Stewart Mortgage Information, Houston, has unveiled Stewart Assured Value Estimate, which allows lenders to buy warranty coverage for automated valuation model or appraisal products ordered via SMI.SMI said its ValuLogix platform enables lenders to use various AVMs based on certain underwriting criteria, and if the chosen AVM isn't satisfactory they can move up to a broker price opinion, a drive-by appraisal, or a Uniform Residential Appraisal Report. The SAVE product protects lenders against loss by warranting the accuracy of the property valuation as of the date of the AVM or other appraisal product, the company said. "Lenders can now obtain a much more cost-effective appraisal product without taking on the risk of loss in a foreclosure due to inaccurate valuations," said Kevin Gugenheim, SMI's president and chief operating officer. The company can be found online at http://smi.stewart.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18