Mortgage Fraud Alert, The Average Million Dollar Home, and More Appraisal News

mortgage fraudFannie Mae alerts the industry to mortgage fraud schemes involving the falsification of borrower employment. U.S. home prices continue to increase in all 50 states. The VA’s Deputy Director of Loan Guaranty Services is working hard to improve the homebuying process for veterans. Plus, find out what you can get for $1 million in the U.S. housing market. Read on to catch up on the latest in appraisal news.

Fannie Mae issues mortgage fraud alert

Fannie Mae recently released a fraud warning for Southern California. Fannie’s Mortgage Fraud Program has found several instances of fictitious places of employment listed on loan applications. According to this article, mortgage fraud is on the rise, and this type of scheme could be going on anywhere. Appraisers should be aware of this problem and take precautions to avoid getting tangled up in fraud schemes. Read the full red flag warning from Fannie Mae here.

Get insights on how to avoid mortgage fraud schemes and protect yourself in your everyday appraisal practice. Enroll in our CE course: Managing Appraiser Liability.

Home values rise in all 50 states

According to CoreLogic’s most recent Home Price Index report, U.S. home prices had yet another swell in April. Year-over-year values rose for all  50 states, with a 6.9% national increase from April 2017 to April 2018. And month-over-month values rose 1.2% from April to May 2018. This growth is consistent with the steady rise in national home prices over the last several years. Learn more here.

Valuation industry makes strides for veterans

Over the past 5-6 years, the VA has made many improvements for Veterans who wish to become homeowners. The man behind these upgrades is John Bell, Deputy Director of Loan Guaranty Services. Bell is working hard to make the process smoother and more efficient for all involved. He also hopes to find simpler paths for Veterans to become appraisers. Get more details in Appraisal Buzz’s interview with Bell earlier this week.

Study analyzes the “average” million dollar home

HouseCanary released a study this week examining what an “average” million dollar home looks like in different metropolitan areas all across the country. Depending on where you’re located, $1 million could get you anything from a huge estate to a fairly average single-family home. If you’re shopping for a million dollar home in the U.S. housing market, here’s what you can expect to find.

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