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Old email archives - 9/99 to 10/99
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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may be out of date!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.
10/27/99 - hi LTV/HUD problems/links
New this week on Appraisal Today e-news
+ Feds see risk in hi-ltv lending
+ Refis way down/purchases more stable
+ FHA inspection sheet
+ HUD property disposition problems
+ Over 100 appraisers on links page
+ A few good links - email, DSL, good computer column
>>>>>>>>>>>>>>>>>> FEDS SEE RISK IN HI-LTV LENDING <<<<<<<<<<<<<<<<
On Oct.12, a Joint Release by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, Office of Thrift Supervision, said that High-LTV loans were risky for banks. Here's a few quotes from the press release.
"High LTV residential loans carry higher risks than more traditional residential real estate loans. However, the regulators advised banks and thrifts that high LTV residential loans -- which represent 90 percent or more of the value of the residence held as collateral -- can be profitable when risks are effectively managed and loans are priced based on that risk."
"The guidance issued today listed four primary credit risks associated with this type of loan: increased risk of default and losses; inadequate collateral; longer terms, creating longer periods of exposure; and limited default remedies."
Duh... let me see, which is more risky 75% LTV or 125% LTV? For me, as an appraiser, I make money when the loan is originated and when it goes belly up into foreclosure and they decide to hire a real appraiser instead of an AVM!
For the press release, go to http://www.occ.treas.gov/ftp/release/99-93.txt
To download the document (Word format) go to http://www.occ.treas.gov/ftp/bulletin/99-38a.doc
>>>>>>>>>>>>>> REFIS WAY DOWN/PURCHASES MORE STABLE <<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly Mortgage Application Survey for the week ending Oct. 15, reported that mortgage loan applications for the week ending October 15 decreased 6.8 percent from last week. Compared to the same week last year, loan applications were down 53 percent, with refis down 84.2% and purchases down 6.7%.
>>>>>>>>>>>>>>>>>> FHA INSPECTION SHEET <<<<<<<<<<<<<<<<
Seems like a field checklist is popular with appraisers. I have received a few. Rick Solis has let me post his on my web site at -
www.appraisaltoday.com/check_list.htm
Thanks Rick!
>>>>>>>>>>>>>> HUD PROPERTY DISPOSITION PROBLEMS
<<<<<<<<<<<<
Sept. 17, HUD's Office of Inspector General issued a report, "Single-Family Property Disposition Program"
" In March 1998, the General Accounting Office (GAO) reported on FHA's Property Disposition Program. GAO concluded that FHA did not have adequate controls in place to oversee its Real Estate Asset Management (REAM) contractors and that property conditions were deteriorating."
"Our audit disclosed no improvement in program operations since GAO's report. Subsequent to field consolidation, inventory increased, sales to homeowners declined, age and condition of FHA properties deteriorated, revenue was lost, and holding costs increased. FHA continued to have poor control over its REAM contractors."
To download the full report (PDF format), go to http://www.hud.gov/oig/ig940001.pdf
>>>>>>>>>>>>>> OVER 100 APPRAISERS ON LINKS PAGE <<<<<<<<<<<<<
My free appraiser web site links page has over 100 appraisers at www.appraisaltoday.com/applinks.htm
If you link to www.appraisaltoday.com your link is highlighted. Yes, it will increase the number of visitors to your web site!! Also, it will give you practice in link exchanging, an excellent way to build traffic to your site.
My apologies to those who sent my their links and patiently waited for them to be posted... they're finally up...
Although I am restricting my list to only one state per firm, I couldn't resist Gary Laughton's -
http://ambergriscaye.com/appraisal/
- based in Vancouver BC - He has appraised in Belize, Canada, United States, Australia and Southeast Asia.
>>>>>>>>>>>>>>>>>> A FEW GOOD LINKS <<<<<<<<<<<<<<<<
Ever wonder why I put a space after all links? Find out why, plus some other good email tips at
http://realtytimes.com/rtnews/rtapages/19991022_email.htm
------------------------
Thinking about DSL or want to see how your provider rates? Go to http://www.zdnet.com/chkpt/adtewzd/cgi.zdnet.com/slink?10571:749925
Of course, I don't agree with the PacBell rating as mine was the "installation from hell" and it has had some outage problems here in the Bay Area. But I finally got my office network up and running and love it. My cable access at home has slowdowns during peak hours. No problems so far with DSL.
------------------------
One of my favorite computer columnists is David Einstein, to read his columns, published in a San Francisco, go to
http://www.sfgate.com/columnists/
and scroll down to David Einstein for the link. He's practical and not too "techie." His latest columns are on handheld organizers and digital photo editing.
10/22/99 Commercial news-OCC/USPAP/links
New this week at Appraisal Today's Commercial e-news
+ OCC survey - lower risk in comml real estate
+ September ASB Q&AS - 1999 USPAP
+ A few good links - court testimony, tenant info, etc.
>>>>>>>>>>>> OCC SURVEY - LOWER RISK IN COMML RE <<<<<<<<<<<
Overall, the OCC's Survey of Credit Underwriting Practices sees an increase in
credit tightening, including commercial real estate loans.
Changes in underwriting standards
Percent of banks
Year Eased Unchanged Tighten
1996 16 73 11
1997 38 52 10
1998 43 51 6
1999 23 60 17
To download the full report (9/30/99) in PDF format go to
http://www.occ.treas.gov/1999/September.htm
and scroll down to 9/30/99.
>>>>>>>>>>>> SEPTEMBER ASB Q&AS <<<<<<<<<<<
The September ASB Q&As address various issues in the 1999 USPAP. Here are the
four questions:
1. Why are Provisions now Rules?
2. Why was the word "criminal" substituted for "unlawful, unethical or
improper" in the Conduct section of the Ethics Rule?
3. What happened to Standards Rule 1-2 (e) from the 1998 edition of USPAP?
4. I liked the word "consider" in the previous editions of USPAP, why was it
taken out in so many places?
To get the answers, go to
https://www.appraisalfoundation.org/9-99q&a.htm
>>>>>>>>>>>> A FEW GOOD LINKS <<<<<<<<<<<
http://realdataexchange.com (no www) - lots of info on this site for
commercial real estate professionals. Don't go to just the appraisal section.
----------------
http://www.bizval.com/elaw9914.htm
- the Oct. 15 issue of E-Law Business
Valuation Perspective - a very interesting article on Advocacy, relating to
court testimony. Don't be turned off by the references to business valuation.
It applies to real estate valuation also.
Sign up for the free email newsletter.
--------------------
Looking for tenant information? Piknet has a good list of links at
http://www.pikenet.com/cgi-bin/webc/pikenet/question.webc?F=questions/questi
on_financial&sid=2Qs4xqEpy . You may have to cut and paste the link into yoru
browser. If this link doesn't work, go to http://www.pikenet.com
, click on Web
Resources on the left side, then click on Financial Research.
10/20/99 Speed addiction/virus alert/ACI
New this week on Appraisal Today e-news
+ Loan apps still crashing
+ New ACI User group
+ Speed addiction
+ Virus alert
+ Newbies and education providers web pages
>>>>>>>>>>>> LOAN APPS STILL CRASHING <<<<<<<<<<<<
At a recent real estate conference, one of the speakers mentioned that only
people with credit problems were refinancing now. Refi apps have been
declining dramatically since late 1998.
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results Oct. 13, reporting that mortgage loan
applications for the week ending October 8 decreased 7.1 percent from last
week. Compared to the same week last year, loan applications were down 70.0
percent. Refinancing activity represented 21.7 percent of total
applications, increasing from the previous week's 20.3 percent.
Purchases were down 0.7% from a year ago and 9.1% from 1 week ago. Refis
were down 82.4% from a year ago and 16.6% from a year ago.
To see a graph (1996 to 1999) and stats, go to
http://www.appraisaltoday.com/mbastats.htm
. Warning - can take awhile to
download!
At a recent appraisal conference in San Francisco, "Dr. Bill" Rayburn
predicted another 12 to 18 months before purchases start to drop, so
there is still time to plan ahead.
For some marketing ideas, go to http://www.appraisaltoday.com/biztips.htm
.
For information on my marketing books and tapes, go to
http://www.appraisaltoday.com/products.htm
.
>>>>>>>>>>>>>>>>>> NEW ACI USER GROUP <<<<<<<<<<<<<<<<
A new ACI user group has been started by Todd A. Cheffer, To sign up, go to
http://onelist.com/community/ACI-UsersGroup
. Or,
mailto:ACI-UsersGroup-subscribe@onelist.com . It is fairly active. If you
use ACI it is worthwhile joining.
>>>>>>>>>>>>>>>>>> SPEED ADDICTION <<<<<<<<<<<<<<<<
I got cable modem installed in my home on one computer in August, after an
18 month wait. No problems, except I couldn't stand to use my office
computers for dialup Internet access! My cost is $39 per month.
Last Friday's commercial e-news had a link to a demo of Marshall & Swift's
new 13 MB Commercial Estimator software. I downloaded it in less than a
minute.
In mid September, after various network hassles, I got DSL in my office
through my local phone company, PacBell. (Had to call my computer guru,
Robert Cullmann of Eon Technologies in Alameda, California) to fix the
network and install a hub.) Was it worth it? Yes. The cost for up to 5
networked computers is $79 per month (5 IP addresses and mailboxes).
With fast access your use of the Internet will change considerably. For me,
having the Internet "always on" was even better than the fast access. I use
it now much more than I did with dial up. I finally got my email configured
to get it from my ISP automatically every 10 minutes, so no more checking
once or twice a day....
What's the bad side? Higher prices than dial up access, more complex
installation if your computers are networked, sometimes long waits for
installation, some reliability problems .
Lots of appraisers are worried about security, but for most of us just
setting up password protected networking works fine.
I will have a two-page article on DSL and cable plus lots of links in the
November issue of Appraisal Today "paper" newsletter ($99 per year). For
information, go to the bottom of this email.
>>>>>>>>>>>>> NEW MELISSA VIRUS ALERT <<<<<<<<<<<<
A direct quote from the 10/16/99 MacAfee Virus Alert email:
Two variants of the Melissa virus, Melissa.u and Melissa.v, are being
reported in numerous locations. Both viruses arrive in the form of an
infected Word document attached to email. When the infected document is
opened, the virus infects Word's global template, Normal.dot. Once the
global template is infected, all future Word documents will be infected.
To identify infected emails, look at the subject line and body text of the
message. The subject line for an email infected with Melissa.u is
"pictures" and the body tag is "what's up?". The subject line for an email
infected with Melissa.v is "My Pictures" and the body tag is blank. If you
receive an email with either of these two subject lines, do not open the
attachment. Delete the email immediately!
Both variants delete data and spread very rapidly.
For more information on this and other viruses (including hoaxes), go to-
http://www.mcafee.com/centers/anti-virus/default2.asp
- sign up for the
free email virus news
http://www.symantec.com/avcenter/index.html
or for MelissaU go to
http://www.symantec.com/avcenter/venc/data/w97m.melissa.u.gen1.html
I knew there was a reason why I keep procrastinating on getting Word! (I do
have a Word reader.) ;>
>>>>>>>>>>>>> NEWBIES AND EDUC. PROVIDERS <<<<<<<<<<<<<
I am working on new pages for www.appraisaltoday.com for Wannabe and newbie
appraisers. I keep getting calls and emails from people who are trying to
get work after passing the trainee exam or who are interested in "becoming"
appraisers.
I also get lots of calls from appraisers looking for continuing ed (mostly
in northern CA) so I am putting up an education provider page. If you're a
provider with a web page, or know of any, let me know.
Let me know if you have any ideas of good stuff for these two pages.
10/15/99 - Commercial Appraiser
e-News - lots-a-links/digital fotos/AI database
New this week at Appraisal Today's Commercial e-news
+ Lots a links
+ Appraisal Institute commercial database final vote
+ Gone digital
>>>>>>>>>>>> LOTS-A-LINKS <<<<<<<<<<<
Ever wonder How Stuff works, such as cavities, bits and bytes,
refrigerators, Java, cruise missiles, and lots of other stuff? Go to
http://www.howthingswork.com/ . I liked the history of modems, starting
with 300 baud (Yes, I remember those days!). A very popular site and a
great site to bookmark.
To check prices on lots of stuff, go to http://www.pricescan.com
Objective, as vendors don't pay to be listed.
Where did I get these links (and lots of other computer tips)? From the
REAMUG Journal - computer info for appraisers written by Mary Dum,
appraisal computer guru. For more information, go to
http://www.appraisaltoday.com/reamug.htm
An excellent resource for all appraisers, both commercial and residential.
---------------------------------------------
I just finished compiling a long list of links for a real estate
journalists group I belong to (NAREE, National Association of Real
Estate Journalists). Here's some that are good for appraisers -
Real estate news - all have daily news plus daily email summaries
http://www.inman.com - Inman News
http://www.realtytimes.com - Realty Times
http://www.rismedia.com - Relocation Information Service Inc, RISMEDIA
http://www.reforum.com - Real Estate Forum commercial real estate news
--------------------------------
Business and real estate news
http://www.amcity.com - American City Business Journals
http://ajr.newslink.org/news.html
- American Journalism Review NewsLink -
links to newspaper sites all over the U.S. and the world
http://www.naa.org - Newspaper Association of America - links to U.S.
newspapers (Hotlinks)
http://www.prnewswire.com - searchable press releases
http://www.bizwire.com - searchable press releases
http://mylook.com - set up your own customized news page
http://www.newspage.com - customized news
http://www.mbaa.org - Mortgage Bankers Association - news
-------
Government
http://www.lawcrawler.com - legal cases and laws
http://www.census.gov - U.S. Census Bureau
http://thomas.loc.gov/ - Federal legislation
http://www.gao.gov - General Accounting Office
http://www.fedworld.com - Federal government info access
http://www.freedgar.com - SEC filings
>>>>>>>>>>>> AI COMMERCIAL DATABASE FINAL VOTE <<<<<<<<<<<
The final, final vote on the Appraisal Institute Commercial Database
will be by the Executive Committee at their Oct. 24-25 meeting.
Database information is open to all appraisers, but AI members get
discounts and other benefits, including royalties.
The residential database has been approved and is slated for roll
out in early 2000.
Will the database be successful? I don't know of any successful
commercial appraisal database on a state or regional basis except for
comps.com, but there are several residential appraisal databases that
have been going for over 20 years. Getting commercial appraisers to
share data is very difficult.
If your business is based on "having all the sales data", be wary.
Many appraisers had to change their business strategy when Comps, Inc.
(now Comps.com at http://www.comps.com ) came to their area. Oddly, most
of the database objections I have heard were from appraisers in urban
areas already served by comps.com.
The database will have lease and rate info, which is valuable to
many appraisers. I use Comps, but it is very weak on lease and expense
info. Aggregated statistical data would also be great.
I can't decide whether I am pro or con on the database, but I
definitely applaud the AI's effort to be proactive and get out of the
"appraiser as victim" mentality, all too common today.
FYI - The Oct. 1 article in National Mortgage News, summarized on
the NAR web site/email news was incorrect. The reporter even got the
residential and commercial databases mixed up...
If you have any last minute comments, send them to Tom Motta, MAI, SRA
at mailto:tommmai@worldnet.att.net
.
>>>>>>>>>>>> GONE DIGITAL <<<<<<<<<<<
A few months ago, I finally "went digital" on my commercial narrative
appraisals, after a year of using digital photos on my residential form
appraisals. Why did I finally switch? My 35mm camera broke halfway
through an inspection! Why not just make color copies of photo pages
or scan negatives. Well.... seems like I always need "another photo" at
the last minute!! Now I just go out and take it, bring it back, and
print the photo page.
After fighting with WordPerfect for a couple of hours (file size of 2MB on a page with only two photos) I changed to my desktop publishing
program, Quark XPRESS, which references the photos and doesn't put the expanded image into my file. Quark is expensive and difficult to learn.
I'm sure that programs such as Microsoft Publisher, which are inexpensive and easy to learn, will work fine.
Word processing programs work great for words and not very good for
images. Desktop publishing programs work great for image management
but are lousy for word processing.
Downloaded photos from my camera are kept in a separate subdirectory for
each appraisal, but could be easily put into a database program such
as Excel.
I still use WordPerfect for report production. For my photos, I set up
templates in Quark, where each image box and associated text description
box are "locked" into position on each page. I set up templates for
the subject, comps, and rental photos. Pages are numbered sequentially,
using S1+ for subject, C1+ for comps, and R1+ for rentals, using text
boxes. The page numbers into my table of contents in WordPerfect.
Why hadn't I gone digital before? I was spoiled with the very easy photo
management of my forms software, which displays thumbnail images that you
drag and drop right into the report.
I downloaded ThumbsPlus ( www.cerious.com
) and got the same drag and
drop functionality into my publishing program. I click on the
subdirectory with the appraisal photos and it displays thumbnails of
all the images. I can rename the Windows filename right in the program
while viewing the images, can resize the images, printout a contact
sheet, etc. I have both ThumbsPlus and Quark open at the same time
and drag and drop the photos right into my photo pages.
I use an Epson 320L camera (medium setting, about 150K per image), an
Epson 850 inkjet color printer, and Epson's photo quality paper. The
photos look great... The paper is a key factor.
Most commercial appraisers have the report and the photos in
different files and print them out separately, whatever programs
they use.
Thanks (again) to Mary Dum of REAMUG for her recommendation of
ThumbsPlus, Epson printers and camera, and the great Epson paper.
Now all I need is a color laserjet!!
For more info on digital photos and other tech topics, go to
http://www.appraisaltoday.com/tech.htm
10/13/99 - FHA/refis/regulations
New this week on Appraisal Today e-news
+ More FHA - Alaska, Online seminars, etc.
+ The last refi boom?
+ Appraisal regulatory tidbits
+ Misc stuff - Internet and business, ordering AI books
+ Getting duplicate emails?
>>>>>>>>>>>>>>>>>> MORE FHA <<<<<<<<<<<<<<<<
I have posted the HUD response to (most of) the Alaska Appraisers questions at http://www.appraisaltoday.com/fha.htm (scroll down the page). Thanks (again!) to Steve Turner for getting SAHOC to send the digital file... I have all the FHA links from last week's email posted there also.
The Appraisal Institute has a new online FHA seminar. Check it out at http://www.appraisalinstitute.org/Onlineed/ol697detail.htm
The price is $85 for Members $99 for Non-members. You can register and pay by credit card online. Start dates are October 15, November 1, November 15, and December 1, 1999.
The Lincoln Graduate Center also has an online FHA seminar. For info and sample lessons, go to
www.lincoln-grad.org . Scroll down to the bottom of the screen. The price is $145 ($120 for members).
To chat with other appraisers about FHA go to the very active NAIFA appraiser chat board at
http://www.naifa.com/chat/hud/index.cgi
Recent topics include the formation of an InTown vendors coalition (Intown was an FHA master contractor that recently declared bankruptcy.), new construction and the VC sheet, a new 4150.3 (?) manual, and limiting conditions.
Fees are all over the board, from no increases to almost double, depending on the area. Lots of appraisers and slow work = low fees, of course. Hard to say how many appraisers will quit doing FHA work.
>>>>>>>>>>>>>>> APPRAISAL REGULATORY TIDBITS <<<<<<<<<<<<<
A few tidbits from last weeks AARO (Association of Appraisal Regulatory Officials) meeting in San Diego. HUD officials gave a very interesting presentation. More details in the "paper" newsletter, of course!
- 14 states regulate home inspectors, but the strictness of the regulations vary widely. - State enforcement penalties vary widely, with some states not able to offer education alternatives, due to their regulations. Very wide range of enforcement among the states. - The Appraisal Subcommittee has been emphasizing enforcement in their audits of the states, and will continue in the next audit cycle. The ASC is setting up a master database of license history reports, including appraisers who have been sanctioned on their web site. - One appraiser is licensed in 43 states. Licensing in 20-30 states is "not unusual." Hmmm... wonder how much time they spend on continuing ed!
For more info on AARO, go to http://www.aaro.net
. This is "the" organization for appraisal regulators, including Board members and administrators. Meetings are open to all appraisers.
>>>>>>>>>>>>>>>>>> THE LAST REFI BOOM? <<<<<<<<<<<<<<<<
At last week's Real Estate Information Providers Association (REIPA) meeting in San Diego, the best quote was from Scott Cooley of Contour Software (now part of First American Real Estate Services), who said (This was) "the single last refi boom we will ever see." Per Cooley, servicers will offer easy and cheap streamlined refis to current customers to keep the loan servicing. Makes sense to me. For more info on REIPA, go to
http://www.reipa.com . It is "the" organization for data providers and allied companies.
Let me see... 1998 was the highest level of first mortgage loans recorded but there was no severe shortage of appraisers, no big increases in fees, etc. like there was in the early 1990s. Why not? The industry is already moving toward alternatives to the URAR.
For me, the highlight of the meeting was the speech on privacy by David Brin, my favorite science fiction author (The Postman, Startide Rising). He has written a book, "The Transparent Society," where his argument is that openness fosters freedom more effectively than secrecy, a controversial position. As an added bonus, I ended up sitting at his table for lunch!
Fannie want to close in 72 hours. Why the speed? Competition, particularly in the refi market which moves very fast and is very volatile. For lenders, the longer the process, the higher the fallout of deals that fall though. Two weeks ago my mortgage broker closed a jumbo loan on our house in a week. $420,000 loan, no doc/no verification. The appraisal had been previously - we put the loan on hold for a few weeks due to high rates.
>>>>>>>>>>>>>>>>>> MISC STUFF <<<<<<<<<<<<<<<<
The October 3 issue of Business Week was an excellent issue on the Internet and how it affects business. Unfortunately, the web site at
http://www.businessweek.com doesn't have much available, except at $2 per story, unless you're a subscriber. Try your local library for a copy.
FYI - If you tried to order the Real Estate Damages book (or any other book) from the Appraisal Institute and had problems, there's a good reason - phone problems. Temporarily, you can call Gail Ball at 312-335-4428.
>>>>>>>>>>>>>>> GETTING DUPLICATE EMAILS? <<<<<<<<<<<<<
The email software used for these emails is based on email addresses. If you have more than one email address, you will get more than one email. Decide which email address you want to use and remove yourself from the other email addresses. At the end of each email is removal instructions.
If all else fails, just hit the return button and put "remove" in the subject line or in the top of the message.
10/8/99 - Commercial Appraiser
e-News - AI-ABnet/Ind. Contractors/search
New this week at Appraisal Today's Commercial e-news
+ Welcome and info
+ AI and ABNet AMC - comml. Appraisals
+ Independent contractors - yes or no
+ Search tip
>>>>>>>>> WELCOME TO THE NEW COMMERCIAL E-NEWS <<<<<<<<
I have been wanting to do something "just for commercial appraisers" for
quite a while, particularly since I am doing more commercial appraisal work.
What's the difference between the Commercial e-news and the Appraisal Today
e-news? This email is all commercial appraisal stuff. General interest
topics such as tech links will be in the Appraisal Today e-News.
>>>>>>>>> AI AND ABNET AMC - COMML. APPRAISALS <<<<<<<<
The Appraisal Institute has purchased an equity interest in ABNet, an
appraiser-run AMC (appraisal management company). The Appraisal Institute
made an initial $100,000 stock investment, with a possible total investment
up to $300,000, which allows the AI representation on the ABNet Board of
Directors.
Until now ABNet only did residential appraisals. Now they are planning on
doing commercial appraisals, such as national portfolio work. They will use
exclusively Appraisal Institute designated members with MAIs and SRPAs, who
will get access to a market few now have such as valuing large portfolios
of hundreds of properties. Details and roll out are still being worked out.
For more information on ABNet, go to http://www.abnetllc.com
or call (800)
492-2638. To read the AI press release, go to
http://www.appraisalinstitute.org/news/8-26-99_pr.htm ABNet also plans to
give preference to residential AI designated members.
>>>>>>>>> INDEPENDENT CONTRACTORS - YES OR NO <<<<<<<<
I have never figured out why appraisal firms think they have a "right" to
classify their appraisers as independent contractors. Every month at least
one appraiser calls me about using independent contractors. Unfortunately,
it is usually in reference to an ongoing audit by the IRS or a state
employment department. Often the audit was triggered by an appraiser filing
for unemployment.
Correctly treating your appraisers as employees or independent contractors
is very critical to the success of your company. Incorrectly classifying
appraisers as independent contractors can bankrupt your firm if you fail an
IRS audit.
To get more information, go to http://www.appraisaltoday.com/personne.htm
>>>>>>>>> SEARCH TIP <<<<<<<
My favorite search web site is http://www.profusion.com
. It is actually a
metasearch site, which searches multiple search engines. You can select
which ones to use. For a more sophisticated search tool, download
http://www.copernic.com .
10/6/99 - Lots-a-FHA/apps down/AMCs
New this week on Appraisal Today e-news
+ Lots-a-FHA - Alaska, liability, Q&As
+ Loan apps down
+ AMCs
>>>>>>>>>>>>>>>>>> LOTS-A-FHA <<<<<<<<<<<<<<<<
Seems like the Alaska Appraisers Letter to HUD has actually gotten a
response! (Well... most of their questions were answered.) Seems like
Senator Stevens, Alaska's senior senator was a big help to the appraisers.
Many thanks to Steve Turner (mailto:turner@alaska.net
) of Anchorage Alaska for
faxing me the 14-page HUD letter. I'll have it posted, plus the Apgar
letter (see below) the second week in October as I am in meetings this week
and didn't have time to retype it before leaving. My apologies to Steve for
leaving out his name in this month's Appraisal Today "paper" newsletter
article "FHA - the good, the bad, and the ugly". He is one of the "Alaska
Appraisers" who signed the original letter!
In his letter Mr. Apgar states that, "FHA will not, for a period of six
months, place into effect regulatory changes which will impact the manner
in which the Department currently takes enforcement actions against
appraisers who perform appraisals that are not in compliance with FHA
requirements. The current process will remain in effect until the industry
has had a greater opportunity to become familiar with the revised
Handbook." I guess they won't be kicking you off the list for 6 to 12
months for a "over 10% error in square footage" for 6 months...
The Appraisal Institute has the Apgar letter available (PDF format) at
http://www.appraisalinstitute.org/news/fhaletters.htm
Scroll down to the
bottom of the AI's "Special Alert To All Members."
--------------------------------
Liability Insurance Administrators has put their latest Claim Alert,
"Managing exposure in the face of HUD reforms," referenced in this month's
Appraisal Today "paper" newsletter on their web site. Go to
http://www.liability.com/ Click on the Claims Information button, and then
Click on the "HUD Appraisal Reforms" link on the page. The Alert has some
good advice. Thanks again to LIA!
-------------------------------
HUD has posted "homebuyer protection plan frequently asked questions"
http://www.hud.gov/fha/sfh/buying/protect.html
Here are a few gems:
"Will appraisers be able to charge a higher fee for the increased reporting
requirements? It is the Department's position that appraisal fees should
not increase as a result of the recent changes. The appraisal process for
HUD has remained largely unchanged. The new forms only require confirmation
of pre-existing requirements already contained in MPR."
"On Page D-9, Room Grid, (of the manual) appraisers are instructed to enter
the appropriate square footage for each designated room area. Is this
correct? No. The Handbook will be revised to reflect "enter the appropriate
number for each designated room area."
-------------------------------
FYI, I haven't done FHA appraisals since 1989. I was on the list for a year
and decided I didn't want to poke into crawl spaces and attics, turn on
sink faucets, put up with idiotic reviews, etc. for the fees FHA allowed at
that time (less than fees for conventional appraisals).
--------------------------------
For all the FHA links (except for those in this email) go to
http://www.appraisaltoday.com/fha.htm
>>>>>>>>>>>>>>>>>> LOAN APPS DOWN <<<<<<<<<<<<<<<<
On Sept. 29, The Mortgage Bankers Association of America (MBA) released its
Weekly Mortgage Application Survey results, reporting that mortgage loan
applications for the week ending September 24 decreased 2.8 percent from
last week. Compared to the same week last year, loan applications were down
56.6 percent.
Refinancing activity represented 21.0 percent of total applications,
increasing from the previous week's 20.9 percent. ARM activity decreased
from 26.0 percent the previous week to 23.8 percent.
>>>>>>>>>>>>>>>>>> AMCs <<<<<<<<<<<<<<<<
Although many appraisers complain about Appraisal management companies,
many others want to work for them. I'm working on an update of my November,
1996 article "Appraisal Management Companies - should you work for them?"
(To read it, go to http://www.appraisaltoday.com/amcs.htm
). There is a
more current list of AMCs at http://www.e-appraiser.net - scroll down the
left side of the page and click on Internet links. If you've got any info
on AMCs, pro or con, let me know at mailto:ann@appraisaltoday.com .
>>>>>>>>>>>>>>>>>> TRAVELIN' THIS WEEK <<<<<<<<<<<<<<<<
FYI - I am in San Diego this week with no email access. (Too much of a
hassle to lug around a laptop plus cords, etc.!). I am attending AARO
(Association of Appraisal Regulatory Officials) and REIPA (Real Estate
Information Providers. So... I won't be able respond to emails until
Sunday... I'm trying not to think about 1,000++ emails waiting for me on
Sunday ;> . Also, I will be updating my web site with new appraiser links,
FHA stuff, etc. after I come back.
>>>>>>>>>> THE "PAPER" APPRAISAL TODAY NEWSLETTER <<<<<<<<<
In case you were wondering why I spend so much time ferreting out appraisal
news and "giving it away" in these emails... My primary publication is my
monthly Appraisal Today "paper" paid subscription newsletter, in
publication since 1992. These emails started in 1994 as a weekly supplement
to the newsletter, which only comes out once a month. As more and more
appraisers requested to be added to the list, it was expanded to include
nonsubcribers.
These emails only provide links and very brief summaries of topics. The
"full picture" is in the paid subscriber newsletter. 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
.
>>>>>>>>>>>>> FIRST COMMERCIAL EMAIL FRIDAY <<<<<<<<<<<<
My first commercial email is set to go out Friday
9/29/99 - FHA/scrap Departure/damages
New this week at Appraisal Today e-news
+ FHA notices from CO and KY regulators
+ AI says scrap Departure, STDS 4&5
+ New real estate damages book
+ A few good links
+ FHA exam Q&AS email address correction
>>>>>> FHA notices from CO and KY regulators <<<<<
On 09-24-9The Kentucky Real Estate Appraisers Board issued a policy
statement on the recent FHA changes. Per the statement, "... The most
important advice pertaining to the HUD/FHA Homebuyer Protection Plan is,
proceed with extreme caution! The question each appraiser should ask is;
"Do I want to complete HUD/FHA appraisal assignments?" The KREAB is not
going to offer advice or render an opinion pertaining to a business
decision. Only the appraiser can make that decision..."
---------------
On September 22, 1999 the Colorado Board of Real Estate Appraisers Board
issued an Advisory. Per the statement, " ... The Board advises licensees to
exercise an "abundance of caution" when making observations and preparing
reports as part of an FHA assignment. If the appraiser is at all in doubt
about a condition observed in the property, or feels they are not
sufficiently knowledgeable, then their concerns should be reported to the
lender-client. Licensees may wish to add "Extraordinary Assumption and
Limiting Condition" language to their HUD/FHA reports..." The notice
includes a sample statement.
-------------------
Both statements say that the HUD requirements are Supplemental Standards to
USPAP.
------------------------------
Both statements, plus all links and other documents, are posted on my web
site at http://www.appraisaltoday.com/fha.htm
I will be at the AARO (Association of Appraisal Regulatory Officials -
http://www.aaro.net ) meeting in San Diego next week. I'm sure the new FHA
regs will be a hot topic!
>>>>>>>>>> AI SAYS SCRAP DEPARTURE, STDS 4&5 <<<<<<<<<
In a presentation that woke up the room at the Sept. 14 ASB meeting (they
can be pretty boring!), Tony Graziano, chair of the Appraisal Institute's
Appraisal Standards Committee, testified that the AI is proposing to
eliminate Standards 4 and 5 (consulting), Departure, dedicate Standards 1
and 2 to Market Value, develop new standards for "Opinions other than
Market Value," and adopt rules within the ethics provision to address the
practice of consulting. The 11-member AI Committee plans on having a full
proposal by late November. Action by the ASB would not be until early 2001.
To contact Graziano, send email to mailto:AGraziano@irr.com
.
The ASB has a very interesting Issues Paper on Standards 4 and 5. I can't
find it on their web site at https://www.appraisalfoundation.org/
. To get
a copy, call 202-347-7722.
-----------------------------------
At the meeting the ASB summarized the responses to the Proposed Changes to
Standards 1 and 2. The biggest controversy was over signatory
responsibility (Std. 2-5), with 12 out of 14 respondents saying it should
have some big changes. See what you think at
https://www.appraisalfoundation.org/final-c-.htm
>>>>>>>>>>>>>> NEW REAL ESTATE DAMAGES BOOK <<<<<<<<<<<<<
I'm just reviewed Randy Bell's new book "Real Estate Damages, An Analysis
of Detrimental Conditions," published by the Appraisal Institute for my
Appraisal Today "paper" newsletters. Some fascinating case studies,
including Jeffrey Daumer's apartment house, O.J. Simpson's condo, the Love
Canal, and the 1964 Alaska earthquake/tsunami. The book has 100 pages of
references, lots of case studies, and practical tips on valuing damages of
all types.
This is one of the most comprehensive and practical appraisal books I have
seen for quite awhile. Also, it is well written and not full of stilted
textbook type words and phrases.
If you've taken Bell's seminar, buy the book as it is much more
comprehensive. To order a copy of the book (Members: $38, Nonmembers: $42)
call 847-640-5270.
>>>>>>>>>>>>>> A FEW GOOD LINKS <<<<<<<<<<<<<
Phone directories can really help locate a buyer, seller, tenant, landlord,
lost relatives or old college buddy! Yes, reverse phone directories are
available on the Web! My favorites are http://www.555-1212.com and
http://www.bigbook.com
------------------------------
Want to find appraiser email discussion groups and web chat boards? Go to
http://www.appraisaltoday.com/webfaqs.htm
for the links.
---------------------------
Steven Traub has an excellent list of commercial links at
http://www1.shore.net/~straub/comweb.htm
-------------------------
Decided not to move to Montana and become self sufficient? Thinking about
getting your computers ready for the millennium? Check out my links at
http://www.appraisaltoday.com/y2k.htm
>>>>>>>>>FHA EXAM Q&AS EMAIL ADDRESS CORRECTION <<<<<<<<<
My email of two weeks ago had an incorrect email address for Tom Jeffcoat's
list of FHA exam Q&As. Tom Jeffcoat has Q&As as shareware ($20) in PDF
format. To request them send email to mailto:tjeffcoat@bigfoot.com
.
FYI, HUD requires that all appraisers read the 4150.2 manual.
>>>>>>>>>> NOTICES TO EMAIL SUBSCRIBERS <<<<<<<<
The weekly commercial e-news is "on hold" until we can find paid sponsors.
Comml stuff will be included in the Wednesday emails.
---------------------
To find out "who's who" and What's what" on these emails, go to
9/22/99 -
FHA roster etc./links
New this week on Appraisal Today e-news
+ FHA Roster online
+ FHA Web page-HUD letter, CA/NV/AZ letters, etc.
+ Email FAQs page
+ A few good links
+ Appraiser links page up
>>>>>>>>>>>>>>>>>> FHA ROSTER ONLINE <<<<<<<<<<<<<<<<
Ever wondered who's on the FHA Roster? Go to
https://entp.hud.gov/cgi-bin/websql/idapp/html/apprlook.hts
Very interesting! I was surprised to see how many appraisers near me that were on the roster, even though there are very few FHA loans here. No, you won't see my name there! I quit the roster 10 years ago... fees to low for the amount of work...
>>>>>>>>>>>>>>>>>> FHA PAGE HAS LATEST INFO <<<<<<<<<<<<<<<<
I have posted the Alaska appraisers letter, HUD's Mortgagee letter saying the VC sheet isn't subject to USPAP, letter to AZ appraisers, and links to the NV and CA appraisal regulators at
http://www.appraisaltoday.com/fha.htm
I have also posted five places to get FHA exam Questions and answers.
>>>>>>>>>>>>>> EMAIL FAQS PAGE <<<<<<<<<<<<<
Wonder why you're getting all these emails? Want to eliminate duplicates? Confused about how to get on or off this list? Wonder who's running e-appraiser and Appraisal Today?
For answers to those questions, and a lot more, go to
http://www.appraisaltoday.com/our_emails.htm
Instead of filling up this email message, I posted it all to this web page.
>>>>>>>>>>>>>> A FEW GOOD LINKS <<<<<<<<<<<<
For some really good email tips "Effective E-Mail Is More Than Netiquette" go to
http://realtytimes.com/rtnews/rtapages/19990914_email.htm
-------------------
No ISP is perfect. But how do you find the best for you? ZDNet has a brief article plus links at
http://cgi.zdnet.com/slink?/adeska/adt0915sr/3853:749925
----------------
For an article on ISPs with a bit of an edge, read "Is Your ISP Already Extinct?" also at ZDNet.
http://cgi.zdnet.com/slink?/adeska/adt0915ba/3852:749925
----------------------
One of my favorite computer email mailing lists is http://www.NeatNetTricks.com/
Not too techie with some great tips and links.
>>>>>>>>>>>>>> APPRAISER LINKS PAGE UP <<<<<<<<<<<<
Don't forget to send me your web site link. It is free and I don't require a reciprocal link but if you give me a reciprocal link, yours will be highlighted!
One of the best ways to build traffic to your web site is through links from other sites. To see who's there from your state, go to
http://www.appraisaltoday.com/applinks.htm
Let me know if your link is OK (Sorry, only one state listing per company for now!). If you sent me your link and its not there, please resend it. If you have given me a reciprocal link and you're not highlighted, let me know. Its pretty hard to find links on a Web site!
>>>>>>>>>>>>>>>>>> MISC STUFF <<<<<<<<<<<<<<<<
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 a few typos!! To read the email archives, go to
http://www.appraisaltoday.com/email1.htm
------------------------------------------------
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
.
-----------------------
If long URLs are breaking into two lines, please cut and paste them into your browser.
9/14/99 - FHA/good appraiser
>>>>>>>> HUD SAYS VC SHEETS NOT SUBJECT TO USPAP <<<<<<<
In Mortgagee Letter 99-29, HUD says: " The Federal Housing Administration
(FHA) of the United States Department of Housing and Urban Development
(HUD) believes that any State licensed appraiser who has thoroughly read
the updated appraisal handbook (Handbook 4150.2..) will have the competency
to complete the Valuation Condition sheet and the Homebuyer Summary
form...The instructions are clear, concise, self-explanatory, and do not
require an appraiser to perform work outside the scope of his or her
expertise as defined by USPAP."
.."States regulate appraiser practices in accordance with USPAP (or
similar State standards based on USPAP). These standards do not cover
completing FHA forms such as the Valuation Condition Sheet or the Homebuyer
Summary. These extra forms are required only by FHA and only for FHA
purposes. Under Federal law the Department has the right to request the
provision of this additional information."
To read a copy of the 99-28 letter, go to http://www.hudclips.org/
then go
to What's New.
What do I think? HUD and the state regulators have different opinions!
Jursidictional exception? I wonder what the ASB will have to say...
>>>>>>>>>>>>>>>>>> FHA VC UPDATE <<<<<<<<<<<<<<<<
The September 10 deadline for use of the VC sheet has come and gone (for
numbers issued on or after 9/10/99). How many appraisers are filling them
out? - Nevada - no changes, the VC sheet is still a no-no because of
competency and home inspector licensing issues. No news yet. No FHA
appraisals in Nevada I guess. - Alaska - a 7 page letter was sent by
Alaska FHA appraisers addressing many concerns with both the VC sheet and
the manual. I will post the letter within the next week. - Arizona -
competency issues - California - competency issues, advises including an
Extraordinary Assumptions and Conditions.
I'm working on a long article for the October issue of Appraisal Today,
"FHA - the good, the bad, and the ugly". For subscription information, see
the bottom of this email. News is coming in every day. Yes, I am making
some predictions!
I will have the various letters posted to my web site by late Sunday
evening, with the links on the FHA page at
http://www.appraisaltoday.com/fha.htm
>>>>>>>>> ANSWERS TO FHA EXAM QUESTIONS <<<<<<<<
So far, I have four sources (not counting seminars and workshops). All
except for #4 have page references from the manual.
1. "FHA Study Guide - 200 Questions and Answers" - compiled by Mike Roskin, a Washington
appraiser. Binder format. Includes page references. Price is $29.99 with a
$10 rebate if you send in your comments on two of the questions after
taking the exam. Order from Roskind Appraisal Service, 14651 N.E. 179th
St., Woodinville, WA 98072. For more information, go to
http://www.seanet.com/~mroskind , mailto:mroskind@Seanet.com or call
(425)-483-1891.
2. "FHA Appraisal Exam Questions with References to
Probable Answers" - compiled by Tom Jeffcoat's daughter. Jeffcoat is a
Nevada appraiser. Available only as "shareware" via email in Adobe Acrobat
format. Free email updates. Pay $20 if you found it useful.
Mailto:tjeffcoat@bigfoot.com .
3. "How to Pass the HUD/FHA Appraisal Methods and Procedures Test" - Henry Harrison. Paperback. $35.95. Call
800-243-4545. Includes the 4150.2 manual. I haven't seen this book, but
assume it is similar to his other books. I assume it has page references
from the manual. No web site.
4. Tim Poppaw has a page where you can post
answers and read other appraisers' answers at
http://www.appraisal-network.com/FHA/200_FHA_Questions.htm
.
>>>>>>>>>>>>>> WHAT'S A GOOD APPRAISER? <<<<<<<<<<<
Everybody has a different opinion of a good appraiser -clients, review
appraisers, other appraisers, regulators, etc.
Who do you call when you have an appraisal question? I bet it's a name from
a short list of good appraisers.
Here's a few characteristics: - Has a career, not just a business or a job
- Talented. Is able to take conflicting information and pieces of a puzzle,
and make a reconciliation. - Doesn't use a "cookbook" or pull out a form,
previous appraisal, seminar notebook, or textbook and fills in the numbers
without considering if it is the best approach - Very good interviewer,
able to get people to talk - Looks beyond the comps. Analyzes and
considers the current and future markets, not just the past (comps).
This is a brief excerpt of an article at
http://www.appraisaltoday.com/goodappr.htm
See if you agree with what I
think!
>>>>>>>>>>>>> APPRAISAL TODAY VS. E-APPRAISER <<<<<<<<<<<<<
Appraisal Today and e-appraiser are part of completely different companies
and have different web sites.
I have been sending out these emails since June, 1995. This month, my
weekly emails are being sent to both my inhouse list and e-appraisers'
mailing lists. Why? My emails are sent to 12,000 appraisers instead of
2,000!
I still have my own email list at Appraisal Today and will be periodically
sending emails only to my list. You can sign up at my web site,
http://www.appraisaltoday.com .
>>>>>>> FIRST COMMERCIAL APPRAISER E-NEWS FRIDAY <<<<<<<<
My first weekly commercial appraiser e-news will go out Friday. If you're
getting this email, you will also get the commercial e-news.
>>>>>>>>>>>>> LOAN APPS <<<<<<<<<<<
Here's the latest weekly mortgage origination stats from the Mortgage
Bankers Association
( http://www.mbaa.org )
Change in Number of Applications (%)
-----------------------
1 Week 4 Weeks 1 Year
Applications Ago Ago Ago
------------ -----------------------
Total - 13.8 -14.5 -49.3
Purchase -13.9 -14.6 -16.5
Refi - 13.3 -14.4 -79.4
------------- -----------------------
Conventional -13.9 -14.0 -52.7
Purchase -13.3 -12.6 -22.3
Refi
-15.9 -18.0 -78.5
------------- -----------------------
Government -13.4 -16.1 -35.0
Purchase -15.8 -19.3 1.6
Refi
13.8 25.2 -83.9
>>>>>>>>>>>>>>>>>> MISC STUFF <<<<<<<<<<<<<<<<
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!! To read the email archives, go
to http://www.appraisaltoday.com/email1.htm
------------------------------------------------
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 .
-----------------------
If long URLs are breaking into two lines, cut and paste them into your
browser.
------------------------
9/8/99 - FHA FAQs/Fannie Guide/Links Page/Total/Ads
>>>>>>>>>>>>>>>>>> WELCOME! <<<<<<<<<<<<<<<<
Welcome to the new subscribers from e-appraiser! I have been sending out
these weekly emails since June, 1994, back when I used CompuServe. The
first email message went to four appraisers and is now up to over 12,000
appraisers.
To read the old emails (and get lots of other info), go to
http://www.appraisaltoday.com/email1.htm
>>>>>>>>>>>>>>>> FHA FAQs <<<<<<<<<<<<<<<<
What are appraisers' FHA FAQs (frequently asked questions)?
1. Will they extend the Sept. 10 VC sheet deadline? No signs of it, even
though Nevada said their appraisers weren't qualified to fill them out. (NV
licenses home inspectors.)
2. Will they extend the February 1, 2000 test deadline? Haven't heard a
peep about an extension.
3. How much are fees going up? Lots of controversy over this one! I have
seen quotes from $50 to twice today's fees plus rumblings of HUD setting
fees and borrowers abandoning FHA loans. Of course, the market will tell.
4. Where are the answers to the 200 questions? I actually have a good
answer to this question - coming next week!! So far, I have found four
sources, not counting seminars.
For more FHA info and lots of links, go to
http://www.appraisaltoday.com/fha.htm
.
>>>>>>>>>>>> FANNIE MAE GUIDELINES NOW ONLINE <<<<<<<<<
Lots of underwriters refer to "Fannie Mae Guidelines" but how many
appraisers (or underwriters) have a copy?
I have posted Part VII of the Fannie Mae Selling Guide, the Property and
Appraisal analysis section, at http://www.appraisaltoday.com/fha.htm
.
The document is in Microsoft Word format so I have posted a link to
download the free Microsoft Word Reader if you don't use Word. You may have
to right click on the mouse to "Save as."
Some parts of the manual are outdated, such as information on the new
forms. Links on the web page for updates.
Thanks to Clint Chappel of Fannie Mae for emailing me the guidelines!
>>>>>>>>>>>>>>> TOTAL 2000 EMAIL LIST <<<<<<<<<<<<<
I am re-posting this message from a few weeks ago as I have subscribed. The
list is very active (about 10-15 messages a day) and well worth joining if
you use alamode software. Lots of tech tips.
Per a recent Internet posting by Brian Davis, SRA, "This list is NOT
sponsored by alamode, Inc., and in no way represents alamode's views,
opinions, or technical support of its WinTotal or Pocket Total products.
"It IS a an online community of real estate appraisers sharing information,
tips, tricks, and solutions that we can all use in our daily appraisal
businesses. To join, click on the URL:
http://www.onelist.com/subscribe/Total2000UsersGroup
and follow the
instructions."
>>>>>>>>>>>> COMMERCIAL APPRAISER E-NEWS <<<<<<<<<<<<
I have wanted to do a "paper" newsletter for commercial appraisers for
years but didn't feel there were enough potential subscribers to justify
the costs. Soon I will be sending out a weekly commercial e-news newsletter
- lots cheaper and easier than a "paper" newsletter! I'll keep you posted.
>>>>>> CHAT WITH FORMS SOFTWARE VENDORS SEPT. 14 <<<<<
The 8PM (Eastern time) Tuesday, September 14 guest speakers on e-appraisers
monthly live chat will be representatives from appraisal software forms
companies.
Come with your rants, raves, and wants. Find out when they think that "new
version" will really be shipping. What about Y2K? Windows 2000? What's the
best forms software? Should be very lively!
To join the chat, go to http://www.e-appraiser.net
Scroll down the left
side of the page to the Guest Speakers link, then scroll down to the link
for access.
>>>>>>>>>>>>> LOAN APPS UP <<<<<<<<<<<
I have been tracking the MBA's loan origination statistics for over 5
years. They tell appraisers the future, as typically appraisals are ordered
after the loan application. For past survey information and a graph from
1996 to current, go to http://www.appraisaltoday.com/mbastats.htm
Warning -
this can take awhile to download! Here's the latest stats -
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results September 1, reporting that mortgage
loan applications for the week ending August 27 increased 4.5 percent from
last week. Compared to the same week last year, loan applications were down
25.7 percent. The MBA seasonally adjusted Purchase Index increased from
271.0 the previous week to 289.5; the seasonally adjusted Refinance Index
increased from 440.4 the previous week to 456.4. Other seasonally adjusted
index activity included the Conventional Index, which increased from 362.2
the previous week to 380.0 and the Government Index, which increased from
185.0 the previous week to 203.8. Refinancing activity represented 21.0
percent of total applications, decreasing from the previous week's 21.2.
>>>>>>>>>>>>> ASB MEETING SEPT. 14-15 <<<<<<<<<<<<
I will be attending the ASB meeting in Los Angeles, California, Sept.
14-15. Topics on the agenda include the Exposure Draft of Proposed Changes
to USPAP and Exposure Drafts for Confidentiality and Unacceptable
Assignment Conditions (comp runs, value checks, etc.), and Standards 4 and
5 Issues Paper (consulting, a regular topic). Go to
https://www.appraisalfoundation.org
and click on What's New.
The proposed Confidentiality changes have been substantially revised. The
original version said that most of the front page of the URAR was
confidential, which would really cut back on appraiser data exchange and
cause other problems. The new draft proposes changes within USPAP to
address Confidentiality, a controversial topic. In my appraisal practice,
the problems are in my commercial appraisals where my report sometimes
contains confidential information (in the opinion of the owner of the
subject or comps). I have very, very few problems in my residential work.
If there are any hot issues you'd like me to check on, let me know at
mailto:ann@appraisaltoday.com
I will also be attending the AARO (Association of Appraisal Regulatory
Officials) meeting in San Diego Oct 2 to 5. I have been hearing that these
meetings are a real eye-opener for appraisers, letting appraisers see how
regulators look at appraisals and appraisers. They are the agencies that
enforce USPAP. For more info, go to http://www.aaro.net
, and possibly the
REIPA (Real Estate Information Providers Association) from Oct. 7-9. For
more info go to http://www.reipa.org/ .
>>>>>>>> APPRAISER LINKS PAGE FINALLY UP! <<<<<<<<<
I finally got the appraiser links page up at
http://www.appraisaltoday.com/applinks.htm
. Thanks to those who have
already reciprocated (put a link to Appraisal Today web site on their
page). The page is open to all, but those who give me a reciprocal link
will get highlighted.
I have a link to my Appraisal Today logo on the page, if you want to use it
on your web site, plus some sample descriptions, such as Click Here to Get
Rich Appraising (Just kidding ;>)
>>>>>>>>>>>>> ADVERTISING NOW AVAILABLE <<<<<<<<<<<<
I am finally taking advertising - in these emails, on my web site, and as
advertising supplements to my Appraisal Today newsletter. I sure wish I
woulda saved the phone numbers of all the vendors who wanted to advertise
over the past 7 years. Oh well..its only money! For info, go to
http://www.appraisaltoday.com/advert.htm
. Or call 800-839-0227, fax
800-839-0014 mailto:ann@appraisaltoday.com .
>>>>>>>>>>>>>>>>>> MISC STUFF <<<<<<<<<<<<<<<<
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!! To read the email archives, go to
http://www.appraisaltoday.com/email1.htm
------------------------------------------------
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 .
-----------------------
If long URLs are breaking into two lines, cut and paste them into your
browser.
9/6/99 - Date change/links
Starting this week, my weekly email newsletters will be sent on Wednesday.
My return address will be appraisaltoday@alterragroup.com
. (Another name
may be used temporarily.) Alterra is a company run by Joan Trice, SRA,
which has an online appraiser directory at http://www.e-appraiser.net
, and
does lender fee panel management.
I will still be maintaining my own list and will be sending messages to you
about once a month.
---------------------------
To remove your name, change your address, or send rants, raves, etc., send
email to mailto:ann@appraisaltoday.com
. If you hit the return button, I
will receive your email but it may be delayed a day or two. Or, go to
http://www.appraisaltoday.com and click on the Free email newsletter link
on the top of each page. Also, my email address is at the bottom of each
page.
If you don't receive any more emails for 2 weeks, let me know, as there is
a problem!!
------------------------------------
Of course, I can't resist including a couple of good links!
>From the NFIB web site - Upgrading RAM can be the most cost-effective way
to improve computer performance
(NFIB has redone their web site. You'll probably have to cut and past this
long link!)
http://www.nfibonline.com/growing/index.asp?ContNF=workshops/work.asp&CMp=/c
ontent/workshops/index8.26.99.html&CMt=Upgrading+RAM+can+be+the+most+cost%2D
effective+way+to+improve+computer+performance
------------------------
Too much email? Zdnet has some good tips
http://cgi.zdnet.com/slink?/adeska/adt0903sr/3816:749925
================================================
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!!
-------------------------------------
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 .
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