New GSE appraisal database to tighten scrutiny on mortgage lenders

According to the source post: "New GSE appraisal database to tighten scrutiny on mortgage lenders" – Appraisers began submitting electronic property data for mortgages sold to Fannie Mae and Freddie Mac under new guidelines that took effect Thursday (9/1/11).

This increased scrutiny has made for more accurate appraisals and the AVMs have enabled Fannie Mae and Freddie Mac to share concerns with lenders about an appraisal prior to the execution of a mortgage, allowing the lender to take corrective action.

A critical appraisal requirement deadline approaches in just a few weeks.1 The requirements went into effect on Dec. 1, 2011. On and after March 19, 2012, Fannie Mae and Freddie Mac (GSEs) will mandate compliance with their new uniform mortgage data program (umdp).2 The UMDP Program has been developed under the direction of their regulator, the Federal Housing Finance Agency (FHFA).

The Office of Inspector General (OIG) of the Federal Housing Finance Agency (FHFA) released a performance audit report that recommends FHFA tighten its oversight of government sponsored enterprise.

ResCap To Shed 700 More Jobs Amid Subprime Turndown In other words, ResCap, an aggressive mortgage lender during the credit boom, faces a serious cash crunch as more and more Americans default on mortgages. In fact, parent GMAC had to top-up ResCap’s coffers by $2b in 2007 just to meet ResCap’s debt covenants, which require net worth of $5.4b at end of each quarter.

The GSEs will end up with a massive database – every appraisal on every loan it guarantees or holds. It already has an appraisal for every loan file. Only now, it will be formatted according to specified fields which will allegedly give some analysts the ability to compile and format the data.

The American Bankers Association (ABA) has reminded its members and others in the industry that the next few months are critical to lenders because of an even dozen new rules and regulations. into.

Fannie says it has a database of more than 23 million appraisal reports and uses. Home New GSE appraisal database to tighten scrutiny on mortgage lenders. New GSE appraisal database to tighten scrutiny on mortgage lenders.. caution by closely monitoring these new appraisals.

Decline in home prices to continue to 2011: Clear Capital Clear Capital(R) Home data index forecast reveals Further Price Declines for Second Half of 2011. of -2.4 percent by the end of 2011.National home price. granular reporting than other home.

Friday I noted that the Financial Crimes Enforcement Network (FinCEN) has new regulations that require non-bank residential mortgage lenders and. Most, if not all, of lenders use some type of.

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The appraisal allows HUD and the lender to agree on the home’s value and. Proia confirmed that Financial Freedom is not accepting new servicing and is allowing its existing reverse mortgage.