FIABCI – The International Real Estate Federation – has been opening prestigious doors for members around the world for more than 50 years and is the largest international organization of its kind. With five official languages and real estate practitioners representing all of the professions (e.g. appraisal, brokerage, counseling, financing, property management, and development) and all property types, FIABCI has a place for you. The diversity of our membership strengthens the business network for all members.
The FIABCI-USA Fall Business Conference is scheduled to be held in Denver, Colorado September 11th -13th, 2009. Conference sessions include Luxury home marketing and a tour of Spire, the first LEED project of its size in the United States. Members are encouraged to join internation brokers and managers for this valuable networking and education event.
HUD and the FHA announced in recent weeks that the new 1004MC form required as of April 1st, 2009 by Fannie and Freddie will also be required for all FHA appraisals. The release from FHA reads in part:
…In order to ensure greater transparency and accuracy of appraisals performed for FHA-insured financing, FHA will adopt the Market Conditions Addendum (Fannie Mae Form 1004MC/ Freddie Mac Form 71, released November 2008).
For all appraisals of properties that are to be security for FHA-insured mortgages and that are performed on or after April 1, 2009, the appraisal must include the Market Conditions Addendum.
With the adoption of the new form by the FHA, most government backed loan appraisals now must include the new form. Members are encouraged to learn about the new form, which is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. The Market Conditions Addendum will be required with all one- to four-unit property appraisals performed on or after April 1, 2009.
Why the concern for residential real estate agents? With the new form adding up to an hour of work per appraisal, costs for appraisals may soon begin to increase.
VanEd is offering 100% online course is all it takes to understand what Fannie/Freddie and now the FHA want, and learn exactly how to give it to them.
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Online Course Features
- Low Price: $69.95 - click here to learn how you can receive an additional $20 off!
- step-by-step guide through the 1004 MC form
- examples for every field, and model comments for each narrative field
- interactive case study – complete and verify an example form online
- complete coverage of new and updated Fannie Mae policies
- there is NO continuing education credit associated with this course
- Developed by Henry S. Harrison, MAI, SRPA, ASA, IFAS, DREI
On February 19th, Director James Lockhart III of the Federal Housing Finance Agency spoke to the 7th Annual National Leadership Conference of the Association of Government Accountants in Washington, D.C. In his speech, Director Lockhart indicated that 62% of all delinquent mortgages we held by Private-Label Securities – which means a mortgage-backed security that was created by a company other than a GSE, or government sponsored enterprise. These securities are typically ineligible for purchase by Freddie Mac or Fannie Mae, as they are collateralized by loans that are also ineligible.
Director Lockhart also discussed the need for Fannie and Freddie to continue to provide a “leadership role in developing mortgage market best practices.” This includes the recently announced Home Valuation Code of Conduct that will take effect May 1st, 2009 that requires new appraisal quality control measures. The FHFA also recently announced the requirement of loan-level identifiers that loan originators and appraisers must use beginning January 1st, 2010.
>>>>> Click Here to read the entire speech and to view the charts used by Director Lockhart.
On Tuesday the S&P Case-Shiller Home Price national index was released and showed record declines in the third quarter when compared against the same period a year ago. the index fell 18.6% in 10 major cities, and the wider 20-city index fell a record 17.4%.
In an article on CNNMoney.com, David Blitzer, Standard & Poor’s spokesman stated in a press release that “…Prices are back to where they were in early 2004.” The weakest markets according to the index were Phoenix (down 31.9%), Las Vegas (down 31.3%) and San Francisco (down 29.5%). As previously noted by other indecis on watched by the Masters Report, Charlotte, N.C. remains one of the best performing markets, but still showed a decline in the third quarter of 3.5.
>>>>Click Here to read more
The mandatory 90-day waiting period instituted in 2003 by the Federal Housing Administration (FHA) on the sale of REO properties is being lifted. The waiting period was originally designed to reduce the number of properties in foreclosure that were being “flipped” by investors, but is now seen as an additional hurdle in the process of clearing the growing number of foreclosures from the market.
Agents should be aware that many REO properties do not meet FHA guidelines, however, and so properties that are in foreclosure may need to be rehabilitated prior to being sold to an FHA borrower.
The process of flipping homes gained popularity over the last few years. Investors would purchased foreclosed or distressed properties and then re-sell them to new buyers. The timeline for the re-sale is the subject of the 90-day rule.
