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AMC/lender accepts trainees - Red Sky (U.S. Bank)
My comments: Be sure to check your state's requirements, as they vary widely among the states.
This is the first one I know of. Maybe they have been reading my free emails where I suggest this is the only solution to the appraiser shortage, now and in the future, that can start immediately. FYI, Red Sky is owned/affilated with U.S. Bank
Excerpts from an email (Appraiser Partner News) sent to appraisers on its panel June 11, 2015
Supervisory Appraiser Change
Upon review, Red Sky Risk Services, LLC has refined its expectations regarding the involvement of appraiser trainees. Important to note, the following change DOES NOT override specific state statute(s) or appraiser training requirements.
Effective immediately, Red Sky is no longer requiring supervisory appraisers to be physically present with trainee appraisers at all subject property inspections and driving comparable sales.
My comment: There is a short additional list of specific requirements. But, they are nothing new - Supervisor to review report, responsible for report, etc.
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Woman Sentenced to More Than 5 Years in Prison in Real Estate Appraisal Scheme
Another good article from www.mortgagefraudblog.com !!
Excerpt:
Ann Hils, 55, East Hampton, Connecticut, was sentenced by U.S. District Judge Alvin W. Thompson to 63 months of imprisonment, followed by five years of supervised release, for operating a real estate appraisal scheme.
According to court documents and statements made in court, Hils was not a provisional or certified real estate appraiser in the state of Connecticut at any time. Between approximately December 2006 and March 2008, Hils conspired with her daughter, Brandy Gomez, to obtain more than $47,000 in real estate appraisal fees to which they were not entitled.
Click here to read more!!
http://mortgagefraudblog.com/woman-sentenced-to-more-than-five-years-in-prison-in-real-estate-appraisal-scheme
My comment: Wow!! Big penalties for fake appraisers!! And they only got around $47,000!!
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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.
Mortgage applications decreased 5.5 percent from one week earlier
according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending June 12, 2015.
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 15 percent higher than the same week one year ago.
"Rising rates continue to create volatility in weekly mortgage applications activity. The 10-year Treasury hit 2.5 percent last week and our survey's 30-year fixed rate of 4.22 percent is at its highest level since October 2014. The refinance index dropped to the lowest level since January 2015 as rates continued to increase," said Mike Fratantoni, MBA's Chief Economist.
The refinance share of mortgage activity decreased to 48.5 percent of total applications from previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.5 percent of total applications.
The FHA share of total applications decreased to 14.2 percent from 14.3 percent the week prior. The VA share of total applications remained unchanged at 11.5 percent. The USDA share of total applications decreased to 0.9 percent from 1.1 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.22 percent from 4.17 percent, with points increasing to 0.46 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.18 percent from 4.15 percent, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.00 percent from 3.90 percent, with points increasing to 0.20 from 0.19 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.43 percent from 3.37 percent, with points increasing to 0.33 from 0.32 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.15 percent from 3.06 percent, with points increasing to 0.52 from 0.50 (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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