The Texas Taxpayers and Research Association: (TTARA) released a report analyzing the findings of performance audits in Texas' 253 central appraisal districts (CAD). The report, titled "Equal and Uniform...sort of," compiles the results of reviews of local appraisal districts performed by the Property Tax Assistance Division (PTAD), housed at the State Comptroller's Office.
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If the buzz about bidding wars is true, Campbell/Inside Mortgage Finance HousingPulse Tracking Survey reported those accounts did not boost prices in its findings. Homes are selling below the list price, and if a home is subject to a bidding war, the high offer becomes quashed by lower appraisals. According to the report, homes sold in April received only two or three offers, and average home prices declined slightly from March to April.
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Coester Appraisal Group enhanced Cloud Control by adding C-Data, the company's automated appraisal review technology. C-Data automated review technology electronically evaluates every field in an appraisal report; identifies potential fraud, errors, discrepancies and missing information; and offers findings in online and in printed formats.
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eMortgage Logic, LLC is celebrating its 10th year in business. The company provides residential real property valuations, data, analytics, and customized solutions for mortgage lenders, servicers, and investors nationwide. The idea for eMortgage Logic originated with Ralph Sells during his tenure at Freddie Mac, after Sells revived a struggling internal broker price opinion company acquired by the GSE's HomeSteps division.
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Quandis, Inc., a California-based provider of default management technology solutions, recently announced the launch of a solution that connects mortgage service companies with a nationwide network of real estate vendors. The new module provides a centralized Web portal that creates a medium for vendors to list the services and expertise they provide, such as such as valuations and short sale facilitation, and for mortgage companies to locate vendors based on their business needs.
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Despite the fact that key market indicators released in recent weeks have shown declines in home sales, anecdotal reports from real estate agents in the field suggest better days are ahead for the industry, according to commentary released Monday by the economic team at Wells Fargo Securities. Most agents are reporting "significant gains in buyer interest and sales," and as a result, Wells' economists have nudged their forecast for home sales slightly higher. They are expecting sales of existing homes to top out at 4.50 million in 2012 and rise to 4.65 million in 2013.
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Valuation Vision, based in California, has released a new valuation product that relies on the assessments of not one but three real estate professionals. BPOMerge offers servicers and investors a comprehensive report with broker price opinions (BPOs) from three real estate agents. MergeValue then analyzes the comparables the agents relied on and employs advanced algorithms to calculate a single price based on all the data from the agents. Each agent's comparables are weighted by the agent's performance metrics.
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Appraisers, lenders, and investors appear to be routinely overestimating the values of homes prior to foreclosure, especially in the weakest housing markets, according to two economists with the Federal Reserve Bank of Cleveland. Their report suggests that more accurate pricing could speed the clearing of REO inventories, save lenders money by reducing the carrying costs associated with bank-owned homes, and bring greater stability to housing markets across the country.
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The American Guild of Appraisers (AGA) petitioned the Fed and the Consumer Financial Protection Bureau to overturn a regulation that allows appraisers to be paid a fraction of what can be defined as a customary and reasonable fee, a release from the AGA stated. In 2010, Dodd-Frank rules were enacted to establish certain requirements for appraisals, including one to “ensure that creditors and their agents pay customary and reasonable fees to appraisers,” according to the Dodd-Frank website. But last year, the Fed introduced a new law that the AGA views as undermining the original Dodd-Frank requirement.
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JVI Solutions LLC, a nationwide appraisal and inspection services provider, and Active Data Technologies Inc., the parent company of Foreclosure.com, announced Wednesday that the two Florida-based firms have forged a technology partnership which they describe as "game-changing." The joint venture will soon introduce a proprietary automated home appraisal and broker price opinion (BPO) system that integrates interactive analytical data into a mobile platform.
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