Comment on Why “Bifurcated” Won’t Work by Richard Bronstein

Right on! At 78 it would be convenient to stay in the office, but this would not be a true appraisal and as bogus as desk top appraising.

Source: Working RE Magazine

Forced arbitration, JPM's contrarian move, M&A as recruiting tool: Top stories of the week

The case of a pastor wrongly-accused by Wells Fargo has mandatory arbitration back in the spotlight; JPMorgan started buying securities long before talk about rate cuts; more banks are turning to M&A to acquire talent; and more from this week’s most-read stories.
Source: American Banker

Bright MLS, Homesnap create multi-listing platform

Multiple listing service Bright MLS and home search portal Homesnap announced the launch of a multichannel digital marketing product for members of Bright MLS. Agents who use the product are able to create advertising campaigns simultaneously for Google, Facebook, Waze, and Instagram from within the listings themselves.
Source: HousingWire Magazine

Academy Mortgage names new CEO, COO

After serving as president for two years at Academy Mortgage, an independent purchase lender, James Mac Pherson has been named chief executive officer, the company announced this week. In the same announcement, the company said Mac Pherson promoted Kristi Pickering to Academy’s executive leadership team in the role of chief operations officer.
Source: HousingWire Magazine

Prompt notification would ease pain of data breaches: Survey

At the same time, consumers hold banks to tougher disclosure standards than government agencies, health care organizations and retailers, according to Experian.
Source: American Banker

Redfin: This is why home prices are rising faster in car-dependent housing markets

For many Americans, the causal stroll around the neighborhood is an important part of day-to-day life. But as homebuyers continue to grapple with rising home prices, a new report from Redfin suggests that many are now prioritizing affordability over walkability. According to the company’s data, home-sale prices in car-dependent housing markets across the country increased 4.3% year over year to a median of $312,100 in July.
Source: HousingWire Magazine

Comment on Why “Bifurcated” Won’t Work by Joe Regan

I agree with the article and comments regarding the bifurcated appraisal compared to the traditional 1004. However, there is little question that it will “work”, just no where near as accurately for now. What I don’t see in the article or comments is any discussion as to the purpose of the new products.
The reason the bifurcated report is being created is not to save any money in fees or shorten turn times; after all, the fees paid now are not high in terms of labor hours, and since the borrower pays, lenders are not impacted.
The reason is to create a work force of inspectors that can rate properties according to location, condition, view, etc. , then those ratings will be added into an algorithm that completes the appraisal using big data.
For years Fannie and the lenders (and appraisers who review) have noted and complained about the wide range of appraisal quality and the inherent subjectivity of residential property appraising. With today’s fervent adoration of everything digital, big data manipulation would be seen as the answer to appraising residential real estate, if it wasn’t for that pesky buyer preference for those intangible things that affect quality of life.
The solution is to reduce the intangibles to a rating scale, and while that still requires a physical inspection, the inspector does not have to spend the time to produce an opinion of value; that will be done digitally. The bifurcated appraisal is a logical first step to creating the property inspectors that later on will be able to qualify the components of residential value that big data can’t see.

Source: Working RE Magazine

After June’s 2-year hike in VA mortgage fees, Congress is ready to do it again

Most Americans would agree Congress seems to be gridlocked. But, there’s at least one exception to the impasse: Hiking fees for VA mortgages. Two months ago, Congress approved a two-year hike in funding fees for VA home loans to fund care for disabled veterans. Now, another bill is pending that would extend it by six years.
Source: HousingWire Magazine

Live Well Financial CEO Michael Hild accused of orchestrating $140 million fraud scheme that led to lender's collapse

After Live Well Financial unexpectedly imploded in May, many questioned how the seemingly successful forward and reverse mortgage lender could have fallen so far, so fast. Well, now the other shoe has dropped. And it has dropped right on the head of Live Well CEO Michael Hild. Hild was arrested this week by federal authorities and charged with orchestrating a $140 million bond fraud scheme that led to the company’s collapse.
Source: HousingWire Magazine

Mutual in Massachusetts lays groundwork for buying spree

Joseph Campanelli, CEO of Needham Bank, wants to be ready to scoop up mutuals struggling with rising costs and yield curve challenges.
Source: American Banker