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Wednesday, March 3, 2010
Tuesday, March 2, 2010
Understanding HVCC - Pop Quiz Answers
1. False - REALTORS and lenders can talk to appraisers, including requests to consider additional data or to correct errors.
2. False - Lenders may directly retain the services of an independent appraiser.
3. False - Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie or Freddie.
4. False - The code applies only to 1-4 single family loans sold by Fannie or Freddie and does not apply to FHA, VA or the Federal Home Loan Banks.
5. False - Nothing in HVCC requires a lender to obtain a property valuation or to use a particular methodology.
6. True - If the lender grants permission, a mortgage broker may directly contact a lender-approved AMC that retains the appraiser.
7. False - A mortgage broker may transfer an appraisal if the lender who ordered the original appraisal grants permission.
8. false - A borrower is not required to pay for an appraisal with any one particular form of payment.
9. False - Payment fro an appraisal must be made to the lender or third-party hired by the lender to retain the appraisal services.
How did you do.
Quiz and answers courtesy of "Today's Buyer's Rep" published by REBAC
2. False - Lenders may directly retain the services of an independent appraiser.
3. False - Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie or Freddie.
4. False - The code applies only to 1-4 single family loans sold by Fannie or Freddie and does not apply to FHA, VA or the Federal Home Loan Banks.
5. False - Nothing in HVCC requires a lender to obtain a property valuation or to use a particular methodology.
6. True - If the lender grants permission, a mortgage broker may directly contact a lender-approved AMC that retains the appraiser.
7. False - A mortgage broker may transfer an appraisal if the lender who ordered the original appraisal grants permission.
8. false - A borrower is not required to pay for an appraisal with any one particular form of payment.
9. False - Payment fro an appraisal must be made to the lender or third-party hired by the lender to retain the appraisal services.
How did you do.
Quiz and answers courtesy of "Today's Buyer's Rep" published by REBAC
Understanding HVCC - Pop Quiz
1. T/F - HVCC prohibits REALTORS and lenders from talking to appraisers.
2. T/F - A lender is required to use an appraiser management company (AMC) to get an appraisal.
3. T/F - Lenders are required to choose appraisers from a rotating roster approved by Fannie or Freddie.
4. T/F - The Code applies to all mortgages that require an appraisal.
5. T/F - HVCC requires an appraisal where a lender was previously under no requirement to obtain one.
6. T/F - A mortgage broker may select the appraiser.
7. T/F - A mortgage broker may not transfer an appraisal from one lender to another.
8. T/F - Borrowers must use a credit card upfront to pay fro an appraisal.
9. T/F - A borrower may pay the appraiser directly.
Answers are coming in a minute....
2. T/F - A lender is required to use an appraiser management company (AMC) to get an appraisal.
3. T/F - Lenders are required to choose appraisers from a rotating roster approved by Fannie or Freddie.
4. T/F - The Code applies to all mortgages that require an appraisal.
5. T/F - HVCC requires an appraisal where a lender was previously under no requirement to obtain one.
6. T/F - A mortgage broker may select the appraiser.
7. T/F - A mortgage broker may not transfer an appraisal from one lender to another.
8. T/F - Borrowers must use a credit card upfront to pay fro an appraisal.
9. T/F - A borrower may pay the appraiser directly.
Answers are coming in a minute....
Monday, March 1, 2010
March Coming In Like a Lamb?
March 1st...60+ degrees...sunny day...
Is that it? Is winter done? Is the spring selling season getting ready to kick off?
Probably not the end of winter...but with the tax credit set to expire in just about 90 days...the spring season is upon us.
More than 550 REALTORS and friends gathered for the annual Circle of Excellence Awards celebration Friday night.
Highlights of the evening included recognizing:
Affiliate of the Year - Karen Beamguard, First American Title
Rookie REALTOR of the Year - Mira Piva, Coey Barton Homes
Broker of the Year - Maurice Clifton, ERA West Wind
Code of Ethics Leadership - Mary Edith Hill, Hill Real Estate Agency
Darlene Manning Humanitarian Award - Carey Farmer, Group One
Distinguished Service Awards - two recipients for 2009
* John Knipe, Knipe Land Company
* Gary Salisbury - Symphony Homes
Honor Society - inducted one new Lifetime Member - Darlene Blakeslee, ERA West Wind
REALTOR of the Year - Cherie Barton, EXIT Realty (formerly Realty Executives of Treasure Valley)
We also recognized the amazing production abilities of almost 200 Circle of Excellence honorees. In the face of one of the most difficult markets ever, these folks found a way to continue to excel.
Saturday's Real Estate Section in the Statesman lists each member inducted into this lofty circle.
We all owe Judy McLaughlin, Darlene Blakeslee (this year's event Chair) and the entire COE Committee a huge "Thank You" for a wonderful evening.
Is that it? Is winter done? Is the spring selling season getting ready to kick off?
Probably not the end of winter...but with the tax credit set to expire in just about 90 days...the spring season is upon us.
More than 550 REALTORS and friends gathered for the annual Circle of Excellence Awards celebration Friday night.
Highlights of the evening included recognizing:
Affiliate of the Year - Karen Beamguard, First American Title
Rookie REALTOR of the Year - Mira Piva, Coey Barton Homes
Broker of the Year - Maurice Clifton, ERA West Wind
Code of Ethics Leadership - Mary Edith Hill, Hill Real Estate Agency
Darlene Manning Humanitarian Award - Carey Farmer, Group One
Distinguished Service Awards - two recipients for 2009
* John Knipe, Knipe Land Company
* Gary Salisbury - Symphony Homes
Honor Society - inducted one new Lifetime Member - Darlene Blakeslee, ERA West Wind
REALTOR of the Year - Cherie Barton, EXIT Realty (formerly Realty Executives of Treasure Valley)
We also recognized the amazing production abilities of almost 200 Circle of Excellence honorees. In the face of one of the most difficult markets ever, these folks found a way to continue to excel.
Saturday's Real Estate Section in the Statesman lists each member inducted into this lofty circle.
We all owe Judy McLaughlin, Darlene Blakeslee (this year's event Chair) and the entire COE Committee a huge "Thank You" for a wonderful evening.
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