Mortgage News
AMCs, BPOs and Appraisal Compliance
Coester Appraisal Group reported that its survey of more than 1,500 licensed and certified appraisers found that average turnaround on appraisals was two to three days regardless of whether the appraisal was ordered through a third party or not.
An alternative to broker price opinions was released last month by Valligent.
Global DMS announced its appraisal process management software is up-to-speed with the new Federal Housing Administration appraisal requirements and guidelines.
Fifth Third Expanding in Tennessee
Fifth Third announced plans to expand in Tennessee.
The company said Geoff Hill was tapped to oversee the expansion as head of a new Tennessee mortgage division.
A spokeswoman told MortgageDaily.com in an interview that the bank entered the market with its 2004 acquisition of another bank.
Quicken Maintains Healthy Pace of Hirings
Quicken Loans Inc. hopes to fill 75 positions through a job fair in its home town, a spokesman told MortgageDaily.com in a statement.
He noted that the company has been hiring around 70 employees a month during each of the past few months.
As of January, Quicken had 3,000 employees.
Appraisers Oppose Short-Sale Plan
A coalition of appraisal groups led by the Appraisal Institute announced a letter addressed to U.S. Department of the Treasury Secretary Timothy Geithner.
The groups are concerned about short sales being promoted under the Home Affordable Foreclosure Alternatives.
The appraisers claim that the use of broker price opinions in short sales, as allowed by the Obama administration, "will not adequately protect the public interest" or interests of lenders and servicers.
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Real Estate News
Learn About the 2009 First-Time Home Buyer Tax Credit
Attention potential home buyers! Take advantage of an $8,000 tax credit toward the purchase of a principal residence for first-time buyers on or after January 1, 2009 and before December 1, 2009. And to make the deal even better, the credit does not require repayment. It's all part of the American Recovery and Reinvestment Act.
New Tax Credit for First-time Homebuyers Available
A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
Learn about the tax credit >
Understand the Housing and Economic Recovery Act >
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