|
| |
[ Email archive - master list ] [ Emails very old ] [ Emails 7-8 99 ] [ Emails 9-10 99 ] [ Emails 11-12 99 ] [ emails 1-00 ] [ Emails 2-00 ] [ Emails 3-00 ] [ Emails- 4-00 ] [ Emails 5-00 ] [ Emails 6-00 ] [ Emails 7-00 ] [ Emails 8-00 ] [ Emails 9-00 ] [ Emails 10-00 ] [ Emails 11-00 ] [ Emails 12-00 ] [ Emails 1-01 ] [ Emails 2-01 ] [ Emails 3-01 ] [ Emails 4-01 ] [ Emails 5-01 ] [ Emails 6-01 ] [ Emails 7-01 ] [ Emails 8-01 ] [ Emails 9-01 ] [ Emails 10-01 ] [ Emails 11-01 ] [ E-mails 12-01 ] [ E-mails 1-02 ] [ E-mails 2-02 ] [ E-mails 3-02 ] [ E-mails 4-02 ] [ E-mails 5-02 ] [ E-mails 6-02 ] [ E-mails 7-02 ] [ E-mails 8-02 ] [ E-mails 9-02 ] [ E-mails 10-02 ] [ E-mails 11-02 ] [ E-mails 12-02 ] [ E-mails 1-03 ] [ E-mails 2-03 ] [ E-mails 3-03 ] [ E-mails 4-03 ] [ E-mails 5-03 ] [ E-mails 6-03 ]
Most recent emails
Email archives - 2-02
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may be out of date!
Search for a topic using 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.
2/4/02 Fannie ‘N Appraisers/deed mapping
New this week from Appraisal Today e-news
+ Fannie ‘N Appraisers
+ AI and ASA call for ouster of FHA appraisers
+ Deadbeat list is dead
+ Looking for deed mapping programs
+ App flip/flop
+++++++++++++++++++++++++++++++++++++++++
WHAT WILL YOU DO WHEN THE APPRAISAL MARKET CRASHES (AGAIN)?
When everyone is really busy is the best time you will have to get new
clients and remove problem clients from your "approved client list."
I have three appraisal marketing books, audiotapes of my 3-hour marketing
seminar, plus regular marketing articles in my Appraisal Today newsletter.
For more info on my marketing books and tapes, plus some FREE articles, go
to http://www.appraisaltoday.com/marketing.htm
AOL Users: <a href=http://www.appraisaltoday.com/marketing.htm> Click Here</a>
For info on the Appraisal Today newsletter, go to
http://www.appraisaltoday.com/amm.htm
AOL Users: <a href=http://www.appraisaltoday.com/amm.htm> Click Here</a>
Or, call 800-839-0227 for a brochure. Or fax your request to 800-839-0014.
+++++++++++++++++++++++++++++++++++++++++
>>>>>>>>>> FANNIE ‘N APPRAISERS <<<<<<<<<<
After going to drivebys and a pilot program for a no-appraisal option,
Fannie Mae has finally sent out a Letter to Lenders about the problems
appraisers have been complaining about for some time, such as pressure,
plus guidance on mobile/modular homes (don't just add up the land and
improvements etc.), and appraisal updates.
I put the file on my web site. The link to the 6-page letter (PDF format)
at http://www.appraisaltoday.com on the top of the home page. Well worth
reading!!
AOL Users: <a href=http://www.appraisaltoday.com> Click Here</a>
>>>>>>>>>> AI AND ASA CALL FOR OUSTER OF FHA APPRAISERS <<<<<<<<<<
HUD finally figured out that some of the appraisers on their lists did not
have the full AQB requirements for certified or licensed appraisers. A few
states required no experience for licensed appraisers, such as IL and OK.
The AI (Appraisal Institute) and ASA sent a letter to HUD, "Leading
Appraisal Organizations Call for Immediate Removal of Unqualified HUD
Appraisers," referencing "an internal HUD analysis indicates that of the
approximately 22,163 appraisers currently on the FHA Appraiser Roster, 330
do not have state licenses that conform to the standards issued by the
Appraiser
Qualifications Board (AQB)."
To read the letter, go to http://www.appraisalinstitute.org/
and scroll
down to Appraisal Institute Issues & Events. (The direct link is very long.)
AOL Users: <a href=http://www.appraisalinstitute.org> Click Here</a>
>>>>>>>>>> DEADBEAT LIST IS DEAD <<<<<<<<<<
The famous "Deadbeat list" at www.appraisersform.com
has been removed. Why?
Too many appraisers didn't remove the client's name after they had been
paid. Oh well. It was great while it lasted. I knew I shoulda printed it
out before it was too late ;>
>>> LOOKING FOR DEED MAPPING PROGRAMS <<<<
I'm looking for deed plotting programs where you can input legal
descriptions and get a map and square footage. I have a demo of Deed
Plotter but haven't tried it yet.
If you have any to recommend, or any you have used, let me know. You may
see your name in these emails! Just hit the reply button.
>>>>>>>>>> APP FLIP/FLOP <<<<<<<<<<
The market composite index of mortgage loan applications - a measure of
loan purchases and refinances-for the week ending
January 25 decreased 25.5 percent to 538.9 on a seasonally adjusted basis
from 723.4 the previous week, according to the Weekly Mortgage Applications
Survey of the Mortgage Bankers Association of America (MBA), which was
released last Wednesday. On an unadjusted basis, the application index
decreased 31.6 percent and was down 12.0 percent compared to the same week
a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 328.5 from 371.8
the previous week. The seasonally adjusted refinance Index decreased to
1762.9 from 2768.3 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 713.8 from
972.6 the previous week, and the Government Index, which decreased to 247.1
from 307.3 the previous week.
The refinance index is now at levels comparable to those of summer 2001.
Phil Colling, an economist in MBA's Research and Business Development
department, states, "In looking at a historical graph of both the 30-year
fixed rate mortgage and the refinance index, the trigger point for a
refinance boom is a 30-year fixed rate of between 7.00 and 7.25. When the
30-year fixed rate is above 7.25 percent, refinance activity tends to dry
up. However, with the current 30-year fixed at around 7.0 percent,
refinance activity should continue at a healthy pace."
Refinancing activity represented 50.3 percent of total applications,
decreasing from 59.9 percent the previous week. The share of ARM activity
increased to 16.3 percent from 14.6 percent the previous week.
The week ended January 25, 2002 was the first time since the week ended
September 22, 2000 that the percent of ARM applications was above 16
percent. Doug Duncan, MBA's Chief Economist, stated "The share of ARM
applications is determined primarily by the absolute level of the 30-year
fixed rate and the difference between the 30-year fixed rate and the 1-year
ARM rate. Though the 30-year fixed rate is still relatively low, it is
above 7 percent and has risen since the lows of October and early November
of last year. Additionally, in recent weeks the difference between the
30-year fixed rate and the 1-year ARM rate is greater than it has been
since September 1997. These factors have combined to make 1-year ARMs more
attractive for borrowers."
The average contract interest rate for 30-year fixed rate mortgages was
7.04 percent, increasing from 6.92 percent the previous week, with points
decreasing to 1.31 from a revised 1.35 the previous week (including the
origination fee) for 80 percent loan-to-value (LTV) ratio loans.
====================
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!
2/11/02 free biz tips/Hot issues
New this week from Appraisal Today e-news
+ January USPAP Q&As
+ What the ASB & AQB plan to do with your money in 2002
+ Hot issues from the AI's Washingon office
+ 2001 Commercial/Multifamily Mortgage Banker Originations Jump 19% Over 2000
+ Apps Up
+ Free appraisal biz tips
>>>>>>>>>> JANUARY USPAP Q&AS <<<<<<<<<<
Question 1
Were any changes made to the Standards Rules addressing certifications (SR
2-3, 3-2(f), 5-3, 6-8, 8-3, and 10-3) for the 2002 edition of USPAP?
Question #2:
My state law requires an appraiser to retain workfiles for three years
after the valuation date. Is this an example of Jurisdictional Exception?
Question: #3
My state appraisal board has adopted a regulation requiring appraisers to
provide a five-year sales history for the subject property in all
assignments. Is this situation addressed
in USPAP?
For the answers, go to http://www.appraisalfoundation.org/
and click on the
link near the top of the page.
>>> WHAT THE ASB & AQB PLAN TO DO WITH YOUR MONEY IN 2002 <<<
Want to find out what the AQB and the ASB plan to do with your money? (FYI,
$25 per year of your appraiser licensing fees goes to the Appraisal
Subcommittee (ASC), which gives an annual grant to the Appraisal
Foundation, a significant percent of their annual money.)
The link to the 2002 Business Plans for the AQB and the ASB are posted at
go to http://www.appraisalfoundation.org/
and click on the link near the
top of the page.
>>>>>>>>>> HOT ISSUES FROM THE AI'S WASHINGTON OFFICE <<<<<<<<<<
One of my favorite emails is from Bill Garber of the Appraisal Institute's
Washington office. Lots of good info and some of the best headlines I have
ever seen ;> . If you're an AI member, you can sign up for them at the link
below. (Registration is required) If not, you can get the "gist" of the
issue topics at
http://www.appraisalinstitute.org/govtaffairs and click on the Issues link
on the left side of the page.
The link to the issues section is on the left side of the page.
News is divided into topics. Current issues include:
- HUD and appraisers
- Mortgage fraud
- Client pressure
- Federal land use
>>>>>>>>>> 2001 COMMERCIAL/MULTIFAMILY MORTGAGE BANKER ORIGINATIONS JUMP
19% OVER 2000 <<<<<<<<<<
Commercial and multifamily mortgage bankers originated real estate loans
totaling $73.8 billion during 2001, a 19% increase over the $62.0 billion
reported for 2000, according to the Mortgage Bankers Association of America
(MBA).
Much of the jump was due to lending for multifamily properties, which saw a
33% increase for the year.
Funding for the loans was provided in almost equal shares by life
companies, CMBS conduits and a combination of Fannie Mae and Freddie Mac,
each with about a quarter of the total. Banks, credit companies and pension
funds accounted for most of the rest. The Fannie Mae/Freddie Mac share
represents a large increase over the previous year when they accounted for
19% of total funding.
For the 4th quarter of 2001, MBA member firms reported originating $22.5
billion in loans, up from the previous quarter total of $18.7 billion, but
down slightly from the fourth quarter 2000 total of $22.8 billion.
The fourth quarter traditionally has the highest level of originations for
the year. In 2000 originations jumped from $14.3 billion to $22.8 between
the third and fourth quarters. The smaller change between the third and
fourth quarters of 2001 is most likely due to tighter credit standards
associated with the recent downturn in the economy, increased office
vacancies and problems in the hospitality industry.
The biggest annual increase was for multifamily lending, which saw a 33%
increase in 2001 over 2000. Multifamily loans accounted for 48% of all
originations in 2001, versus 43% in 2000.
The biggest decline was for health care properties, which dropped almost
50% or about $1 billion.
Lending for office building properties dropped by almost $400 million, and
as a percent of total originations from 28% in 2000 to 23% in 2001. In
contrast, lending for retail properties was $1.2 billion higher in 2001
than in 2000.
Consistent with the big increase in multifamily lending was the increase in
loans funded by Fannie Mae and Freddie Mac. Loans originated for Fannie Mae
increased $4.5 billion in 2001, a 55% increase over 2000. Freddie
Mac-funded loans increased $2.9 billion over the previous year, an increase
of 86%.
The shares of loans originated for life companies and CMBS conduits
remained about the same in 2001 versus 2000. The life company share dropped
slightly from 25% to 24%, while the CMBS conduit share increased from 24%
to 25% percent.
>>>>>>>>>> APPS UP <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending February 1 increased 5.3
percent to 567.3 on a seasonally adjusted basis from 538.9 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 20.8 percent and was down
13.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 340.9 from 328.5
the previous week. The seasonally adjusted refinance Index increased to
1884.2 from 1762.9 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 748.9 from
713.8 the previous week, and the Government Index, which increased to 264.2
from 247.1 the previous week.
Somewhat lower interest rates on long-term government bonds during the week
helped push down mortgage rates. This in turn helped the refinance boom
that started in early 2001 to continue. Phil Colling, an economist with
MBA, stated, "There is currently about $5.7 trillion in home mortgage debt
outstanding. According to MBA estimates, there were just over $2 trillion
in home mortgage originations in 2001 and $1.5 trillion in originations in
1998, which were years with low mortgage rates. If $1.2 trillion of the
originations made in 1998 are still on the books, then there are currently
about $3.2 trillion in originations outstanding that were made in those
years. That leaves about $2.5 trillion outstanding made in other years, and
much of that mortgage debt may have been made at relatively high rates.
Therefore, the refinance boom has the potential to continue as long as
mortgage rates remain low."
Refinancing activity represented 49.4 percent of total applications,
decreasing from 50.3 percent the previous week. The share of ARM activity
decreased to 15.5 percent from 16.3 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.85 percent, decreasing from 7.04 percent the previous week, with points
remaining unchanged from the previous week at 1.31 (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
6.31 percent, decreasing from 6.49 percent the previous week, with points
decreasing to 1.24 from 1.31 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 was 5.18 percent,
decreasing from 5.29 percent the previous week, with points decreasing
slightly to 1.07 from 1.09 the previous week (including the origination
fee) for 80 percent LTV loans.
>>>>>>>>>> FREE APPRAISAL BIZ TIPS <<<<<<<<<<
Okay, I admit it, I'm always trying to get you to buy my newsletter, books,
or tapes ;> But I do have lots of free info on my web site, such as
collections, handling difficult clients, and independent contractors. Why
do I "give it away"? Well... it saves me hours on the phone when people
call me at "Appraisal Info Central"! For example, "How do I get more
appraisal business. I just lost my biggest (i.e., only) client." Or, "I
have lots of uncollected billings. What should I do?"
For lots of free biz tips, go to http://www.appraisaltoday.com/biztips.htm
2/18/02 Changes - FHA/USPAP/Appraiser quals
New this week from Appraisal Today e-news
+ REAC dead? HUD's new Appraiser Watch program
+ ASB Exposure Draft on proposed revisions to the 2002 Edition of USPAP
+ AQB Exposure Draft on revising the Real Property Appraiser Qualification
Criteria
+ Appraiser Central speaks out
+ January NAIFA E-Gram
+ Apps up again
++++++++++ Thanks to Our Sponsor ++++++++++
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
URL (webpage) with a built in order form. The service is fast, free, and
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>
++++++++++++++++++++++++++++++++++++++++++++
>>> REAC dead? HUD's new Appraiser Watch program <<<
For info, commentary, and analysis of the pending demise of HUD's REAC
(real estate assessment center) and HUD Secretary Martinez's new proposed
Appraiser Watch program, and to add your own 2 cents, go to NAIFA's active
HUD chat board at http://www.naifa.com/chat/hud/
AOL Users: <a href=http://www.naifa.com/chat/hud/> Click Here</a>
Scroll down to
"HUD Committee Report from Thomas M. Munizzo, IFA" Add your comments!
A "must read" for all FHA appraisers!!
The FHA/HUD Denver Home Ownership Center (which oversees Texas, Colorado
and several other states) will be holding a training/update seminar in
Houston on Friday, March 1st, 2002. The seminar will be sponsored by the
Gulf Coast Chapter of the National Association of Master Appraisers (NAMA)
and is also approved for 6 hours of Texas Appraiser Continuing Education.
For more info, go to http://www.gccnama.org
, then go to the "President's
Message" for information in the seminar. Or, For pre-registration or
information, contact Bill Funk, at (281) 983-6852.
AOL Users: <a href=http://www.gccnama.org> Click Here</a>
See what they have to say about the changes above!
>>> ASB Exposure Draft on proposed revisions to the 2002 Edition of USPAP
<<<
ASB Exposure Draft on proposed revisions to the 2002 Edition of USPAP -
Issued February 13, 2002
Topics include sales history, updates, and jurisdicational exception, and
environmental contamination.
Comments are due by April 1, 2002.
The link is on the top of the home page at
https://www.appraisalfoundation.org/
AOL Users: <a href=https://www.appraisalfoundation.org/> Click Here</a>
>>> AQB Exposure Draft on revising the Real Property Appraiser
Qualification Criteria <<<
AQB Exposure Draft on revising the Real Property Appraiser Qualification
Criteria - Issued February 12, 2002
The proposal includes a 4 year college degree, or equivalent, for new
general certified appraisers.
The link is on the top of the home page at
https://www.appraisalfoundation.org/
AOL Users: <a href=https://www.appraisalfoundation.org> Click Here</a>
>>>>>>> Appraiser Central speaks out <<<<<<<
To read some very outspoken commentary on hot appraisal topics, go to
http://appraisercentral.com/resource.htm
AOL Users: <a href=http://appraisercentral.com/resource.htm> Click Here</a>
>>>>>>>>>> January NAIFA E-Gram <<<<<<<<<<
In the January issue of NAIFAs online newsletter:
- Technology and Competitive Strategies for the Appraiser by Doug Smith
- Appraising REO Properties by Brad Ellis
- Synthesizing The USPAP with Supplemental Standards in Eminent Domain
Appraisals by Steven Santora
To read the articles, go to http://www.naifa.com
. The link is at the top
of the page.
AOL Users: <a href=http://www.naifa.com> Click Here</a>
>>>>>>>>>> Apps up again <<<<<<<<<<
The market composite index of mortgage loan applications - a measure of
loan purchases and refinances - for the week ending February 8 increased
2.5 percent to 581.7 on a seasonally adjusted basis from 567.3 the previous
week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released Feb. 13. On an
unadjusted basis, the application index increased 5.4 percent but was down
7.0 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 314.7 from 340.9
the previous week. The seasonally adjusted Refinance Index increased to
2134.9 from 1884.2 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 777.0 from
748.9 the previous week, and the Government Index, which decreased to 255.8
from 264.2 the previous week.
Refinancing activity represented 53.1 percent of total applications,
increasing from 49.4 percent the previous week. The share of ARM activity
increased slightly to 15.6 percent from 15.5 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.81 percent, decreasing from 6.85 percent the previous week, with points
increasing to 1.36 from 1.31 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
=======================
Do you like to these emails? Want more tips on how to have a more
profitable business or details on the latest news?
To get the Complete/Self Contained version, subscribe to the Appraisal
Today newsletter!
Only $99 for one year or $149 for two years (best buy). One good business
tip more than pays for the price of the newsletter!!
To subscribe, 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!
2/25/02 - Deadbeats/deed plotters/Kentucky
New this week from Appraisal Today e-news
+ New deadbeat list
+ Deed plotter software
+ AI's Appraisal News Online
+ Kentucky and desktop appraisals
+ Apps down/rates down/appraisers busy
********** thanks to our sponsor! **********
>-------------------------------------------------------
*** FLOOD DETERMINATIONS UNLIMITED FREE TRIAL NOW! ***
Now an accurate flood zone determination is as simple as
typing an address! Enter the address and FLOOD INSIGHTS
does all the work! No more paper, always current, FAST!
Directly from Transamerica Flood Hazard with National
Coverage! Access "availability" on the web site to see
if we have the county you need. New counties are being
added every month! TRY IT ONLINE NOW by going to:
http://www.floodinsights.com select "LOG IN" then
type Username: OLYMPIC Password: OLYMPIC
Questions? 1-800-932-1018. Trial ends March 6, 2002.
>--------------------------------------------------------
>>>>>>>>>> New deadbeat list <<<<<<<<<<
The deadbeat list at www.appraisersforum.com
has been resurrected at
http://www.deadbeatlistings.com/
. It's now a subscription service at $50
per year. Well worth the $$. As of last night, there were 509 Deadbeat
Listings and $493,486.74 Owed.
AOL Users: <a href=http://www.deadbeatlistings.com> Click Here</a>
>>>>>>>>>> Deed plotter software <<<<<<<<<<
Thanks to the appraisers who sent me feedback on deed plotter programs. The
most widely used by appraisers are Deed Plotter+ and Apex (included within
their sketch program). I also looked at three other programs, less widely
used. They all required some time to learn, particularly the curve features.
Thanks to Alan Williams, Henry Thrasher, Shawn Wilson, Bob Cantwell,
Richard A. Kulman, Timothy J. Harkrider, Bruce Hahn, Nathan Hager, Natalie
Ranker, Dick Hemry, Larry Cavallucci, Paul Wiley, Dale C. Wyckoff, Frank
Bertrand, Jim D. Pearson, James Erwin, Glenn Polet, Harry Davis, and Dale
Wycoff. Yes, they will be receiving a copy of the March issue of Appraisal
Today with the article!
Deed plotter - http://www.johnsonmapping.com
AOL Users: <a href=http://www.johnsonmapping.com> Click Here</a>
Apex - http://www.apexii.com
AOL Users: <a href=v> Click Here</a>
>>>>>>>>>> AI's Appraisal News Online <<<<<<<<<<
February news on the AI's web site:
- Oklahoma licensing problems
- FHA's SASS program
and other news
http://www.appraisalinstitute.org/publications/ano/contents.asp
AOL Users: <a
href=http://www.appraisalinstitute.org/publications/ano/contents.asp> Click
Here</a>
>>>>>>>>>> Kentucky and desktop appraisals <<<<<<<<<<
The ever-vigilant Kentucky appraisers board is concerned about a new
desktop appraisal product promoted by Atlantic Assurance. See what they
have to say at http://www.kyappraisersboard.com .
AOL Users: <a href=http://www.kyappraisersboard.com> Click Here</a>
Thanks to Bill Garber at the AI's Washington office for this great link!
>>>>>>>>>> Apps down/rates down/appraisers busy <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending February 15 decreased 8.8
percent to 530.5 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 decreased 6.9 percent and was down
8.0 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 290.2 from 314.7
the previous week. The seasonally adjusted Refinance Index decreased to
1927.9 from 2134.9 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 713.3 from
777.0 the previous week, and the Government Index, which decreased to 225.3
from 255.8 the previous week.
Refinancing activity represented 51.5 percent of total applications,
decreasing from 53.1 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
6.78 percent, decreasing from 6.81 percent the previous week, with points
decreasing to 1.30 from 1.36 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
Do you like to these emails? Want more tips on how to have a more
profitable business or details on the latest news?
|