Friday, January 18, 2013

Final Ruling on Appraisals for High- Priced Mortgage Loans

     WASHINGTON— Six federal financial regulatory agencies today issued the final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are higher-priced if they are secured by a consumer's home and have interest rates above
certain thresholds.
      For higher-priced mortgage loans, the rule requires creditors to use a licensed or certified appraiser who prepares a written appraisal report based on a physical visit of the interior of the property. The rule also requires creditors to disclose to applicants information about the purpose of the appraisal and provide consumers with a free copy of any appraisal report.
     If the seller acquired the property for a lower price during the prior six months and the price difference exceeds certain thresholds, creditors will have to obtain a second appraisal at no cost to the consumer. This requirement for higher-priced home-purchase mortgage loans is intended to address fraudulent property flipping by seeking to ensure that the value of the property legitimately increased.
     The rule exempts several types of loans, such as qualified mortgages, temporary bridge loans and construction loans, loans for new manufactured homes, and loans for mobile homes, trailers and boats that are dwellings. The rule also has exemptions from the second appraisal requirement to facilitate loans in rural areas and other transactions.
      The rule is being issued by the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency. The Federal Register notice is attached. The rule will become effective on January 18, 2014.

Southern Traditions Window Fashions Acquires Home Interior Solutions

Southern Traditions Window Fashions of Greenville, SC has acquired Home Interior Solutions and the design consultancy services of HIS owner Richard Bernath. A 12-year window fashions consultant, Bernath formerly was the co-owner of Hummingbird Shutters. He received his certification from Window Coverings University in 2005, and has served as a business advisor and on the national advisory board for the Exciting Windows! network of companies. Bernath also is active in the Home Builders Association of Greenville, the Better Business Bureau Upstate SC and Meals On Wheels.

“Richard’s experience and his incredible knowledge of fabrics and drapery design give Southern Traditions Window Fashions a complete list of window treatment options,” said Southern Traditions Co-Owner Matt Cobb.

Southern Traditions Window Fashions offers a wide selection of blinds, shades, plantation shutters, exterior shutters, custom drapery and valances for residential and commercial clients. The company is an authorized dealer for Hunter Douglas, Graber, Kirsch, Levolor, Comfortex, Lutron and Insolroll. Southern Traditions also is part of Exciting Windows!, a national network of window fashions companies.

For more information, visit or see Southern Traditions Window Fashions in Booth #175 at the 2013 Spring Southern Home & Garden Show in Greenville, SC.

Monday, January 14, 2013

Todd Usher of Addison Homes Named 2013 Master Certified Green Professional of the Year.

WASHINGTON, D.C., Jan. 10  --  Todd Usher, CAPS, CGB, CGP, CGR,GMB, Master CGP, president of Addison Homes in Greenville, S.C., has been named the 2012 Master Certified Green Professional (Master CGP) of the Year by the National Association of Home Builders (NAHB).

Usher was honored for his long-time advocacy on green and sustainable design and construction issues and his focus on increased energy efficiency, improved indoor air quality and occupancy health, appropriate allocation of resources and, most importantly, consumer education.

Usher has won numerous awards from NAHB and other organizations for home design, community service and jobsite safety. In 2011, he was named NAHB Green Building Advocate of the Year for his successful promotion and practice of green building. He also is an accredited verifier for the ICC 700 National Green Building Standard.

 In addition to earning the Certified Green Professional™ (CGP) and Master CGP, Usher actively holds the Certified Aging-in-Place Specialist (CAPS), Certified Graduate Builder (CGB), Certified Graduate Remodeler (CGR) and Graduate Master Builder (GMB) designations.

NAHB’s Master CGP educational designation is earned through a combination of class work and industry experience. Designees demonstrate their knowledge and experience in the construction of cost-effective, market-appropriate choices for energy, water and resource efficiency, indoor environmental quality, lot and site development and home maintenance.

The Master CGP of the Year is awarded to the industry professional who best showcases the importance of the educational designation and promotes professionalism. Usher was the first builder to earn the Master CGP designation when it was launched in 2011.

Usher and other leading industry professionals will be recognized at the Designation Achievement Reception at the 2013 International Builders’ Show on Jan. 21 in Las Vegas.
“Todd  understands that it is every member’s responsibility to promote professionalism in the industry, and that one of the best ways to demonstrate that professionalism is to stay on top of educational opportunities, understand best practices and pay attention to emerging design trends, “ said Kimberly Chambers, chair of the Green Building Designations Board of Governors and a Montana builder.  “Todd has directly benefited from NAHB designations and is strong ambassador for the Master CGP program. I congratulate Todd on this well-deserved honor.”

Congratulations to Todd and his team on this award. 
Click here for more information on Addison Homes.

For more information on the International Builder Show 1/22-1/24/2013 in Las Vegas click here!
Or to register for the Designation Achievement Reception , held from 5:30-7:30 p.m. Monday, Jan. 21, at the Las Vegas Hotel and Casino (formerly the Las Vegas Hilton) in Pavilions 10 and 11.

General Membership Meeting Sponsored by Progress Lighting!

General Membership Meeting January 30th @ 11:00 a.m.

The General Membership meeting featuring NAHB Chief Economist David Crowe and The Market Edge founder Dale Akins will be held on Wednesday 1/30/2013 at the TD Convention Center. The meeting is focused on the Housing Market and will include view points from both speakers on what can be expected in 2013. Also, included in this meeting will be awards for Builder of the Year and Associate of the Year and Remodeler of the Year.
Before the meeting there will be a Table Top event consisting of 10 tables total, please call the HBA office at 864-254-0133 to reserve your display table as they are going fast.
Confirmed Table Top vendors are:
Priority One
Palmetto Exterminators
Greenville Carpet One
Piedmont Natural Gas
Progress Lighting
Stock Building Supply

For more information on the Table Top event or to register for the General Membership Meeting please contact Crystal Yanes at the HBA Office. 864-254-0133

The deadline for registration is Jan 25th and those who register before the deadline will receive a discount.

Quartery Economic Report

That latest quarterly economic report is ready for viewing.  Produced in partnership with RESH Marketing and sponsored by Clark's Services, the report provides HBA members with up-to-date information about the Upstate housing market in an easy-to-consume five-minute video format.

The report is presented by Joseph VonNesson, PhD., CMP, Director of the Real Estate Center at the University of South Carolina Moore School of Business.

A key finding in this quarter's report has been the instability of job growth, the result of uncertainty about the economy by business owners and leaders.

Watch the full Upstate First Quarter 2013 Economic Report at by clicking here.