope creep, which is what appraisers care about.
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to www.mbaa.org
Note: I publish a graph of this data every month in my printed newsletter, Appraisal Today. For more information or get a FREE sample issue go to http://www.appraisaltoday.com/products.htm or send an email to info@appraisaltoday.com . Or call 800-839-0227, MTW 8AM to noon, Pacific time.
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Mortgage applications increased 2.3 percent from one week earlier,
according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2015. WASHINGTON, D.C. (April 22, 2015)
The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index increased 1 percent from the previous week. The seasonally adjusted Purchase Index increased 5 percent from one week earlier to its highest level since June 2013. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 16 percent higher than the same week one year ago.
"Purchase applications increased for the fourth time in five weeks as we proceed further into the spring home buying season. Despite mortgage rates below four percent, refinance activity increased less than one percent from the previous week," said Mike Fratantoni, MBA's Chief Economist.
The refinance share of mortgage activity decreased to 56 percent of total applications, its lowest level since October 2014, from 58 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent of total applications.
The FHA share of total applications increased to 13.6 percent from 13.5 percent the week prior. The VA share of total applications decreased to 11.0 percent from 11.1 percent the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.83 percent, its lowest level since January 2015, from 3.87 percent, with points decreasing to 0.32 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.83 percent from 3.84 percent, with points decreasing to 0.22 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.65 percent, its lowest level since May 2013, from 3.67 percent, with points decreasing to 0.12 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.11 percent, its lowest level since January 2015, from 3.16 percent, with points decreasing to 0.24 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 2.89 percent from 2.82 percent, with points decreasing to 0.29 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
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