With the overall economy improving and with unemployment dropping back to more manageable levels, it was only a matter of time before the residential real estate industry (builders, bankers, mortgage lenders, Fannie Mae, Freddie Mac and Wall Street) and its lobbying groups and trade associations popped up and asked for Congress and federal regulators to reduce or end many of the restrictions placed on the industry after it gorged itself on the U.S. economy and left the table with only crumbs and broken dishes for the rest of us. That time is now and no industry is more skillful at using confusing or even meaningless statistics sprinkled with patriotism to chip away at even the staunchest opposition.
May 2015 Blog Posts
Brian Trotier, FREA’s Executive Vice President and Chief Operating Officer, was recently invited to speak on the Appraiser Coach Podcast on the topic of blacklisting and issues that affect both your work and your livelihood.
Not wanting to be left home from the party, Freddie Mac has announced that on June 30, 2015 it will begin providing new feedback on appraisals submitted to it via the Uniform Collateral Data Portal (UCDP). Like Fannie Mae’s system, the messages will be delivered to those lenders seeking to sell residential loans to Freddie Mac. Most of the feedback will be in the form of warnings which essentially alert a lender there are some inconsistencies between the submitted appraisal report and data that Freddie Mac already possesses (like public records).
In February 2014, we reported what we saw as a potential scam involving letters being sent to appraisers by a group called Savant Claims Management. Since then, a lot has happened and we want to provide an update on the latest activities by entities related to Savant and give some tips to those who have actually been sued by First Mutual Group, L.P. from Plano, Texas. (First Mutual Group, L.P., is a Delaware limited partnership whose members are Alternative Capital Strategies, LP, (a British entity) and First Mutual Group, GP LLC (another Delaware entity).