|
| |
[ 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
Old email archives - 1/2000
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may be out of date!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.
For information on sponsoring
these weekly emails (sent to over 40,000 appraisers), contact Ann O'Rourke at ann@appraisaltoday.com
or call 800-839-0227.
1/26/2000 - Primis' IPO/ValueIT lawsuit/misc.
New this week from Appraisal Today e-news
+ ValueIt/Norwest lawsuit
+ O'Rourke's advice on avoiding flips
+ Primis files for IPO
+ A few good Web sites
+ Get answers from HUD
+ Tip of the Iceberg
**********SPONSOR**********
Special E-appraiser subscriber offer-75% off the Account Establishment Fee
(up to $150). DataQuick Property Pro CD from Acxiom is the ultimate real
property solution for appraisers. Get accurate, detailed property profiles,
sales comps, plat maps and more. Increase productivity, save time, and save
money! Go to http://www.dataquick.com/propertypro4
and save!
********************************
>>>>>>>>>>>>> VALUEIT/NORWEST LAWSUIT <<<<<<<<<<<<<
A consumer class action lawsuit was filed August 24, 1999, with two
consumers, Judith M. Potter and Jeffrey Schedler, listed as plaintiffs and
Norwest Mortgage, Inc. and Valuation Information Technologies, L.L.C.
listed as defendants. The plaintiffs are consumers who got loans through
Norwest, and "stand in for" all consumers who got Norwest mortgages.
------------------
The lawsuit alleges RESPA violations by Norwest/ValueIT by not disclosing
that they kept part of the fee listed on the closing statement as
"appraiser fee" and that Norwest gave their loan officers a referral fee to
use ValueIT after January 1, 1995. RESPA prohibits fee splits. Prior to
1995, Norwest had their own internal appraisal department, contracting with
fee appraisers and paying their full fees.
-------------------------------
I have the complaint posted at http://www.appraisaltoday.com/norwest.htm
(Wordperfect format). Norwest (soon to be named Wells Fargo Bank)'s
response was to deny the allegations. The lawsuit is still going on.
----------------------
If you have information that would be useful, particularly regarding
information on referral fees etc., the attorneys would like to hear from
you. They are looking for information relating to pressuring Norwest loan
officers to use Value IT, particularly written documents.
Contact Hart L. Rabinovich at 612-341-0400 or 800-755-0098 or email
mailto:hlr@zimmreed.com . Their web site is http://www.zimmreed.com
. The
Web site is set for a major redesign, launching around February 15.
-----------------
Thanks to Appraiser "X" who sent me the complaint plus lots of other info!
(He still does work for ValueIt/Norwest.)
----------------
I have info, including what this means to appraisers, in my "paper"
Appraisal Today newsletter. For subscription info, see the last part of
this email.
-------------------------
FYI, if you don't subscribe to my "paper" Appraisal Today newsletter, my
position on AMCs is that they serve a need by lenders for national ordering
of appraisals. You can work for any fee you want and a client can pay any
fee they want. If you want to do some AMC "flaming" go to the very active
chat boards at http://www.naifa.com .
A similar lawsuit was recently filed against Washington Mutual in Florida.
I don't have the detail yet. Like the Norwest lawsuit, appraisals and other
services are involved.
>>>>>>>>> O'ROURKE'S ADVICE ON AVOIDING FLIPS <<<<<<<<<
The most publicized flips are FHA loans in low income areas. But flips also
occur in other areas, such as a neighborhood of high end, similar homes
where some are original and others are completely rehabbed.
Any appraiser can inadvertently been drawn into a flip. Here are a few
ways:
1. Only checking in a narrow price range around a "target" value.
2. Quick turnarounds.
3. Using comps provided by the real estate agent, without doing your own
independent research.
4. Working outside your normal area and not taking the time to become
familiar with it. Not calling local appraisers for a "reality check."
Knowledgeable local appraisers often know if something "funny" is going on.
5. Failing to check the listing history of the subject and the comps.
6. Failing to check if certain names keep coming up as buyers and/or
sellers of comps.
7. Failing to use MLS.
>>>>>>>>>>>>> PRIMIS FILES FOR IPO <<<<<<<<<<<<<
Finally, an appraisal company goes public. On January 20, 2000, Primis
filed an S-1, Registration Statement for up to $86.2 million of common
stock in an initial public offering. Number of shares and share price has
not been set yet.
The filing has some fascinating information, including what they paid for
the appraisal firms they purchased (from $18,000 to over $2,000,000). To
read the 200+ page filing, go to the SEC's Edgar database at
http://www.sec.gov/edgarhp.htm
. This database can be a bit tricky. I
couldn't find Primis on a general search, but found them using their
"current" search page (filings in the past 5 business days).
I sure wish some more appraisal firms would "go IPO" so I could find out
all their financial info!
The appraisal firm data doesn't fit into this email format. I have purchase
info on prices all the appraisal firms plus other info from the filing, in
my "paper" Appraisal Today newsletter. For subscription info, see the last
part of this email.
>>>>>>>>>>>>> A FEW GOOD WEB SITES <<<<<<<<<<<<<
Put this web site up on your screen and make sure your speakers are turned
up. http://www.hampsterdance.com/
I love it! Thanks to Kelly Carlton,
AFM,ARA for posting this link on the AI forum!
------------------
Check out http://www.cameraworld.com
for they have good info and prices.
------------------------
Check out prices at http://www.priceline.com
I love that William Shatner
commercials. I read in our local newspaper that they are rapidly becoming
"classics" ----------------------------
http://www.ordinance.com - a Web site for accessing government ordinances.
>>>>>>>>>>>>> GET ANSWERS FROM HUD <<<<<<<<<<<<<
Go to http://www.hud.gov/reac/sass.html
to submit questions to HUD/REAC.
They respond within one day, according to an Internet posting (Sorry, I
forget where I read it!). Per the appraiser, answers received are
"firewalls are NOT a requirement for attached dwellings" "18 inch crawl
space is not mandatory", "digital signatures are acceptable as long as they
comply with ASB standards", "smoke detectors are not mandatory but highly
recommended".
>>>>>>>>>>>>> TIP OF THE ICEBERG <<<<<<<<<<<<<
About this email vs. the "paper" newsletter. I have been doing these weekly
emails since June, 1994. My subscriber base increased gradually over the
years, from 3 appraiser to about 700 appraisers in January, 1999. Most of
the subscribers also subscribed to my "paper" Appraisal Today newsletter.
Then I launched my web site, getting about 200 new subscribers per month,
and am now up to about 3,000 appraisers. In September, e-appraiser started
sending out these emails to a total of about 8,000 appraisers.
These emails are very different than the "paper" newsletter, as they are
just brief tidbits, including little analysis or my opinions of what the
tidbits mean to appraisers. The "paper" newsletter has much longer articles
plus commentary on the news. Sort of like the difference between a 2 minute
segment on the evening news and a full page feature story in a newspaper.
It also has feature stories such as a 2 page review of flood map CDs and
regular 2-3 page marketing articles.
Now, I am trying to work a delicate balance between "giving it away" and
providing free information useful to appraisers. The email sponsorship
gives me a few bucks every month, but not enough to pay for the time spent.
So what does this mean for you? Regular reminders about how to purchase the
"full story." Plus, sometimes some confusing phone calls as I usually
assume the caller subscribes to my "paper" newsletter and I have already
written about what they want to know!
1/17/2000 - Humor/bad clients/Norwest lawsuit
New this week from Appraisal Today e-news
+ Marketing tip #27 - clients "from hell"
+ Woman indicted in MN flip scam
+ More on MN scam - Agboola
+ ASB's advice on avoiding flips
+ Loan apps up
+ Appraisal Institute pub now online
+ A few good humor sites
+ Norwest/ValueIt lawsuit
*************SPONSOR**********************
Special E-appraiser subscriber offer-75% off the Account Establishment Fee
(up to $150). DataQuick Property Pro CD from Acxiom is the ultimate real
property solution for appraisers. Get accurate, detailed property profiles,
sales comps, plat maps and more. Increase productivity, save time, and save
money! Click here and save! Go to http://www.dataquick.com/propertypro4
for
more!
******************************************
>>>>>>>>>>>>> MARKETING TIP #27 - CLIENTS "FROM HELL" <<<<<<<<<<<<<
27 Don't take work from "clients from hell" that make your life miserable.
Instead, work on developing new clients. Turn down the assignment,
referring the prospect to someone else - like your biggest sleazy
competitor!!
For 58 other marketing tips, go to
http://www.appraisaltoday.com/marketin2.htm
>>>>>>>>>>>>> WOMAN INDICTED IN MN FLIP SCAM <<<<<<<<<<<<<
Per a January 11, 2000 article in the Milwaukee Journal Sentinel Online:
A four-count indictment, handed down by a federal grand jury Tuesday,
alleges that Deborah Stanelle submitted false information to lenders,
including the financial status of the borrowers, the amount of the down
payment, and the nature of the purchase, the indictment says.
"As a further part of the scheme, Stanelle gave undisclosed payments to
mortgage brokers to ensure their knowing participation in the
transactions," the indictment says.
for more info, go to
http://www.onwis.com/news/metro/jan00/flip12011100a.asp
Thanks to reader Craig Moreland for this tidbit!
>>>>>>>>>>>>> MORE ON MN SCAM - AGBOOLA <<<<<<<<<<<<<
The Minneapolis Mortgage Scam just keeps going and going. A January 14,
2000 article in the Minneapolis Star Tribune said that Olusoji Agboola, a
mortgage broker, is being investigated in a flipping scam.
Appraisers named as defendants in a February, 1999 article included 13
appraisers.
Per a December 22 article, Pelton pled guilty to a federal fraud conspiracy
charge and agreed to cooperate with federal investigators.
"For Pelton's cooperation, the government recommended a sentence of between
three years, five months and four years, three months, plus an undetermined
fine and restitution."
For more info, go to http://www.startribune.com
- search for agboola and
also pelton thanks to eagle-eye reader Larry Lyke for this tip!!
For more info go to my Bad appraiser/Bad lender page at
http://www.appraisaltoday.com/bad1.htm
I have lots more info in my paid "paper" newsletter, Appraisal Today, of
course!! See the end of this email for subscribing info.
>>>>>>>>>>>>> ASB'S ADVICE ON AVOIDING FLIPS <<<<<<<<<<<<<
The December issue of the ASB's monthly Q&As focuses on flipping. I has
some good advice. Here are the questions-
Question #1: What does USPAP say about property flipping?
Question #2: Since many flipping schemes rely on appraisals, what kinds of
things should appraisers look for to avoid being entangled, inadvertently
in such schemes? Question #3: Is there anything I can put into a report
that would protect me from being entangled in a flipping scheme?
Question #4: Is the supervisory appraiser who signs an appraisal report
that was developed for use in a property flipping transaction, responsible
for the appraisal and contents of the appraisal report?
To get the answers, go to: https://www.appraisalfoundation.org/12-99q&a.htm
Archive for 1999 - https://www.appraisalfoundation.org/asb-q&a.htm
If you're a subscriber to the paid "paper" newsletter, Appraisal Today, you
will receive a printed copy with your February issue. See the end of this
email for subscribing info.
>>>>>>>>>>>>> LOAN APPS UP <<<<<<<<<<<<<
For the week ending 1/7/2000, per the Mortgage Bankers Association (MBA),
overall res. loan origination volume was down 43% from the same week a year
ago, down 8.9% from 4 weeks ago, and up 39.9% from one week ago. Government
(FHA and VA) was down 35.7% from a year ago, up 12.1% from 4 weeks ago, and
up 28.2% from a week ago.
Refis are way down, but purchases are only predicted to decline by 5.1% in
2000, per NAR economists, the third best year on record. 1990 and a
graph, go http://www.appraisaltoday.com/mbastats.htm
>>>>>>>>>>>>> APPRAISAL INSTITUTE PUB NOW ONLINE <<<<<<<<<<<<<
The Appraisal Institute's publication, Appraisal News, is now Appraisal
News Online at http://www.appraisalinstitute.org/ano/contents.htm . Or the
Welcome page at http://www.appraisalinstitute.org/ano/welcome.htm . I
received an email announcement about the new online publication.
Topics include the commercial database and some good business-related
articles. The print version, Appraisal News, will continue to be sent for
the next 6 months...
I hear that only about 50-60% of AI members have email... or are on the
Web!!
>>>>>>>>>>>>> A FEW GOOD HUMOR SITES <<<<<<<<<<<<<
http://www.theonion.com
- The Onion - The Classic Parody magazine, now online - my favorite!
http://www.doomed.com - check out Ask Mr. Dr. Whiz
http://www.fnwire.com -
strange charts and other odd things
I have put these links plus some others at
http://www.appraisaltoday.com/humor.htm
>>>>>>>>>>>>> NORWEST/VALUEIT LAWSUIT <<<<<<<<<<<<<
I have the class action complaint filed against Norwest regarding their
requirement to use their Inhouse AMC, ValueIT, plus paying lower fees to
appraisers not disclosed on RESPA.
I will have more info in next week's email and lots more info in the
Appraisal Today "paper" newsletter.
Thanks to Appraiser "X" who sent me the complaint plus lots of other info!
(He still does work for ValueIt/Norwest.)
1/12/2000 - Fraud/USPAP2000/estates
=======================================================
New this week from Appraisal Today e-news
+ 10 Computer New Years Resolutions
+ Why don't real estate agents measure houses?
+ Inman RE conf Feb 23-25
+ Loan apps down
+ FHA loan limits up
+ What do those letters mean after your name?
+ USPAP 2000 now online
+ Marketing chat "recording" online
+ Estate and trust appraisals
+ New FHA link at www.hud.gov
+ Fraud seminar 1/31/2000 in Palm Springs
+ Windows utility programs
+ Misc tidbits
>>>>>>>>>>>>> 10 COMPUTER NEW YEARS RESOLUTIONS <<<<<<<<<<<<<
1. Don't groan, make backups.
4. Avoid Betas.
6. Find Strength in Numbers (Usenet)
Fred Langa has some excellent, practical tips. To read the full list, plus
comments, go to http://www.winmag.com/columns/explorer/
Don't forget to
check out the interesting reader comments.
Love that LangaList (email newsletter)! To subscribe, go to
http://www.langa.com
>>>>> WHY DON'T REAL ESTATE AGENTS MEASURE HOUSES? <<<<<< Some reasons are:
1. I lost my tape measure.
2. It was raining, and I'm allergic to water.
3. Shrubs give pantyhose the runs.
4. It was dark when we finished the paperwork.
5. My tape measure isn't that long.
6. I can't multiply feet and inches times feet and inches.
7. It was snowing, and I didn't have any snow shoes.
8. The back yard dog was not friendly.
9. There were dog mines in the front yard.
10. There were dog mines in the side yard.
11. There were dog mines in the back yard.
12. I forgot my glasses.
13. I don't have an ANSI yard stick.
14. I couldn't reach the second floor.
15. Only airplanes get walk-around inspections.
16. It was sleeting and my glasses fogged.
17. We have to wait until the spring thaw melts the drifts.
18. A dust storm was approaching fast.
19. There was too much lightening.
20. There was a hurricane approaching.
Written and posted on the Internet by Walt Humphrey. Thanks!!
>>>>>>>>>>>>> INMAN RE CONFERENCE FEB 23-25 <<<<<<<<<<<<<
I have been attending Brad Inman's Real Estate Connect conferences since
the first one... not that long ago! I saw most of the IPO real estate
companies long before they went IPO. It is a great place to network and get
info on the cutting edge. The conference is not about appraising, of
course, but is about real estate technology. Every year I see a few more
appraisers there...
The date is Feb. 23-25, 2000 in San Francisco, Real Estate Connect -
Connect 2000 will feature Web legend Marc Andreessen, creator of the Web
browser and cofounder of Netscape; Steve Kirsch, Chairman and Founder,
Infoseek; Kevin O'Connor, CEO, DoubleClick; Mary Ann Packo, President,
Media Metrix; and Richard Smith, Chairman and CEO, Cendant Real Estate and
others - as well as other "surprises" - to be announced.
For info go to http://www.inman.com/summit/
. Warning -its not cheap
(regular price is $695). I have never heard anyone say they regretted the
cost. If you're going, let me know and we'll meet in the bar!! I am going
as it is only 10 miles from my office... and I make lots of contacts there
for my "paper" newsletter, Appraisal Today.
>>>>>>>>>>>>> LOAN APPS DOWN <<<<<<<<<<<<<
Mortgage loan applications for the week ending December 31 decreased 6.0
percent from last week. Compared to the same week last year, loan
applications were down 30.0 percent.
The MBA seasonally adjusted Purchase Index decreased from 253.3 the
previous week to 238.0; the seasonally adjusted Refinance Index decreased
from 338.1 the previous week to 302.9. Other seasonally adjusted index
activity included the Conventional Index, which decreased from 330.5 the
previous week to 299.7 and the Government Index, which increased from 158.1
the previous week to 160.1.
Refinancing activity represented 22.4 percent of total applications,
decreasing from last week's 23.5 percent. ARM activity decreased from 30.3
percent the previous week to 28.4 percent.
For all the stats and a graph, go to
http://www.appraisaltoday.com/mbastats.htm
>>>>>>>>>>>>> FHA LOAN LIMITS UP <<<<<<<<<<<<<
Standard limits went up 5.4%
One-Unit $121,296
Two-Unit $155,232
Three-Unit $187,632
Four-Unit $233,184
High cost area limits
One-Unit $219,849
Two-Unit $281,358
Three-Unit $340,083
Four-Unit $422,646
A searchable list of limits by location is at
https://entp.hud.gov/cgi-bin/websql/idapp/html/hicostlook.hts
. I'm in a
high cost area. Let me see... what can you get for $219,849 in my city? A 2
bedroom condo. With mostly multiple offers how many sellers will accept an
FHA deal? Few, if any. A house that is close to a teardown may fit within
the limits. No, I'm not on the FHA fee roster!
In 1999 HUD insured about 1.3 million mortgages.
>>>>>>>> WHAT DO THOSE LETTERS MEAN AFTER YOUR NAME? <<<<<<<<
Thanks again to Michael Cartwright for http://www.AcronymFinder.com
.
Here's a few search results:
MAI Material Annex Item
MAI Military Assistance Institute
MAI Multilateral Agreement on Investment
SRA Satanic Ritual Abuse
SRA Selected Reserve Augmentee
SRA Selected Restricted Availability
SRA Slipring Assembly
ASA Acetylsalicyclic Acid (Aspirin)
ASA Advertising Standards Authority
ASA After School Assignment
IFA Integrated File Adapter (IBM)
IFA International Federation of Aromatherapists
IFA Irish Farmer's Association
MBA Main Battle Area
MBA Married But Available
MBA Modular Body Armor
MBA Multiple-Beam Antenna
SRPA - Not Found (oh well...)
>>>>>>>>>>>>> USPAP 2000 NOW ONLINE <<<<<<<<<<<<<
Well.. I finally got my "paper" copy of USPAP Monday. USPAP 2000 is online
at https://www.appraisalfoundation.org/uspap2000/toc.htm
.
Per the Appraisal Foundation, "The 2000 Edition of USPAP will be effective
January 1, 2000. Significant revisions were made to the Ethics and
Competency Rules, Definitions, Standards Rules 1-2, 2-4 (Real Property
Appraisal Development and Reporting); Standard 3 (Real Property Appraisal
Review), Standards 7 & 8 (Personal Property); Standards 9 &10 (Business
Valuation). A new Advisory Opinion (AO-19) on Unacceptable Assignment
Conditions is also included. Edits were made to the existing Statements and
Advisory Opinions to ensure consistency within the document. Other new
features include consecutive line numbers for reference and a more detailed
index. "
Copies of the 2000 Edition of USPAP are available for purchase from The
Appraisal Foundation. Please contact the Publications Department at
202.624.3056 or 202.624.3062 for more information on ordering a copy of the
2000 edition of USPAP.
USPAP Training sessions will be held in Dallas-Ft. Worth, Texas on January
22; Chicago, Illinois on February 5; San Francisco, California on February
19; and Baltimore, Maryland on March 4. The cost to attend is $175.
Please contact Mavis Kleso (202.624.3050) or David Dzwonkowski
(202.624.3056) for registration information.
>>>>>>>>>>>>> MARKETING CHAT "RECORDING" ONLINE <<<<<<<<<<<<<
The January 4, 2000 online Marketing Chat with Guest Dennis Tompkins, SRA
is at http://www.e-appraiser.net/
Scroll down the right side of the page to
the Guest Speakers link at the bottom of the page (PDF format). The chat
links are posted on that page. I was there and, of course, had to put in my
2.5 cents worth!!
>>>>>>>>>>>>> ESTATE AND TRUST APPRAISALS <<<<<<<<<<<<<
Since I changed all my Yellow Page ads this year to read "Estates and
Trusts" in big letters, my work has quadrupled. For info on this market, I
posted an article I wrote in November, 1994 at
http://www.appraisaltoday.com/estate_work.htm
.
Note: the exemption for estate taxes is now over $600,000 and increasing
every year. But it is an increasing market due to more and more people
using trusts. Think of all the Baby Boomers who have set up trusts, or will
be (or should be) setting them up...
Seems like I am selling more marketing books in the past 2 months than in
the past two years... Anyway, here's the link for info
http://www.appraisaltoday.com/marketing.htm
>>>>>>>>>>>>> NEW FHA LINK AT WWW.HUD.GOV <<<<<<<<<<<<<
The HUD home page at http://www.hud.gov has been changed. There is actually
a link directly to the Santa Ana HOC on the right side of the home page
under "Pick Your Group." SAHOC has the best links at HUD but it is a really
hard URL to type!
I have lots of FHA links at http://www.appraisaltoday.com/fha.htm
. Not
much new this week... I'm waiting for more of those HUD scandals to hit the
news!!
>>>>>>>>>>>>> FRAUD SEMINAR 1/31/2000 IN PALM SPRINGS <<<<<<<<<<<<<
If you're in Southern California, consider attending Steve Smith MAI, SRA
Fraud seminar in Palm Springs. The price is $99 with discounts if you have
a group. For info, contact Smith Realty Advisors, 936 San Jacinto Street,
Redlands, CA 92373, Phone 909-798-8855, fax 909-798-0139, email
srsrea@yahoo.com .
Lots of fraud in So Cal, and he will have some speakers such as the FBI and
three DA's plus a RE Fraud Investigator coming as speaker, plus Greg Uttal
of the Affinity Corp., who has documented all appraisers on a database and
tracks them.
Our local Appraisal Institute chapter is offering his seminar on January
21. It is already sold out (60 people)! Steve is scheduled to offer his
seminar in various locations around the country if you miss this seminar.
>>>>>>>>>>>>> WINDOWS UTILITY PROGRAMS <<<<<<<<<<<<<
We all use the Windows clipboard to cut and paste, but wouldn't you like to
have more than one cut/copy stored in the Clipboard? ZDNet has info on
three clipboard tools at
http://cgi.zdnet.com/slink?/adeska/adt0106kd/4317:749925
A new Windows file management tool that works on hard
drives/networks/removable media, Supercat, at
http://cgi.zdnet.com/slink?/adeska/adt0105kd/4304:749925
>>>>>>>>>>>>> MISC TIDBITS <<<<<<<<<<<<<
In Canada, a new Century-21 survey shows expectations of a continued rise
in housing prices in 2000 in each province, except for British Columbia,
which has been a stagnant market for some time.
http://www.inman.com/hstory.asp?ID=17035&CatType=R
-------------------------
In California's Silicon Valley, cemetery lots appreciate in value as fast
as houses http://www.rismedia.com/news.page/24/10221/
--------------------------------
Major Decline in New Home Sales Higher mortgage rates blamed for biggest
decline in two years http://www.rismedia.com/news.page/24/10229/
---------------------------------------
Tour Whoopi Goldberg's colonial farmhouse online
http://www.rismedia.com/news.page/24/10205/
1/5/2000 - FHA deadline/3500 years of appraising/CMBS
New this week from Appraisal Today e-news
+ FHA applications deadline 2/1/2000
+ CMBS links
+ USPAP 2000
+ Falsified documents for loans in NJ
+ Fraud in Northern California
+ 3500 years of appraising
+ Loan apps down
+ Marketing tips
+ Y2K'd
+ New menus at www.appraisaltoday.com
+ Need software feedback
********SPONSOR**********
Need a one-stop appraisal solution? DataQuick Property Pro CD from Acxiom
is your answer! This easy-to-use real property information tool enables you
to look up the latest property, obtain comparables and detailed plat
maps-without sacrificing accuracy or power. Go to http://www.dataquick.com/
for more!
*************************
>>>>>>>>>>>>> FHA APPLICATIONS DEADLINE 2/1/2000 <<<<<<<<<<<<<
Every current Roster member has passed the FHA exam must reapply to the
panel by January 31, 2000. Per HUD Letter 99-35,
"When an appraiser currently on the Roster passes the examination and
submits his or her application, a copy of his or her test certificate, and
a copy of his or her state appraiser's license or certification to the
Department, he or she will be listed on the FHA Roster of Appraisers..."
Send this documents to:
US Department of Housing and Urban Development Real Estate Assessment
Center 1280 Maryland Avenue, SW, Suite 800 Washington, DC 20024 Attn: Len
Nowak or Peter Corroon
For more info, contact the Home Ownership Centers in Atlanta
(1-888-696-4687), Denver (1-800-543-9378), Philadelphia (1-800-440-8647) or
Santa Ana (1-888-827-5605). REAC's phone number is 1-888-245-4860.
To read the letter go to http://www.appraisaltoday.com/hud_99-35.htm
To get a copy of the HUD Application for Fee Personnel
http://www.hud.gov/hoc/sna/snata002.html
or Go to
http://www.e-appraiser.net and scroll down the page for a link to
e-appraiser/Bradford Technology's computerized form (PDF format) where you
can just type in the information. Registration is required to download the
form.
I have all the links, HUD letters, and phone numbers at
http://www.appraisaltoday.com/fha.htm
>>>>>>>>>>>>> CMBS LINKS <<<<<<<<<<<<<
Michael Cartwright (e-appraiser's Web Guru) has an excellent weekly email
focusing on web sites useful to appraisers. The December 28 issue was
Commercial Mortgage Backed Securities (CMBS) Overview with an extensive
list of links.
Here are a few tidbits: An excellent online publication from the Commercial
Mortgage Securities Association (CMSA): Introduction to Commercial Real
Estate Secondary and Securitization Market
http://www.cssacmbs.org/pix/pdf/cssa_intro.pdf
.
A Preliminary Information Checklist from a commercial mortgage underwriter
is available at http://www.mccarystevens.com/prechk.htm
.
I have posted his email at http://www.appraisaltoday.com/cmbs_links.htm
.
Thanks again Michael!
To sign up for the Web Guru email, and Rick Bestany's excellent Tech tips
(Ask Rick), go to http://www.e-appraiser.net
and scroll down to the
Newsletters link on the left side of the home page.
>>>>>>>>>>>>> USPAP 2000 <<<<<<<<<<<<<
It's the Year 2000 now and I still don't have my copy of USPAP 2000 even
though I subscribe to the Appraisal Foundation's subscription service. It's
not on their web site but should be "soon". Go to
https://www.appraisalfoundation.org/asb.htm
.
Michael Cartwright posted this letter from the Appraisal Foundation on the
Internet on 29 December 1999. Thanks Michael!
"Mr. Cartwright:
USPAP 2000 is currently available from the Foundation and is effective from
January 1-December 31, 2000. USPAP 2000 will be on the Foundation's Web
site (www.appraisalfoundation.org ) next week.
In order to ensure more time between the publication date and effective
date of USPAP in the future, we are revising the publication schedule.
Beginning with the 2001 edition, USPAP will be available in early fall
(probably September) which will allow regulators, educators, and
practitioners to become familiar with the document before the effective
date of January 1.
Dave Bunton" (Ed Note: Executive Director of the Appraisal Foundation)
>>>>>>>>>>>>> FALSIFIED DOCUMENTS FOR LOANS IN NJ <<<<<<<<<<<<<
In a 10/29/99 a Former Legal Secretary and a Former Loan Processor Admitted
their Roles in Falsifying Documents Used in Land Flip Scheme" part of the
long running investigation of mortgage fraud in New Jersey.
Kellie O'Neill, a former loan processor, admitted that she accepted
kickbacks from individuals in connection with hundreds of fraudulent
transactions that generated mortgage loans for Walsh. O'Neill said that she
knowingly furthered the generation of mortgage loans on fraudulent land
deals in various ways, including:
- Preparing fictitious leases in connection with mortgage applications for
numerous fraudulent land flips. The fictitious leases were designed,
O'Neill said, to show that the multi-family properties, subjects of the
mortgage applications, were occupied by rent-paying tenants and would
generate rental income.
- Preparing fictitious attorney escrow letters included with loan
applications to Walsh
- At the request of a co-conspirator at Walsh, participating with other
Walsh employees in combing through closed files awaiting review by
representatives of Greenwich Capital, which funded loans for Walsh,
altering documents in those files or placing documents (such as written
appraisals) in those files. O'Neill said such file cleansing was done in
the presence of Walsh officials.
In July 1998, five appraisers were indicted for the roles in falsifying
real estate appraisals in connection with such land flip transactions.
Those appraisers - Thomas Brodo, James Brown, Richard Calanni, Richard
DiBenedetto and Roland Pierson - all pleaded guilty in December 1998 to
conspiracy to commit wire fraud.
O'Neill's co-conspirators were involved in fraudulent land flips in various
locations, including Asbury Park, Rumson, Neptune, Long Branch, Red Bank,
Jersey City, Newark and Irvington, according to the Information.
------------------------
Lorraine King, a former legal secretary, pleaded guilty to conspiracy to
commit wire fraud, admitting that with the real estate attorney's knowledge
and participation she took various steps, including:
- Changing the dates on deeds so that the land flippers could conceal the
fact that they were selling properties prior to their actually having
acquired them
- Notarizing the signatures of purported property buyers on several
documents, when those persons did not actually appear before her at or
prior to closing to sign the documents, and when she believed that those
persons were fictitious
- Preparing fictitious leases
- Participating in preparing false closing documents, called HUD-1
statements, and in preparing false second mortgages that were not recorded
- Participating in creating false escrow letters
To read the news releases, go to http://www.usdoj.gov/usao/nj/on1029_r.htm
(O'Neill) http://www.usdoj.gov/usao/nj/ki1029_r.htm
(King)
For more mortgage fraud links, including links for this long running fraud
investigation, go to http://www.appraisaltoday.com/bad1.htm
Thanks to Michael Cartwright for posting this news info on the Internet.
(Does this guy every sleep??)
>>>>>>>>>>>>> FRAUD IN NORTHERN CALIFORNIA <<<<<<<<<<<<<
Thanks to reader Alan Durfee for sending me a December 10 article published
in the Santa Rosa Press Democrat.
Sonoma County sheriff's Detective Mike Leonard, who led the two-year
investigation, said "property owners were enticed into selling their vacant
land with the promise they would get a return on their investment once the
property was developed. The seller would provide excess financing to
develop the property.
"Instead, the properties were overfinanced through private lending
companies. Leonard said the "extra money'' intended by the sellers to be
used to develop the property was pocketed by the suspects and no
construction ever took place.
"The net effect of this conduct was to cause a loss to the original
property owner,'' Leonard stated in court documents. "The original owner
would always end up in a large "second position.' The original owner's only
choice would be to pay off the first mortgage and take back the property,
or abandon the property to the first mortgage holder. The first mortgage
holder was always in a well-secured position,'' Leonard said.
"Six property transactions are involved in the charges, ranging from a sale
of one piece of land at $190,000, to another valued at $800,000.
To read the article, plus a little history going back to 1996 (lots of
these fraud deals have quite a history!), go to
http://www.pressdemo.com/search/index.html
and search both the current and
archived stories. Search for "real estate fraud" - be sure to include the
quotes.
>>>>>>>>>>>>> 3,500 YEARS OF APPRAISING <<<<<<<<<<<<<
Seems like my reference to 1000 years of appraising was way off!! Last
week's email referenced "Appraising - from the middle ages to now" by G.
Michael Yovino-Young, MAI, SRA, which does mention that there is a
reference in the Bible... To read it, go to
http://www.appraisaltoday.com/appraisi.htm
Thanks to John Karmelich, MAI for the biblical reference below!
"There is a biblical reference in the Old Testament to appraising. It goes
back to the five books of Moses, written about 1400-1500 BC..
"A person could give (dedicate) his house or his land to a priest for their
use. Kind of like when we donate property to charity. But the original
owner had the right to redeem the land/house back if they so choose. If
the original owner makes this decision, they would have to pay a 20%
penalty over the original value to redeem the land/house.
"Therefore, a neutral appraiser was needed to estimate its market value, as
to determine the price and penalty. This role was given to the "priest".
(Not the one receiving the gift, but someone from "the clergy".)
Scripture Reference...
'And when a man dedicates his house to be holy to the LORD, then the priest
shall set a value for it, whether it is good or bad; as the priest values
it, so it shall stand. 'If he who dedicated it wants to redeem his house,
then he must add one-fifth of the money of your valuation to it, and it
shall be his.' (Leviticus 27:14-15, New King James Version of the Bible) "
>>>>>>>>>>>>> LOAN APPS DOWN <<<<<<<<<<<<<
For the week ending 12/24/99, per the Mortgage Bankers Association (MBA),
overall res. loan origination volume was down 18% from the same week a year
ago, down 9.2% from 4 weeks ago, and down 27.8% from one week ago.
Government (FHA and VA) was down 30.8% from a year ago, up 12.7% from 4
weeks ago, and down 29.8% from a week ago.
Looking at the "big picture," a recent forecast by Fannie Mae economists
predicts that mortgage origination levels will drop by about 25 percent
next year due to a downturn in home sales and refinancing, for a total
projected origination volume of $993 billion in 2000.
Too see all the stats and a graph, go to
http://www.appraisaltoday.com/mbastats.htm
>>>>>>>>>>>>> MARKETING TIPS <<<<<<<<<<<<<
For some marketing ideas (and other biz tips) go to
http://www.appraisaltoday.com/biztips.htm
--------------------------------
Sales of my three marketing books and audio tapes are really picking up
since business has declined. Even if you only do a little marketing, you'll
be way ahead of all the appraisers just waiting for the phone or fax to
ring!
- Marketing for Appraisers, How to Successfully Market Your Appraisal
Services, 160-plus pages on how to get more appraisal business. $39.
- The Appraisers' Marketing Workbook, a Practical, Step-by-Step Guide to
Marketing Success, 200-plus pages of exercises to help you find out where
you are now and where you want to go. $39.
- Special Report on Marketing Opportunities for Appraisers, 150-plus pages
of articles published in Appraisal Today, a supplement to the Marketing for
Appraisers book, published three years ago. $39.
---------------------------------
Special online pricing on multiple marketing book orders: two books for $70
(only $35 each), or all three books for $90 (only $30 each). To order by
phone or to get an order form faxed, all 800-839-0227 (credit card orders).
Or go to http://www.appraisaltoday.com/orderfrm.htm
to print out an order
form.
--------------------------------
For more information on the books and audiotapes, go to
http://www.appraisaltoday.com/marketing.htm
>>>>>>>>>>>>> Y2K'd <<<<<<<<<<<<<
Well... my old 386 (80 MB hard drive) is working fine after I did a manual
rollover late 12/31/99. But... I transferred all my DOS programs to a
Pentium and now I don't want to go back as they are lots faster! My DOS
sketch program (DCSketch) works great. Of course, I still have my old
version of my res forms software printing out 19XX. Time to finally update,
I guess... I'm not a big fan of updates... "if it ain't broke, don't fix
it" is my motto. My MLS set out an update disk last week... went to a
meeting Monday and the agent sitting next to me said the update really
messed up her computer (had to reinstall Windows)... I was going to install
the update that day...
No appraisers are reporting computers reading 1-1-80. Guess they junked all
their old computers or are just keeping quiet...
My three VCRs didn't change... still read 12:00
By the time Y2K got to the Left Coast, there wasn't much news... so I
partied New Years Eve... good thing as I had done 0.0 preparations except
for Viruscan and updating Windoze. Out here we worry a lot more about the
"Big One" earthquake in the Fault Zones.
For more info and some great reader comments on Y2K, go to
http://www.zdnet.com/anchordesk/story/story_4307.html
>>>>>>>>>>>>> NEW MENUS AT WWW.APPRAISALTODAY.COM <<<<<<<<<<<<<
This weekend I put a new Jump pull-down menu on the home page at
http://www.appraisaltoday.com and put new menus on the left side of each
page. I was having a hard time myself getting around!
I finally have a "regular" email sponsor. Thanks to Acxiom/Dataquick at
http://www.dataquick.com
>>>>>>>>>>>>> NEED SOFTWARE FEEDBACK <<<<<<<<<<<<<
I will be reviewing more software for my "paper" Appraisal Today newsletter
- Comps Spectrum, Marshall & Swift CDs (res and comml), and Valuation
Office. If you have used any of these programs, let me know -
mailto:ann@appraisaltoday.com.
What do you get in return? A "hot of the press" (actually my computer)
emailed copy of the article. Thanks again to those who gave me feedback for
my review of flood map programs. Yes, they got an emailed copy of my
review!
3/22/2000 - $$/noncomps/Microsoft
New this week from Appraisal Today e-news
+ Who makes the most money?
+ Noncomps
+ New jobs
+ Top 10 appraisal books
+ BPOs and relos
+ $950 billion in originations in 2000?
+ New in the April issue of Appraisal Today
+ Microsoft and mortgage lending
>>>>>>>>>>>>> WHO MAKES THE MOST MONEY? <<<<<<<<<<<<<
I'm writing an article now for the April issue of the Appraisal Today
"paper" and PDF newsletter on appraiser income, using the two surveys done by Epley and Wolverton. Their most recent survey, taken in 1998 has lots of
very interesting info on res appraisers overall. The main focus of the
survey was the difference, if any, between SRA and non-SRA incomes. The
difference in gross income was $94,000 (SRA) vs. $68,000 (Non-SRA). Of the $26,000 difference, $13,000 was due to the SRA designation, statistically.
Their 1997 survey of all appraisers showed that men with Bachelor's
degrees, with MAI designations and many years of experience make the most money. Nothing new there...
I'm also using information on institutional salaries furnished by and a
recruiter, Chris Sprehe - http://www.realestaterecruiters.com/chrisgj.html
Lots more details in the "paper" and PDF appraisal today newsletter, of
course, including salary info for staff appraisers and the market for
institutional staff appraisers. For info on subscribing see the last part
of this email.
>>>>>>>>>>>>> NONCOMPS <<<<<<<<<<<<<
A new appraisal term - incomparable sales. I can't remember where I saw
this term, but I love it!
>>>>>>>>>>>>> NEW JOBS <<<<<<<<<<<<<
Joe Minnich is now working at Fannie Mae with Mark Simpson and Clint
Chappel as Senior Business Manager, Single Family Mortgage Business. He formerly was a partner in the appraisal firm of Burke, Krause, and
Minnich, Inc.
33-year old Sean Hutchinson has been appointed President of Integra Realty Resources. Prior to joining Integra this month, Hutchinson was Vice
President, Educational Programs and Publications with the Appraisal
Institute. Also, effective January 1, Integra added eight new offices
located in Birmingham, AL; Los Angeles and Orange County, CA; Louisville,
KY; Boston, MA; Minneapolis, MN; Columbus, OH; and San Antonio, TX. For more info on Integra, go to
http://www.irr.com . Why did Integra hire him?
Find out by subscribing to in the "paper" and PDF appraisal today
newsletter. For info on subscribing see the last part of this email.
>>>>>>>> ADVERTISEMENT - SEMINARS IN NORTHERN CALIFORNIA <<<<<<<<< If you
need California CE credit, here's the list of OREA approved seminars (63
hours of total credit) I am offering - all offered in Pleasanton, CA:
- April 24 - Profitable Appraising, How to Maximize Profits in Your
Appraisal Business - 7 hours credit - OREA #96804C102
- April 25 & 26 - Residential Appraisal Problem Solving - 14 hours credit -
OREA#00804C107
- April 27 - USPAP for the Practicing Appraiser - 7 hours credit - OREA
#95865C104
- April 28 - Computers for Appraisers - 7 hours credit - OREA #00804C108
- May 22 - California Architectural Styles for Appraisers - 7 hours credit
- OREA #00804C109
- May 23 - Title and escrow for Appraisers - 7 hours credit - OREA
#00804C110
- May 24 - USPAP for the Practicing Appraiser - 7 hours credit - OREA
#95865C104
- May 25 - The Internet for Appraisers - 7 hours credit - OREA #96804C101
- May 26 - Real Estate Fraud and the Appraisers Role - 7 hours credit -
OREA#99885C101
Prices are: one day - $135, 2-3 days - $125 each day, and 4+ days - $115
each day. My "best sellers" so far are USPAP, Residential problem solving, and Real
estate fraud. For more information, go to www.appraisaltoday.com or call 800-839-0227.
Having a web site is great as I can put lots of info there plus links to instructor's web sites.
>>>>>>>> TOP 10 APPRAISAL BOOKS <<<<<<<<<
I'm assembling a list of the Top 10 Residential and Top 10 Commercial
appraisal books. Any recommendations? Please send email to
mailto:ann@appraisaltoday.com . Nominees so far -
- Market Analysis for Valuation Appraisals by Stephen F. Fanning, MAI Terry
V. Grissom, MAI, PhD, and Thomas D. Pearson, MAI, PhD.
- Appraising the tough ones by Frank Harrison
>>>>>>>> BPOS AND RELOS <<<<<<<<<
If you do relos and/or want to see how BPOs are used instead of appraisals,
be sure to check out http://www.cendantmobility.com/baseline.html
.
>>>>>>>> $950 BILLION IN ORIGINATIONS IN 2000? <<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wednesday, reporting that mortgage loan applications for the week ending March 10 decreased 1.1 percent from
last week. Compared to the same week last year, loan applications were down 18.2 percent.
The MBA is still optimistic on their prediction that mortgage origination
levels will reach $950 billion this year, despite a current pace of
activity that would yield only about $700 billion in total volume.
Long-term mortgage interest rates slid slightly on Monday. The 30-year
fixed-rate average dipped to 7.98 percent.
>>>>>>>> NEW IN THE APRIL ISSUE OF APPRAISAL TODAY <<<<<<<<<
Feature stories for the April issue of Appraisal Today: - Appraisals for
trusts and estates - a growing market (5 pages) Tired of the lender rat
race? Over half my res business now is from estates and trusts. Find out
how to tap into this market. Here's one free tip - Organizations that
administer gift trusts, such as hospitals, colleges, and other non-profit
groups, need appraisals. Contact them directly. Many advertise in local
newspapers or magazines.
---------------------------------- -
What do appraisers make? (2 page article) Fee appraisers, staff
appraisers... I have the info!
-----------------
- All the details behind the news from these emails, which just have the
headlines. I'm still interviewing people. What the news means for
appraisers.
------------------------
To subscribe, to my monthly "paper" 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 to the address at the end of this email. For an
order form, go to http://www.appraisaltoday.com/orderfrm.htm
. For more
information on the newsletter or to order a sample issue, go to
http://www.appraisaltoday.com/amm.htm
or use the Appraisal Today phone/fax numbers at the end of this email.
>>>>>>>> MICROSOFT AND MORTGAGE LENDING <<<<<<<<<
Microsoft/Freddie/Norwest-Bank of America's deal for a big new one stop
shop for cheaper prices for homebuyers including appraisals. Check it out
at http://biz.yahoo.com/prnews/000316/wa_msft_mo_1.html
Some appraisers
think this will be a big deal for appraisers as they plan on using cheap
appraisals (can you say AVM?).
===========================
You are free to send this email to anyone you want. However, if you want to
put it into a newsletter, other printed material, or on your web site,
**please contact me** as there may be new information or typos!! The email
archives are at http://www.appraisaltoday.com/email1.htm
if you missed an
email or can't find one. I updated it this weekend.
--------------------------------------
This email just has brief information on topics. To get the "full story,"
subscribe to my monthly "paper" 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 to the address below. For an order form, go to
http://www.appraisaltoday.com/orderfrm.htm
. For more information on the
newsletter or to order a sample issue, go to
http://www.appraisaltoday.com/amm.htm
or use the Appraisal Today phone/fax numbers at the end of this email.
Ann O'Rourke, looking for some good books!
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!
*******************************************
Sponsoring this email will expose your business to over 30,000 appraisers.
For more information, send email to jtrice@alterragroup.com
*******************************************
This email was sent by e-appraiser, the online resource for appraisers at
http://www.e-appraiser.net . We offer free directory registration to
appraisers and currently have over 250 lenders utilizing our directory.
|