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Email archive - 12/02
To get the very latest news,
sign up for our FREE weekly Appraisal Today e-news.
NOTE: some of the older links
may be out of date! For
older emails go to the
links above.
For information on sponsoring
these weekly emails, contact Ann O'Rourke at ann@appraisaltoday.com
or call 800-839-0227.
To find messages, use this site's Search
page. Then use your browser's
search function.
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: Fri, 13 Dec 2002 12:31:39 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: USPAP 2003 online/appraiser billings
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
**************************************************************
*** FLOOD DETERMINATIONS UNLIMITED FREE TRIAL NOW! ***
Enter the address and FLOOD INSIGHTS does all the work! No more paper,
always current, FAST! Directly from Transamerica Flood Hazard celebrating
25 years of providing the best flood data! TRY IT ONLINE NOW by going to
http://www.floodinsights.com select "LOG IN" then type Username:HOLIDAY
Password: HOLIDAY
Questions? 1-800-932-1018. Trial ends December 22, 2002.
**************************************************************
USPAP 2003, effective 1/1/03, is now online
Go to https://www.appraisalfoundation.org/html/USPAP2003/toc.htm . A "must
read" sections are Advisory Opinion 3, Update of a Prior Assignment. Be
sure to order a "paper" copy - lots cheaper than printing it all out ;> .
The online copy is very useful for "cut and paste" into an appraisal report.
There has been some confusion over the requirement for a 3 year sales
history. The intent of USPAP is to make it applicable to the subject, which
doesn't require considering sales history of comps. Fannie Mae forms
require the previous 1 year sales history for the comps, a supplemental
requirement.
To get your copy of USPAP 2003, go to http://wwwappraiserdepot.com or
http://www.appraisalfoundation.org .
------------------------------------
Year end tax tips
Here are two tax tips from the December issue of Appraisal Today:
- Postpone billings so you can delay receiving the checks until 2003.
- Pay bills by 12/31/01 to get the writeoffs this year. You can charge on a
credit card as late as 12/31/02 and still be able to claim a deduction for
this year.
Yes, I do this every year!
------------------------------
Holiday gifts
Now is the time to get those Holiday gifts. I received my annual calendar
from Elliot & Co. (appraisal company based in SC). I love their calendar.
They also send some info on their company.
Don't forget your loyal clients - and don't let them forget you...
------------------------------
State lender lists
Problems collecting from a broker or lender? To contact their state
regulator, go to http://www.regulatorycounsel.com/bankingcommission.htm
Thanks to Barbara A. Decker-Spence, SRA for posting this most excellent
link on the AI forum email chat list!
Some interesting factoids also, such as number of licensed mortgage brokers
and lenders.
------------------------------
Raise your fees
I don't understand why so many appraisers are charging the same fees they
charged 2 or more years ago if they are in an area with an appraiser
shortage. Make money while you can.
I have no sympathy for appraisers complaining about low fees and being way
too busy.
----------------------------
Appraiser billings
How much will you bill in 2002? To see what other appraisers are doing, go
to the survey at http://www.appraisersforum.com/forums/viewtopic.php?t=4778 .
27% were between $100,000 and $125,000.
Add your own estimate to the survey!
----------------------------
How will biz be in 2003?
Another survey at http://www.appraisersforum.com/forums/viewtopic.php?t=4802 .
What did I vote for? "How should I know, I don't even know what I am
wearing today!" . 36% said drop, 31% said steady.
Cast your own vote!!
=================
PURCHASE NEWSLETTER, BOOKS, AND TAPES BY 12/31/02 AND GET A TAX WRITEOFF
FOR THIS YEAR!!
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>
====================
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: Thu, 19 Dec 2002 17:44:34 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: An appraiser's weekend/FHA appraisers case dismissed
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
Appraisal conference July 24-25, 2003 in South San Francisco
Well, I'm doing it again - another 2-day appraisal conference! 14 hours of
credit, lots of good food, entertainment, and great sessions!!
This conference will include both tech and non-tech sessions...
I don't have signup forms ready yet, but will let you know when you can
sign up. Same as AppraisalTech 2001 - $295 for 2 days, $195 for one day.
I'm still looking for a good name and theme. If you send me one I'll give
you a free pass. Send your suggestions to ann@appraisaltoday.com . You may
be a winner!!
--------------
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 (PDF file)
https://www.appraisalfoundation.org/html/PDF-Images/2002-12qa.pdf
------------------------------
Apps up/rates down
The Market Composite Index of mortgage loan applications -- a measure of
mortgage loan applications for purchases and refinancings -- for the week
ending December 13 increased 14.2 percent to 985.5 on a seasonally-adjusted
basis from 862.7 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 Index increased 14.0
percent and was up 83.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 379.9 from 358.8
the previous week. The seasonally adjusted Refinance Index increased to
4507.6 from 3793.8 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 1415.5 from
1237.5 the previous week. The Government Index increased to 267.8 from
237.2 the previous week.
Refinancing activity represented 73.0 percent of total applications,
increasing from 70.0 percent the previous week. The share of ARM activity
decreased to 14.1 percent from 14.4 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to 5.91 percent from 5.95 percent the previous week, with points
increasing to 1.50 from 1.42 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 5.26 percent from 5.34 percent the previous week, with points
increasing to 1.50 from 1.30 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 remained the same as the
previous week at 3.79 percent, with points increasing slightly to 1.09 from
1.07 the previous week (including the origination fee) for 80 percent LTV
loans.
--------------------
Weekend: (from an "appraiser's" dictionary)
1. Time period when appraisers can complete inspections with homeowners
that make themselves unavailable during normal business hours and days
2. Time period for appraisers to work long hours to catch up on huge backlogs
3. Time period that phone does not ring constantly! (Thank God!)
4. Time period for appraisers to do construction inspections without having
to fight heavy equipment to gain access to job site.
Thanks to Leland Hill for 1,2, and 3, and Liz Buchanan for #4. They were
posted on the very active AI email forum.
----------------------
Texas appraiser's FHA fraud case dismissed
FHA appraisers beware
I regularly report in this newsletter on appraisers indicted in HUD scams.
Some have gone to jail. But innocent appraisers can get indicted also.
About 2 years ago, Texas appraiser Sharon Auffet received a call on her
cell phone from a HUD OIG (Office of the Inspector General) investigator.
This was the beginning of a two year nightmare, including having her name
published in the local newspaper in November, 2001, suspension from the FHA
approved appraiser list, and $50,000 in attorney fees. On October 4th,
2002, the case against her was dismissed.
Contact Auffet at auffet@gte.net
FHA appraisers - be careful! I will have lots more info, including Auffet's
advice on how to avoid scams, and other indicted innocent appraisers in the
January, 2003 issue of Appraisal Today.
I also have articles on spyware, increasing productivity, new advisory
opinion on appraisal updates, trainees as independent contractors, and
other topics.
===================
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>
======================
SUBSCRIBE BY 12/31/01 AND GET A TAX WRITEOFF FOR THIS YEAR! Yes, you can
use your credit card. We will be in the office New Year's Eve until 5PM,
West Coast time to take your order.
======================
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, 24 Dec 2002 15:26:11 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: USPAP 2003 online/appraiser billings
>
>**************************************************************
> *** FLOOD DETERMINATIONS UNLIMITED FREE TRIAL NOW! ***
>Enter the address and FLOOD INSIGHTS does all the work! No more paper,
always current, FAST! Directly from Transamerica Flood Hazard celebrating
25 years of providing the best flood data! TRY IT ONLINE NOW by going to
http://www.floodinsights.com select "LOG IN" then type Username:HOLIDAY
Password: HOLIDAY
>Questions? 1-800-932-1018. Trial ends December 22, 2002.
>**************************************************************
>
>USPAP 2003, effective 1/1/03, is now online
>
>Go to https://www.appraisalfoundation.org/html/USPAP2003/toc.htm . A "must
read" sections are Advisory Opinion 3, Update of a Prior Assignment. Be
sure to order a "paper" copy - lots cheaper than printing it all out ;> .
The online copy is very useful for "cut and paste" into an appraisal report.
>
>There has been some confusion over the requirement for a 3 year sales
history. The intent of USPAP is to make it applicable to the subject, which
doesn't require considering sales history of comps. Fannie Mae forms
require the previous 1 year sales history for the comps, a supplemental
requirement.
>
>To get your copy of USPAP 2003, go to http://wwwappraiserdepot.com or
http://www.appraisalfoundation.org .
>
>------------------------------------
>Year end tax tips
>
>Here are two tax tips from the December issue of Appraisal Today:
>- Postpone billings so you can delay receiving the checks until 2003.
>- Pay bills by 12/31/01 to get the writeoffs this year. You can charge on
a credit card as late as 12/31/02 and still be able to claim a deduction
for this year.
>
>Yes, I do this every year!
>
>------------------------------
>Holiday gifts
>
>Now is the time to get those Holiday gifts. I received my annual calendar
from Elliot & Co. (appraisal company based in SC). I love their calendar.
They also send some info on their company.
>
>Don't forget your loyal clients - and don't let them forget you...
>
>------------------------------
>State lender lists
>Problems collecting from a broker or lender? To contact their state
regulator, go to http://www.regulatorycounsel.com/bankingcommission.htm
>
>Thanks to Barbara A. Decker-Spence, SRA for posting this most excellent
link on the AI forum email chat list!
>
>Some interesting factoids also, such as number of licensed mortgage
brokers and lenders.
>
>------------------------------
>Raise your fees
>
>I don't understand why so many appraisers are charging the same fees they
charged 2 or more years ago if they are in an area with an appraiser
shortage. Make money while you can.
>
>I have no sympathy for appraisers complaining about low fees and being way
too busy.
>
>----------------------------
>Appraiser billings
>How much will you bill in 2002? To see what other appraisers are doing, go
to the survey at http://www.appraisersforum.com/forums/viewtopic.php?t=4778 .
>
>27% were between $100,000 and $125,000.
>
>Add your own estimate to the survey!
>
>----------------------------
>How will biz be in 2003?
>Another survey at
http://www.appraisersforum.com/forums/viewtopic.php?t=4802 .
>
>What did I vote for? "How should I know, I don't even know what I am
wearing today!" . 36% said drop, 31% said steady.
>
>Cast your own vote!!
>
>=================
>PURCHASE NEWSLETTER, BOOKS, AND TAPES BY 12/31/02 AND GET A TAX WRITEOFF
FOR THIS YEAR!!
>
>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>
>
>====================
>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!
>
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: Fri, 27 Dec 2002 15:08:09 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: Change your templates!!/Fannie updates
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
++++++ Thanks to Our Sponsor!! ++++++
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Search for "appraiser in (your county)" at http://www.google.com
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++++++++++++++++++++++++++++++++++++++++++++
CHANGE YOUR TEMPLATES!!!
Don't be like me and have appraisals dated January xx, 2001 for about a
month!!!
Don't forget the new USPAP requirement to report a 3 year sales history.
You may want to write up a special scope for this. My data service,
Metroscan, only provides a limited number of past recordings, including
quit claim deeds, transfers into trusts, etc. I have another supplementary
data service, Realquest from First American which also has limited history
information.
---------------------------
Apps down, rates down
The Market Composite Index of mortgage loan applications -- a measure of
mortgage loan applications for purchases and refinancings -- for the week
ending December 20 decreased 7.8 percent to 908.3 on a seasonally-adjusted
basis from 985.5 the previous week, according to the Weekly Mortgage
Applications Survey of the Mortgage Bankers Association of America (MBA),
which was released Dec. 26. On an unadjusted basis, the Index decreased 8.4
percent but was up 77.0 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 359.4 from 379.9
the previous week. The seasonally adjusted Refinance Index decreased to
4101.0 from 4507.6 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 1297.6 from
1415.5 the previous week. The Government Index decreased to 258.7 from
267.8 the previous week.
Refinancing activity represented 72.5 percent of total applications,
decreasing from 73.0 percent the previous week. The share of ARM activity
decreased to 13.3 percent from 14.1 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to 5.74 percent from 5.91 percent the previous week, with points
increasing to 1.56 from 1.50 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans. At 5.74 percent, the
30-year fixed contract interest rate tied the record low that was
previously set the week ended November 8, 2002.
The average contract interest rate for 15-year fixed rate mortgages
decreased to a record low of 5.14 percent from 5.26 percent the previous
week, with points decreasing to 1.44 from 1.50 the previous week (including
the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The
previous record low of 5.16 percent occurred the week ended October 4, 2002.
The average contract interest rate for 1-year ARMs decreased slightly to
3.78 percent from 3.79 percent the previous week, with points decreasing to
0.93 from 1.09 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.
-------------------
Fannie's new Review form is "official"
The Fannie 2000 review form for 1 unit properties has been finalized. To
read Announcement 2-13, go to
http://www.efanniemae.com/singlefamily/originating_underwriting/forms_guidel
ines/guide_announcements.html .
Per Fannie, an enhanced appraisal review process and report form for two-to
four-unit properties is developed and released for a test and comment
period next year.
Thanks to the AI for posting this news item on their web site at
www.appraisalinstitute.org
-------------------------------
Fannie's revised policy on illegal units
For changes and clarifications on Fannie's policy on illegal units, go to
of Guide Announcement 02-12 at
http://www.efanniemae.com/singlefamily/pdf/02-12.pdf and scroll down to
page 11 - Part IX Property and Appraisal Guidelines. I was unable to cut
and paste it from the PDF file. Worth reading... Also read the section
below it on condo projects.
---------------
New the January 2003 issue of Appraisal Today:
- Can trainee licensees be independent contractors?
- New Advisory Opinion on appraisal updates has practical advice
- 10 tips for increasing productivity in 2003
- Internet spyware and what you can do about it
- Texas appraiser's FHA fraud case dismissed. FHA appraisers beware
- Appraisers on front page of Wall St. Journal
- The O'Rourke 2003 Forecast - Bad is good
- How much did you bill in 2002?
- Where have all the viruses gone?
- Fannie predicts decline in 2004
- Refis account for 20 percent of real economic growth since 2001
- Individual 401k plans
- Weekend: (from an "appraiser's" dictionary)
Subscribe by 12/31/02 and get a tax writeoff!! Send us a check by 12/31/02,
or pay by credit card until 5PM (West Coast Time) 12/31/02.
We all made lots of money this year and can use all the writeoffs we can
get. Appraisal Today is tax deductible.
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>
====================
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!
==============
|