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Email archives - 1-02
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1/6/02 - Apps down 40%/templates/drab homes
New this week from Appraisal Today e-news
+ ASB meetings in CA,AZ,MA
+ Rates up or down?
+ Apps down 40%
+ Banning HOA rentals
+ The drabbest home in America
+ Change your appraisal templates!
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>>>>>>>>>> ASB meetings in CA,AZ,MA <<<<<<<<<<
Ever wondered what they do at an Appraisal Standards Board public meeting.
Want to know what the ASB members look like and what they have to say? Want
to speak directly to them? Most of their meetings are in Washington, DC but
the next three meetings are in other cities. I'll be at the San Francisco
meeting - it's only 10 miles from my office.
1/25/02 - San Francisco, CA
4/9/02 - Scottsdale, AZ
6/11/01 - Boston, MA
For more info, go to http://www.appraisalfoundation.org/
and click on News
and Events, then Event Calendar
AOL Users: <a href=http://www.appraisalfoundation.org> Click Here</a>
>>>>>>>>>> Rates up or down? <<<<<<<<<
Now that lots of us seem to have missed the "under 7%" window for awhile,
what's the forecast.
See what a panel of Bankrate.com experts say at:
http://www.bankrate.com/brm/news/mtga/20020103b.asp
AOL Users: <a href=http://www.bankrate.com/brm/news/mtga/20020103b.asp>
Click Here</a>
>>>>>>>>>> Apps down 40% <<<<<<<<<
The market composite index of mortgage loan applications - a measure of
loan purchases and refinances - for the week ending December 28 decreased
39.9 percent to 329.6 on a seasonally adjusted basis from 548.2 the
previous week, according to the Weekly Mortgage Applications Survey of the
Mortgage Bankers Association of America (MBA), which was released last week.
On an unadjusted basis, the application index decreased 51.7 percent but
was up 12.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 220.6 from 373.5
the previous week. The Refinance Index decreased to 963.5 from 1564.4 the
previous week. Other seasonally adjusted index activity included the
Conventional Index, which decreased to 428.4 from 750.4 the previous week,
and the Government Index, which decreased to 164.5 from 211.1 the previous
week.
Refinancing activity represented 50.2 percent of total applications,
increasing from 49.2 percent the previous week. The share of ARM activity
increased slightly to 13.5 percent from 13.2 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
7.12 percent, decreasing slightly from 7.13 the previous week, with points
increasing to 1.37 from 1.31 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
>>>>>>>>>> Banning HOA rentals<<<<<<<<<<
Can a homeowner association limit the right of owners to rent their units?
Are there any benefits to a rental ban? Richard Thompson of Realty Times
reports.
Full Story:
http://realtytimes.com/rtnews/rtcpages/20020102_hoarentals.htm
AOL Users: <a
href=http://realtytimes.com/rtnews/rtcpages/20020102_hoarentals.htm> Click
Here</a>
>>>>>>>>>> The drabbest home in America <<<<<<<<<
Not many people can claim their homes to be among the most dull and dreary
in the nation. Honor goes to home owner in Tampa Bay, who won a makeover
from GE, Rismedia reports at:
http://www.rismedia.com/news.page/24/16131/
AOL Users: <a href=http://www.rismedia.com/news.page/24/16131> Click Here</a>
>>>>>>>>>> Change your appraisal templates! <<<<<<<<<
Just a friendly reminder to change those appraisal templates to 2002! Plus,
your checkbook dates, etc. etc. ;>
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==================
Ann O'Rourke, MAI, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave.
Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
1/14/02 Trainees/apps up 30%/bad brokers
Sorry about the late delivery on this email. For unknown reasons, about
once a month my home cable ISP, AT&T/@home or whoever they are now, won't allow this message to be sent because I use blind ccs. Who knows why...
Today I'm getting PCAnywhere set up so I can access my office PC, on DSL,
from my home PC so I can send these out when the cable ISP rejects it...
New this week from Appraisal Today e-news
+ Hiring trainees - yes, no, or maybe?
+ Stat whiplash - apps up 30%
+ Bad Las Vegas mortgage brokers
+ Working for government agencies
+ Bobby Bucks on Appraising - G-man or R-man?
++++++++++++++ Thanks to our Sponsor ++++++++++++
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+++++++++++++++++++++++++++++++++++++++++
>>>> HIRING TRAINEES - YES, NO, OR MAYBE? <<<<
I know all the reasons for not hiring a residential trainee, but what are
some of the reasons for hiring one. And what qualifications do you look
for? What has been your experience with trainees?
I trained two residential appraisers. I had to lay off both during down
turns in business. Both of them quit the appraisal business. One was with
me for one year (1986-87). The other worked for me for 7 years (1988 -
1995). I trained them before licensing. Like many of us, I am reluctant to
take on another trainee. The state licensing requirements for experience
are a real hassle.
Several months ago, my 30 year old nephew, Jason, started working in my
office as a temporary fill-in until I hired a new full time office
assistant, as he was between jobs. (He is a salesperson.) He keeps asking
me about becoming a residential appraiser, even though I have not been
encouraging him. So I am facing the trainee issue again.
Here are a few pluses I could think of:
- Giving someone an opportunity to learn appraising.
- Someone to continue your appraisal business when you retire or semi-retire.
- Making about a 10% profit when they can go out on their own without
supervision.
I would like to hear from you. Just hit the reply button!!
>>>>>>>>>> STAT WHIPLASH - APPS UP 30% <<<<<<<<<<
Seems like last week's reported 40% drop in apps was a stat error. I'm
getting stat whiplash from the huge ups and downs!! 40% drop one week, 30%
increase the next week. I knew I shouldn'ta taken all those res orders last
week thinking there was going to be a slowdown plus those 4 commercial
appraisal bids ;>
--------------------------
The market composite index of mortgage loan applications a measure of loan
purchases and refinances for the week ending January 4 increased 29.9
percent to 570.7 on a seasonally adjusted basis from a revised 439.2 the
previous week, according to the Weekly Mortgage Applications Survey of the
Mortgage Bankers Association of America (MBA), which was released today. On
an unadjusted basis, the application index increased 32.2 percent and was
down 11.9 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 375.9 from a
revised 293.8 the previous week. The seasonally adjusted refinance Index
increased to 1703.7 from a revised 1284.8 the previous week. Other
seasonally adjusted index activity included the Conventional Index, which
increased to 744.1 from a revised 571.0 the previous week, and the
Government Index, which increased to 281.0 from a revised 219.2 the
previous week.
The report for the week ended December 28, 2001 used a one-day holiday
factor for the seasonal adjustment. After reviewing the holiday factors
applied to the seasonal adjustment in previous years when Christmas and New
Years happened mid-week, and reviewing survey respondent policies, the
decision was made to
revise the seasonally-adjusted indexes in the report for the week ended
December 28, 2001 to reflect a two-day holiday effect. The press release
for that report has been revised to reflect these. The same two-day holiday
effect was applied to the current report for the week ended January 4,
2002. (In addition, a data-reporting error contained in the data for the
week ended December 21, 2001 was corrected.)
Refinancing activity represented 50.3 percent of total applications,
increasing slightly from 50.2 percent the previous week. The share of ARM
activity increased to 14.9 percent from 13.5 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
7.04 percent, decreasing from 7.12 the previous week, with points
decreasing to 1.34 from 1.37 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
-------------------------
Every issue of Appraisal Today printed and PDF newsletter has a graph of
the past 5 to 11 years of stats. I have been including it since 1994.
To get historical stats from the weekly press releases you can go to
http://www.mbaa.org/news/ To get all the data in a compiled format, you
must subscribe to their data service. I used to include the data in these
emails but quit as the MBA sells it.
AOL Users: <a href=http://www.mbaa.org/news> Click Here</a>
>>>>> BAD LAS VEGAS MORTGAGE BROKERS <<<<<
Judge orders $4.2 million in restitution to 90 investors. Plus read about
the front yard shooting of another Las Vegas mortgage broker who scammed
investors.
Go to http://www.mortgagedaily.com/FraudInterestate011102.html
AOL Users: <a
href=http://www.mortgagedaily.com/FraudInterestate011102.html> Click Here</a>
>>>>>>>>>> WORKING FOR GOVERNMENT AGENCIES <<<<<<<<<<
An excellent resource for doing work for government agencies, including
advice on proposals:
http://www.fedmarket.com/vtools/articles/index.html
AOL Users: <a href=http://www.fedmarket.com/vtools/articles/index.html>
Click Here</a>
>>> Bobby Bucks on Appraising - G-man or R-man? <<<
One of my favorite commentators on appraisals today is "Bobby Bucks." His
last posting was "G-man or R-man....at a crossroads" For some great humor,
go to
http://appraisersforum.com/archives/index.cgi?read=25744
To read some other great postings, search the archives for "Bobby Bucks."
AOL Users: <a
href=http://appraisersforum.com/archives/index.cgi?read=25744> Click Here</a>
Here's a quote: "I was working as a G-man/R-man for a sweatshop run by an
ex-frat boy type appraiser. You know the kind, golf clubs in the office and
X University emblazoned on every item he owned. The lead frat boy owner was
brilliant, yet anal. He was your typical goat roping Texan that claimed to
know everything about every subject on earth. Heck, he might even be in the
oval office some day......stranger things have happened. :-) Anyway, that's
another post for another day. Like many..."
1/21/02 Modular homes/appraiser income
New this week from Appraisal Today e-news
+ Mobile vs. modular vs. manufactured?
+ Hiring trainees - a hot topic
+ How much money do appraisers make?
+ Dangerous virus misconceptions
+ Apps up and down again
############################################
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Articles in the February newsletter include:
- Save time and reduce stress by prioritizing
- Keep your clients loyal with good spelling, grammar and proofreading
- Managing your money - where does your money come from and where does it go?
- Appraiser identity theft in San Diego CA
- Finding stuff on the Internet
To subscribe, call 800-839-0227 or fax 800-839-0014 (credit card orders) or
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href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
############################################
>>>>>>>>>> MOBILE VS. MODULAR VS. MANUFACTURED? <<<<<<<<<<
Ever wondered what the difference is between the three? Read a very
informative article, written by an appraiser for appraisers, "Manufactured,
Modular and Mobile Homes" by Jo Ann Stratton at
http://www.appraisalbuzz.com/archives.php
Scroll down to Dec. 14. Check out
the other interesting articles in the Appraisal Buzz archives.
AOL Users: <a href=http://www.appraisalbuzz.com/archives.php> Click Here</a>
>>>>>>>>>> HIRING TRAINEES - A HOT TOPIC <<<<<<<<<<
Looks like I picked a hot topic this time! Lots of replies to my request
last week for trainee feedback. I got emails from trainees looking for work
and appraisers with good, bad, and indifferent experience with trainees.
Thanks to all the appraisers who responded to my request for feedback. The
positive responses reminded me of why I hired trainees in the past and
helped me decide to start my nephew, Jason, as a trainee last week. I sent
him to two planning departments to get info for appraisals, took him out
with me on a land appraisal so he could hike up the hill and check out the
view, and is doing residential rent surveys. I didn't want to train him
only in house appraisals as the work is too cyclical. So I decided to get
him started doing what I really don't like to do. After three hours in city
planning and building offices and having to make another trip back, he
hasn't quit!
Nepotism rules as many appraisers are hiring relatives, including laid off
spouses.
Thanks to: Nancy Townsend, John Rothermel, Regina Geissler, Barbara
Robinson, Mark Berger, Laurel Hampton-hunt, Gayle Rhode, Patrick O'Rourke,
Ethel Geary, Lavell Brown, Gary Vieth, Anthony Blackburn, Dave Cortes, Alan
Durfee, John Bihary Jr., Mary Beth Roper, Brian F. Conley, Jennifer
Schnell, Surinder Khela, David Molenaar, Lois Downs, Henry T Thrasher,
Joyce Murphy, Mark Zeigler, Sara Schwarzentraub, and Gregory Cook.
Unfortunately, many respondents didn't include their "real" names, mostly
those using AOL. My apologies for not including your name.
Yes, respondents will be receiving a free PDF copy of the February issue of
Appraisal Today!
I'm still looking for feedback on which people work out best, or worst, as
trainees. So you still have a chance to get your name in print ;>
Note to wannabes: What can you bring as a trainee? Why would anyone hire
you? Sales experience, computer skills, your own clients, degree in
finance, etc. A trainee license doesn't mean much. How about working as an
office assistant to get your "foot in the door"?
>>>>>>>>>> HOW MUCH MONEY DO APPRAISERS MAKE? <<<<<<<<<<
Average appraisal salary = $41,700
Check out BLS (Bureau of Labor Statistics) stats for appraisers at:
http://www.bls.gov/oes/2000/oes132021.htm
AOL Users: <a href=http://www.bls.gov/oes/2000/oes132021.htm> Click Here</a>
The BLS says there are 53,560 employed appraisers. I don't have any idea
where they got this number! Let me know if you know.
Thanks to ever-vigilant reader, Doug Smith for this great link!
>>>>>>>>>> Dangerous virus misconceptions <<<<<<<<<<
To avoid being the victim of computer virus threats, you need to
understand the common misconceptions that result in continued infections.
Real estate technology expert Stephen M. Canale makes it clear.
http://www.rismedia.com/news.page/24/16342/
AOL Users: <a href=http://www.rismedia.com/news.page/24/16342/> Click Here</a>
Short, well written and definitely worth reading...
>>>>>>>>>> APPS UP AND DOWN AGAIN <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending January 11 increased 1.9
percent to 581.7 on a seasonally adjusted basis from 570.7 the previous
week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released last Wed.
On an unadjusted basis, the application index increased 75.8 percent but
was down 18.2 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 348.6 from 375.9
the previous week. The seasonally adjusted refinance Index increased to
1937.6 from 1703.7 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 775.3 from
744.1 the previous week, and the Government Index, which decreased to 258.8
from 281.0 the previous week.
Refinancing activity represented 54.3 percent of total applications,
increasing from 50.3 percent the previous week. The share of ARM activity
increased to 15.6 percent from 14.9 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.76 percent, decreasing from 7.04 the previous week, with points
decreasing to 1.14 from 1.34 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed rate mortgages was
6.28 percent, decreasing from 6.49 the previous week, with points
decreasing to 1.10 from 1.34 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
For more information, go to http://www.mbaa.org
AOL Users: <a href=http://www.mbaa.org> Click Here</a>
1/27/02 Xpert witness/Chicago flips
New this week from Appraisal Today e-news
+ 20 charged in Chicago flipping scam
+ 16 ways to increase your expert witness business
+ USPAP by certified instructors only starting 1/1/03
+ Apps up
>>>>>>>>>> 20 CHARGED IN CHICAGO FLIPPING SCAM <<<<<<<<<<
2 appraisers are listed in the indictments for a 20-person mortgage
flipping scam in Chicago. The usual story - straw buyers, fast sale/resale,
etc.
http://www.mortgagedaily.com/ScamInformantSentenced012801.html
AOL Users: <a
href=http://www.mortgagedaily.com/ScamInformantSentenced012801.html> Click
Here</a>
>>> 16 WAYS TO INCREASE YOUR EXPERT WITNESS BUSINESS <<<
Another great link from Michael Cartwright, Appraisal Search Guru.
Here are the first three:
1. Advertise your services in legal periodicals.
2. Contact law firms in your area.
3. List your business in expert witness databases.
http://www.nljexperts.com/news/docs/011502marketing.jsp
AOL Users: <a href=http://www.nljexperts.com/news/docs/011502marketing.jsp>
Click Here</a>
>>>>>> USPAP BY CERTIFIED INSTRUCTORS ONLY <<<<<<
Starting 1/1/03, all USPAP taken for state CE credit must be taught by an
Appraisal Foundation approved instructor. This applies to all instructors,
including those teaching for appraisal associations and junior colleges.
Instructor requirements include 7 years of appraisal experience plus 35
hours of teaching experience in the past 5 years. Taking a 2 day class and
passing an exam on the third are also required. The first class will be in
Los Angeles this week. You have to have your application approved before
you can be approved to take the class.
So why has this been implemented? Because of complaints about poor
instructors who were very misinformed/unknowledgeable about USPAP.
I will put out another reminder in late 2002 to check
http://www.appraisalfoundation.org
to see if your instructor is approved
before signing up for a USPAP class.
For more information, go to http://www.appraisalfoundation.org
AOL Users: <a href=http://www.appraisalfoundation.org> Click Here</a>
----------------
Apps up
The market composite index of mortgage loan applications - a measure of
loan purchases and refinances - for the week ending
January 18 increased 24.4 percent to 723.4 on a seasonally adjusted basis
from 581.7 the previous week, according to the Weekly Mortgage Applications
Survey of the Mortgage Bankers Association of America (MBA), which was
released today. On an unadjusted basis, the application index increased
29.3 percent and was up 35.4 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 371.8 from 348.6
the previous week. The seasonally adjusted refinance Index increased to
2768.3 from 1937.6 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 972.6 from
775.3 the previous week, and the Government Index, which increased to 307.3
from 258.8 the previous week.
Refinancing activity represented 59.9 percent of total applications,
increasing from 54.3 percent the previous week. The share of ARM activity
decreased to 14.6 percent from 15.6 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.92 percent, increasing from a revised 6.69 percent the previous week,
with points increasing slightly to 1.35 from a revised 1.34 the previous
week (including the origination fee) for 80 percent loan-to-value (LTV) ratio
loans.
For more information, go to http://www.mbaa.org
AOL Users: <a href=http://www.mbaa.org> Click Here</a>
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=================
Ann O'Rourke, MAI, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave.
Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
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