Federal Reserve to Slow Mortgage Purchases
Craig Torres, of Bloomberg.com, reports the Federal Reserve will slow its purchase of mortgage securities in an effort to avoid disrupting the housing market.
“The Committee will gradually slow the pace of these purchases in order to promote a smooth transition in markets and anticipates that they will be executed by the end of the first quarter of 2010,” the Federal Open Market Committee said in a statement.
Chairman of the Federal Reserve Ben S. Bernanke stated that the economy is showing signs of acceleration, though the Reserve plans to keep interest rates low for an extended period.
For more about the Federal Reserve and state of the economy, visit:
http://www.bloomberg.com/apps/news?pid=20601103&sid=a0rBSJr4Y3LM

FHA to Adopt some HVCC Guidelines
The Federal Housing Administration (FHA) announced September 19 that it would implement several new policy changes designed to lessen their exposure to risk. Some of these changes, which are effective January 1, 2010, include an updated appraisal validity period, new Appraisal Portability Regulations, and some guidelines taken from the Home Valuation Code of Conduct (HVCC).
The FHA, however, will continue to not require lenders or other loan originators to order appraisals though Appraisal Management Companies (AMCs) or any other third party. FHA appraisals that are ordered through a third party must not contain any additional fee for management of the appraisal process, and the FHA will ensure its roster appraisers receive fees that are customary and reasonable for the market area.
To read more about the new changes the FHA will implement next year, read the full summary at AppraisalScoop: http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2009/09/fha-adopts-some-hvcc-guidelines-mortgagee-letter-0928-appraiser-independence.html

Update on HVCC Moratorium Bill
The Appraiser Active blog reports that members of the U.S. House of Representatives have begun cosponsoring bill H.R. 3044 – which proposes that a moratorium be placed on the HVCC. As of Wednesday, September 23, there are 91 cosponsors of H.R. 3044. However, the bill has yet to be discussed in committee.
To check to see if your Member of Congress has cosponsored H.R. 3044, click this link:
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR03044:@@@P
To contact your Member of Congress concerning bill H.R. 3044, click the link below:
http://appraiseractive.blogspot.com/2009/09/hvcc-moratorium-bill-update.html

MBA’s Mortgage Applications Index rises 13 percent last week
Bloomberg reports that the Mortgage Bankers Association mortgage application index increased last week to its highest level since May. Applications to purchase a home or refinance a loan rose 13 percent to 668.5 in the week that ended on Sept. 18 from 592.8 the week prior. The MBA estimates in the past week, refinancing increased 17 percent, and purchases increased 5.6 percent.
“The steady improvement in housing is continuing,” said Joel Naroff, chief economist at Naroff Economic Advisors Inc. “This sector is likely to start adding to growth rather than holding back the economy.”
The mortgage bankers’ purchase index increased to 288.3 last week from 272.9 the previous week. The refinancing gauge jumped to 2,881.5, which is its highest level in more than three months.
To read more about this subject, read the full article at Bloomberg via the following link:
http://www.bloomberg.com/apps/news?pid=20601103&sid=aTSMXp335nRk

Valuation Expo 2009
We are excited to once again participate in the annual Valuation Expo at the The Roosevelt New Orleans. Mark your calendars for November 8 -11, 2009! At the show you can pick up new business from the lenders and management companies who are there just to meet with you. You'll also have the opportunity to participate in a solid line-up of Continuing Education offerings. We will be there showcasing our new 1004MC Service and other ClickFORMS products.
Would you like a chance to get into the show for free? If you are planning on attending the show, please contact your sales rep (800-622-8727) immediately as we have a few tickets left.

Tech Tip: Deleting and Editing Standard Responses
To change a standard response - or delete it entirely:

• Open your ClickForms report
• Select the Cell you’d like to edit the responses for.
• Click the Cells menu
• Select the Edit responses option.
• Select the response you want to delete then click the delete button.
• If you’d like to correct the spelling you can select the response, make the change (in the lower text box) then click the replace button.