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Email archive - 12/2000
To get the very latest news,
sign up for our FREE weekly Appraisal Today e-news.
NOTE: some of the older links
may be out of date! For
older emails go to the links above.
For information on sponsoring
these weekly emails, contact Ann O'Rourke at ann@appraisaltoday.com
or call 800-839-0227.
To find messages, use this site's Search
page. Then use 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.
12/27/00 FDIC/FHA/directories
New this week from Appraisal Today e-news
+ NAR appraisal journal online
+ Evaluating Internet directories
+ FDIC watching for recession problems
+ FHA raises loan limits
+ Fed Watching
+ Free demographics narratives
+ Very good FHA links
+ Purchases down, refis up
>>>>>>>>>>>>> NAR APPRAISAL JOURNAL ONLINE <<<<<<<<<<<<<
The Fall Issue of the Accredited Appraiser Journal is online, including:
Five Ideas to Improve Your Narrative Report p.8 Jump Start Your Sales Plan
p.11 Let's Regress p.15 Electronic Signatures p.21
To read it, go to
www.narappraisalsource.com/AppSourc.nsf/pages/EA385B8A4FBDA469862569
B 4007680B9?OpenDocument
If the link above doesn't work, go to http://www.narappraisalsource.com
and click on What's New
>>>>>>>>>>>>> EVALUATING INTERNET DIRECTORIES <<<<<<<<<<<<<
I seem to be getting lot of calls and emails about Internet directories
asking, "Are they worth the money?"
For a summary of an article I wrote in June, 2000, plus a list of
directories, go to http://www.appraisaltoday.com/directories.htm
One way to check out a directory is to see who is listed there in your area
and call them to see if they get any work. Another way is to see which come
up when you're doing an Internet search for appraisers in your area.
Sorry, I have no information on which directories are the best!! Even if I
knew what the best national directory was, it may not be good for you.
>>>>>>>>>>>>> FDIC WATCHING FOR RECESSION PROBLEMS <<<<<<<<<<<<<
In a semi-annual report on risks in banking released December 20, analysts
with the Federal Deposit Insurance Corporation (FDIC) identified several
factors that have weakened the current economic expansion. Rising energy
prices, high levels of corporate and household debt, tight labor markets
and a weakening stock market all could portend slower economic growth and a
more challenging environment for insured institutions.
See what the FDIC says about your region's commercial and residential real
estate market. For the summary, go to
http://www.fdic.gov/news/news/press/2000/pr0091.html
In the fourth quarter edition of the FDIC's Regional Outlook, analysts also
report that while overall the banking industry remains strong, aggregate
risk to insured institutions appears to be rising, as evidenced by a
shifting over the past several years, in certain banking markets, of asset
mixes toward commercial and industrial, commercial real estate, and
construction and development loan categories, increasing concentrations in
these traditionally higher-risk loan types. After nearly a decade of
improving asset quality, the level of problem loans has begun to edge
upward, but remains favorable compared with the late 1980s and early 1990s.
To read the full reports, go to
http://www.fdic.gov/bank/analytical/regional/index.html
(Regional Outlook)
http://www2.fdic.gov/qbp (Quarterly Banking Profile)
>>>>>>>>>>>>> FHA RAISES LOAN LIMITS <<<<<<<<<<<<<
As of Jan. 1, the FHA will back loans of up to $239,250 in 19 high-cost
areas, 11 of which are in California, and least $132,000 elsewhere. Last
year they were $219,849 in the most expensive markets and $109,032
elsewhere. They correspond to a similar percentage increase in the
conforming loan limit
Freddie and Fannie recently raised their loan limits for SFRs, as of Jan.
1, to $275,000.
>>>>>>>>>>>>> FED WATCHING <<<<<<<<<<<<<
Well, we're all keeping a close watch on the Fed, hoping for lowered rates.
Too see what the experts at bankrate.com say, go to
http://www.bankrate.com/brm/news/mtga/20001221b.asp
>>>>>>>>>>>>> FREE DEMOGRAPHICS NARRATIVES <<<<<<<<<<<<<
Check out http://www.bea.doc.gov (Federal Bureau of Economic Analysis) for
computer-generated narratives for States, counties, and metropolitan
statistical areas. The narratives describe an area's personal income using
current estimates, growth rates, and a breakdown of the sources of personal
income.
Thanks to eagle-eyed Doug Smith, Southwest Montana, for sending me this
great link!
>>>>>>>>>>>>> VERY GOOD FHA LINKS <<<<<<<<<<<<<
A very interesting link lists all FHA appraisers and gives the number of
appraisals for each one through 4/2000. It also provides claims and
delinquency stats by appraiser but I'm not sure those stats are very
meaningful. Go to https://entp.hud.gov/idapp/html/appr_search.cfm
Thanks
(again) to Doug Smith for this great link!
Every got lost on the HUD Web site? I have, lots of times. There's a great
key word index at www.hud.gov/fha/sfh/keywords.html
Thanks to Barry Shea,
Gilford, NH, for posting this link on the chat board at www.naifa.com!
>>>>>>>>>>>>> PURCHASES DOWN, REFIS UP <<<<<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending Dec. 15 decreased 8.1 percent
to 371.9 on a seasonally adjusted basis from 404.8 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. On an
unadjusted basis, the application index decreased 8.8 percent, but was up
31.3 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased from 344.0 the
previous week to 302.2; the seasonally adjusted Refinance Index increased
from 758.4 the previous week to 777.2. Other seasonally adjusted index
activity included the Conventional Index, which decreased from 504.7 the
previous week to 467.1 and the Government Index, which decreased from 238.3
the previous week to 213.3.
=======================
To order a FREE sample issue of the monthly Appraisal Today newsletter or
to purchase the newsletter (tax writeoff for 2000 if purchased by December
31!!), go to http://www.appraisaltoday.com/sample.htm
12/20/00 Appraisers' petition/comml links/gifts
New this week from Appraisal Today e-news
+ Apps up, up, and away!!
+ Holiday gifts
+ Appraisers' petition to ASC
+ HUD terminates lenders
+ A few good Canadian links
+ A few good comml links
+ USPAP 2001 available
+ Tax writeoff - charge it by 12/31/00
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>>>>>>>>>>>>> APPS UP, UP, AND AWAY!! <<<<<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending Dec. 8 increased 5.9 percent
to 404.8 on a seasonally adjusted basis from 382.3 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released 12/13/00. On an
unadjusted basis, the application index increased 3.8 percent, and was up
38.1 percent compared to the same week a year earlier.
Refinancing activity represented 33.1 percent of total applications,
increasing from 30.1 the previous week.
The frantic calls for free "comp checks" from mortgage brokers I have never
heard of is picking up. We tried saying "We don't work for mortgage
brokers", "We're not taking any new clients", or "We don't do comp checks."
But these responses sometimes turned into strange conversations. Until last
week used to say we were booked up for the next 3-4 weeks, but now they say
they can wait until we have time. I have a new response, thanks to a local
appraiser, "We are not set up for that." I like it!!
>>>>>>>>>>>>> HOLIDAY GIFTS <<<<<<<<<<<<<
Time for those business related holiday gifts. I have sent calendars,
candy, wine, etc. It's too late for any personalized gifts such as
calendars with your company info imprinted, but there are lots of other
things you can do. Some appraisers like to give gifts the first week in
January. Personal delivery is best.
Don't forget your staff... I usually give a year-end bonus at Christmas
plus go out for a holiday lunch.
Of course anything you buy for yourself that is business related is a write
off ;> Time to finally get that Palm Pilot??`
>>>>>>>>>>>>> APPRAISERS' PETITION TO ASC <<<<<<<<<<<<<
Active participants on the chat board at http://www.appraisersforum.com
/
have worked out a petition to be sent to the Appraisal Subcommittee about
pressure on appraisers. You can read the discussions there. Search for
"petition" or scroll down the page of recent postings.
Here's a quote: "We request that action be taken to hold the lenders
responsible for this type of violation and provide for a penalty on any
person or business who engages in the practice of pressuring appraisers to
do dishonest appraisals that do not provide for independent judgment."
To read the petition, and sign it if you want, go to
http://www.appraisersforum.com/petition.htm
. 39 signatures as of late
Sunday.
I keep seeing requests for appraisers to send in their evidence of
pressure. I guess I could just go through my trash and pull out all the
requests for "need XX value. Can you do it?" or "Check value before calling
borrower" or "Cancel if you cannot come in at XX value." There are so many
I can't imagine any regulators would have trouble getting them from
California appraisers. Most of the requests are from Southern California
mortgage brokers.
>>>>>>>>>>>>> HUD TERMINATES LENDERS <<<<<<<<<<<<<
HUD recently published a list of 7 originators terminated under their
Credit Watch program. 3 of the 5 were from Southern California. No surprise
to me (see above)! The directive number is FR-4513-N-06, published
12/15/00. It is available at http://www.hudclips.org
/ under What's New (for
awhile).
>>>>>>>>>>>>> A FEW GOOD CANADIAN LINKS <<<<<<<<<<<<< -
http://www.aole.org Ontario Land Economist site - lots of good links -
http://www.canadianeh.com to find links to Canadian towns, cities, and
other places -
http://www.setmyclock.com for time zones - good for anyone.
What time is it now in the Faulkland Islands??
Thanks to Barry Lebow for these great links!!
>>>>>>>>>>>>> A FEW GOOD COMML LINKS <<<<<<<<<<<<<
1). Site Net - http://www.sitenet.com
- Focuses on the development process
2). Site Reports - http://www.sitereports.com
- demographics, businesses
nearby, etc.
3). Internet Review Online - http://www.internetreview.com
- Online
versions of: National Real Estate Investor, Shopping Center World and
Midwest Real Estate News.
4). Look Office - http://www.lookoffice.com
- Office lease listings -
national
Thanks to Jim Amorin, MAI for these great links!!
>>>>>>>>>>>>> USPAP 2001 AVAILABLE <<<<<<<<<<<<<
According to the Appraisal Foundation, bound copies of USPAP 2001 were sent
out early this week. The online version will be available "the first week
in January."
>>>>>>>>>>>>> TAX WRITEOFF - CHARGE IT BY 12/31/00 <<<<<<<<<<<<<
I know, I know, you keep procrastinating. But now is the time to take
action!
You can get a tax writeoff this year for purchasing a subscription to
Appraisal Today or one of my marketing books, by charging it on your credit
card by December 31. You can pay the bill later.
Don't forget those who need help the most. This deduction also applies to
any charitable donations (as well as many business purchases).
I usually go into my office on New Years Eve to see if anyone has faxed in
an order for a newsletter or book. Well... Zeke and I usually go to a party
around 9PM so I'm not there checking at midnight!!
FYI, I now have online ordering at
http://www.appraisaltoday.com/orderfrm.htm
Ann O'Rourke, trying to get off mortgage broker "call" lists!
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!
12/13/00 Refi mania?/deadbeats/FHA manual
New this week from Appraisal Today e-news
+ Rate drops - refi mania coming?
+ New deadbeat list + FICO Rules!
+ Latest FHA manual in PDF format
+ World's Longest Appraisal
+ Marketing ideas
>>>>>> RATE DROPS - REFI MANIA COMING? <<<<<
Well, rates are at their lowest rates since July 23, 1999, per Freddie
Mac's recent rate survey. And Greenspan is talking about lowering rates
even more. I can't wait to turn down all those flakey mortgage companies!
The calls have already started picking up this week for free "comp checks."
I just tell them I am backed up through the end of the year.
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending Dec. 1 increased 10.3 percent
to 382.3 on a seasonally adjusted basis from 346.5 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released Dec. 6. On an
unadjusted basis, the application index increased 52.9 percent, and was up
28.8 percent compared to the same week a year earlier.
MBA economist Doug Duncan is predicting an origination increase, from
$1,0ll billion in 2000 to $1,155 billion in 2001, a 14% increase due to
increased refis. Existing home sales are predicted to decline by 1.5%, and
new homes sales declining by 1.7%. To read the full forecast, go to
http://www.mbaa.org/marketdata/forecasts/mffore1200.html
>>>>>>>>>>>>> NEW DEADBEAT LIST <<<<<<<<<<<<<
A new appraisers' deadbeat client list has been started at:
http://www.appraisersforum.com/deadbeat.htm
Worth checking out! Hit the
"return to appraisers forum" link to read messages posted on the very
active chat board.
>>>>>>>>>>>>> FICO RULES! <<<<<<<<<<<<<
Check out "The brave new world of underwriting has changed the mortgage
industry" at http://www.inman.com/hstory.asp?ID=22162&CatType=B
.
Interesting and somewhat humorous view of Today's Underwriting.
>>>>>>>>> LATEST FHA MANUAL IN PDF FORMAT <<<<<<<<<
Thanks (again) to Tom Jeffcoat, and his wife Dawn (the appraiser in the
family), and daughter Samantha (the formatter) for formatting the most
recent version of FHA's 4150.2 manual in PDF format, which can be searched.
To download the 3.2 MB file, go to http://fha-appraiser-exam.virtualave.net
, scroll down the page to "Click here to get the 3.2 meg PDF FHA HANDBOOK
with Change One and all the charts". Right click on the link and then "save
as" to download onto your hard drive.
>>>>>>>>>>>>> WORLD'S LONGEST APPRAISAL <<<<<<<<<<<<<
Humorous appraisal war story, "World's Longest Appraisal- Submitted by Josh
Carpenter, Appraiser, PA. Definitely worth reading. Yes, it has happened to
me but not for that long!! Read it at
http://www.marshallswift.com/enews/enews_120700.html
. Don't miss the
small "read more" links at the bottom of the page.
>>>>>>>>>>>>> MARKETING IDEAS <<<<<<<<<<<<<
Looking for some marketing ideas? Looking for a new, good client (who
isn't!)?
Here's a tip from my 59 Ways to Market your Appraisal Services article:
10. Always ask for the assignment. Many professionals have difficulty with
this. Practice, if necessary.
Check out my Marketing tips page at
http://www.appraisaltoday.com/marketing.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!
12/6/00 Creative.exe virus/ASB news/tax tips
New this week from Appraisal Today e-news
+ Apps up/down
+ Interesting Appraisal Foundation news
+ My web site updated
+ Creative.exe - another nasty virus
+ Last minute tax tips
+ Help for AOL email users
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>>>>>>>>>>>>> APPS UP/DOWN <<<<<<<<<<<<<
The market composite index of mortgage loan applications a measure of loan
purchases and refinances for the week ending Nov. 24 decreased 1.1 percent
to 346.5 on a seasonally adjusted basis from 350.4 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released Nov. 29. On an
unadjusted basis, the application index fell 33.2 percent, but was up 11.1
percent compared to the same week a year earlier.
>>>>>>>> INTERESTING APPRAISAL FOUNDATION NEWS <<<<<<<<
Links to current Appraisal Foundation topics: Some interesting recent
actions at the November meeting of the Board of Trustees, including three
new members on the ASB (Carla Glass, Danny Wiley, and Tom Jackson), changes
in ASB procedures, including a probationary first year for appointees to
the ASB and AQB. Plus other new stuff.
https://www.appraisalfoundation.org/botsummary.htm
Concept paper Segmented Publication of USPAP Not proposed, just a concept
paper on four versions of USPAP, Real Property Appraisal, Appraisal Review
and Appraisal Consulting discipline, the Personal Property Appraisal and
Appraisal Review discipline, the Mass Appraisal discipline, and the
Business Appraisal discipline.
https://www.appraisalfoundation.org/ASBConceptPaper11-16-00.PDF
Nov. issue of USPAP Q&As Topics include getting a check from the borrower,
Supplemental Standards, and AMC reviews. Interesting.
https://www.appraisalfoundation.org/2000-11qa.htm
>>>>>>>>>>>>> MY WEB SITE UPDATED <<<<<<<<<<<<<
Someone called last week asking about current MBA stats on
appraisaltoday.com. Seems like I hadn't updated the list since April and
had a really old graph! It is now updated.
http://www.appraisaltoday.com/mbastats.htm
I also put all these emails on the web site. If you lost one, or can't
remember which one had an item of interest, just use the Search link on the
top of every page on my web site.
Here's the link to the November emails
http://www.appraisaltoday.com/email1.htm
I have the
emails divided by month, so it is often easier to use the Search link to
find what you need. I use it all the time myself!!
>>>>>>>>>>>>> CREATIVE.EXE - ANOTHER NASTY VIRUS <<<<<<<<<<<<<
Don't open any attachment named creative.exe. It was probably sent from
someone you know who uses Outlook.
The message says: "Check out this new flash movie that I downloaded just
now ... It's Great Bye"
Alters jpg and zip file names and locations and sends itself to everyone in
your email address book.
For more info, go to
http://www.mcafee.com/anti-virus/viruses/prolin/default.asp
If I get one more of those idiotic Bud Frogs email hoax chain letters I'm
going to scream!!
>>>>>>>>>>>>> LAST MINUTE TAX TIPS <<<<<<<<<<<<<
The December issue of Appraisal Today has an article written by my CPA,
Theresa Tocci. To read a few tidbits from the article, go to
http://www.appraisaltoday.com/taxtips.htm
. I also included info on the
Roth IRA, which isn't in the newsletter as I ran out of room (again).
>>>>>>>>>>>>> HELP FOR AOL EMAIL USERS <<<<<<<<<<<<<
After listening to my designer complain for a half hour about trying to
send a 100k image file to an AOL business user (he finally FedEx-ed it), I
read about a nifty software program that will allow AOL users many of the
functions the rest of us have.
To read an article about it, go to:
http://realtytimes.com/rtnews/rtapages/20001129_email.htm
To go directly to the software site, go to http://www.eNetBot.com
What's the problem with AOL email? Well... no filtering, links in these
emails have to have special email coding, which is annoying to non-AOL
users, etc. etc.
>>>>>>>>>>>>> Mobile Computing <<<<<<<<<<<<<
Check out Mobile Computing at http://www.mobilecomputing.com
for lots of
info, plus you can sign up for a free 12 month subscription. Thanks to
Brian Davis for this great link!!
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, etc.
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