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Living with the code

By Inman News, Tuesday, July 28, 2009.
Flickr image by <a href="http://www.flickr.com/photos/pinksherbet/3041510366/">D Sharon Pruitt</a>.

The Home Valuation Code of Conduct -- a new set of rules governing appraisals conducted on loans slated for purchase by Fannie Mae and Freddie Mac that took effect on May 1 -- has been a contentious issue for real estate professionals.

Some industry groups say the new rules, intended to protect appraisers from coercion by lenders, have derailed sales in part because lenders are shifting work appraisal management companies who may employ appraisers with little experience in the markets they are assigned to work in.  more...

'Inflection point' for home prices seen

By Inman News, Tuesday, July 28, 2009.

Two indexes tracking home prices in major markets continue to show double digit annual price declines, but the pace of those declines slowed for the fourth consecutive month during May, Standard & Poor's said.

A clear inflection point has emerged in the rate of annual price declines measured by the S&P-Case-Shiller 10- and 20-City Composites, Standard & Poor's said.

After 16 consecutive months of record annual declines that began in October, 2007, year-over-year price declines appear to have peaked in January, 2009.  more...

Fed may ban loan-originator incentives Premium Content

By Matt Carter, Tuesday, July 28, 2009.

The Federal Reserve Board is proposing a ban on incentive payments to mortgage originators that are based on a loan's interest rate or other terms, and revisions to loan disclosures provided to consumers that would include factoring in the cost of settlement services such as title insurance.

The Fed says its proposed changes to Truth in Lending Act (TILA) loan disclosure forms would make them more compatible with another set of disclosures mandated by the U.S. Department of Housing and Urban Development under the Real Estate Settlement Procedures Act (RESPA).  more...