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Appraisal reports ordered through the new platform are sent to local appraisers who have specific expertise in their markets, and each appraisal ordered comes with a certificate ensuring the report meets all requirements of appraiser independence. ValuationsDirect also promises ease of access and use, allowing users to order appraisals with a simple credit card payment, forgoing lengthy sign-up agreements. With 24/7 Web-based tracking and real-time email status updates, clients don't have to guess at what's happening with their order. "ValuationsDirect brings greater ease of use and transparency to the appraisal ordering process," said Keith D. Murray, MAI, president and CEO of PCV Murcor. "While some platforms may have some of the features and functionalities that we provide with ValuationsDirect, none of them provides the transparency and quality control processes that this platform provides." Murray added that the process that supports the new platform "has consistently delivered the lowest revision and appeal rates in the industry." "We've heard of AMCs [appraisal management companies] that have revision rates of over 40 percent, but our clients are seeing just a fraction of that," he said. "We believe it speaks volumes about the level of quality and service that is built into our processes." Report: Malibu Now Most Expensive City When the rich and famous need to get away from their whirlwind lives, they head to the soft, sandy beaches of Malibu, California. Malibu has been a premier destination for years and now tops San Francisco and New York City as the most expensive city in the country, according to Coldwell Banker Real Estate's 2013 Home Listing Report (HLR). According to the annual report—which provides an apples-to-apples comparison of four-bedroom, two-bathroom homes in more than 1,900 real estate markets across the United States—a sample-sized home in the affluent beach community of Malibu lists for $2.15 million, compared to $63,729 in America's least expensive city, Cleveland, Ohio. "With its laidback, yet star-studded lifestyle, Malibu is undergoing a transformation from a seasonal destination to a year-round locale," said Madison Hildebrand, an agent with Coldwell Banker Residential Brokerage in Malibu and star of Bravo TV's Million Dollar Listing. 72 "Situated on the Southern California coast with beautiful homes and even more stunning views, you're not only paying for world-class properties, you're paying for a way of life," Hildebrand added. This year's report identified 20 markets where a four-bedroom, two-bathroom home costs more than $1 million, whereas in eight markets a similar home lists for less than $100,000—a telling sign as the country moves away from the Great Recession. According to Coldwell Banker's study, California is home to 13 of the 25 most expensive markets in the United States. The company's report also found that the average listing price of a four-bedroom, two-bathroom home in the survey of more than 1,900 markets and 52,000 listings was $301,414. Carrington Extends Wholesale Business to Banks, Credit Unions Carrington Mortgage Services' wholesale lending division is expanding its offerings to include banks and credit unions as approved third-party originators. Effective immediately, approved banks and credit unions can partner with Carrington to provide their customers access to a wide portfolio of loan programs created to extend consumers' borrowing potential. By acting as third-party originators rather than as lenders, these institutions are better protected from risk. "This is yet another step in Carrington's plan to aggressively expand its reach in the changing market and help more people get into the homes they want," said Ray Brousseau, EVP of Carrington's mortgage lending division. "Now more consumers can access Carrington's extensive lending and servicing capabilities through their neighborhood banks and credit unions. "We believe that these institutions will grow to appreciate what makes Carrington an ideal wholesale lending partner for thirdparty originators—breadth of product, competitive pricing, and unmatched commitment to help our partners succeed," he added. Earlier this year, the company expanded its credit criteria for all government products, reducing the minimum FICO score to 580 in order to open up more options for borrowers. Carrington also modified its guidelines to include manufactured houses as eligible properties for loan programs under the Federal Housing Administration (FHA) and Department of Veterans Affairs, to omit overlays for FHA first-time homebuyer loans, and to add nontraditional credit guidelines for FHA borrowers with limited or insufficient credit. Wells Fargo Gives Back to Community Groups Dedicated to the Recovery Wells Fargo & Company announced it will donate $6 million to 67 nonprofits through its Leading the Way Home community outreach program to help revitalize and stabilize America's neighborhoods. The Priority Markets Initiative of the Leading the Way Home program provides grant support for neighborhood projects located in areas designated for revitalization to help accelerate growth, stability, and investment in distressed areas. Grant recipients are nonprofits actively involved and experienced in community revitalization efforts. Nonprofits were approved for the grants by the Wells Fargo Housing Foundation to bring additional resources and support to large-scale neighborhood recovery projects. The grants can be used for any costs associated with the development or redevelopment of the project, but recipients must be IRS 501c3 organizations with successful histories of building or renovating housing for low- to moderate-income homebuyers. "We believe the work of the nonprofit community is a critical conduit to revitalize neighborhoods in cities that have been impacted by the challenging economy," said Kimberly Jackson, executive director of Wells Fargo's Housing Foundation. STAT INSIGHT 7,482 New REOs in California in the third quarter, an increase of 19% from the previous quarter. Source: RealtyTrac

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