LRES has announced the expansion of its client relations division to increase client care and process efficiency to accommodate the influx of new client accounts. As part of the expansion, LRES has allocated additional resources toward the client relations division, adding more budget and personnel to support increased customer communications and additional client visits, calls and client-facing promotional activities.Click to continue
USRES has completed a significant enhancement to its proprietary valuation portal, powered by RES.NET. The solution now provides improved security to borrowers by allowing them to securely pay for appraisals through the portal rather than share credit card information over the phone. This enhancement provides loan officers an added option for completing the payment portion of the appraisal ordering process once they order an appraisal through USRES’ online ordering system.Click to continue
Question: What documentation is required after the appraisal is completed and the subject property is located in a disaster area?
With hurricane season and wild fires in full swing, the question is common to all agency types of loans: FHA, VA, Conventional, and USDA. Such natural disasters include, but are not limited to, hurricanes, mud slides, rising waters/flooding, wild fires, tornadoes, et cetera.Click to continue
Although appraisers and lenders work closely together, the Appraisal Institute believes that there is still some confusion in the marketplace over when, if and how appraisals can be transferred.Click to continue
The nation’s largest professional association of real estate appraisers invited valuation professionals to provide additional input on the organization’s proposed standards of valuation practice, one of the Appraisal Institute’s three previously announced major strategic initiatives.
Seeking additional comments from valuation professionals, the Appraisal Institute board of directors has directed distribution of second exposure drafts of the following documents:
►Proposed Appraisal Institute Standards of Valuation Practice; andClick to continue
ValuTrac Software has announced an integration with Ellie Mae, where it will integrate directly with Ellie Mae’s Encompass mortgage management solution to seamlessly facilitate the appraisal portion of the loan process. The integration will increase efficiency and remove risk for Encompass users by automating complicated appraisal steps.Click to continue
Axis Appraisal Management Solutions has announced that it has entered into a letter of intent with Zaio Corporation in which Zaio would acquire Axis, subject to due diligence to be completed by April 15. Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the U.S.Click to continue
Question: May I deliver an appraisal and other valuations to the applicant(s) via e-mail, thereby reducing the waiting period required prior to closing?
Answer: In order to provide an answer to this question, many issues need to be discussed.
By now, everyone in the mortgage industry should be aware of the new ECOA Valuations Rule which applies to all applications received on or after Jan. 18, 2014. Click to continue