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Most recent emails
Old email archives -11/99 to 12/99
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may be out of date!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.
12/29/99 - Xtreme homes/Y2 humor/1000 years of Appraising
New this week from Appraisal Today e-news
+ Xtreme homes on TV
+ 100 years of lending
+ 1000 years of Appraising
+ Appraiser pleads guilty in MN
+ FHA exam info + Appraiser FAQs
+ The Ultimate Y2K Backup (humor)
+ Y2K last minute stuff
+ Follow the Y2K
>>>>>>>>>>>>> XTREME HOMES ON TV <<<<<<<<<<<
If you get the Home & Garden Network on cable TV, check out Extreme Homes
Sundays at 8:30-9AM EST. Per a recent Wall St. Journal article (Dec. 27),
the show has featured a flying saucer house, a converted grain silo, and a
former trucking warehouse.
Other interesting shows are Dream Builders - i.e., converting former
military bases, Sundays at 10:30-11 EST and "If walls could talk" about
people reconstructing the histories of their homes from newspapers found
behind walls etc. on Mondays, 10-10:30 EST.
>>>>>>>>>>>>> 100 YEARS OF LENDING <<<<<<<<<<<
What was mortgage lending like 100 (or 50) years ago? National Mortgage
News has a great summary in their Dec. 20 issue. Here's a few tidbits:
- 1900 - 46% homeownership. Federal debt is $16.60 per person
- 1913 - federal income tax starts, including home mortgage deduction
- 1933 - 49% of the $20 billion in outstanding mortgages is in default
- 1934 - FHA created
- 1938 - Fannie Mae created to purchase FHA insured loans.
- 1960 - 60% homeownership
- 1981 - Prime hits 18.87%, the highest ever recorded
- 1998 - $1.47 trillion in mortgage originations, highest ever recorded
For a summary of Lou Sichelman's recent column on lending 30 years ago,
when he first started writing about lending, go to
http://realtytimes.com/rtnews/rtcpages/19991227_lending.htm
.
>>>>>>>>>>>>> 1000 YEARS OF APPRAISING <<<<<<<<<<<
Lots of articles go back 100 years, but Appraising - from the middle ages
to now by G. Michael Yovino-Young, MAI, SRA, goes back to the almost 1,000
years! To read it, go to http://www.appraisaltoday.com/appraisi.htm
>>>>>>>>>>>>> APPRAISER PLEADS GUILTY IN MN <<<<<<<<<<<
A December 22 Minneapolis Star Tribune story said that Donald Pelton, "An
appraiser accused of being a key player in dozens of fraudulent real-estate
deals has pleaded 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...A second search warrant affidavit states that Pelton
told a federal agent in October that "he was a prostitute for others
involved with fraudulent real-estate transactions."
For the full story (and background info), go to http://www.startribune.com
and search for Pelton.
>>>>>>>>>>>>> FHA EXAM INFO <<<<<<<<<<<
I have posted the latest FHA letter on exams and what do after you pass
(form etc.) at http://www.appraisaltoday.com/hud_99-35.htm .
>>>>>>>>>>>>> APPRAISER FAQS <<<<<<<<<<<
I have an Appraiser FAQ page at http://www.appraisaltoday.com/appraise.htm
with info on topics such as collections, independent contractors, Fannie
Mae guidelines and digital photos.
>>>>>>>>>>>>> THE ULTIMATE Y2K BACKUP <<<<<<<<<<<
This was posted on the Total2000UsersGroup. I love it!!
> As we approach the Year 2000, maybe it would be prudent to have some
> backup plan in place. This one is a good one for us techie types.
>
> Y2k Backup System
>
> While we believe we will be fully Y2K compliant by January 1, 2000,
> and most of our subsidiary units and contractors claim they will
> also be fully compliant, we obviously need to make some preparations
> in case unexpected challenges impair our ability to meet the needs
> of our customers.
>
> Enclosed with this memo is a "Y2K Backup System" device designed to
> meet short time emergency needs in case of a computer operations
> failure, or operational delay. This device is the company's Primary
> Emergency Network Computer Interface Liaison device (P.E.N.C.I.L.).
> This device has been field tested extensively, including
> certification testing, as well as volume and stress testing.
> Properly maintained, the device meets all the requirements for
> coding and data input. Prior to use, the (P.E.N.C.I.L.) will
> require preparation and testing. Tools and supplies required will
> be: A sharpened knife or grinding device; and a supply of computer
> paper (with or without holes).
>
> Gripping the device firmly in your hand, proceed to scrape or grind
> the wooded end until it has a cone-like appearance. The dark core
> area must be exposed to properly function. (Left-handed employees
> should read this sentence backwards, and then go to your supervisor
> for assistance.)
>
> Place a single sheet of computer paper on a smooth, hard surface.
> Take the backup device, place the sharpened point against the paper,
> and pull it across the paper. If properly done, this will input a
> single line.
>
> CAUTION: Excessive force may damage components of the device or
> damage the data reception device. If either the P.E.N.C.I.L. or the
> paper are damaged, go back to the preparation instructions above.
>
> Proper use of the device will require data simulation input by the
> operator. Placing the device against the computer page forming
> symbols as closely resembling the computer lettering system you
> normally use. At the completion of each of the simulated letters,
> lift the device off the page, move it slightly to the right, replace
> it against the page, and form the next symbol. This may appear
> tedious, and somewhat redundant, but, with practice, you should be
> able to increase your speed and accuracy. The P.E.N.C.I.L. is
> equipped with a manual deletion device. The device is located on
> the reverse end of the P.E.N.C.I.L. Error deletions operate
> similarly to the "backspace" key on your computer. Simply place the
> device against the erroneous data, and pull it backwards over the
> letters. This should remove the error, and enable you to resume
> data entries.
>
> CAUTION: Excessive force may damage the data reception device.
> Insufficient force, however, may result in less than acceptable
> deletion, and may require re-initialization of action as above. This
> device is designed with user maintenance in mind. However, if
> technical support is required, you can still call your local
> computer desk supervisor at (800)-YOU-DUMMY.
>
> You might want to keep an "etch a sketch" handy.
>>>>>>>>>>>>> Y2K LAST MINUTE STUFF <<<<<<<<<<<
Now it's just a few days to Y2K (assuming you are reading this email prior
to midnight December 31, 1999...)
- MAKE A BACKUP OF DATA FROM ANY DATE SENSITIVE PROGRAMS.
- DOWNLOAD VIRUS UPDATES AND RUN A VIRUS SCAN
Last minute Things To Do
- MAKE A BACKUP OF DATA FROM ANY DATE SENSITIVE PROGRAMS.
- System BIOS/RTC fix. Purchase and download pcfix2000 (
http://www.pcfix2000.com ) to make sure your system clock works.
- Windows operating system fix (ALL WINDOWS OPERATING SYSTEMS EXCEPT
WINDOWS 98SE ARE NOT Y2K COMPLIANT). Go to
http://www.microsoft.com/technet/year2k/product/product.asp . Go to
Products and scroll down to Operating Systems. There are six versions of
Windows 95. To determine which version you are using, go to
http://support.microsoft.com/support/kb/articles/q158/2/38.asp .I have 5
computers running three different versions of Windows 95.
- Go to Control Panel, click on Regional Settings, then on the Date Tab,
then change the date styles to four digit years. This won't "fix" anything
but your dates will display correctly.
A few tips from ZDNet if you are already ready for y2k
- Don't install new hardware or software
- Don't do any downloads
- Don't overwrite an existing backup. Use a new disk or tape.
- Read the great reader feedback on this article!!
http://cgi.zdnet.com/slink?/adeska/adt1227nk/4283:749925
What if you do nothing?
- If you don't have any current data in date sensitive programs, set your
computer's clock back and fix it later.
- If you don't have a virus that activates on 1/1/2000, you're ok. Your
computer won't die or freeze up or whatever. Otherwise you could be in BIG
TROUBLE.
- If you have an old computer and the system clock goes belly up, all your
files will have the date 1-1-80. I had this happen to me about 8 years ago.
I wasn't running any accounting programs, or any other programs using
dates. I did have problems figuring out what was in files since I do look
at dates.
- If you have any old date-sensitive programs such as Quicken/Quickbooks,
appraisal tracking (in your appraisal forms program) you could be in
trouble. I had to upgrade my version of Quickbooks 5.0, which was not Y2K
compliant.
What am I doing? Finally giving up my most reliable computer, my old trusty
386 running DOS. It will roll over manually on 1/1/2000 but will have
problems on 2/29/2000. I will miss it. It is my only computer that doesn't
lock up/freeze/run out of memory!! No problems with the 100MB hard drive
either... All my other computers are Y2k ready. Assuming, of course, that
the electricity doesn't go out....
>>>>>>>>>>>>> FOLLOW THE Y2K <<<<<<<<<<<
Here are a few sites to "follow Y2K" on its way around the world, starting
near New Zealand at 2A.M. December 31, West Coast time.
- J.R. Whipple, a semi-retired computer engineer has recruited a
1000-person volunteer international network of reporters. Go to
http://www.jrwhipple.com/z2k . Sorry, to read the reports you have to sign
up, so don't delay. Do it now. Whipple also has a list of other watch sites
at http://www.jrwhipple.com/z2k/watch_sites.html .
- International Y2K Cooperative Center at http://www.iy2kcc.org - BOMA -
info on office buildings Y2K - http://www.Y2KinBuildings.com
Of course there is always tee-vee (especially CNN for international news)
and radio (battery operated?)
12/23/99 - Forecast/biz tips/flood
maps/writeoffs
New this week from Appraisal Today e-news
+ More bad/clueless appraisers - CA, MD, TN
+ An Appraiser's New Year Resolutions
+ The O'Rourke forecast for 2000
+ PDF newsletter available
+ January 2000 Appraisal Today
+ VA on the Internet
+ Free biz tips
+ New info on 4150.2 and VC sheet
+ Flood map software
+ Year-end tax writeoffs
=============================================
>>>>>>> MORE BAD/CLUELESS APPRAISERS - CA, MD, TN <<<<<<<
Note on newspaper articles. They are copyrighted, so I can't reproduce them
in this email. Most of the newspapers charge a fee to view their articles,
typically $1.95 each. To find them, search the mortgage fraud or flipping.
You may need to go to the archives.
----------------------------
G. Samson Ugorji, is a Baltimore appraiser implicated in a flipping scam in
Baltimore, who is being investigated by the state's Commission of Real
Estate Appraisers. In the December 16, 1999 issue of the Baltimore Sun,
Ujori told his side of the story. "If you get the reputation as a
deal-breaker, you'll lose business. Those who are willing to bend the rules
get all the work," said Ugorji, who maintains he did nothing wrong in
giving Robert L. Beeman the number he needed to close the sale.
To read the story, go to http://www.sunspot.net
.
-----------------
HUD is making nationwide crackdowns on mortgage fraud. One of the first
stories to break is in Southern California.
On December 15, federal authorities, including HUD, the FBI, and the IRS
announced criminal charges against 39 Southern California mortgage brokers,
real estate professionals, escrow agents and others accused of obtaining
more than $110 million worth of fraudulent FHA-insured loans, per a
December 16 story in the Los Angeles Times.
To read the story, go to http://www.latimes.com .
------------------
A complaint filed in December by American National Mortgage in U.S.
District Court in Memphis, accusing appraiser Ann Baker, attorney William
N. Griffin, Dwan Brown and Aaron Perkins, owners of American Realty USA,
Kenneth Shaw and Thomas Shaw, owners of Shaw Realtors, and others with
conspiracy, fraud and misrepresentation.
In the alleged flipping scheme 139 duplexes sold at inflated prices in
Memphis and Shelby County with loans exceeding $15 million, per December
stories in the Memphis Commercial Appeal newspaper. Duplexes, which sold
for $65,000, for example, were resold within a few days for $130,000.
To read the stories, go to http://www.gomemphis.com
------------------------------
The January issue of the paid subscription newsletter Appraisal Today has
much more information. For subscription information see the end of this
email.
>>>>>>> AN APPRAISER'S NEW YEAR RESOLUTIONS <<<<<<<<
1. Make time for my family and friends, turning down work if necessary.
2. Think positive. The glass is half full, not half empty. (This is a key
to business success!)
3. Run my virus check software at least once a week and download updates at
least once a month.
4. Look for new clients and contact my old clients at least 4 hours per
month. Drop a few "problem" clients from my approved client list to make
time for new clients.
I have also posted this at http://www.appraisaltoday.com . Any resolutions
you'd like to add? Send email to mailto:ann@appraisaltoday.com
>>>>>>>>>>>>> THE O'ROURKE FORECAST FOR 2000 <<<<<<<<<
I ran out of room in the January "paper" newsletter, so I have posted my
annual forecast at http://www.appraisaltoday.com/forecast.htm . Here are a
few tidbits:
Internet - More clients will be contacting appraisers via Internet, with
prospects using appraisal company web sites and online directories to find
names of appraisers.
Appraisal management companies - More appraisers will work for AMCs as
their full fee work drops off.
Commercial appraisal - Fees will be stable and still well below the levels
of the peak years of the early 1990s in many areas.
Residential appraisal - For 2000, most mortgage industry economists are
predicting fewer loan originations, but still well above the appraisal
recession years of 1994-1996. I hope they are right!
Go to http://www.appraisaltoday.com/forecast.htm and see if you agree with
my predictions!
>>>>>>>>>>>>> PDF NEWSLETTER AVAILABLE <<<<<<<<<<<<
Monday I sent out the PDF version of the printed Appraisal Today
newsletter. The printed version won't arrive until next week. If you
haven't signed up, send an email to mailto:info@appraisaltoday.com asking
to receive the PDF newsletter, available only to subscribers.
>>>>>>>>>>>>> LOAN APPS DOWN <<<<<<<<<<<<<<
For the week ending 12/10/99, per the Mortgage Bankers Association (MBA),
overall res. loan origination volume was down 46.5% from the same week a
year ago, 8.4% from 4 weeks ago, and 3.2% from one week ago. Government
(FHA and VA) was down 37.9% from a year ago, 13.5% from 4 weeks ago, and up
.6% from a week ago.
Purchases are up 3.8% from a year ago, but down 9.9% from 4 weeks ago, and
4.2% from one week ago.
For a current graph and all the stats, go to
http://www.appraisaltoday.com/mbastats.htm Warning - can take awhile to
download!
>>>>>>>>>>>>> JANUARY 2000 APPRAISAL TODAY <<<<<<<<<<<<
Articles in the January issue -
- Aggressive appraising - the fuse is lit - four page article -
How to appraise damaged properties (book review)
- Where to get flood maps - 4 software programs reviewed plus info on
ordering maps and updates from FEMA
- Bad appraisers/fraud in CA, MD, FL, TN - lots more details than in these
emails!
- Pending AMC bill in Pennsylvania
- Primis expanding into home inspections
- Appraising in 1900
Coming in February - marketing tips you can use the same day you read them,
software reviews - Comps Spectrum, Marshall & Swift CD ROMs, two appraisal
tracking programs. Plus lots more...
So what's the difference between these emails and the monthly 12-page
"paper" Appraisal Today newsletter? Actually, they are quite different, as
they should be. Email is best if brief and "chatty." The printed
newsletters are more like a magazine (but without advertising), with both
short and long articles. These emails are, in many ways, a supplement to
the printed newsletter.
For subscription information, see the last part of this newsletter. Only
$99 per year, $149 for 2 years.
>>>>>>>>>>>>> VA ON THE INTERNET <<<<<<<<<<<<
The VA LAPP program is migrating (somewhat) to the Internet, including a
new, centralized VA Assignment System (VAAS). Check it out at
http://www.vba.va.gov/bln/loan/lenders.htm The documents are in Word
format.
>>>>>>>>>>>>> FREE BIZ TIPS <<<<<<<<<<<<
After writing articles about managing an appraisal business for over 10
years, I have finally put a few of the articles I have written on my web
site, such as marketing (what we always feel guilty about not doing),
independent contractors, collections (I think this is the No. 1 topic), and
increasing productivity.
Why "give this away for free"? Fewer long phone calls explaining this stuff
over the phone, plus of course, I do have books and reprints for sale...
What kind of calls do I get? - I am being audited for using independent
contractors. What do I do? (It's a little late to do much!) - How do I get
more appraisal business? - How do I collect from client who has owed me
$5,000 for 9 months?
Links to the articles are at http://www.appraisaltoday.com/biztips.htm
>>>>>>>>>>>>> NEW INFO ON 4150.2 AND VC SHEET <<<<<<<<<<<<
Check out the informative and interesting postings on upcoming changes and
interpretations of the FHA manual 4150.2 and VC sheet at
http://www.naifa.com/chat/hud/index.cgi . Go to the "Anyone Interested in
The New Changes to 4150.2" thread
>>>>>>>>>>>>> FLOOD MAP SOFTWARE <<<<<<<<<<<<
I just finished my review of flood maps on CD, which will go out paid
subscribers of Appraisal Today "paper" newsletter. For subscribing info see
the last part of this email.
I reviewed: - Transamerica Flood Insights - www.ta-intellitech.com/ -
scroll down to Products, Click on FloodInsights - geocoded - Beacon -
www.beaconmaps.com - California only, geocoded. - Digital Media Services -
www.floodmaps.com - not geocoded. Geocoded Internet delivery starting in
January 2000 (New Jersey is the first state.) - Lochsheil -
www.lochsheil.com - not geocoded
All the web sites have coverage and price info. Of course I prefer the more
expensive geocoded maps. I hate those paper maps. (Actually, I make my
assistant Nicky use them, who really hates them!)
I ended up writing quite a bit about FEMA, particularly how to keep maps
updated. Go to the FEMA map service center at www.fema.gov/MSC
.
I have emailed copies of the article to the 40+ appraisers who responded to
my request for feedback on flood maps. If not received, let me know. Thanks
again!!
>>>>>>>>>>>>> YEAR-END TAX WRITEOFFS <<<<<<<<<<<<
If you make any business purchases by credit card or check by the end of
2000, you can write them off for this year.
Seems like my marketing books and tapes have become really popular
recently. I wonder why??? For my favorite appraisal, computer, and business
books, go to http://www.appraisaltoday.com/books.htm .
Other purchases include office supplies, computer hardware and software,
and a new car...
==========================================================
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 or fax the numbers below (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 . For info on my marketing books and
tapes, go to http://www.appraisaltoday.com/marketing.htm
------------------------------------
If you are waiting for this email to be forwarded to you, sign up and get
it when it comes out! Send email to mailto:info@appraisaltoday.com or go to
http://www.appraisaltoday.com/free.htm
Ann O'Rourke, Appraiser, Publisher, and Prognosticator
2015 Clement Ave. Alameda, CA 94501
mailto:info@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news and info!
12/15/99 - Dig cameras/very bad appraiser/Anti-AMC bill
+ Good books on digital cameras and scanning
+ Mortgage brokers quitting in North Carolina
+ Very bad appraiser in Florida
+ Appraising in 1900
+ Anti-AMC bill pending in Pennsylvania
+ Looking for a few good appraisers
+ Top lender lists
+ New AI Screening Director appointed
+ Loan apps down but not out
+++++++++++++++++++++++++
>>>>>>>>>> GOOD BOOKS ON DIGITAL CAMERAS AND SCANNING <<<<<<
Want to know more about digital cameras and scanners? Mary Dum's reviews of
her favorite books is at good books on digital cameras and scanners is at
http://www.appraisaltoday.com/computer_books.htm
Who is Mary Dum, appraisal computer guru? She has been "messing" with
personal computers for over 20 years, has written books, many articles, and
spoken many times to appraisers. No she is not an appraiser. Just married
to one....
>>>>>>>>>> MORTGAGE BROKERS QUITTING IN NORTH CAROLINA <<<<<<
Seems like there is a big fallout of mortgage brokers, at least in North
Carolina, with some appraisers worried about collecting their fees. Check
out - [11/26/1999] Mortgage brokers 'falling out like flies' By CAROL
FREY, Staff Writer
http://www.news-observer.com/daily/1999/11/26/biz01.html
Thanks to Moultrie Watts for posting this on the AI Forum email list!
>>>>>>>>>>>>> VERY BAD APPRAISER IN FLORIDA <<<<<<<<<
A few weeks ago I mentioned a big fraud story on Dec. 8 in Southern CA.
Well... looks like it was in Florida on Dec. 9!
Nine people were indicted December 8 in the biggest mortgage fraud scheme
in South Florida history, including an appraiser (John Podleszek of
Plantation), a mortgage broker, and a lawyer. How big? $29 million and 485
properties since 1994.
It's the all too familiar flip scam of properties in low income areas.
The original Dec. 10 Miami Herald story is available at
http://www.herald.com /, click on Search and enter "mortgage fraud" (You may
have to pay $1.95). Or go to Inman's summary at
http://www.inman.com/InmanStories.asp?ID=16656&CatType=R
I will have all the details in the January issue of the printed Appraisal
Today newsletter. Subscribing info is near the end of this email message.
>>>>>>>>>>>>> APPRAISING IN 1900 <<<<<<<<<
The median house price was $4,000 in 1900. Median annual household income
was $455.
Most buyers paid cash. Home loans could require 50% down and had five year
terms, if they were available in this largely rural country. Loan funds
were relatively scarce as local building and loan societies could only lend
their own deposits.
What about appraisers? Not many were needed.
For some fascinating stats on 1900 as compared with today, go to the Census
Bureau's hot off the Internet 1999 Statistical Abstract of the U.S. at
http://www.census.gov/prod/www/statistical-abstract-us.html
. Scroll down
to Section Section 31. 20th Century Statistics.
>>>>>>>>> ANTI-AMC BILL PENDING IN PENNSYLVANIA <<<<<<<
Pennsylvania Senate bill No. 804 (Session of 1999) calls for registration
of appraisal management companies (AMCs) and setting up regulations for
AMCs.
To read the bill, go to
http://www.legis.state.pa.us/WU01/LI/BI/BT/1999/0/SB0804P0875.HTM
More details in the January issue of the printed Appraisal Today
newsletter. Subscribing info is near the end of this email message. Sorry,
I can't give you everything for free!
Thanks to Phyllis Ianniccari, IFA for posting this info on the NAIFA chat
board!
>>>>>>>>>>>>> LOOKING FOR A FEW GOOD APPRAISERS <<<<<<<<<
Interested in increasing their market share of Non-lender appraisal
business? Willing to join a new national co-operative network of highly
seasoned residential appraisal practitioners? Want to get orders from the
Internet?
Minimum requirements: - State Certified with 10 years appraisal experience
in major markets (5 years is acceptable for rural counties). -
Designations, particularly from the AI, ASA, NAIFA are highly encouraged.
- Must have E-Mail and EDI delivery capability using adobe.pdf and/or any
Pinnacle Alliance compatible X-12 software.
This is not an AMC - you retain 100% of the appraisal fee. If interested,
E-Mail your name, company name, years of appraisal experience, MSA/PMSA or
states/counties covered (list primary first), any professional appraisal
designations earned to Ken Rossman, SRA, at mailto:ken@quickval.com
for
complete program/network details.
So who is Ken Rossman? His web site, www.quickval.com
has been very
successful in generating orders for his Long Island, New York, appraisal
business. He has also been very successful in generating nonlender work. He
has lots of good marketing ideas and is an experienced, ethical appraiser.
I have joined the All Area Appraisal Affiliate Network.
>>>>>>>>>>>>> TOP LENDER LISTS <<<<<<<<<
These lists are for the top 1998 lenders.
1998 Mortgage Mag's Top Commercial Lenders From
http://www.mortgagemag.com/mmtc98.htm
1998 Mortgage Mag's Top Loan Originators From
http://www.mortgagemag.com/mmto98.htm#start1
Thanks to Michael Cartwright for sending me these links!
>>>>>>>>>>>>> NEW AI SCREENING DIRECTOR APPOINTED<<<<<<<<<
The Board of Directors of the Appraisal Institute appointed Stephanie
Coleman, MAI, SRA, of Modesto, Calif., as the new Director of Screening to
be effective Jan. 1, 2000. She will provide advice to AI members on
professional practice problems and screen complaints filed against members.
She is an excellent choice as she was formerly on the ASB and is well
regarded for her USPAP expertise. Before her appointment to the ASB she
regularly attended their meetings in Washington, DC for several years.
Those "red eye" flights from the West Coast have always been too much for
me!
>>>>>>>>>>>>> LOAN APPS DOWN BUT NOT OUT <<<<<<<<<
For the week ending 2/3/99, per the Mortgage Bankers Association (MBA),
overall res. loan origination volume was down 46.7% from the same week a
year ago, 33.6% from 4 weeks ago, and 37.3% from one week ago. Government
(FHA and VA) was down 53.5% from a year ago, 50.8% from 4 weeks ago, and
51% from a week ago.
Purchases are up 2.9% from a year ago, but down 34/6% from 4 weeks ago, and
36.7% from one week ago.
Looking at the "big picture" The MBA's forecast for 2000 is $979 billion,
down 31% from 1999's $1,284 billion, but well above 1995's $648.4 billion.
1981's volume was $98.2 Billion (No that is not a typo! That is when many
appraisers, including myself, left the appraisal profession. I came back in
1986.). Volume as not been below $100 billion since 1982. The MBA started
tracking the stats in 1980. The February issue of the printed Appraisal
Today will have a full analysis. I ran out of room in the January issue!
For some marketing ideas (and other biz tips) go to
http://www.appraisaltoday.com/biztips.htm
============================================================
You are free to send this email to anyone you want. However, if you want to
put it into a newsletter, or other printed material, **please contact me**
as there may be new information or typos!!
12/8/99 - FHA test/forecast/screening AMCs
New this week from Appraisal Today e-news
+ Managing virus alerts
+ California appraiser alert
+ FHA-test date problems, Letter 99-35
+ A few links from RealtyBytes 0.5
+ Farmers Home FmHA links
+ Lending forecast
+ Screening AMCs
>>>>>>>>>>>>> MANAGING VIRUS ALERTS <<<<<<<<<
Seems like viruses are cropping up on a weekly basis (or even more
frequently!). The best way to protect yourself from getting one is to NEVER
open any attachments unless you have checked them out. I check them all
with my Norton AntiVirus program. I am now doing a Live Update at least
once a week. Using Outlook for email is particularly risky as that is how
some viruses propagate automatically. If you use Outlook be very careful.
To be notified sign up for McAfee's free virus alert at
http://www.mcafee.com/centers/anti-virus/default2.asp
. Virus info is also
there.
I use Norton Antivirus - info on viruses is at
http://www.symantec.com/avcenter/index.html
.
Seems like there are more and more viruses that will start on a specific
date or in 2000. Be sure you update your Antivirus program before
Christmas.
---------------------
>From Mcafee - W32/ExploreZip.worm.pak, aka Minizip, is a new, compressed
variant of the original W32/ExploreZip.worm. If you receive an email with
the message "I received your email and I shall send you a reply ASAP. Till
then, take a look at the attached zipped docs.", DELETE IT IMMEDIATELY! It
will have an attachment called "zipped_files.exe"; DO NOT DOUBLE-CLICK OR
RUN THIS ATTACHMENT! If you do, it will infect your system!
------------------------------
>From Norton - W32.Mypics.Worm was discovered on the evening of Dec 2, 1999.
The worm propagates automatically on Windows 9x and Windows NT platforms
through email and has a destructive payload that triggers in the year 2000.
The worm propagates by automatically sending itself to as many as 50 people
in the Outlook address book.
The subject line is empty and the body of the email is: Here's some
pictures for you! It will also contain a worm program attachment named
pics4you.exe (34,304 bytes).
>>>>>>>>>>>>> CALIFORNIA APPRAISER ALERT <<<<<<<<<
If your license expires prior to 6/30/2000, you can renew at the "old rate"
of $835 for four years instead of the "new rate" of $610 for two years
(certified). Your application must be in by 12/31/99 and you must have
taken Federal & State regulations, which is not required after 12/31/99.
You also must have proof of citizenship (i.e., birth certificate) If you
haven't yet received your renewal form, contact OREA ASAP. Download the old
application (PDF format) at http://www.orea.ca.gov/html/forms.html
(Scroll
down to Renewal Application)
>>>>>>>>>>>>> FHA-TEST DATE PROBLEMS, LETTER 99-35 <<<<<<<<<
Appraisers have reported difficulty getting tested at Sylvan Learning
Centers in various locations. Few, if any, are set up to test 20 appraisers
at a time, only a few. Take your test ASAP. You must pass it by January 31,
2000. EVERY appraiser MUST re-apply for the FHA Register. That is, all
appraisers must submit a complete appraiser application package. For more
info on problems with getting a test date, to
http://www.naifa.com/chat/hud/index.cgi
. I don't do FHA work, so I can't
speak from personal experience!
A few test tips I saw posted on the NAIFA chat board - - One or a few
computers are set up for taking the FHA exam at each Sylvan center, with
limited times. Varies widely from office to office.
-
Just drop in to a
Sylvan center during the middle of the day.
-
Sylvan does lots of testing.
The person you speak with may not be familiar with the FHA/HUD test or the
deadline for taking it.
-
If the 800 number is busy, try calling a local
office.
-
If nothing is available at your closest Sylvan center, try
others.
-
Beg, whine, wheedle, etc. - DON'T WAIT.
--------------------------------------------
HUD's Mortgagee Letter 99-35, issued 11/24/99 has information on the FHA
exam. I didn't see much new, but it does combine exam info into one letter,
has a list of states and HOCs, plus gives info for new FHA appraisers.
------------------------------------
I have all the links, the new letter, and info at
http://www.appraisaltoday.com/fha.htm
. Scroll down the page.
>>>>>>>>>>>>> A FEW LINKS FROM REALTYBYTES 0.5 <<<<<<<<<
A few links from RealtyBytes 0.5, an email newsletter with good links from
William Fletcher. I have been subscribing since soon after it started. It
is targeted to real estate agents, but has some links of interest to
appraisers.
Building Codes In Coastal Zones
http://homes.wsj.com/n/SB937603978476840528-main.html
"A readable over-view
from the Wall Street Journal on the ongoing controversy of building or
rebuilding on flood or hurricane-prone shorelines."
MetaSpace, The Ultimate Frontier
http://www.internetreview.com/pubs/scw/99may/scw9905f.html
"Mark Borsuk is
on the cutting edge of the online retail market and is always
mind-expanding." (And a dynamic speaker who spoke at my local Appraisal
Institute chapter's recent Fall Conference in San Francisco.)
To Subscribe, mailto:w.fletcher@worldnet.att.net
with this in the BODY of
the message: "Subscribe [your e-mail address]"
>>>>>>>>>>>>> FARMERS HOME FmHA LINKS <<<<<<<<<
Farmers Home FmHA is now called Rural Community Development under the US
Dept. of Agriculture http://www.usda.gov/agencies/agencies.htm
http://www.rurdev.usda.gov/ocd/index.html
Rural Housing Service:
http://www.rurdev.usda.gov/rhs/index.html
State Contacts :
http://www.rurdev.usda.gov/rhs/contact.htm
- Look here for your local
office. Single Family Housing Guarantee Program:
http://www.rurdev.usda.gov/rhs/ProgramBriefs/brief_rhguar.htm
FAQ's -
http://www.rurdev.usda.gov/rhs/faq.htm
FYI, they do loans on homes in rural areas. Thanks to Brian Davis for
posting these links on the AI forum!
>>>>>>>>>>>>> LENDING FORECAST <<<<<<<<<
Lots of residential appraisers are talking about slow business. But
actually, volume has been declining since January, and particularly since
rates went up again in July. Commercial lending work has also slowed down,
but few statistics are available.
For the week ending 11/26/99, per the Mortgage Bankers Association, overall
res. loan origination volume was down 38.8% from the same week a year ago,
29.9% from 4 weeks ago, and 37% from one week ago. Government (FHA and VA)
was down 54.9% from a year ago, 53.4% from 4 weeks ago, and 53.2% from a
week ago.
Almost all of the decline is in refis, down 75.8% from a year ago.
Purchases are up 17.3% from a year ago.
Although some are predicting another "1994" in res lending, when volume
dropped dramatically in April, 1994 and didn't pick up again until late
1997/early 1998, this month's slowdown may be due to Y2K.
The MBA's forecast for 2000 is $979 billion, down 31% from 1999's $1,284
billion and down 53% 1998's all-time record of $1,507 billion (when we all
had way too much work!).
To see historical stats and a graph, go to
http://www.appraisaltoday.com/mbastats.htm
>>>>>>>>>>>>> Screening AMCs <<<<<<<<<
I regularly receive faxes and sometimes emails from AMCs wanting to give me
work. I don't work for AMCs for various reasons (low fees and turnround
requirements mostly). But if I did, I would check them out the same way -
are they affiliated with a larger company, publicly traded, etc.? I would
go to their web site. Since they are national companies (or large regional)
I would check out postings on the appraisal chat boards and post a request
for information if there weren't many postings about them. Or, send a
message to an appraisers email discussion group. For a list of chat boards
and email discussion groups go to
http://www.appraisaltoday.com/appr__online.htm
.
For an article I wrote on AMCs in 11/96 and a list of AMC web sites, go to
http://www.appraisaltoday.com/amcs.htm
. I published an updated AMC article
in the "paper" and PDF Appraisal Today newsletter in 11/99. For info on
subscribing see the end of this email.
What's the bottom line on AMCs? If the AMC wants you to "come up with" the
value they need or no more work, don't work for them. If the AMC doesn't
pay, don't work for them. Get other clients. If you are willing to work for
a reduced fee, that's your business decision.
============================================================
You are free to send this email to anyone you want. However, if you want to
put it into a newsletter, or other printed material, **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.
-------------------------------------
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 or fax the numbers below (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
.
12/1/99 - Books/Bad Appraisers/Val2K
+ Book reviews and recommended books
+ Valuation 2000 - "The" appraiser event of the millennium
+ A few good commercial web sites
+ Flood maps on CD
+ New FHA Sample Homeowner Questionnaire
+ More Bad Appraisers in California
+ Primis to offer 1 day turnarounds
+ Appraiser links page growing
+++++++++++++++++++++++++
>>>>>>>>>>>>> BOOK REVIEWS AND RECOMMENDED BOOKS<<<<<<<<<
I finally have set book pages on my web site, including the book reviews I
have done over the past 4-5 years. I had initially just planned on posting
up a few reviews... but it grew and grew!
For appraisal books, go to http://www.appraisaltoday.com/book_reviews.htm
.
I have reviews of 15 books, from Senior Housing to Complex Residential. I
also have brief descriptions of 12 books I have reviewed but not read. Yes,
I do have rating Stars!
-------------------------------
For business books, go to http://www.appraisaltoday.com/business_books.htm
. They are books I have used when writing articles or in teaching seminars.
Here's the categories - Marketing books - advertising, defining your niche,
promotion, small business marketing, and books specifically for appraisal
marketing - General business management (including managing yourself!)
books - LLCs, corporations, retirement plans, small business management -
Specific Business topics - Independent contractors, fee splits,
collections, etc. plus bookkeeping/accounting, and hiring/firing. -
Miscellaneous business topics - topics I can't figure out where to put such
as depositions
--------------------------------
Almost all of the books are available for purchase at amazon.com and I have
links set up. I get a few bucks (up to 15%) for each sale, but mostly set
it up for the convenience of visitors.
------------------------------
If you have a "favorite" book you'd like to see listed, let me know at
mailto:ann@appraisaltoday.com Or, any comments on the books listed are also
welcome.
>>> VALUATION 2000 - "THE" APPRAISER EVENT OF THE MILLENNIUM <<<
Valuation 2000 will be July 10th through 13th, 2000 at the MGM Grand Hotel
in Las Vegas, Nevada. I started following since soon after the idea was
"hatched" in the mid-1990s, during the appraisal recession. It took a lot
of courage to plan the first ever international appraisal conference back
then. Congrats to the sponsors, American Society of Appraisers, the
American Society of Farm Managers and Rural Appraisers and the Appraisal
Institute. The sponsors and other appraisal organizations are planning
their annual meetings around the conference.
The attendance estimates of a few months ago (2,000) has been pushed up to
3,000 attendees, including appraisers from China, the UK, and South
America. Over 40 workshops are planned.
For more information, go to http://www.val2000.org/
.
>>>>>>>>>>>>> A FEW GOOD COMMERCIAL WEB SITES <<<<<<<<<
Here are a few good sites for commercial real estate links
http://www.realtyresearch.com/
http://www.schott.com/
http://www.realwired.com
>>>>>>>>>>>>>>>>> FLOOD MAPS ON CD <<<<<<<<<<<<<<
Thanks to all those who responded to my request for feedback on flood maps
on CD. I had no idea this topic was so popular! It looks like geocoded maps
are expanding in availability. (Type in an address and the program finds
the property.) I have two vendors who provide this product, Transamerica
and Beacon (California only). DMS is working on a geocoded version. Updates
are a big issue.
>>>>>>>>>>>>> NEW FHA SAMPLE HOMEOWNER QUESTIONNAIRE <<<<<<<<<
Cliff Odom has a new checklist... questions to ask the homeowner. It's a
great idea for all appraisals. Cliff's Sample FHA Inspection Checklist is
the all time "best seller" on my web site, with over 1,400 hits! Both are
in PDF format. I have posted both of them on my FHA page at
http://www.appraisaltoday.com/fha.htm . Thanks again, Cliff!
>>>>>>>>>>>>> MORE BAD APPRAISERS IN CALIFORNIA <<<<<<<<<
The California State Office of Real Estate Appraisers' Fall/Winter 1999
newsletter (the most recent newsletter) is at
http://www.orea.ca.gov/html/newsletter.html
.(PDF format)
Check out which appraisers got into trouble in California, starting on Page
14. By the way, as of October 16, there were 11,569 licensed and certified
appraisers in California. Way down from the approximate 18,000 at the peak.
(But still too many!!)
--------------------------------
An abbreviated version of Rick Powell's interesting, well written article
"Aggressive appraisers - the fuse is lit" is on pages 8 and 9. I will have
the full version of his article in the next issue of Appraisal Today (paper
and PDF) newsletter. Rick is a state certified general appraiser with 16
years of experience and is an attorney admitted to the Bar in California.
Aggressive appraising has been around for along time. Here's an excerpt
from Rick's article,
"The earliest documented example is from an 1894 Texas case. The appraiser
did not verify information provided by unreliable sellers concerned with
the proceeds of the sale. The sellers knew the buyer was broke and would
be unable to purchase the land without getting a loan. Their solution was
to inflate the apparent value of the property through the appraisal
process. The true sales price was $5,500 but the price reported to the
lender was $15,500. The lender's appraiser made the final appraisal. He
did not verify the acreage being sold or even which was the correct side of
the river. The appraiser also relied on the neighbor for needed
information. "Land was then on a boom" and the buyer had hoped that rising
values would allow for repayment of the $5,500 loan and leave a profit.
Price levels did not go up and the lender had to foreclose on the property
at a considerable loss. The lender, having relied on its own appraiser,
was not able to recover from the fraudulent sellers."
---------------------------------------
My "spies" tell me to keep on the lookout for big news in early December on
really bad Southern California appraisers involved in flips. You read it
here first...
>>>>>>>>>>>>> PRIMIS TO OFFER 1 DAY TURNAROUNDS <<<<<<<<<
One day turnarounds on "regular" appraisals (i.e., URAR)? Who wants this?
Lots and lots of clients. Below are excerpts from Primis' Nov. 29 press
release. I will have more info on this in next months Appraisal Today
"paper" newsletter...direct from Primis.
They plan on launching this new service, called Xpedite(TM) by year-end
2000.
So how is Primis going to do this? Well... staff appraisers are about the
only way as fee appraisers have way too many clients who all want their
appraisals ASAP! Of course, when it's a "cookie cutter" appraisal and I
have nothing else I'm working on that is due soon, I can do 1 day
turnarounds (after inspection)... easy money...
To read the press release, go to http://www.primis.com/corporate/press.html
>>>>>>>>>>>>> APPRAISER LINKS PAGE GROWING <<<<<<<<<
The number of appraiser web sites listed at
http://www.appraisaltoday.com/applinks.htm
just keeps growing and growing.
It's up to over 230 sites. When I set the site up a few weeks ago I had no
idea I would have so many!
-----------------------
Be sure to check your listing to see if it is okay. Sometimes I had to use
the web sites to get geographic area, etc. I have gotten lots of people
just sending their email addresses, so be sure to send your web site as I
don't list email addresses (let me see... 40,000++). If you sent me your
web site info and it isn't there, please resend it. Some messages got
"misfiled."
---------------------------
If you don't have a web site, they are really easy to set up. Check with
your ISP or AOL.
Wayne McErley also offers a free web site at http://www.rwm.net/
plus free
web site design. He will also set up your own domain (which I strongly
recommend).
There's no excuse for not having your own web site! For some ideas, go to
http://www.appraisaltoday.com/apprco.htm
.
============================================================
You are free to send this email to anyone you want. However, if you want to
put it into a newsletter, or other printed material, **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.
-------------------------------------
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 or fax the numbers below (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
.
11/24/99- - Conflicts/Lots-a-linx
+ The three conflicting roles of fee appraisers
+ Get more visitors to your web site
+ Not much news this week, so it's link day!
+ Flood map CD review - looking for info
+ Appraisal Today - December issue
+++++++++++++++++++++++++
>>>>> THE THREE CONFLICTING ROLES OF FEE APPRAISERS <<<<
How many appraisers do you know who say they are working harder and making
less money, or are burned out and hate to go to work? Ever feel like you're
pulled in too many directions? In my article, "Entrepreneur, technician,
and manager - the three conflicting roles of fee appraisers," I apply
Michael Gerber's The E-myth, Revisited to appraising. To read it, go to
http://www.appraisaltoday.com/three.htm
>>>>>>>>>>>>> GET MORE VISITORS TO YOUR WEB SITE <<<<<<<<<
Wayne McKerley has a appraisers' "webring" signup at
http://www.rwm.net/webring/ I have never participated in a webring but it
looks like a good way to get visitors to your web site.
Per Wayne, "A Webring is a collection of sites from around the web all
linked together in a circular fashion. From any site you can click on
"next", "previous", or "random" links and go to another Webring member site
about real estate appraisal. If you were to keep clicking on "next" you
would eventually come back to the site where you started. You can also
click on "search" and find real estate appraisal sites using keywords and
phrases. The benefit to the web surfer is that they can keep following
these links and get sites about real estate appraisal. The benefit to a
site owner is that they get increased traffic to their site from people
with an interest in real estate appraisal."
-------------------
I have a free links page at http://www.appraisaltoday.com/applinks.htm with
over 160 appraisal companies listed so far, sorted by state. See who is
listed from your state!
To get listed, I need your URL, company or appraiser's name, and geographic
area (don't forget to include your state). Sorry, only one state per
listing.
I see so many appraisers web sites with hit counters showing a really low
number. One way to increase traffic is with reciprocal links. If you give
me one, your link is highlighted.
---------------------------
Why do you want other appraisers to come to your web site? Referrals!
>>>>>>>>>>>>>>>>>> LOTS-A-LINX <<<<<<<<<<<<<<
Ever need a good quote for a presentation? I haven't been able to find a
good site on the Internet (let me know if you have one!) but the Zdnet
library has some good shareware programs at
http://cgi.zdnet.com/slink?/adeska/adt1122kd/4122:749925
--------------------------------
Still not ready for Y2K even after seeing that TV movie this weekend? Try
http://cgi.zdnet.com/slink?/adeska/adt1122ba/4138:749925 and on this site
at http://www.appraisaltoday.com/y2k.htm . Warning - both are a bit
"techie"!
--------------------------------------
Not sure about online shopping or want to check a site out. Good tips at
http://cgi.zdnet.com/slink?/adeska/adt1101ba/4047:749925 . If you've got a
shopping site you like, let me know and I'll pass it on plus you may see
your name in next week's email!
-----------------------------
I found an interesting 46 slide powerpoint retail investment forecast
2000, dated 8/26/99, at the Marcus & Millichap site at
http://www.mmreibc.com/Outlook2000/sld001.htm
-------------------
A steady real estate investment environment and vibrant economy continuing
through the year 2000 was forecast by Landauer Realty Group, Inc. Chief
Economist Hugh F. Kelly. Go to
http://www.prnewswire.com/gh/cnoc/comp/136726.html and click on the Nov. 18
press release. I didn't see the Executive summary of the 2000 forecast on
the Landauer site at http://www.landauer.com yet, only the 1999 forecast is
there now.
---------------------------------------
Free county demographics from The American Community Network at
http://www.acn.net.
----------------------------------------------
Acxiom/Dataquick and Marshall& Swift have teamed up for an Internet-based
replacement cost product targeted at the insurance industry. $2 per cost
estimate. Very interesting. To read the press release, go to
http://www.acxiom.com/acxiominprint/pr111599.asp (11/15/99) and
http://www.acxiom.com/acxiominprint/pr071499.asp (7/14/99)
-------------------------
I have posted to link to the FHA HOC centers on my FHA page. Santa Ana HOC
is at www.hud.gov/hoc/sna/snatapra.html . Links to other HOCs
are at http://www.hud.gov/hoc/sna/snat0006.html - Philadelphia, Denver, and
Atlanta.
>>>>>>>>> FLOOD MAP CD REVIEW-LOOKING FOR INFO <<<<<<
I am reviewing three flood map services - Digital Media Services,
Transamerica, and Lochsheil. If you have ever used one of these programs,
let me know what you think! Send email to mailto:ann@appraisaltoday.com
>>>>>>>>>>>>> APPRAISAL TODAY - DECEMBER ISSUE <<<<<<<<<
In the December issue of Appraisal Today subscription newsletter - PDF and
"paper"
Bad appraisers in California and Maryland - some bad, mostly stupid or
lazy! Plus tips on how not to get caught in flips.
1999 Year End tax planning for appraisers - Tax tips from Theresa Tocci,
CPA to save some bucks before the millennium
Marketing - Say Thank You - holiday gift ideas. Yes, I do discuss USPAP and
gifts!
News (More than is in press releases. I interview people!)
- FHA news - insurance, REOs, InTown, exam
- 2 pages, lots of info
- Primis acquires appraisal and title companies
- PricewaterhouseCoopers acquires Gulf/Atlantic
- Appraisal Institute releases proposed CMBS standardized valuation
template
- Costar Group to acquire Comps.com
- Interagency Guidance on High LTV Residential Real Estate Lending
- Bill Gates' $25,000 house tour
- Appraisal Institute and e-appraiser in joint venture
- Feds see risk in high LTV lending (duh!!)
- Residential lending - where are we going?
- A few good links
To get a sample newsletter, go to http://www.appraisaltoday.com/sample.htm
. To get an order form, go to http://www.appraisaltoday.com/orderfrm.htm .
Or call 800-839-0227.
================================================
You are free to send this email to anyone you want. However, if you want to
put it into a newsletter, or other printed material, **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.
-------------------------------------
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 or fax the numbers below (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
-------------------------------
Ann O'Rourke, MBA, SRPA, 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!
11/17/99 - Brittanica/FHA-E&O etc./directories
+ Encyclopedia Britannica/searches
+ FHA News - new Letter, E&O, InTown, Checklist, test
+ Office trends
+ Appraisal Today Newsletter-PDF format
+ Info on online appraiser directories and AMCs
+ Corrected link for fraud group
+++++++++++++++++++++++++
*******SPONSOR***************
Explore new flood determination technology and how it can make your job
easier and more productive. On Wednesday Night, November 17, 1999 at 8 PM
join our guest speaker Frank Carbone, Vice President of Customer Relations
for Transamerica Flood Hazard Certification - a frequent speaker at
industry and regulatory conferences and author of articles for various
industry publications. We will be meeting in e-appraiser's Open Chat Room
at www.e-appraiser.net. Learn more about the data and features of the new
revolutionary product that everyone is talking about - Flood Insights.
*****************************
>>>>>>>>>>>>> ENCYCLOPEDIA BRITANNICA/SEARCHES <<<<<<<<<
The Encyclopedia Britannica is online (free) at http://www.brittanica.com,
a great web site. When you do a search, you get info from the encyclopedia
as well as links to relevant web sites, news, and articles. Worth
bookmarking!! ----------------------- There are many, many search engines.
To look for a new one, or try out lots of them in a search, go to
http://www.allonesearch.com.
>>>>>>>>>>> FHA NEWS - LETTER,E&O,INTOWN,CHECKLIST,TEST <<<<<<<<<
On Nov. 12, HUD issued Mortgagee Letter 99-32, to all roster appraisers.
It discusses fees, liability, role of the appraiser, VC forms, and other
topics.
To read it, go to http://www.hud.gov/fha/mletters/mltrmenu.html and click
on Letter 99-32. I will also post it on the FHA page at
http://www.appraisaltoday.com/fha.htm .
------------------------------------------------
Getting E&O insurance for FHA appraisals is definitely becoming a problem.
So far, appraisal firms have reported problems with CNA, St. Paul, and
United National Insurance.
I contacted my insurance broker, Liability Insurance Administrators
(800-334-0652), who said their companies (Savers and Star) were going to
insure FHA VC sheets. http://www.liability.com .
I did not contact all the appraiser E&O insurance companies, so be sure to
contact yours.
Thanks to the appraisers who told me about their E&O problems!
-----------------------------------
The InTown scandal just keeps getting deeper and deeper. That's the company
that got the HUD foreclosure management contract in over 20 states in
March, lost the contract and went bankrupt in September. Seems like the
prez did jail time for forgery. Some appraisers have tens of thousands of
dollars in unpaid billings. More details in the "paper" newsletter,
Appraisal Today.
-------------------------------
Alabama appraiser Cliff Odom has compiled an 8-page comprehensive FHA
Inspection Checklist in PDF format. I have it on the FHA page at
http://www.appraisaltoday.com/fha.htm. Thanks Cliff! -------------------------
Mike Roskind posted a free on line 20-question test page, with answers.
Per Mike, about half of the calls for his study guide are from appraisers
who have sat for and dropped their first exam.
http://www.seanet.com/~mroskind/Exam.htm
>>>>>>>>>>>>>>>>>> OFFICE TRENDS <<<<<<<<<<<<<<<<
Grubb & Ellis' Office National Market Trends semi-annual issue just came
out. Check it out at
http://www.grubb-ellis.com/Research/publications-national.asp.
Here's a tidbit - "The domestic economy continues to soar, Southeast Asia
is on the cusp of recovery, and Latin American economies have largely
stabilized, suggesting that corporate earnings should rebound this year
from their disappointing performance in 1998. Office leasing activity and
absorption should rebound along with corporate earnings as companies
reinstate the facility plans they put on hold last year when prospects for
the economy and capital markets appeared much dimmer. Despite increasing
demand for office space, the large amount of new construction will restrain
increases in rental rates for the balance of this year."
>>>>>>>>> APPRAISAL TODAY "PAPER" NEWSLETTER-PDF FORMAT <<<<<<<<<
I had no idea PDF was so easy to set up! It took me about a half hour to
get Adobe Acrobat installed and output the newsletter in PDF format.
If you're a subscriber to the "paper" Appraisal Today newsletter and want
to receive the free PDF version, send email to
mailto:ann@appraisaltoday.com requesting to be put on the PDF list. You
will also receive the "paper" newsletter unless you request to not receive
it. This is available only to Appraisal Today monthly newsletter
subscribers ($99 for only year, $149 for two years). Why PDF? You can
receive the newsletter 5-7 days before you receive the printed version.
>>>>>>>>> INFO ON ONLINE APPRAISER DIRECTORIES AND AMCS <<<<<<<
I have posted my May, 1999 article, "Use appraiser directories to get
your firm on the Internet" at http://www.appraisaltoday.com/directories.htm
. Online appraisal directories have really picked up this year and
appraisers are reporting getting orders online. The recent deal between the
Appraisal Institute and Alterra (e-appraiser) is part of this trend. (More
details in the "paper" newsletter.)
-------------------
With the recent slowdown in business, appraisers are looking at AMCs. I
have also posted an article I wrote, "Appraisal Management Companies -
should you work for them?" and a current list of AMC web sites at
http://www.appraisaltoday.com/amcs.htm
>>>>>>>>>>>>>> CORRECTED LINK FOR FRAUD GROUP <<<<<<<<<<<<<
In last week's newsletter I posted the wrong link for Steve Smith's online
Fraud Group. Go to http://www.excite.com/communities/directory/ Search for
"Fraud, Real Estate, Bank or Mortgage Fraud"
A bit of a hassle to register but worth it. Don't forget to bookmark the
link and save your password!
I have a three page "Bad Appraisers" article in the December issue of
Appraisal Today. Got some interesting stuff off Steve's group web site.
>>>>>>>>>>>>>> MY FIRST WEB SITE AD <<<<<<<<<<<<<
I finally got my first web site banner ad after all these months working
for free! Thanks to Steve Collins at Goappraisers online appraisal
directory at http://www.goappraisers.com . (Note - his web site works best
with Internet Explorer.)
Check it out at http://www.appraisaltoday.com .
FYI I have ad info posted at http://www.appraisaltoday.com/advert.htm .
================================================
You are free to send this email to anyone you want. However, if you want to
put it into a newsletter, or other printed material, **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.
11/10/99 - Fraud/always tell/mergers/res forecast
New this week on Appraisal Today e-news
+ PricewaterhouseCoopers acquires Gulf/Atlantic
+ CoStar Group to acquire comps.com
+ Marketing tip - always ask, always tell
+ New fraud discussion group
+ Residential appraisal forecast
+ AI releases proposed CMBS Std. Valuation Template
+ California license early renewal news
+++++++++++++++++++++++++
>>>>>> PRICEWATERHOUSECOOPERS ACQUIRES GULF/ATLANTIC<<<<<
In its second acquisition in recent months (Korpacz was purchased in July, 1999), PricewaterhouseCoopers
(PWC) has purchased Gulf/Atlantic Valuation Services, Inc. (Gulf/Atlantic).
Florida based Gulf/Atlantic is a commercial appraisal firm specializing in providing appraisal and market study services for the healthcare and retirement industries. The company founder is Alan Plush, MAI. Sorry, both Korpacz and Plush weren't able to "cash out" and move to the Bahamas! They are both now working for
PWC.
I am still trying to contact someone at PWC to get info about their valuation services and expansion plans. More info in the "paper" Appraisal Today. Not much room in these emails... For subscribing info see the end of this email.
>>>> COSTAR GROUP TO ACQUIRE COMPS.COM FOR $102 MILLION<<<<
I've been hearing lots of talk about "the Holy Grail" of data/information on commercial real estate, starting with a physical inventory of all properties, to listings of properties available for lease or sale, and finally closed leases and sales.
CoStar is a major player in the office leasing market, with teams of researchers serving the real estate brokerage market in many large cities. Comps.com is the major player in commercial comparable sales, and has been working on setting up other services/information sources such as listings and loans.
Comps.com recently went public and on September 30th, 1999 reported net tangible assets of $46 million, which is principally cash.
The press release is at http://www.comps.com/news/press/press1999_11_04.asp
.
More info in the Appraisal Today "paper" newsletter, of course, !! Not much room in these emails... For subscribing info see the end of this email.
>>>>>>>>> MARKETING TIP-ALWAYS ASK, ALWAYS TELL<<<<<<<<
Here's a tip from my article, "How to have business come to you - always ask, always tell" at
http://www.appraisaltoday.com/client.htm
.
Always say thank you
How many times have you been called by an appraiser thanking you for a referral? You probably remember that person's name.
Always, always, always thank referral sources by phone, letter, or email. Then they will be much more likely to give your name out again. You have given them positive reinforcement.
How do you know where a client got your name? Whenever someone calls you about doing an appraisal, always ask where they got your name.
Seems like sales of my marketing books and tapes has really picked up in the past couple of weeks... wonder why?? Could be refis going into the tank and fewer purchases at this time of year. I have put all the books and tapes on one page at
http://www.appraisaltoday.com/marketing.htm
. I also have a link to my free marketing articles on that page.
>>>>>>>>>>>> NEW FRAUD DISCUSSION GROUP<<<<<<<<<<<<
Steve Smith, MAI, SRA has developed a seminar on bank fraud and has set up a Mortgage Fraud site on Excite. He has lots of files. Many are in Word format. Of particular interest is Smith's "Appraisal Liability, There Ought To Be A Law!", posted October 22, 1999.
>>>>>>>>>>> MBA'S RESIDENTIAL APPRAISAL FORECAST<<<<<<<<<<
In 1998, mortgage interest rates were at their lowest in 30 years and 6 million loans were refinanced. Purchase originations were 1.27 million.
In the summer of 1998, rates started increasing and the refi forecast for 1999 is 3.4 million loans, per MBA Chief Economist David Lereah speaking at the October Mortgage Bankers Association (MBA) national conference in Boston.
Lereah's forecast for 2000 is $940 trillion in originations, down 27% from 1999's forecast of $1.299 trillion, and 60% down from the 1998 all time high of $1.507 trillion. Even though substantial drops are predicted, 2000 is still just below the previous all time high of $1.1 trillion in 1994.
>>>> AI RELEASES PROPOSED CMBS STANDARDIZED VALUATION TEMPLATE<<<<
Although many appraisers say their clients only look at the value, for CMBS (Commercial Mortgage Backed Securities), the Wall Street underwriters use lots of the report, but don't typically use the values.
Whenever I have interviewed Wall Street CMBS (Commercial Mortgage Backed Securities) underwriters, they always say the same thing - they find the data and analysis in appraisal reports very useful in determining their underwriting values.
But, they have a hard time finding what they need in the reports as they are so different. The AI has developed a template for summarizing what is important to the underwriters to be put in the front part of the appraisal reports.
What do the Rating Agencies most use? Examples are Supply and Demand Analysis, Competitive Analysis Section, Sale and Lease Comparables, Capitalization Rates, Tenant Improvements and Leasing Commissions, Capital Expenditures.
Comments are requested by December 1, 1999, so don't wait!!
To get more information and to download the template (Excel format), go to http://www.appraisalinstitute.org/news/11-9-99_li.htm
>>>>>>>>>>> CALIFORNIA LICENSE EARLY RENEWAL NEWS<<<<<<<<<
If your California license expires before 6/30/2000, you can renew before 12/31/1999 and save 50%. Until the end of this year, renewals are four years for $810 (state certified). After that date, renewals are 2 years for $610. The minus is that you will have to take Federal and State regs (4 hour class). After 12/31/99 the class is no longer required.
Sure wish I had a bunch of seminars scheduled for November and December... Fortunately for me I renew on 6/23/2000 and can renew at the "old" fee!!
================================================
You are free to send this email to anyone you want. However, if you want to put it into a newsletter, or other printed material, **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.
-------------------------------------
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 or fax the numbers below (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
.
11/3/99 - Bad appraisers/appr. acquisitions/FHA
New this week on Appraisal Today e-news
+ Bad Appraiser in Md.
+ Two Bad Appraisers in Southern CA
+ Two Appraisal Companies Purchased
+ FHA- NAIFA letter, Apgar chat, E&O, exam Q&as
+ The "Other" email list + Email Problems
+ What's New at www.appraisaltoday.com
+++++++++++++++++++++++++
>>>>>>>>>>>>>>>>>> BAD APPRAISER IN MD.<<<<<<<<<<<<<<<<
Another appraiser gets into trouble in property flips. Don't wait to read
these stories as the Baltimore Sun only has them for free viewing for two
weeks! ($1.95 each after 2 weeks). The appraiser was appearing before a
state administrative law judge hearing charges brought by the state's
Commission of Real Estate Appraisers.
Oct. 28 story - Here's a few quotes - "G. Samson Ugorji, the appraiser, is
charged with producing misleading appraisals on four houses bought and
resold at large markups -- a practice known as flipping -- by Robert L.
Beeman of Wilmington, Del. Beeman has flipped more than 100 Baltimore
houses in the past three years. Ugorji's lawyer said his client performed
39 appraisals for Beeman."
"(Per his attorney, Mr. Nnaka) Ugorji received his standard $300 fee for
the appraisals and nothing more, Nnaka said, adding that his client Ugorji
"had no knowledge or information of Mr. Beeman's activities."
To view the Oct. 28 story, go to
http://www.sunspot.net/cgi-bin/editorial/story.cgi?storyid=1150160211580
On Oct. 29, the case was postponed for 2.5 months. The story is at -
http://www.sunspot.net/cgi-bin/editorial/story.cgi?section=archive&storyid=1
150160212254
NOTE: you may need to cut and paste these very long links into your browser.
------------------------
This is pretty typical. People involved in the flips make lots of money,
except for the appraisers who just get paid their normal fees. Pretty
pathetic!!! Stupid, lazy, or what??
Thanks to Richard H. Kern, SRA for posting this news on the Internet!
>>>>>>>>>>>>>>>>>> TWO BAD APPRAISERS IN SOUTHERN CA <<<<<<<<<<<<<<<<
The first case involved an accusation of performing appraisals in a series
of "Flip" transactions in which Grant Cooper of Woodland Hills, was alleged
to have grossly overvalued eight properties in Southern California
utilizing inappropriate comparable sales.
Loans made on seven of the properties Mr. Cooper appraised subsequently
defaulted with potential losses to lenders of over $1 million resulting
from the overvaluations. Mr. Cooper resigned his real estate appraiser
license without admitting the allegations. He also paid $10,000 in fine and
enforcement costs. This case was also referred to the District Attorney for
possible criminal prosecution.
In the second case Erich Martirosian acted as the real estate broker, loan
broker and appraiser in the same transaction. Martirosian's real estate
appraiser license was revoked, and he was required to pay a $10,000 fine
and enforcement costs of $10,752.
>>>>>>>>>>>>>>>>>> TWO APPRAISAL COMPANIES PURCHASED <<<<<<<<<<<<<<<<
Primis acquired Dallas-based E.T. Jones & Associates. They had previously
acquired a firms in Houston.
PriceWaterhouseCoopers acquired Gulf/Atlantic Valuation Services, Inc., a
commercial appraisal firm specializing in the healthcare and retirement
industries.
More details in the "paper" newsletter, Appraisal Today.
>>>>>>>>>>>>>>>>>> FHA-NAIFA,APGAR,E&O,EXAM Q&As <<<<<<<<<<<<<<<<
****If your E&O carrier has said they will not insure any FHA appraisals
you do, send me their name and phone number.**** Just hit the return button
or send to mailto:ann@appraisaltoday.com
I keep hearing rumors of E&O insurance companies refusing to insure FHA
appraisals done by fee appraisers. I have only one (unconfirmed as yet)
appraiser whose coverage was denied for FHA. Reportedly he was getting
insurance through a lender whose coverage was denied for FHA. Is this just
another alligator in the sewer rumor??
----------------------
NAIFA has sent a strongly worded letter to FHA (at http://www.naifa.com
).
Here are a few of the key points: - The revised Handbook and VC have a
number of specific problems related to inconsistencies, lack of clarity, or
asking for non-appraisal judgements that need to be fixed. - HOCs are
providing appraisers with differing advice. Uniformity is essential. -
Enormous confusion among lenders, appraisers, etc concerning new
requirements. - Fees are being improperly influenced by statements by HUD
employees and lenders. Marketplace is supposed to determine fees, not HUD
and lenders should be reminded of antitrust laws. - Insurers concerns
which have fueled concern about cost and availability of E&O insurance must
be addressed by HUD immediately.
-------------------- On Nov. 9, William
Apgar, the guy that signs the Mortgagee Letters, will be the guest on
e-appraisers monthly live chat at 5PM, eastern time. Should be very lively!
Go to http://www.e-appraiser.net
, and click on Chat Room (scroll down the
left side of the screen).
----------------------
Tom Jeffcoat has posted his FHA Exam Q&As at http://www.sunapp.com/fha.htm
>.
The references are still shareware, and each appraiser that finds them
useful is asked to send $20.00.
------------------
All my FHA information
is posted at http://www.appraisaltoday.com/fha.htm
>>>>>>>>>>>>>>>>>> THE "OTHER" EMAIL LIST <<<<<<<<<<<<<<<<
This email newsletter only comes out once a week, on Wednesday. It is sent
out to two mailing lists - e-appraisers' and my own internal, "in-house"
list.
I do send out emails on other days, which do not go to the e-appraiser
list. If you did not get the Commercial e-News on Oct. 22, or the email
newsletter I sent out last week (both were from Ann O'Rourke), you are NOT
on my in-house list. The Oct. 22 Commercial e-News is posted in the email
archives at http://www.appraisaltoday.com/email1.htm
To subscribe to my in-house list, send email to
mailto:info@appraisaltoday.com or go to
http://www.appraisaltoday.com/free.htm
>>>>>>>>>>>>>>>>>> EMAIL PROBLEMS <<<<<<<<<<<<<<<<
For unknown reasons, a few of you are receiving emails that don't "wrap"
and run off the edge of your screen. You can try to change your settings to
"wrap". Or, send an email to mailto:ann@appraisaltoday.com
and I'll send
you a specially formatted version of the email.
I had some email problems last week and lost a few messages. If you asked
to be put on the Appraisal Company Web Links page and aren't there, please
resend your request to mailto:ann@appraisaltoday.com
!
>>>>>>>>>>>>>> WHAT'S NEW AT WWW.APPRAISALTODAY.COM <<<<<<<<<<<<<
I have a new education providers page at
http://www.appraisaltoday.com/educ.htm
If you're wondering why I have so
many CA providers listed, we're on a four year renewal cycle and will have
over 5,000 appraisers renewing next year!
All my links communicating with other appraisers online using email lists
and chat boards is at http://www.appraisaltoday.com/appr__online.htm
All the appraisal vendor links are consolidated at
http://www.appraisaltoday.com/products1.htm
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