http://www.appraisalinstitute.org/ANO/ This is the syndication feed for Appraiser News Online. 120 A proposed $25 billion settlement between big banks and a multistate coalition of attorneys general is close to being finalized, with more than 40 states agreeing to settlement terms, Iowa Attorney General Tom Miller announced Feb. 6. Miller formed the multistate coalition in October 2010. According to Reuters, which obtained yet-to-be-released documents related to the long-awaited settlement, the deal will give states broad authority to punish entities that mistreat borrowers in the future. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16966 Staff Thu, 09 Feb 2012 00:00:00 GMT In the States National Public Radio reported allegations Jan. 30 that Freddie Mac bet against struggling borrowers looking to refinance mortgages, and now the Federal Housing Finance Agency is under pressure to explain a Collateralized Mortgage Obligation tool known as an “inverse floater.” http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16963 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential The Federal Housing Finance Agency announced Feb. 1 that pre-qualification is now available for investors interested in converting real estate-owned properties into rental properties. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16960 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential The U.S. Department of Agriculture announced a pilot program Feb. 1 to help rural borrowers refinance mortgages and reduce monthly payments. Available to rural borrowers in 19 states, the program has the potential to reach 235,000 homeowners. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16957 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential The U.S. Department of the Treasury announced Feb. 6 that mortgage servicers would begin evaluating borrowers under its expanded Home Affordable Modification Program in May. On Jan. 27 the Treasury announced that a revised HAMP would extend the application deadline to the end of 2013, triple payments to servicers that reduced borrower principal, and add a requirement that servicers factor in second liens and other obligations in the debt-to-income ratio calculation. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16954 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential The Federal Housing Finance Agency is stepping back from a controversial plan to change its 25-basis-point minimum servicing fee paid on Fannie Mae and Freddie Mac guaranteed loans, National Mortgage News reported Feb. 1. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16951 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential A group of 39 Republican senators filed an amicus brief to join a court challenge of the recess appointment of Richard Cordray (right) to head the Consumer Financial Protection Bureau, HousingWire reported Feb. 6. President Obama first nominated Cordray in July 2011 and made the recess appointment Jan. 4 after months of Republican opposition. Senators did not oppose Cordray’s qualifications for the job but had delayed confirmation until changes were made to the CFPB, namely the creation of a five-member panel to run it instead of a single director. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16948 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential The Senate approved an amendment to an insider trading bill Feb. 2 that would end bonuses for executives at government-sponsored enterprises Fannie Mae and Freddie Mac, The Hill reported. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16945 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential Treasury Secretary Timothy Geithner said during a Feb. 2 news briefing that the White House was still commitment to winding down Fannie Mae and Freddie Mac and encouraged more private funding of the mortgage market, The Washington Post reported. Geithner said closure efforts will ramp up this spring. According to the Post, Geithner said that administration officials have begun more intensive investigation of legislative options for overhauling the country’s housing finance system in partnership with Congress, advocacy groups and academicians, though he said change won’t come quickly. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16942 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential Nonbank mortgage lenders must adhere to the same rules as other financial institutions and establish anti-money laundering programs and file suspicious activity reports under a final rule issued Feb. 7 by the Financial Crimes Enforcement Network. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16939 Staff Thu, 09 Feb 2012 00:00:00 GMT Residential Pennsylvania Gov. Tom Corbett signed into law House Bill 398 — known as the Appraisal Management Company Registration Act — Feb. 2, his office announced. The new law establishes registration of appraisal management companies in Pennsylvania as required by the federal Dodd-Frank Act. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16936 Staff Thu, 09 Feb 2012 00:00:00 GMT In the States Lender Processing Services Inc. filed a motion to dismiss a consumer fraud lawsuit filed against the company and its subsidiaries by the state of Nevada, National Mortgage News reported Jan. 31. Nevada Attorney General Catherine Cortez Masto filed the suit in the Eighth Judicial District Court in December. The suit alleged that the company, along with its subsidiaries DOCX LLC and LPS Default Solutions Inc., falsified foreclosure documents and utilized robo-signing tactics in addition to other deceptive practices. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16933 Staff Thu, 09 Feb 2012 00:00:00 GMT In the States Two Credit Suisse Group AG employees pleaded guilty to federal charges of conspiracy for inflating mortgage bond values, The Wall Street Journal reported Feb. 2. The guilty pleas represent the first successful criminal case against bankers and Wall Street traders in relation to the financial meltdown of 2008. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16930 Staff Thu, 09 Feb 2012 00:00:00 GMT Financial News Citigroup announced Feb. 1 that it will stop originating new mortgages through its wholesale broker channels so it can invest more resources into its correspondent and retail sectors, HousingWire reported. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16927 Staff Thu, 09 Feb 2012 00:00:00 GMT Financial News Average mortgage rates again fell to new all-time record lows as economic growth data fell short of market projections, Freddie Mac reported Feb. 2 in its weekly Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped 0.11 percentage points from the previous week to 3.87 percent (down from 4.81 percent a year ago). This is the ninth consecutive week that the 30-year fixed rate has been below 4 percent. The 15-year rate fell 0.1 percentage points to 3.14 percent (down from 4.08 percent a year ago). http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16924 Staff Thu, 09 Feb 2012 00:00:00 GMT Financial News The delinquency rate on U.S. commercial mortgage-backed securities increased five basis points to 9.32 percent in December — its 12th consecutive month above 9 percent — according to Moody’s Investors Service data reported by MBA NewsLink Jan. 31. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16921 Staff Thu, 09 Feb 2012 00:00:00 GMT Market Trends The Appraisal Institute announced Feb. 8 the recognition of two members as a “Volunteer of Distinction” for February. Members honored were: Hugh B. Bass Sr., MAI, of Region IX (Atlanta Area Chapter) and Karen Goforth, MAI, of Region X (Northwest Florida Chapter and West Coast Florida Chapter). http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16918 Staff Thu, 09 Feb 2012 00:00:00 GMT Inside the Institute The Appraisal Institute appeared in at least seven online trade publications after announcing its support for a new tool that will assist appraisers and others seeking to develop the value of a property’s solar-powered features. "From my perspective as an appraiser, I see that this is a great tool to assist the appraiser in valuations, and it connects to the Appraisal Institute's recent Residential Green and Energy Efficient Addendum,” Sandra Adomatis, SRA, said in the coverage. http://www.appraisalinstitute.org/ano/current.aspx?volume=13&numbr=3/4#16915 Staff Thu, 09 Feb 2012 00:00:00 GMT Inside the Institute