Over the next month or so, Global DMS will be attending and participating in several industry conferences throughout the country. Members of our company will be in attendance for the duration of each conference, and look forward to networking with new contacts as well as catching up with old acquaintances.
The Appraisal Institute—the nation’s largest professional association of real estate appraisers—recently announced the availability of its Standards of Valuation Practice (SVP). According to the Institute, the SVP can serve as an alternative for valuation professionals where national or other standards are not required.
The Appraisal Standards Board (ASB) of the Appraisal Foundation has officially released its Third Exposure Draft of proposed changes for the 2016-2017 edition of the Uniform Standards of Professional Appraisal Practice (USPAP), and is seeking public comments on its changes by no later than October 10th.
On September 4th, a security vulnerability nicknamed Shellshock was officially disclosed to the public. This vulnerability affects operating systems such as Linux and Mac OS X.
Several weeks ago, Representative Blaine Luetkemeyer (R-MO) introduced the “Access to Affordable Mortgages Act” (HR 5148) to the U.S. House of Representatives, which is designed to exempt certain higher-risk mortgage loans from property appraisal requirements under the Truth in Lending Act (TILA).
The Federal Housing Finance Agency (FHFA)—the federal agency in charge of regulating both Fannie Mae and Freddie Mac—recently proposed a rule that would establish housing goals for the Government Sponsored Enterprises (GSE) for 2015 through 2017. The Housing and Economic Recovery Act of 2008 requires the FHFA to establish annual housing goals for both Fannie and Freddie, and the agency’s current housing goals are set to expire at the end of this year.
The Appraisal Institute recently published a second edition of its famed book, “Market Analysis for Real Estate: Concepts and Applications in Valuation and Highest Best Use”, which for the past 20-years has set the standard for appraisers as they examine a property’s productivity, delineate the market, study and compare supply and demand, investigate market trends, and develop a capture estimate for the property being appraised.
Back in January, Fannie Mae launched proprietary appraisal messages in the Uniform Collateral Data Portal (UCDP) to both assist lenders in detecting data inconsistencies and to improve the overall quality of appraisal data. The Government Sponsored Enterprise (GSE) has planned to implement additional changes to these proprietary messages, but has been unsure of when its implementations will take place – until recently.
The Consumer Financial Protection Bureau (CFPB) recently appointed several new senior leaders within its organization, as well as new consumer finance experts—all of which work outside the federal government—to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.