If you have ever had to deal with a frivolous claim or lawsuit, you are not alone. Many frivolous claims or lawsuits are filed every day. If you haven’t had to deal with a frivolous claim or lawsuit yet, congratulations, but you still should read this because if you are in the real estate business long enough you will eventually “join the club”.
Philosopher George Santayana once said, “Those who cannot remember the past are condemned to repeat it”. In light of recent actions in the mortgage lending industry, we all may be able to experience the thrill ride of 2007-2009 all over again…soon. You may wonder what actions I am referring to so let me share a brief list of what I will call the top ten contributing factors to the downturn I see happening by July of 2017.
Each MLS system is different, but it is safe to say none is perfect. The information residing in an MLS system is entered by people hustling to make a living so naturally errors occur. An MLS system generally does not contain much, if any, information about properties sold via “pocket listings” or about “for sale by owner” (FSBO) sales.
Today, NDC (National Data Collective), a leading national provider of property data for real estate professionals, has released a new and improved export tool for a la mode customers only called Shift.
Shift allows NDC users to export NDC’s highly-rated collective property data directly into a la mode’s industry leading form filling software with just a push of a button. The tool is compatible with the legacy WinTOTAL system, TOTAL 2013, and the upcoming release of the next-generation TOTAL Titan.
In a rare occurrence, a New Jersey Court recently enforced the State’s prohibition against frivolous litigation against a plaintiff who sought to sue a home inspector following a failed real estate transaction.
The Network of State Appraiser Organizations has prepared a letter to Melvin L. Watt, Director of the Federal Housing Finance Agency (FHFA), addressing the concerns appraisers they represent have with FNMA's Collateral Underwriter (CU) program. The Organizations' stance is that since the data is originated and collected primarily through appraisal reports it should be made available to appraisers in addition to lenders, mortgage companies, and AMCs. We agree.
a la mode and National Data Collective Form Partnership to Offer Real Estate Data Services to Appraisers
November 10, 2014 — Naples, FL — a la mode announced today that NDC (National Data Collective), a leading national provider of property data for real estate professionals, has agreed to integrate its data products with a la mode’s full range of appraisal formfilling systems.
The GSE’s have mandated that all appraisals be submitted in the UAD format; however, currently there are no plans to provide appraisers access to this data. This data needs to be provided to appraisers at the beginning of the appraisal process; ensuring transparency, and improving the process by reducing risk to lenders and the general public.
Representatives of several independent state professional appraiser organizations met in Chicago, Illinois on Saturday October 11th, to further discuss collaboration on issues affecting their membership. The network, which started as a conversation among three State appraiser organizations less than a year ago, now comprises 16 such State Organizations which is expected to continue growing.
In Willemsen v. Mitrosilis (DJDAR 13957, Oct. 16, 2014), the California Court of Appeal, Fourth Appellate District, Division Three held that a third party purchaser of real estate (purchaser) was unable to maintain a claim for negligent misrepresentation against the lender’s real estate appraiser (appraiser) since the appraiser did not intend to supply the purchaser with information to influence his decision to purchase the appraised property.