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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.
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.
4/1/02 - Free conference/cheap CE/fee markups questioned
New this week from Appraisal Today e-news
+ Free Cyberspace real estate convention
+ Mortgage fee markups questioned by feds
+ March USPAP Q&As
+ Apps up
+ New in the April issue of Appraisal Today - plan for the slowdown, bad
assessors in NYC, etc.
+ Get great computer tips and cheap CE!
>>>>>>> FREE CYBERSPACE REAL ESTATE CONVENTION <<<<<<<
Tired of travel and registration fees to go to conventions? The Real Estate
CyberSpace Society's first cyber conference is April 18-22.
For more info, go to http://www.recyber.com/preconvention
AOL Users: <a href=http://www.recyber.com/preconvention> Click Here</a>
Per a recent article in Realty Times, "With the convention first announced
in February, Real Estate Cyberspace Society CEO Jack Peckham says that
preregistered attendees are already approaching 10,000 from over 28
countries. The Society is almost halfway to their goal of serving 25,000
residential and commercial real estate agents online."
Full Story:
http://realtytimes.com/rtnews/rtapages/20020326_cyberconvention.htm
AOL Users: <a
href=http://realtytimes.com/rtnews/rtapages/20020326_cyberconvention.htm X>
Click Here</a>
>>>>>>> MORTGAGE FEE MARKUPS QUESTIONED BY FEDS <<<<<<<
The feds are questioning markup of fees on mortgage loans, including
appraisals. This has been going on for a long time. Finally someone is
taking notice.
http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A3
3962-2002Mar15¬Found=true
AOL Users: <a
href=http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&content
Id=A33962-2002Mar15¬Found=true> Click Here</a>
>>>>>>> March USPAP Q&As <<<<<<<
Question #1: I have been taught that USPAP prohibits all
contingent compensation. Is this true?
Question#2: STATEMENT 8, dealing with the electronic
transmission of reports, has been retired. Can reports still be stored in
electronic format?
Question #3: I recently accepted an appraisal assignment for a
property that had an easement granted in perpetuity. The property owner was
the client. She did not have a copy of the easement and stated that it had
never been recorded. What are my development and reporting
obligations under USPAP?
For the answers, go to
http://www.appraisalfoundation.org/html/standards.asp?FileName=monthly_uspap
AOL Users: <a
href=http://www.appraisalfoundation.org/html/standards.asp?FileName=monthly_
uspap> Click Here</a>
>>>>>>> APPS UP <<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending March 22 increased 4.9 percent
to 494.8 on a seasonally adjusted basis from 471.6 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 4.7 percent but was down
23.4 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 330.4 from 310.9
the previous week. The seasonally adjusted Refinance Index increased to
1450.6 from 1406.3 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 660.5 from
624.1 the previous week, and the Government Index, which increased to 218.1
from 217.1 the previous week.
Refinancing activity represented 40.2 percent of total applications,
decreasing slightly from 40.8 percent the previous week. The share of ARM
activity increased slightly to 16.5 percent from 16.2 percent the previous
week.
The average contract interest rate for 30-year fixed rate mortgages was
7.14 percent, increasing slightly from 7.11 percent the previous week, with
points increasing slightly to 1.39 from 1.38 the previous week (including
the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed rate mortgages was
6.62 percent, increasing slightly from 6.59 percent the previous week, with
points decreasing to 1.36 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 1-year ARMs was 5.23 percent,
decreasing slightly from 5.26 percent the previous week, with points
decreasing slightly to 1.10 from 1.11 the previous week (including the
origination fee) for 80 percent LTV loans.
>>>>>>> NEW IN THE APRIL ISSUE OF APPRAISAL TODAY <<<<<<<
- How to adapt to the changing lender market Part II - plan ahead for the
slowdown by diversifying your lender clients - 4 pages of tips
- Is there a Blue Box AVM in your future? Part 2
- New York City assessors - lifestyles of the infamous and maybe rich - all
the juicy details
- GAO asked to investigate appraisal regulatory agencies
- IRS to use AVMs
- Standard & Poors evaluates AVMs
- Georgia Board calls for elimination of Appraisal Subcommittee
- Are floppies dying?
- Kentucky regulator speaks out on desktop appraisal form
- Update on HUD's Appraiser Watch
- Graph showing changes from 1/99 to today for mortgage loan volume changes
Do you like to these emails? Want more tips on how to have a more
profitable business or details on the latest news, not just a link to a
story?
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
>>>>>>> GET GREAT COMPUTER TIPS AND CHEAP CE! <<<<<<<
I get my best computer tips from REAMUG (Real Estate Analysts Microcomputer
Users Group) plus 10 hours of CE. It is "the" organization for appraiser
computer users, with 6 Journals and two meetings a year.
The spring REAMUG meeting is in San Diego, April 12 & 13, 2002
at the Holiday Inn Bayside, 4875 North Harbor Drive, San Diego, California
(Phone 619-224-3621 for room reservations. $35 For Members $50 For
Non-Members.
A few topics: Windows XP, paperless office, Productivity: Does It Matter?
What Works?
For more info, send email to Mary Dum at mdum@rocketmail.com
.
For info on REAMUG, go to http://www.appraisaltoday.com/reamug.htm
AOL Users: <a href=http://www.appraisaltoday.com/reamug.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!
4/8/02 - Tech/ASA-AI/Turkey attack
New this week from Appraisal Today e-news
+ Tech-Connekted Appraiser
+ ASA, AI Form Government Relations Partnership on appraisal Issues
+ Apps down 23% from last year
+ Turkeys attack appraiser
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>>>> TECH-CONNEKTED APPRAISER <<<<
Ever wonder if there is a real appraiser using a laptop in the field,
downloading MLS, sending appraisal reports? See what The Tech-Connekted
Appraiser, Jim McGuaghey has to say. Go to
http://www.appraisalbuzz.com/archives.php
and scroll down to the article.
Check out some of the other interesting articles on the Appraisal Buzz
archives.
>>>>>>>>>> ASA, AI FORM GOVERNMENT RELATIONS PARTNERSHIP ON APPRAISAL
ISSUES <<<<<<<<<<
In an effort to better represent the real property members of both
associations, the American Society of Appraisers (ASA) and the Appraisal
Institute (AI) have agreed to join forces on Capitol Hill.
An agreement, signed in late March, specifies that AI will apprise ASA of
its monitoring of real estate-related federal agencies and legislative
bodies in exchange for ASA involving AI in its ongoing dialogue with
various agency contacts.
To read the details, go to http://www.appraisers.org/
and scroll down the
page.
>>>>>>>>>> APPS DOWN 23.5% FROM LAST YEAR AT THIS TIME <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending March 29 decreased 1.9 percent
to 485.3 on a seasonally adjusted basis from 494.8 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 decreased 1.6 percent and was down
23.5 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 349.9 from 330.4
the previous week. The seasonally adjusted Refinance Index decreased to
1272.3 from 1450.6 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 636.1 from
660.5 the previous week, and the Government Index, which increased to 233.5
from 218.1 the previous week.
Refinancing activity represented 35.9 percent of total applications,
decreasing from 40.2 percent the previous week. The share of ARM activity
decreased to 15.2 percent from 16.5 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
7.14 percent, remaining the same as the previous week, with points
decreasing slightly to 1.37 from 1.39 the previous week (including the
origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed rate mortgages was
6.62 percent, remaining the same as the previous week, with points
increasing to 1.41 from 1.36 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 5.24 percent,
increasing slightly from 5.23 percent the previous week, with points
decreasing to 1.05 from 1.10 the previous week (including the origination
fee) for 80 percent LTV loans.
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 for all indexes is March 16, 1990=100.
>>>>>>>>>> Turkeys attack appraiser <<<<<<<<<<
For the turkey attack "war story", attack geese, scary groundhog,
crocodiles, and other stories, and to add your own, go to
http://www.appraisersforum.com/forums/viewtopic.php?t=1361
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
4/22/02 - USPAP re-exposure/wannabes/incompetent in IL?
New this week from Appraisal Today e-news
+ USPAP Re-exposure
+ Geographic incompetency in IL
+ Random thoughts on wannabes
+ Apps up
+ Missing email last week
++++++++++ Thanks to Our Sponsor ++++++++++
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Here's what an appraiser says -
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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>
++++++++++++++++++++++++++++++++++++++++++++
>>>>>>>>>> USPAP RE-EXPOSURE <<<<<<<<<<
ASB to Re-expose All Nine Sections of USPAP Exposure Draft Due to public
comment at its April 9 meeting, the Appraisal Standards Board of The
Appraisal Foundation will re-expose with edits all nine of the sections of
its February 13, 2002, exposure draft on proposed revisions to the 2002
edition of USPAP. The second exposure draft is scheduled for publication
during the first week of May 2002.
For more info, go to http://www.appraisalinstitute.org - the link is on the
home page. No info on the Appraisal Foundation web site yet.
AOL Users: <a href=http://www.appraisalinstitute.org> Click Here</a>
>>>>>>>>>> GEOGRAPHIC INCOMPETENCY IN IL <<<<<<<<<<
Recently passed legislation in IL, Illinois Supplemental Standard 1, would
not allow an appraiser to gain competency by self-study; would require a
local appraiser to sign off on an appraisal performed by an appraiser who
has appraised a property in a new geographic area.
For more info, go to For more info, go to http://www.appraisalinstitute.org
- the link is on the home page.
AOL Users: <a href=http://www.appraisalinstitute.org> Click Here</a>
>>>>>>>>>> RANDOM THOUGHTS ON WANNABES <<<<<<<<<<
I was reading postings by wannabe appraisers this weekend at
appraisersforum.com, and realized that I would have never become an
appraiser if I had to do what they do. Taking classes, passing an exam,
searching and searching for a sponsor/trainer, working for very low wages
and fee splits, etc. etc.
When I got my first appraisal job at a county assessor's office in the
mid-1970s, I was an employee, received adequate compensation, benefits, and
good training. I was a career changer in my early 30s and was able to take
a modest pay cut to start a new career. Most appraisers were trained by
lenders or assessors. Training was fairly consistent, particularly
ethics-wise. Appraisers were supposed to be objective, not "give ‘em what
they want." Sure, there were some employers who put quite a bit of pressure
on their staff appraisers, but you could always find another job.
I also thought a lot about how many appraisers drop out of the field after
a few years. How many appraisers do you know who started and then dropped
out for various reasons? Lenders hire and fire as volume changes.
Generations of appraisers were lost in the appraisal recessions of the
early 1980s and 1994-1996 due to dramatic drops in lender volume.
Starting in the 1930s, lenders trained most appraisers. Most appraisers
worked for lenders until about 10 years ago. Now, few lenders hire
trainees, or even have more than a few staff appraisers.
What is the answer? Do you know any lenders hiring trainees? I don't. If
lenders want appraisers, they will have to train them again. Fee appraisers
are not set up for training appraisers. We don't have a training staff or
time. We can't afford to hire and fire as volume changes. I trained and
laid off two appraisers when volume dropped. Never again.
>>>>>>>>>> APPS UP <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending April 12 increased 1.9 percent
to 470.6 on a seasonally adjusted basis from 462.0 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 increased 2.0 percent but was
down 16.2 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 337.3 from 332.8
the previous week. The seasonally adjusted Refinance Index increased to
1246.1 from 1213.5 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 628.5 from
612.5 the previous week, and the Government Index, which increased to 207.2
from 211.0 the previous week.
Refinancing activity represented 36.2 percent of total applications,
increasing slightly from 36.0 percent the previous week. The share of ARM
activity increased to 16.4 percent from 15.6 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.92 percent, decreasing from 6.96 percent the previous week, with points
decreasing to 1.34 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 15-year fixed rate mortgages was
6.36 percent, decreasing from 6.45 percent the previous week, with points
decreasing to 1.37 from 1.40 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 5.06 percent,
decreasing from 5.09 percent the previous week, with points increasing to
1.10 from 1.01 the previous week (including the origination fee) for 80
percent LTV loans.
>>>>>>>>>> MISSING EMAIL LAST WEEK <<<<<<<<<<
No, you didn't lose my email newsletter from last week. I was very sick
with the flu and didn't write one... Feeling much better now. Shook one too
many hands at the local Chamber of Commerce meeting. I'm usually very
careful to not shake the hand of anyone who look sick, or quickly wash my
hands. When inspecting a home with a "suspected sickie" I even make them
open the doors for me ;>
4/30/02 - New Fannie guidelines/keep viruses out
New this week from Appraisal Today e-news
+ Mortgage apps up
+ How to keep viruses out
+ New in May Appraisal Today
+ Email problems (again)
+ New Fannie guidelines
>>>>>>>>>> MORTGAGE APPS UP <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending April 19 increased 4.9 percent
to 493.8 on a seasonally adjusted basis from 470.6 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. On an
unadjusted basis, the application index increased 5.3 percent but was down
6.0 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 351.6 from 337.3
the previous week. The seasonally adjusted Refinance Index increased to
1320.6 from 1246.1 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 661.8 from
628.5 the previous week, and the Government Index, which increased to 213.4
from 207.2 the previous week.
Refinancing activity represented 36.5 percent of total applications,
increasing slightly from 36.2 percent the previous week. The share of ARM
activity decreased to 16.0 percent from 16.4 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.84 percent, decreasing from 6.92 percent the previous week, with points
increasing to 1.54 from 1.34 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed rate mortgages was
6.30 percent, decreasing from 6.36 percent the previous week, with points
increasing to 1.50 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 1-year ARMs was 4.91 percent,
decreasing from 5.06 percent the previous week, with points decreasing to
1.04 from 1.10 the previous week (including the origination fee) for 80
percent LTV loans.
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 for all
indexes is March 16, 1990=100.
For more information go to http://www.mbaa.org
>>>>>>>>>> HOW TO KEEP VIRUSES OUT <<<<<<<<<<
DON'T EVER, EVER OPEN AN ATTACHMENT, PARTICULARLY FROM SOMEONE YOU KNOW.
Email them and ask them if they sent it to you. Viruses are propagated by
attacking Outlook address books and sending itself to everyone in your
address book. The email messages are designed to look like a "regular"
message.
UPDATE YOUR VIRUS DEFINITIONS DAILY. This won't keep you safe from the very
latest viruses, however. See above.
>>>>>>>>>> NEW IN MAY APPRAISAL TODAY <<<<<<<<<<
Do you like to these emails? Want more tips on how to have a more
profitable business or details on the latest news? Want the latest news
and, more important, what it means for you?
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!!
- Using independent contractors - be careful! Tip - trainees can never be
independent contractors
- Curable query - 2070s with a value
- Mark to market - what does it mean for appraisers?
- Valuing land - book review
- Is there a Blue Box AVM in your future? - Part III
- Standard & Poors reviews AVMs
- ASA and AI cooperate on governmental affairs
- Geographic incompetency in IL
- Fastest growing fraud - appraisal
- ASA and AI cooperate on governmental affairs
- GAO moving ahead on appraisal regulatory investigation
- Freddie and Fannie loans not subject to federal regs
- Who is daemon?
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>
>>>>>>>>>> EMAIL PROBLEMS (AGAIN) <<<<<<<<<<
My email was messed up Monday and almost all my messages were lost. Please
resend anything you sent me!! This email newsletter was delayed by one day
also...
>>>>>>>>>> NEW FANNIE GUIDELINES <<<<<<<<<<
The 1994 Fannie Mae Guidelines have been updated. Go to
http://www.efanniemae.com/singlefamily/originating_underwriting/originating_
underwriting.html for links. Click on the link on the left to access the
Allregs site with searchable guidelines.
Go directly to
http://www.efanniemae.com/singlefamily/originating_underwriting/forms_guidel
ines/property_appraisal_guidelines.jhtml?role=ou for highlights of the
appraisal changes.
NOTE: CUT AND PASTE THESE LINKS (ALL OF THE LINES) INTO YOUR BROWSER.
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