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Email archive - 1/03
To get the very latest news,
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Go to Edit, then Find in Page. Some of them have been edited from the
original to correct typos and new information! I have been sending them since June, 1994.
Date: Mon, 13 Jan 2003 15:12:15 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: FHA sez lenders responsible for appraisals/Marshall&Swift purchases
AppraisalLoop
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
X-Envelope-To: mailtoann@appraisaltoday.com
++++++++++++++++++++++++++++++++++++
To get all the news, plus lots of biz tips such as how to collect past due
billings, subscribe to my monthly "paper" and PDF Appraisal Today
newsletter for $99 per year ($149 for 2 years), call 800-839-0227 or fax
800-839-0014 (credit card orders) or send your check (made out to RECR) to
2015 Clement Ave., Alameda, CA. Order online or print out an order form at
http://www.appraisaltoday.com/orderfrm.htm
AOL Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
++++++++++++++++++++++++++++++++++++
FHA's Martinez says lenders responsible for appraisals
Per a recent article written by Kenneth Harney:
"In the new proposals from HUD Secretary Mel R. Martinez, the government
threatens lenders with debarment, suspensions and fines if they are found
to be associated with poor appraisals. Appraisers will share "equal"
liability with lenders under the new policy. "
for the full story, go to
http://realtytimes.com/rtnews/rtcpages/20030113_appraisals.htm
for the details of FHA's proposed new regs, including what it means for
you, subscribe to Appraisal Today for only $99 per year and $149 for 2
years, http://www.appraisaltoday.com/orderfrm.htm
----------------
Applications Jump 24 Percent In Latest MBA Weekly Survey
Housing Industry Off To A Good Start in 2003
WASHINGTON, D.C. (January 8, 2003) - The Market Composite Index of mortgage
loan applications -- a measure of mortgage loan applications for purchases
and refinancings -- for the week ending January 3 increased 24.3 percent to
1182.3 on a seasonally-adjusted basis from 950.9 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 Index increased 46.9 percent and was up 160.2 percent
compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 376.2 from 332.4
the previous week. The seasonally adjusted Refinance Index increased to
5871.1 from 4548.8 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 1713.1 from
1361.8 the previous week. The Government Index increased to 296.7 from
265.3 the previous week.
"The refinance boom that began in the first week of 2001 is still going
strong in 2003," noted MBA Economist Phil Colling. "Also, since we began
the week with interest rates at record lows, many homeowners who had been
waiting for lower rates to refinance were most likely spurred to action."
Since the New Year's holiday fell in the middle of the week, the
seasonally-adjusted indexes were adjusted upward by 1.43 percent to allow
for a one and one-half day holiday effect.
Refinancing activity represented 77.8 percent of total applications,
increasing from 75.9 percent the previous week. The share of ARM activity
increased to 11.9 percent from 11.2 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
increased to 5.85 percent from the record low of 5.69 percent the previous
week, with points decreasing to 1.43 from 1.53 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
increased to 5.20 percent from the previous record low of 5.05 percent the
previous week, with points decreasing to 0.97 from 1.43 the previous week
(including the origination fee) for 80 percent loan-to-value (LTV) ratio
loans.
The average contract interest rate for 1-year ARMs increased to 3.76
percent from the previous record low of 3.68 percent the previous week,
with points decreasing to 0.98 from 1.04 the previous week (including the
origination fee) for 80 percent LTV loans.
**SPECIAL NOTES**
The survey covers approximately 40 percent of all U.S. retail residential
mortgage originations and has been conducted weekly since 1990.
Respondents include mortgage bankers, commercial banks and thrifts. Base
period and value for all indexes is March 16, 1990=100.
For more info and stats, go to http://www.mbaa.org
------------------------
I'm switching to email service
The next email newsletter you receive from me (hopefully) will be sent
through a service that sends out email and manages the mailing list. I have
been doing it manually since June 1994 and am finally switching... Prices
have become much more reasonable (Under $100 per month). I plan on using
mailermailer at http://www.mailermailer.com. They asked me if I could prove
that all my names were opt-in but when you're going back to 1994 that's
tough!! Most of the signups were by fax or phone calls...
----------------------------
Census Charts 100 Years of Changes
Over the last 100 years, America has not only moved from a nation of
renters to a nation of home owners, its population has tripled, Florida has
leaped to the fourth most populace state, the West has grown much faster
than any other region and the proportion of single-person households
increased four-fold. Lew Sichelman has these and other details.
Full Story: http://realtytimes.com/rtnews/rtcpages/20030102_census.htm
A short article and very interesting - worth checking out!
-------------------------
Marshall & Swift acquires AppraiserLoop from LoopNet, Inc.
Marshall & Swift is re-launching the AppraiserLoop product as
M&Sconnect(TM).
Per the press release,
The acquisition taps the largely undeveloped networking possibilities
within the appraisal industry... We (Marshall & Swift) see great synergy
between M&Sconnect and our other Internet-based appraiser-oriented products
and services."
While LoopNet recognized the long-term potential of the AppraiserLoop
business, we believe the significant added synergies of the initiative s
association with Marshall & Swift, a well-respected player in the appraisal
industry, will ensure an even greater level of success, said Richard
Boyle, CEO of LoopNet, Inc. Additionally, the sale allows us to focus our
resources on our core listing and information service businesses, which are
experiencing rapid growth. LoopNet will remain a
data exchange partner with Marshall & Swift.
Also included in the sale is the long-term contract with the Appraisal
Institute, a professional organization of real estate appraisers, to
develop and operate the Web-based data cooperative
Appraisal Institute Commercial Database(R). We are delighted with Marshall
& Swift's acquisition of AppraiserLoop and the Appraisal Institute
Commercial Database, said Alan Hummel, SRA, and 2003 President of the
Appraisal Institute. Marshall & Swift is a name known and trusted by real
estate appraisers for many decades.
The Appraisalloop employees have been relocated to Marshall & Swift in
southern CA.
-----------------
December USPAP Q&As
Question #1:
I have an assignment that involves a tract of land that is improved with
two structures. However, the client has requested that I appraise the
underlying land and only one of the two structures, without mentioning the
other structure. Is it ethical to not disclose the presence of the second
structure?
Question #2:
What is the primary intent of USPAP?
Question #3:
I was recently hired to perform an appraisal assignment for a government
agency. The agency has a regulation that requires me to provide the
appraisal report to other government agencies if requested. Does this
regulation create a jurisdictional exception to the Confidentiality section
of the ETHICS RULE?
For the answers, go to
https://www.appraisalfoundation.org/html/newsandevents.asp?FileName=monthly_
uspap
====================
To be removed from this list, please send an email to
mailto:info@appraisaltoday.com and type "remove" in the subject line or top
part of the message.
To change your email address, send an email to
mailto:info@appraisaltoday.com and type in your old and new email
addresses, and your name.
FYI, it may take a week or two to get our email database corrected.
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!
=========================================================
Date: Mon, 13 Jan 2003 15:12:15 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: FHA sez lenders responsible for appraisals/Marshall&Swift purchases
AppraisalLoop
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
X-Envelope-To: mailtoann@appraisaltoday.com
++++++++++++++++++++++++++++++++++++
To get all the news, plus lots of biz tips such as how to collect past due
billings, subscribe to my monthly "paper" and PDF Appraisal Today
newsletter for $99 per year ($149 for 2 years), call 800-839-0227 or fax
800-839-0014 (credit card orders) or send your check (made out to RECR) to
2015 Clement Ave., Alameda, CA. Order online or print out an order form at
http://www.appraisaltoday.com/orderfrm.htm
AOL Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
++++++++++++++++++++++++++++++++++++
FHA's Martinez says lenders responsible for appraisals
Per a recent article written by Kenneth Harney:
"In the new proposals from HUD Secretary Mel R. Martinez, the government
threatens lenders with debarment, suspensions and fines if they are found
to be associated with poor appraisals. Appraisers will share "equal"
liability with lenders under the new policy. "
for the full story, go to
http://realtytimes.com/rtnews/rtcpages/20030113_appraisals.htm
for the details of FHA's proposed new regs, including what it means for
you, subscribe to Appraisal Today for only $99 per year and $149 for 2
years, http://www.appraisaltoday.com/orderfrm.htm
----------------
Applications Jump 24 Percent In Latest MBA Weekly Survey
Housing Industry Off To A Good Start in 2003
WASHINGTON, D.C. (January 8, 2003) - The Market Composite Index of mortgage
loan applications -- a measure of mortgage loan applications for purchases
and refinancings -- for the week ending January 3 increased 24.3 percent to
1182.3 on a seasonally-adjusted basis from 950.9 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 Index increased 46.9 percent and was up 160.2 percent
compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 376.2 from 332.4
the previous week. The seasonally adjusted Refinance Index increased to
5871.1 from 4548.8 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 1713.1 from
1361.8 the previous week. The Government Index increased to 296.7 from
265.3 the previous week.
"The refinance boom that began in the first week of 2001 is still going
strong in 2003," noted MBA Economist Phil Colling. "Also, since we began
the week with interest rates at record lows, many homeowners who had been
waiting for lower rates to refinance were most likely spurred to action."
Since the New Year's holiday fell in the middle of the week, the
seasonally-adjusted indexes were adjusted upward by 1.43 percent to allow
for a one and one-half day holiday effect.
Refinancing activity represented 77.8 percent of total applications,
increasing from 75.9 percent the previous week. The share of ARM activity
increased to 11.9 percent from 11.2 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
increased to 5.85 percent from the record low of 5.69 percent the previous
week, with points decreasing to 1.43 from 1.53 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
increased to 5.20 percent from the previous record low of 5.05 percent the
previous week, with points decreasing to 0.97 from 1.43 the previous week
(including the origination fee) for 80 percent loan-to-value (LTV) ratio
loans.
The average contract interest rate for 1-year ARMs increased to 3.76
percent from the previous record low of 3.68 percent the previous week,
with points decreasing to 0.98 from 1.04 the previous week (including the
origination fee) for 80 percent LTV loans.
**SPECIAL NOTES**
The survey covers approximately 40 percent of all U.S. retail residential
mortgage originations and has been conducted weekly since 1990.
Respondents include mortgage bankers, commercial banks and thrifts. Base
period and value for all indexes is March 16, 1990=100.
For more info and stats, go to http://www.mbaa.org
------------------------
I'm switching to email service
The next email newsletter you receive from me (hopefully) will be sent
through a service that sends out email and manages the mailing list. I have
been doing it manually since June 1994 and am finally switching... Prices
have become much more reasonable (Under $100 per month). I plan on using
mailermailer at http://www.mailermailer.com. They asked me if I could prove
that all my names were opt-in but when you're going back to 1994 that's
tough!! Most of the signups were by fax or phone calls...
----------------------------
Census Charts 100 Years of Changes
Over the last 100 years, America has not only moved from a nation of
renters to a nation of home owners, its population has tripled, Florida has
leaped to the fourth most populace state, the West has grown much faster
than any other region and the proportion of single-person households
increased four-fold. Lew Sichelman has these and other details.
Full Story: http://realtytimes.com/rtnews/rtcpages/20030102_census.htm
A short article and very interesting - worth checking out!
-------------------------
Marshall & Swift acquires AppraiserLoop from LoopNet, Inc.
Marshall & Swift is re-launching the AppraiserLoop product as
M&Sconnect(TM).
Per the press release,
The acquisition taps the largely undeveloped networking possibilities
within the appraisal industry... We (Marshall & Swift) see great synergy
between M&Sconnect and our other Internet-based appraiser-oriented products
and services."
While LoopNet recognized the long-term potential of the AppraiserLoop
business, we believe the significant added synergies of the initiative s
association with Marshall & Swift, a well-respected player in the appraisal
industry, will ensure an even greater level of success, said Richard
Boyle, CEO of LoopNet, Inc. Additionally, the sale allows us to focus our
resources on our core listing and information service businesses, which are
experiencing rapid growth. LoopNet will remain a
data exchange partner with Marshall & Swift.
Also included in the sale is the long-term contract with the Appraisal
Institute, a professional organization of real estate appraisers, to
develop and operate the Web-based data cooperative
Appraisal Institute Commercial Database(R). We are delighted with Marshall
& Swift's acquisition of AppraiserLoop and the Appraisal Institute
Commercial Database, said Alan Hummel, SRA, and 2003 President of the
Appraisal Institute. Marshall & Swift is a name known and trusted by real
estate appraisers for many decades.
The Appraisalloop employees have been relocated to Marshall & Swift in
southern CA.
-----------------
December USPAP Q&As
Question #1:
I have an assignment that involves a tract of land that is improved with
two structures. However, the client has requested that I appraise the
underlying land and only one of the two structures, without mentioning the
other structure. Is it ethical to not disclose the presence of the second
structure?
Question #2:
What is the primary intent of USPAP?
Question #3:
I was recently hired to perform an appraisal assignment for a government
agency. The agency has a regulation that requires me to provide the
appraisal report to other government agencies if requested. Does this
regulation create a jurisdictional exception to the Confidentiality section
of the ETHICS RULE?
For the answers, go to
https://www.appraisalfoundation.org/html/newsandevents.asp?FileName=monthly_
uspap
====================
To be removed from this list, please send an email to
mailto:info@appraisaltoday.com and type "remove" in the subject line or top
part of the message.
To change your email address, send an email to
mailto:info@appraisaltoday.com and type in your old and new email
addresses, and your name.
FYI, it may take a week or two to get our email database corrected.
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!
|