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Email archives - 10 -02
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Date: Thu, 03 Oct 2002
Subject: AQB instructors/Appraisers dumping clients/FRTs
List of AQB certified USPAP instructors available
--------------------------------------------------
Starting January 1, 2003, USPAP update classes must be taught by Appraisal
Foundation certified instructors.
Starting September 1, the Appraisal Foundation is publishing list of
certified instructors.
Go to http://www.appraisalfoundation.org. The link is on the home page or
try News or Qualifications.
O'Rourke to NAIFA in Vancouver next week
-----------------------------------------
I will be speaking next Friday, October 10, at the NAIFA & CNAREA Joint
Education Conference 2002 held October 8 - 12, 2002. It is a joint
conference with the Canadian National Association of Real Estate Appraisers
in Vancouver, British Columbia. Conference and election information is
updated as it is received, so continue to check back for more information.
If you're attending the meeting, be sure to say hello!!
My topic? The Future of Appraising, of course!
If you can't make it to Vancouver, check out the NAIFA Northern California
Conference - November 9-10, 2002 in Sacramento, CA.
For more info, go to http://www.naifa.com .
Rates down, appraisers dumping clients
---------------------------------------
Still taking work from "clients from hell"? Time to say no!! In my area,
the San Francisco Bay Area, we are quoting 3-4 week turnarounds, only
taking work from loyal clients, and not returning phone calls from mortgage
brokers we never heard of...
The Market Composite Index of mortgage loan applications -- a measure of
mortgage loan applications for purchases and refinancings -- for the week
ending September 27 increased 8.6 percent to its highest-ever level of
1285.4 on a seasonally-adjusted basis from 1183.8, according to the Weekly
Mortgage Applications Survey of the Mortgage Bankers Association of America
(MBA), which was released Oct. 2. The previous record high of 1238.2 was
set the week ended September 6, 2002. Last week was the tenth consecutive
week that the Market Composite Index has been above 1000. On an unadjusted
basis, the Index increased 8.6 percent and was up 67.2 percent compared to
the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased slightly to 359.4 from
359.7 the previous week. The seasonally adjusted Refinance Index increased
to its highest-ever level of 6671.4 from 5977.2 the previous week. The
previous record high of 6104.3 was set the week ended September 6, 2002.
Last week was the tenth consecutive week that the Refinance Index has been
above 4000. The Refinance Index has been above 5000 during eight of those
ten weeks. Other seasonally adjusted index activity included the
Conventional Index, which increased to 1880.2 from 1720.0 the previous
week. The Government Index increased to 292.8 from 288.9 the previous week.
Refinancing activity represented 76.9 percent of total applications,
increasing from 74.8 percent the previous week. The highest refinance share
of 78.4 percent occurred the week ended November 9, 2001. The share of ARM
activity increased to 12.5 percent from 11.3 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to a record low 5.84 percent from its previous record low of 5.85
percent the previous week, with points decreasing to 1.43 from 1.48 the
previous week (including the origination fee) for 80 percent loan-to-value
(LTV) ratio loans. The 30-year fixed rate has now been below 6.20 percent
for nine consecutive weeks and below 6.50 percent for 15 consecutive weeks.
For more stats go to http://www.mbaa.org
Sept. USPAP Q&As
----------------------
Question #1:
STATEMENT 10 only applies to Federally Related Transactions. Can the
Interagency Work Group provide guidance on how an appraiser can determine
if a transaction is, or is not a Federally Related Transaction? More
directly, what is a Federally Related Transaction and do certain entities
(FHA, VA, Fannie Mae & Freddie Mac) have exemptions in this regard?
Question #2:
Appraisers are receiving conflicting advice regarding the requirements to
provide an "as is" value. Can the Interagency Work Group provide guidance
on exactly when an "as is" value is required and when it is not?
Question #3: Lines 3921-3933 of SMT-10 appear to indicate that banking
regulations require written consent before an appraiser may invoke
departure and prepare a limited appraisal. However, within that same
section the text seems to indicate that while written consent is a good
business practice, it is not a requirement. For an appraisal in an FRT, is
an appraiser required to obtain written permission before invoking departure?
To read the answers, go to www.appraisalfoundation.org and click on
Appraisal Standards.
===================
If you don't already subscribe .... To get all the news, not just the
headlines and links, 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>
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: Thu, 03 Oct 2002 18:10:11 -0700
Subject: AQB instructors/Appraisers dumping clients/FRTs
List of AQB certified USPAP instructors available
--------------------------------------------------
Starting January 1, 2003, USPAP update classes must be taught by Appraisal
Foundation certified instructors.
Starting September 1, the Appraisal Foundation is publishing list of
certified instructors.
Go to http://www.appraisalfoundation.org. The link is on the home page or
try News or Qualifications.
O'Rourke to NAIFA in Vancouver next week
-----------------------------------------
I will be speaking next Friday, October 10, at the NAIFA & CNAREA Joint
Education Conference 2002 held October 8 - 12, 2002. It is a joint
conference with the Canadian National Association of Real Estate Appraisers
in Vancouver, British Columbia. Conference and election information is
updated as it is received, so continue to check back for more information.
If you're attending the meeting, be sure to say hello!!
My topic? The Future of Appraising, of course!
If you can't make it to Vancouver, check out the NAIFA Northern California
Conference - November 9-10, 2002 in Sacramento, CA.
For more info, go to http://www.naifa.com .
Rates down, appraisers dumping clients
---------------------------------------
Still taking work from "clients from hell"? Time to say no!! In my area,
the San Francisco Bay Area, we are quoting 3-4 week turnarounds, only
taking work from loyal clients, and not returning phone calls from mortgage
brokers we never heard of...
The Market Composite Index of mortgage loan applications -- a measure of
mortgage loan applications for purchases and refinancings -- for the week
ending September 27 increased 8.6 percent to its highest-ever level of
1285.4 on a seasonally-adjusted basis from 1183.8, according to the Weekly
Mortgage Applications Survey of the Mortgage Bankers Association of America
(MBA), which was released Oct. 2. The previous record high of 1238.2 was
set the week ended September 6, 2002. Last week was the tenth consecutive
week that the Market Composite Index has been above 1000. On an unadjusted
basis, the Index increased 8.6 percent and was up 67.2 percent compared to
the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased slightly to 359.4 from
359.7 the previous week. The seasonally adjusted Refinance Index increased
to its highest-ever level of 6671.4 from 5977.2 the previous week. The
previous record high of 6104.3 was set the week ended September 6, 2002.
Last week was the tenth consecutive week that the Refinance Index has been
above 4000. The Refinance Index has been above 5000 during eight of those
ten weeks. Other seasonally adjusted index activity included the
Conventional Index, which increased to 1880.2 from 1720.0 the previous
week. The Government Index increased to 292.8 from 288.9 the previous week.
Refinancing activity represented 76.9 percent of total applications,
increasing from 74.8 percent the previous week. The highest refinance share
of 78.4 percent occurred the week ended November 9, 2001. The share of ARM
activity increased to 12.5 percent from 11.3 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to a record low 5.84 percent from its previous record low of 5.85
percent the previous week, with points decreasing to 1.43 from 1.48 the
previous week (including the origination fee) for 80 percent loan-to-value
(LTV) ratio loans. The 30-year fixed rate has now been below 6.20 percent
for nine consecutive weeks and below 6.50 percent for 15 consecutive weeks.
For more stats go to http://www.mbaa.org
Sept. USPAP Q&As
----------------------
Question #1:
STATEMENT 10 only applies to Federally Related Transactions. Can the
Interagency Work Group provide guidance on how an appraiser can determine
if a transaction is, or is not a Federally Related Transaction? More
directly, what is a Federally Related Transaction and do certain entities
(FHA, VA, Fannie Mae & Freddie Mac) have exemptions in this regard?
Question #2:
Appraisers are receiving conflicting advice regarding the requirements to
provide an "as is" value. Can the Interagency Work Group provide guidance
on exactly when an "as is" value is required and when it is not?
Question #3: Lines 3921-3933 of SMT-10 appear to indicate that banking
regulations require written consent before an appraiser may invoke
departure and prepare a limited appraisal. However, within that same
section the text seems to indicate that while written consent is a good
business practice, it is not a requirement. For an appraisal in an FRT, is
an appraiser required to obtain written permission before invoking departure?
To read the answers, go to www.appraisalfoundation.org and click on
Appraisal Standards.
===================
If you don't already subscribe .... To get all the news, not just the
headlines and links, 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>
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: Tue, 08 Oct 2002 20:24:34 -0700
Subject: HUD and confidentiality/becoming an appraiser
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Appraisers are charged a low monthly subscription fees (beginning at only
$6.95 per month) to be listed on appraisalOrder.Com. They receive their own
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very easy to use for those ordering appraisals.
Here's what an appraiser says -
"An easy to remember website WITH an order form waiting, for less than
$7.00 a month. Count me in!!" Ed Gray, SRA, Bexar County, TX
For more information, go to http://www.appraisalorder.com/ or call (210)
930-6306.
AOL Users: <a href=http://www.appraisalorder.com> Click Here</a>
++++++++++++++++++++++++++++++++++++++++++++
----------------------------
Appraisers buried - loan apps off the chart
Well... I'm off to Canada early Wednesday to speak at the NAIFA national
conference in Vancouver on Friday plus take a few vacation days in a
waterfront cottage on Galliano Island... No, I'm not taking a computer with
me... Guess those darn out of the area mortgage brokers will have to call
one more appraiser as they go down the Yellow Page listings and the state
licensees looking for a warm body ;>
The Market Composite Index of mortgage loan applications -- a measure of
mortgage loan applications for purchases and refinancings -- for the week
ending September 27 increased 8.6 percent to its highest-ever level of
1285.4 on a seasonally-adjusted basis from 1183.8, according to the Weekly
Mortgage Applications Survey of the Mortgage Bankers Association of America
(MBA), which was released Oct. 2. The previous record high of 1238.2 was
set the week ended September 6, 2002. Last week was the tenth consecutive
week that the Market Composite Index has been above 1000. On an unadjusted
basis, the Index increased 8.6 percent and was up 67.2 percent compared to
the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased slightly to 359.4 from
359.7 the previous week. The seasonally adjusted Refinance Index increased
to its highest-ever level of 6671.4 from 5977.2 the previous week. The
previous record high of 6104.3 was set the week ended September 6, 2002.
Last week was the tenth consecutive week that the Refinance Index has been
above 4000. The Refinance Index has been above 5000 during eight of those
ten weeks. Other seasonally adjusted index activity included the
Conventional Index, which increased to 1880.2 from 1720.0 the previous
week. The Government Index increased to 292.8 from 288.9 the previous week.
Refinancing activity represented 76.9 percent of total applications,
increasing from 74.8 percent the previous week. The highest refinance share
of 78.4 percent occurred the week ended November 9, 2001. The share of ARM
activity increased to 12.5 percent from 11.3 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to a record low 5.84 percent from its previous record low of 5.85
percent the previous week, with points decreasing to 1.43 from 1.48 the
previous week (including the origination fee) for 80 percent loan-to-value
(LTV) ratio loans. The 30-year fixed rate has now been below 6.20 percent
for nine consecutive weeks and below 6.50 percent for 15 consecutive weeks.
-------------------
HUD and confidentiality of apartment data
Some interesting changes and discussions at HUD about confidentiality of
expense data in apartment appraisals. To read a summary of HUD's latest, go
to http://www.mbaa.org and click on the link at the top of the page.
-------------
Davis Vetoes California Appraisal Regulatory Bill
For more info, go to http://www.appraisalinstitute.com
click on one of the headlines and scroll down to the article.
--------------------------
Automated underwriting pays off per Fannie
According to a recent study released by Fannie, lenders save big bucks,
about $1300 per loan, when using their AU Desktop Underwriter....
For more info, http://www.inman.com/InmanStories.asp?ID=32110&CatType=R
--------------------------
"How do I become an appraiser?"
I get this question sometimes and send them to
http://www.appraisalfoundation.org/ - the link is on the top of the page.
For those who already spent time and money to get a trainee license and are
looking for work, I send them to http://www.appraisersforum.com to their
Newbie forum.
===================
If you don't already subscribe .... To get all the news, not just the
headlines and links, 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>
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: Thu, 31 Oct 2002 10:20:15 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: Soprano loans/Lost, not dead
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
Lost, not dead - appraisaltoday.com
My ISP, Verio, has moved my web site (again). It takes about a week for the
new location to propagate throughout the Internet. If you can't get in at
www.appraisaltoday.com try http://208.55.141.201/ which is the physical
address of the server where it is located.
-------------------------
Tony Soprano loans
I'm working on refinancing our house and have been looking around on the
Internet for low doc/no doc loans. No doc loans add 1 point or more to the
rate). One web site referred to them as "Tony Soprano" loans. Presumably he
has a good FICO score and always pays his credit cards on time but won't
verify his income and assets ;>
In the last Sopranos episode, Tony and cohorts had just got started in a
classic FHA flipping scam.... something about a "cooperative" appraiser...
--------------------------
Appraiser Connection
I'm seeing lots of online chat (again) about a company currently called
"Appraiser Connection." This company appears to be the same Sacramento
California company that has been in operation for some time under various
names, soliciting fee appraisers to be on their list to get work.
They are regularly discussed on appraiser email chats and online chat
boards. To read some of the recent email messages, go to
http://groups.yahoo.com/group/Total2000UsersGroup .
If someone calls you, asking for your credit card number and pressuring you
to sign up for anything, don't do it. Check them out first. Get a phone
number to call them back. Check out their web site. If it is appraisal
related, post a message at http://www.appraisersforum.com or
http://www.naifa.com in the general chat boards.
----------------------
ASB and AQB and AF appointments
Danny Wiley, SRA, and Larry Ofner, MAI, were reappointed Chair and Vice
Chair, respectively, of the ASB. With Ken Kaiser, MAI, and Richard
Southern's terms on the ASB coming to an end, Paula Konikoff, MAI, and Dawn
Molitor Gennrich, SRA, were appointed to a three-year and a two-year term,
respectively. Carla Glass, ASA, was reappointed to another three-year term.
Also, Gregory Accetta, MAI, was appointed to a one-year term to fill the
term of Tom Jackson, MAI, who resigned in order to spend more time with his
business. All of the terms commence January 1, 2003.
It's nice to see two residential appraisers on the ASB, since most
appraisers are residential, Danny Wiley and Dawn Molitor Gennrich.
On the AQB, Ed Morse, MAI, was re appointed to another three-year term as
Chair and Bruce Wiley, MAI, was reappointed Vice Chair. Don Moliver, MAI,
was appointed to a two-year term, replacing Arlen Mills, whose term ends
December 31, 2003.
Thanks to the AI for posting this news on http://www.appraisalinstitute.org
. Don't see it at http://www.appraisalfoundation.org yet.
----------------------
Rates down 0.2% in one week - no rest for appraisers!!
The Market Composite Index of mortgage loan applications -- a measure of
mortgage loan applications for purchases and refinancings -- for the week
ending October 25 decreased 19.3 percent to 911.0 on a seasonally-adjusted
basis from 1128.3 the previous week, according to the Weekly Mortgage
Applications Survey of the Mortgage Bankers Association of America (MBA),
which was released yesterday. On an unadjusted basis, the Index decreased
10.6 percent but was up 7.7 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 338.6 from 361.5
the previous week. The seasonally adjusted Refinance Index decreased to
4240.4 from 5588.7 the previous week. Last week marked the fourteenth
consecutive week that the Refinance Index has been above 4000, and the
Refinance Index was above 5000 for ten of those fourteen weeks. Other
seasonally adjusted index activity included the Conventional Index, which
decreased to 1312.2 from 1631.6 the previous week. The Government Index
decreased to 241.3 from 288.4 the previous week.
Refinancing activity represented 69.2 percent of total applications,
decreasing from 73.4 percent the previous week. The share of ARM activity
increased to 15.2 percent from 13.9 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to 6.01 percent from 6.21 percent the previous week, with points
increasing to 1.55 from 1.37 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
decreased to 5.39 percent from 5.63 percent the previous week, with points
remaining the same as the previous week at 1.36 (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 1-year ARMs was 4.01 percent,
decreasing from 4.16 percent the previous week, with points increasing
slightly to 1.10 from 1.09 the previous week (including the origination
fee) for 80 percent LTV loans.
---------------
New in the November issue of Appraisal Today
- How to reduce stress and avoid burnout
- Say thank you with holiday gifts
- Mentoring tomorrow's appraisers - Part III
- Computer tips for appraisers
- Fannie, Freddie, and MBA forecasts vary
- Washington DC appraiser goes to jail for 88 months
- $15,409,000 of phony appraisals in Florida
- ASB 2003 agenda
- Appraisal Foundation issues study critical of BLM appraisal practices
- AQB tries again - 3rd exposure draft
To get all the news, not just the headlines and links, 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>
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!
|