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Email archives 3-01
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I have been sending them since June, 1994.
3/25/01 Freddie no-appraisals/Scope of Work/apps bobbing
Freddie Mac and no-appraisals
I wrote about Freddie Mac's new automated underwriting (AU) appraisal
"enhancement" in the December Appraisal Today newsletter. Per Freddie, the
feature will be available April 8 in their Loan Prospector Automated
Underwriting program.
Per Freddie, "The enhancement to Loan Prospector lifts Freddie Mac's
appraisal requirements for first-lien purchase money loans with total
loan-to-value ratios of up to 80 percent and for borrowers with excellent
credit histories. Freddie Mac anticipates that approximately 40 percent of
purchase money mortgages with down payments of 20 percent or more will
qualify for the no-appraisal option, potentially saving homebuyers $500
million."
To read the March 21 press release, go to
http://www.freddiemac.com/news/archives2001/lpcollateral_3_21.htm
No, I don't know what Fannie Mae is up to... If you have any info, send me
an email.... pleeze!!!
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CE Obsession
I'm working away on submissions to 49 states for CE approval for
AppraisalTech 2001 (already approved for California CE), August 23-24 in
South San Francisco. Applying for 6 hours for each day.
Some very interesting info:
- 18 states have reciprocity, with no fees charged - AL, GA, HI, IA, KS,
LA, MD, MA, MI, MO, MT, NE, NY, PA, SD, UT, VT, WY.
- The highest fees are charged by IL - $300. CA comes in second at $200. SC
charges $100. ME is $120. AK, NV, ND, OH, TN are $50.
- NC does not approve conferences.
Some of the states require detailed resumes. I have bios from all 27
speakers, but getting those darn resumes is like corralling cats,
especially from speakers who are not appraisers, and don't have them ready
to email or fax!
Here are a few of the speakers -
- Brenda Dohring, MAI, president of RealWired
- John Heithaus, IFA, Senior Vice President Global Business Alliances &
International Operations, Monstermoving.com
- Gail Cooper, MAI, author of "Don't Get Caught in the Web" a book of
Internet appraisal resources
- Tom Sanchez, Senior Vice President and General Manager Appraisal
Information Services Division and co-founder, PropertyFirst (now merged
with Loopnet)
- Michael Cartwright, ASA - Internet Search Guru
The price is $195 for One Day, $245 for Two Days (Best Buy - $50 off the
regular $295 price - only $45 for the second day! GOOD THROUGH APRIL 30, 2001)
For more information, go to http://wwwappraisaltech2001.com
or call
800-839-0227 for a brochure.
AOL Users: <a href=http://wwwappraisaltech2001.com> Click Here</a>
-----------------------------
Apps bobbling up and down
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week
ending March 16 decreased 3.9 percent to 557.0 on a seasonally adjusted
basis from 579.6 the previous week, according to the Weekly Mortgage
Applications Survey of the Mortgage Bankers Association of America (MBA),
which was released March 21. On an unadjusted basis, the application index
decreased 3.6 percent, but was up 76.7 percent compared to the same week a
year earlier.
---------------------------
Appraisers using the Internet Conference April 20-21
I know this is late notice, but I will be speaking both days at the ASA
Region 7 Conference on using the Internet, April 20-21 in Ontario,
California. The cost is $250 ($275 after March 31). 12 hours ASA credit, 12
hours CA credit pending, and 12 hours SBE (assessors) pending. The
afternoon of the first day will include a real property session on
Assessors office Internet links. Should be quite interesting!! Of course, I
always love those personal property sessions on Gems and Jewelry and all
sorts of odd things to appraise...
For more info, go to http://www.appraisers.org/images/region9.htm
or Tel: 626-919-5011 Fax: 626-919-8098
---------------------------------------
Scope of Work
The Appraisal Institute has an excellent 13-page White Paper on Scope of
Work, "Scope of Work and Range of Services." Very practical and useful.
Examples include:
Example #1: "Exterior inspection only" assignments
Example #2: "Value is not less than/not more than" assignments
Example #3: "Preliminary" appraisal assignments
Example #4: Rent study assignments
Example #5: Portfolio valuation assignments
Example #6: Limited scope review assignments
Every appraiser should download and read this White Paper.
To download the paper, go to
http://www.appraisalinstitute.org/ethics/uspap/scopeofwork.htm
.
Or, go to http://www.appraisalinstitute.org and scroll down the page.
3/18/01 One designation?/Relo news/regs
All the regs on one site
Go to http://adfweb1.adfinet.com/cgi-bin/web_regs Registration is
required, but it is free. Thanks to Joel Greenberg for posting this great
link on the AI email forum!
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Relo news
I attended my first RAC (Relocation Appraisers and Consultants) meeting
this weekend in San Diego. RAC is an organization for experienced
appraisers specializing in relocation appraising.
Here are a few tidbits from the meeting:
- Relo business has declined, particularly since the IRS started allowing
Broker Market Analysis instead of appraisals in 1986, but some areas are
stronger than others.
- BVO - Buyer Value Option is popular. The transferee lists and sells his
or her home. The relocation company backup offer is the same as the sales
price. No appraisals needed. Of course, this only works in a strong market.
- eRelay implementation was held up by Y2K (and recovering from the Y2K
efforts) and is finally starting now
- the new ERC form is available on paper. ERC members will receive a free
handbook on it. Implementation will be this year.
- RAC has good parties. The "go-go appraiser Bad Girls" of RAC dancing on
stage with the band to the Bad Girls song was a big crowd pleaser.
For info on RAC, go to http://www.rac.net
For more on eRelay, go to http://www.erelay.com
More details in the April issue of Appraisal Today, of course!!
-------------------------
Bouncing apps
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending March 9 decreased 10.5 percent
to 579.6 on a seasonally adjusted basis from 647.8 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released March 14. On an
unadjusted basis, the application index decreased 10.4 percent, but was up
83.5 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 289.9 from 321.9
the previous week; the seasonally adjusted Refinance Index decreased to
2264.8 from 2543.6 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 775.4 from
854.9 the previous week, and the Government Index, which decreased to 252.6
from 302.3 the previous week.
Refinancing activity represented 54.3 percent of total applications,
decreasing from 54.6 percent the previous week. ARM activity increased from
8.5 percent the previous week to 9.1 percent.
The average contract interest rate for 30-year fixed rate mortgages was
6.90 percent, decreasing from 6.97 the previous week, with points
increasing to 1.32 from 1.22 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
--------------------
Appraiser sentenced to 2 years in prison
Appraiser Donald Pelton has been sentenced to two years in federal prison
for his role in inflating the value of dozens of properties sold by a
flipping ring, per a March 14 article in the Minneapolis Tribune. To read
the story, go to http://www.startribune.com
and search for Pelton.
----------------------
Fannie needs fewer appraisals on new homes
February 09, 2001 - "Fannie Mae Announces Its Master Residential Appraisal
Process; Alternative Appraisal Technique Offers Lenders the Opportunity to
Enhance Their Customer Service and Give Them a Competitive Edge"
Read the press release at
http://www.fanniemae.com/news/pressreleases/1138.html
-----------------------
One designation??
The One Designation Proposal - MAI, Commercial; MAI, Residential, etc.
similar to ASA specialties (real property urban, business valuation, etc.).
The concept is simple and has been talked about on the West Coast for at
least 6 years.
Why? The MAI designation is the best known of all appraisal designations.
Why spend time, effort, money, and aggravation promoting multiple
designations? Also, there is confusion in the marketplace. How many times
do MAIs get called for residential work, who don't do res work? How many
times do SRAs get calls from prospects needing residential appraisals but
who also require an MAI?
When I started appraising in the mid-1970s, you started in residential,
then moved into commercial, which is what I did. However, now appraisers
usually start on one track and stay there. Very few experienced residential
appraisers want to do commercial appraising. Of course, if they did, there
would be too many commercial appraisers. Why not offer a designation that
is meaningful in the marketplace to those who specialize in residential (or
agricultural, etc.)?
As I see it, the Appraisal Institute has two paths:
1. Return to the old AIREA days with MAIs and a few SRAs.
2. Go to one MAI designation with specialties and become the organization
of choice for many appraisers, not just commercial appraisers.
Of course, this is just My Opinion!!
==============================
If you don't already subscribe .... To get all the news, not just the
headlines and links, subscribe to my monthly "paper" and PDF Appraisal
Today newsletter for $99 per year ($149 for 2 years), call 800-839-0227 or
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Ann O'Rourke, MBA, SRPA, SRA, BG
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!
3/11/01 Appraiser shortages/Computer tidbits
The Onion - Homebuying and appraisals
Don't miss the Onion's bashing of real estate "sacred cows." The appraisal
joke takes a few minutes to sink in ...
Check the Onion's Home Buying Tips, including appraisal tips:
http://www.theonion.com/onion3708/home_buying_tips.html
Thanks to Clark D. Adams for posting this great link!!
Sorry, no excerpts on this priceless gem - you need to read it all, in
order. FYI, the Onion is my Favorite Humor Site.
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$6.95 per month) to be listed on appraisalorder.com. They receive their own
URL (webpage) with a built in order form. The service is fast, free, and
very easy to use for those ordering appraisals.
Here's what a lender says:
"We switched from our old print, copy, fax method of sending appraisals in
favor of free appraisal ordering at AppraisalOrder.Com " stated Ms. Jane
Phillips, Vice President of
Jefferson State Bank.
"The old method of ordering appraisals was just too slow and cumbersome.
Now when we need an appraisal, it is just a matter of a few clicks and the
order is on its way. As a bonus, handwritten and misread information no
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For more information, go to http://www.appraisalorder.com
or call (210)
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Rotating homes?
No, this is not a joke ;> . An engineer (of course) in San Diego is
building a home that rotates.
Thanks to P. David Rij of Feeappraiser.com for this weird link of the week
... Just Don't call me for the construction loan!!
--------------------------
Appraiser shortage
I was interviewed by a reporter from a Bay Area major metropolitan daily
last week. He wanted to know why appraisals were taking so long to get (2++
weeks) in relation to 30 day locks.
I told him that last year I had very little lender work and there was not
enough work to go around. This year I could clone myself into 2 appraisers
and we would all be totally booked up.
I started thinking about why it is so different now than 15 or 20 years
ago. I didn't appraise at all from 1980 to 1985. I dropped out of
appraising and went into corporate real estate. Rates were 18%+, there was
very little work, and appraisal salaries were low. When I started my
business in 1986, I was able to appraise immediately. Now, if I give up my
license, I have to go through the process all over again, from ground zero.
Once appraisers give up their licenses, it is very unlikely they will
return to appraising. My California certified general is about $200 per
year for the license plus $250 per year for CE. But most of the appraisers
I know who quit recently were finally driven out by extreme value and
non-disclosure pressures from mortgage brokers.
Many appraisers started as trainees at banks, who staffed up during busy
times and laid off during slow times. Now, very few train appraisers.
Breaking into appraising is very tough.
So what does this mean? I don't have much sympathy for originators having
difficulty getting fast turnarounds. They did it to themselves.
------------------
Virus alerts
I usually don't pass along virus alerts, but I just couldn't resist the
Naked Wife Alert because of the name.
I was always afraid everyone will be getting way too many alerts on the
same virus.
But quite a few appraisers sent emails thanking me, so I will pass along
alerts of very new dangerous viruses. I clicked on the I Love You virus and
lost all my JPEG files because I did it several hours before I received an
alert.
FYI, your anti-virus software can't detect really new viruses/worms until
you update your software.
------------------------
App roller coaster
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances - for the week ending March 2 increased 15.1
percent to 647.8 on a seasonally adjusted basis from 562.6 the previous
week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. On an
unadjusted basis, the application index increased 28.6 percent, and was up
102.4 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 321.9 from 291.4
the previous week; the seasonally adjusted Refinance Index increased to
2543.6 from 2140.4 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 854.9 from
748.3 the previous week, and the Government Index, which increased to 302.3
from 252.9 the previous week.
Refinancing activity represented 54.6 percent of total applications,
increasing from 53.2 percent the previous week. ARM activity decreased from
9.4 percent the previous week to 8.5 percent.
The average contract interest rate for 30-year fixed rate mortgages was
6.97 percent, decreasing from 7.04 the previous week, with points
decreasing to 1.22 from 1.29 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
-------------------------
Gray appraisers
I keep hearing about the average age of appraisers hovering around 50. An
unofficial survey is now going on at http://www.appraisersforum.com
. As of
7PM, PST, Sunday, 4.76% were under 30 and 44% were 50+. To get the full
results, just complete the survey yourself.
----------------------
Computer tidbits from REAMUG
Got lots of good tips at the REAMUG (appraisers computer user group) in San
Diego this weekend.
Here are a few tidbits:
- About half the attendees have DSL or cable - really big increase from a
year ago. About 15% have Palm or other PDAs - not much change from 6 months
ago
- Too cheap to pay for Argus at $3,000? Bob Martin/Jeff Fisher's DCF
program is finally outta beta - http://www.realdcf.com
. The price is right
- $500.
- Bookmarks a mess? Afraid to upgrade because you might lost your
bookmarks? Mary Dum, appraisal computer guru for 20+ years, recommends
Powermarks for bookmark organizing - http://www.kaylon.com
. 30 free trial.
$24.95 if you want to keep it.
- Windows CE vs. Palm Operating systems. I finally found out why forms
vendors prefer Windows CE - much more memory available for the software.
James Regnere of appraisers toolbox was speaking. They will be exhibiting
at Appraisaltech 2001 and their president, Jeff Bradford, will be speaking
on new ways to use forms software, including PDAs. For info on their PDA
software, go to http://www.appraiserstoolbox.com
.
The full writeup will be in next month's issue of Appraisal Today, of
course, once I organize my pages and pages of notes ;>
Info on REAMUG (and a photo of Mary Dum) is at
http://www.appraisaltoday.com/reamug.htm
FYI, Mary Dum will be a featured speaker at AppraisalTech 2001 -
http://www.appraisaltech2001.com
.
3/4/01 - More money/modems/AMC humor
Make more money
No this isn't a promo for multi-level marketing!
Appraisers sell their time. Now that most appraisers are very busy and some
are turning down work, the more you produce, the more you make.
Check out my article, "How to increase productivity without spending any
money!"
Here's a quote - "Telephones are both the greatest time savers and time
wasters. There are many ways to cut down on phone interruptions, too-long
calls, and telephone tag."
http://www.appraisaltoday.com/timemgmt.htm
I have a list of other time management and business articles at
http://www.appraisaltoday.com/biztips.htm
Next month's issue of Appraisal Today will have a time management article.
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turnaround time with our electronic digital interchange.
There is no charge to get approved.
Join us at http://www.dartappraisal.com
.
************************************
realestate.com gone under
If you signed up for www.realestate.com
and are still getting your credit
card charged every month, contact your credit card company. They are out of
business. I don't remember the details but I think somebody purchased the
domain name and maybe some other non-physical assets, such as email lists.
-------------------
New this month in Appraisal Today
- Changes proposed for appraiser qualifications - who cares? - Page 1
- A lesson from hotel management on pricing your appraisal services - Page 4
- A few good links Page - 6
- USB - how can you use it? - Page 7
- Appraisal of Rural Property (book review) - Page 8
- Top conventional and subprime lenders - Page 9
- Loan originations 1980 to 1999 - Page 9
- $1.5 trillion in originations in 2001? - Page 9
- Baltimore appraisers acquitted - Page 9
- Illinois appraiser indicted - Page 10
- ASB Exposure Draft - changes in USPAP 2001 - Page 10
- Costar making money from Comps.com - Page 10
- Unqualified appraisers on FHA panel - Page 12
Next month's issue will have articles on increasing your productivity and
flood maps on the Internet.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 .
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
.
-----------------
104 million Americans online
The number of American adults with Internet access grew by 16 million in
the last six months of 2000, as women, minorities, and families with modest
incomes continued to surge online. In all, more than 104 million adults had
access to the Internet at the end of 2000, according to the Pew Internet &
American Life Project.
The Project also reports for the first time that it has calculated the
number of American children with online access. In all, 45% of those under
18 are connected to the Internet and that translates into more than 30
million children. Almost three-quarters of those in middle school and high
school (ages 12-17) have access; and 29% of those under 12 go online.
For more info, go to http://www.pewinternet.org
. Warning - lots of
interesting stuff on this site!!
---------------------
Faster dial-up modems
If you're like me and have DSL (work) and cable (Home) you sometimes forget
about dial-up. But not everyone can get it. When you're traveling, it's
hard to get much else.
Per a recent ZDNet article,
"Cable. DSL. Satellite. Wireless. They're the newer, faster, sexier ways to
get connected. But what of that old workhorse, the analog modem? Yes, it's
dated technology--in the same way the internal combustion engine is,
though. And new analog modems, based on the V.92 standard, are hitting the
market. They're faster and may save the cost of a second phone line, too.
Yep, the old gray mare may not be what she used to be, but she's got many
long years to go."
Check it out at http://cgi.zdnet.com/slink?/adeskb/adt0227/2690217:749925
--------------------------
AQB press release
On Feb. 18, the Appraiser Qualifications Board issued a press release
titled " AQB Begins Review of License and Certification Levels
for Real Estate Appraisers." Here's a quote - "The responses were varied on
most topics, however a consensus was apparent on some issues such as
increasing the difficulty of licensing and certification exams and the need
for mandatory testing of continuing education classes when the subject is
USPAP."
To read it (PDF format) go to
https://www.appraisalfoundation.org/whatnew.htm
and scroll down the page.
I attended the AQB meeting and have a full report in the March issue of
Appraisal Today.
--------------------
Apps down and up
The market composite index of mortgage loan applications - a measure of
loan purchases and refinances - for the week ending
Feb. 23 decreased 2.7 percent to 562.6 on a seasonally adjusted basis from
578.2 the previous week, according to the Weekly Mortgage Applications
Survey of the Mortgage Bankers Association of America (MBA), which was
released Feb. 28. On an unadjusted basis, the application index decreased
11.0 percent, but was up 86.0 percent compared to the same week a year
earlier.
Maybe swamped res appraisers will have a week or so to get caught up before
the Fed lowers rates again ;>
-----------------
AMC humor
For a humorous story on AMCs by the infamous "Bobby Bucks" go to
http://www.appraisersforum.com/messages/13909.shtml
Here's a quote:
"Last month I got a request to do a an appraisal sale in a cookie cutter
neighborhood.....I had just started to throw the tape when I heard tires
squeal and lo and behold, there was Boom Boom Bonnie, battle ax realtor
queen screeching to a halt in her leased Mercedes. She made my skin crawl
when she bellowed out ‘Bucks what are you doing here, this listing is under
contract?"
FYI, this forum is by far the most active appraisers' forum on the
Internet, run by Wayne McErley. AKA "Wayne's World."
--------------------------
AOL 6.0 Link Problem
I am unable to get the special email coding to work in AOL 6.0 (AOL users
click here). If anyone has any ideas, let me know!!
If you use AOL 6.0, you will have to cut and paste the link above the AOL
link, starting with http:// .
=======================
To be removed from this list, just hit your reply button and type "remove"
in the subject line or top part of the message. To change your email
address, hit the reply button and type in your old and new email addresses.
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!
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