mortgage lending: Do Appraisers Help With Mortgage Fraud? - 11/11/10 06:20 AM
Today's Florida Realtor News highlighted a story about a couple of mortgage brokers who were charged with fraud.
On paragrpah stated "Although 16 named individuals took part in varying roles in the complex network - and all are charged in the indictment with conspiracy to defraud - the premise actually was simple, the government filing shows"
So you know, appraisers had to be part of this in order for these loans to have gone through.   I recently finished a forensic review of an appraisal, where the stated value was $118,000 above the sale price.  The home was not listed in … (0 comments)

mortgage lending: Lender cutting appraised values? - 07/15/10 06:33 AM
In a recent Fannie Mae Selling Guide update – the GSE addressed this issue of lenders who have been reducing opinions of market value:
In the past, Fannie Mae did not provide requirements concerning lenders making changes to the opinion of market value reflected in the appraisal report. During Fannie Mae’s post-purchase reviews, cases were identified where the lender had reduced the opinion of market value in the appraisal report based upon underwriter judgment, automated valuation models, or other methodology. Therefore, Fannie Mae has updated its appraisal policies to address the practice of lenders changing the appraiser’s opinion of market value … (2 comments)

mortgage lending: More job losses in the mortgage industry - 07/13/10 02:20 AM just released this article indicating that Wells Fargo will be closing its financial stores and exiting the non-prime lending arena.
What is most striking is not the lack of loans offered (since less than 2% of loans were originated in the Wells Fargo Stores) - but rather the loss of 2800 positions in the next 60 days and 1,000 positions during the next year!
Think people in the Real Estate and mortgage world need to be working on a back up plan in live?   I know I am!
Do you have a back up plan?  Or do you have … (1 comments)

mortgage lending: Are there mortgage brokers still in Florida? - 06/16/10 02:33 AM
I read an article today on the Mortgage Fraud Blog by Rachel Dollar, which detailed how the state of Florida is clamping down on mortgage broker applications in the state - read the whole article here >
The article stated:
Beginning October 1, 2010, Florida will begin participation in the Nationwide Mortgage Licensing System, and all existing loan originators, brokers and lenders and mortgage business owners will be required to reapply for licensure. December 31, 2010, is the last day to apply for licensure.
and later on......
Additionally, licensees will now be required to renew their licenses on a yearly … (3 comments)

mortgage lending: Long Term Rates Set Another Record...but where are the appraisals? - 01/08/09 03:22 AM
So is it just me, or does all the talk about a refi boom not seem to be translating to new appraisal requests?   I'd love to hear from appraisers as to how busy they are right now.
I recently read the article in today's headlines about historically low mortgage rates.  The article reported:
The Primary Mortgage Market Survey recorded the tenth consecutive week of mortgage rate declines and the 30-year fixed-rate mortgage (FRM) established yet another record low of 5.01 percent with 0.6 point compared to 5.10 percent with 0.7 point for the last week of 2008.
This establishes another benchmark … (11 comments)

mortgage lending: Free appraisals? What they can cost you - 09/16/08 10:21 AM


mortgage lending: It's All Perception! - 01/11/08 10:53 AM
I find it funny that in 2007, every other news story on local television here in Central Florida, was another story of the “sub prime meltdown” and the imploding Florida market. But that is the way of TV media – exploit a story until it dries up, or people are so sick of hearing about it – then move on to the next one! Here we are in 2008.
Many of my clients are now requiring me to prove that a market here is NOT declining! It is ironic that back in 2005 and 2006, I had to show extra comparables … (20 comments)

Richard D. Ferris, Florida State Certified (FHA) Appraiser ( Rainmaker large

Richard D. Ferris

Florida State Certified (FHA) Appraiser

Clermont, FL

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Address: 10535 Summit Lakes Ln, Clermont, FL, 34711

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