| From the President |
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As we enter the month of July, The Louisiana Chapter of the Appraisal Institute is continuing to work hard for our membership. We had our first Board of Directors Meeting on May 15th. In addition we have held general membership meetings January 11th, April 20th and May 4th at respective seminars which were being held. We have found this to be an efficient economic means for having meetings with our membership, as well as promoting membership to others. At these meetings which all appraisers are encouraged to attend, we have discussed our goals and objectives for the year.
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| "The Uniform Appraisal Dataset from Fannie Mae and Freddie Mac" Seminar to Be Offered at 4 Locations This Summer |
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Understand the new Uniform Mortgage Data Program (UMDP) requirements for residential appraisers to effectively complete and transmit an appraisal report to a lender client. At this one-day seminar, you'll learn the details behind the UMDP, which is a joint effort by Fannie Mae and Freddie Mac to standardize and improve data quality to benefit the entire mortgage industry. This includes the Uniform Appraisal Dataset, which details required fields for an appraisal report and new definitions, acronyms, and responses necessary to completing the revised forms. Also discussed is the Uniform Collateral Data Portal, a new method for transmitting appraisal reports.
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Freddie Mac: Fixed Rates
Continue Downward Trend |
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Fixed-rate mortgages fell for the seventh consecutive week amid continuing weak economic and housing reports, according to Freddie Mac's June 2 Weekly Primary Mortgage Market Survey.
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| FHA Has Cracked Down On Lenders' Claims |
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Denying claims and threatening lawsuits, the Federal Housing Authority has cracked down on lenders. The agency has heavily scrutinized recent claims and is forcing lenders to shoulder the risk on new loans. As a result, claims fell 15 percent last quarter, according to a May 25 American Banker article.
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Appraisal Institute Urges Clarifications
to CFPB Good Faith Estimate |
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The Appraisal Institute provided two recommendations May 27 for the Consumer Financial Protection Bureau's draft Good Faith Estimate, which had attempted to combine the current GFE with the Truth in Lending Act disclosure form.
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| Member News |
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The Louisiana Chapter would like to welcome its newest Associate Members including Angelique Marie Latiolais, Scott D Weston, and George L. Corcoran.
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