CoreLogic has integrated its OnSite property condition reports with the Ellie Mae Encompass platform.

OnSite is a property condition report coupled along with a local market conditions and patent-pending features that are specifically designed to help institutions meet the Federal requirements when an automated valuation model is used for mortgage lending purposes.

“Organizations are always looking for ways to improve efficiencies during the valuations process, particularly during the home equity lending process,” said Jonathan Nutting, senior leader of valuation operations for CoreLogic. “As the first integration of its kind on Encompass, users will now be able to easily incorporate this solution into their existing workflows, saving them time and money in instances where an appraisal is not necessary.”

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OnSite is designed to help lenders comply with federal guidelines surrounding the verification of the physical condition of a property. In some home-equity-lending situations, OnSite can be leveraged with an AVM in lieu of an appraisal. All Onsite reports use a patent-pending algorithm to create an objective overall condition rating that supports the lender’s valuations processes.

This integration also allows users to access OnSite Plus--a property condition report for situations where a licensed real estate broker or agent is required to gain access to a property, or when a local expert is needed.

OnSite joins 15 other CoreLogic products that are integrated with the Encompass platform, including CondoSafe condo lending solutions, Instant Merge--the nation’s most popular three-bureau merged credit reporting solution, flood determinations, Property Tax Estimator, LoanSafe Fraud Manager, LoanSafe Risk Manager, appraisal management services via Mercury Network, Merge Plus credit supplements, 4506-T Direct, FinalCheck LQI Compliance, automated valuation models, SSN Verification and several services within the Ellie Mae Total Quality Loan.

Nine financial services trade organizations are urging in a joint letter to the Financial Accounting Standards Board to delay implementation of its current expected credit loss standard to ensure there are no unintended consequences. Among the nine groups are CUNA and the Mortgage Bankers Association.

In response to a proposed change in implementation of CECL, CUNA filed its own comment letter.

“We believe it is important to delay implementation of CECL in order to allow for time to conduct a quantitative impact analysis and to consider potential alternatives, while allowing for post-issuance field testing,” the letter reads. “Time for further assessment will also allow regulators to better understand and address the key consequences of any proposal for capital and other regulatory purposes.”

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CECL uses an “expected loss” measurement for the recognition of credit losses. CUNA is concerned with the effect on financial standing of credit unions and the compliance burden it is already presenting and believes the application of CECL to credit unions is inappropriate.

“While we think CECL is a well-intended effort to provide investors with better information, certain of our members—both preparers and users of such information-- have expressed concerns that the standard will have a negative impact on long-term lending, be “procyclical” and disincentivize lending particularly during economic downturns, and will exacerbate many of the hurdles to extending credit that institutions are already facing in the wake of increased capital requirements,” according to the joint letter.

The organizations state that it is important to delay implementation of CECL in order to “allow for time to conduct a quantitative impact analysis and to consider potential alternatives, while allowing for post-issuance field testing.”

The Fannie Mae Home Purchase Sentiment Index decreased 0.4 points in February to 84.3, reversing some of the increase seen in January. The HPSI is down 1.5 points compared with the same time last year.

The largest change among the HPSI components this month was a 9-percentage point drop in the net share of Americans who reported substantially higher household income compared to the same time last year, which was offset by an 8-percentage point jump in the job confidence component.

[caption id="attachment_9271" align="alignleft" width="396"] Doug Duncan[/caption]

“The HPSI held steady in February, as consumers’ continuing optimism about economic conditions seems to be balanced with softening attitudes toward the housing market,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Job confidence reached a new survey high, but consumers were less optimistic about home buying and selling conditions than they were a year ago. Notably, home price growth expectations have trended significantly downward, with the net share of consumers expecting home prices to rise falling 19 percentage points from its survey high established at the start of 2018.”

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Other highlights from the report are as follows:

• The net share of Americans who say it is a good time to buy a home remained unchanged this month at 15 percent. This component is down 7 percentage points compared with the same period in 2017.
• The net share of those who say it is a good time to sell a home decreased 5 percentage points to 30 percent. This component is down 6 percentage points from the same time last year.
• The net share of those who say home prices will go up increased 3 percentage points to 33 percent. This component is down 12 percentage points from the same time last year.
• The net share of Americans who say mortgage rates will go down over the next 12 months increased 1 percentage point to -52 percent. This component is up 5 percentage points compared with the same time period in 2017.
• The net share of Americans who say they are not concerned about losing their job increased 8 percentage points to 81 percent. This component is up 10 percentage points from the same time last year.
• The net share of those who say their household income is significantly higher than it was 12 months ago decreased 9 percentage points to 18 percent. This component is up 1 percentage point from the same time last year.