Automating the acceptance of appraisal and other valuation services has been an objective of lenders for a long time. While it has been possible to convert appraisal data into an electronic format for transmission and storage, the lack of consistency among providers has significantly limited the ability to do anything more.Click to continue

Bradford Technologies, a provider of valuation tools and solutions for residential appraisers and parent of the AppraisalWorld online community for appraisers, has announced the redesign of CompCruncher, its valuation technology used by appraisers to prepare statistically supported valuation reports. One of the major changes is that the system now provides regression-based analysis for government-sponsored enterprise (GSE)-approved appraisals. CompCruncher 2.0 also enables regression analysis for the most commonly used residential appraisal forms.Click to continue

Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco has also announced details on the new 2012 executive compensation programs at Fannie Mae and Freddie Mac (see chart below). The 2012 pay program reduces top executive pay by nearly 75 percent since conservatorship, eliminates bonuses, and establishes a target for new CEO pay at $500,000. In setting this new compensation framework, FHFA concluded that further material reductions or uncertainty around compensation would heighten safety and soundness concerns.Click to continue

The National Association of Home Builders (NAHB) has announced a new comprehensive framework for housing finance system reform that would transition the government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—to a new mortgage securitization system for single-family and multifamily conventional mortgages.Click to continue

Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco has issued a strategic plan for the next phase of the conservatorships of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, to Congress. The plan builds on DeMarco’s February 2010 letter to Congress on the conservatorships and sets forth objectives and steps that the FHFA is taking or will take to meet its obligations as conservator.Click to continue

Byte Software and BuildFax have announced a partnership to provide building permit data to mortgage professionals, allowing mortgage industry professionals the ability to quickly verify property improvements through an interface between Byte Software’s loan origination system (LOS) and BuildFax’s national building permit database. The integration to Byte Software allows lenders to access BuildFax’ breakthrough property intelligence, which delivers the additional layer of documentation needed to enhance loan quality, reduce transactional risk, Click to continue

The Financial Crimes Enforcement Network (FinCEN) has finalized regulations that require non-bank residential mortgage lenders and originators to establish anti-money laundering (AML) programs and file suspicious activity reports (SARs), as FinCEN requires of other types of financial institutions. “Today, FinCEN is closing a regulatory gap by requiring non-bank mortgage lenders and originators to develop anti-money laundering programs and file suspicious activity reports with FinCEN,” said FinCEN Director James H. Freis Jr.Click to continue

The National Association of Mortgage Brokers (NAMB)—the Association of Mortgage Professionals, has announced its support of the Obama Administration in its efforts to seek out ways to address the nationwide housing crisis. NAMB supports three areas in the Obama Administration’s recommendations that will help bring solutions to the current mortgage crisis and assist the U.S. economy in its return to normalcy.Click to continue

The Federal Housing Finance Agency (FHFA) has announced the first step of a Real Estate-Owned (REO) Initiative targeted to the hardest-hit metropolitan areas nationwide. Investors interested in participating may “pre-qualify” to establish eligibility to bid on transactions in the initial pilot phase as well as subsequent phases. The REO Initiative will allow qualified investors to purchase pools of foreclosed properties with the requirement to rent the purchased properties for a specified number of years.Click to continue

The Obama Administration has announced additional enhancements to the Making Home Affordable Program, including the Home Affordable Modification Program (HAMP). The Obama Administration has made a commitment to support American homeowners by providing refinancing opportunities for responsible homeowners, transitioning foreclosed properties into rental housing to help reduce the overhang of unsold homes, and providing states hardest-hit by the foreclosure crisis with resources to develop relief programs that work for their communities.Click to continue