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Most recent emails
Email archives - 5-01
To get the very latest news,
sign up for our FREE weekly Appraisal Today e-news.
NOTE: some of the older links
may be out of date!
Search for a topic using your browser's search function.
Go to Edit, then Find in Page. Some of them have been edited from the
original to correct typos and new information! I have been sending them since June, 1994.
5/6/01 - USPAP stuff/NAIFA E-gram
+++++++++ Thanks to our Sponsor!! +++++++++
The University of California Riverside, Extension presents: "Mortgage Fraud: Cases and Consequences" June 5, 2001
OREA approved: 6 hours CE credit
Workshop content: Examines the dynamics of mortgage fraud, identifies common schemes, how these criminal activities affect the mortgage and
appraisal industry
Who should attend: Appraisers, lenders, loan processors, others involved in mortgage transactions.
More details: Visit http://www.UCRExtension.net/fraud
call (909) 787-5804, or email: mailto:sciences@ucx.ucr.edu
+++++++++++ +++++++++++ +++++++++++
_________ USPAP second exposure draft _________
The second exposure draft of proposed changes to the 2001 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP) has been issued.
Per the Draft, "In this Second Exposure Draft, additional changes are being proposed by the ASB to the definition of SUPPLEMENTAL STANDARDS and to the
SUPPLEMENTAL STANDARDS RULE. Furthermore, the ASB is proposing to retire STATEMENT 5 and
STATEMENT 8 at this time.
With the exception of those items above and a very minor edit to the
definition of CONFIDENTIAL INFORMATION, the rest of this Second Exposure Draft is
identical to the First Exposure Draft. The proposals made in the First Exposure Draft, in
regard to the CONFIDENTIALITY SECTION of the ETHICS RULE, the definition of JURISDICTIONAL
EXCEPTION and STANDARD RULE 6 remain unchanged and are repeated in this Second Exposure Draft to give interested parties additional time to comment.
Comments are due by June 1, 2001.
To read the draft, go to https://www.appraisalfoundation.org/exdraft.htm
and scroll down the page.
_________ April USPAP Q&As _________
Question #1:
Frequently, the borrower in a lending transaction is provided with a copy
of the appraisal report; and in some cases, the appraiser knows that the
borrower will be receiving a copy
of the appraisal report. When the appraiser is aware that the borrower or
any other third party will receive a copy of the appraisal, does this make
that third party an intended user?
Question #2:
What information must be retained in an appraiser's workfile?
Question #3:
What is the difference between Negligence and Incompetence?
To read the April answers, and previous Q&As, go to
https://www.appraisalfoundation.org/asb-q&a.htm
.
_________ Apps up - so what else is new??? _________
The market composite index of mortgage loan applications—a measure of loan purchases and refinances—for the week ending April 27 increased 9.9 percent
to 587.6 on a seasonally adjusted basis from 534.7 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released May 3. On an unadjusted basis, the application index increased 10 percent and was up
more than 83 percent compared to the same week a year earlier.
_________ NAIFA April 2001 E-gram _________
NAIFA's April E-gram is quite an improvement over their previous issue.
Along with news of NAIFA, and my very first full page ad for AppraisalTech 2001... (
http://www.appraisaltech2001.com
) . Interesting articles include:
- Writing appraisals to meet USPAP (Part 1 of a 5-part series)
- How the Relocation Appraisal differs from other appraisals
- HUD issues
- What's the Good of It? Perspectives on Mapping - very interesting and
worthwhile reading for both residential and commercial appraisers
To read the E-gram go to http://www.naifa.com .
==============================
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
fax 800-839-0014 (credit card orders) or send your check (made out to RECR) to 2015 Clement Ave., Alameda, CA. Order online or print out an order form
at http://www.appraisaltoday.com/orderfrm.htm
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 .
==============================
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=============================
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!
5/7/01 - USPAP stuff/NAIFA E-gram
+++++++++++ Thanks to our Sponsor!! +++++++++++
The University of California Riverside, Extension presents: "Mortgage
Fraud: Cases and Consequences" June 5, 2001
OREA approved: 6 hours CE credit
Workshop content: Examines the dynamics of mortgage fraud, identifies
common schemes, how these criminal activities affect the mortgage and
appraisal industry
Who should attend: Appraisers, lenders, loan processors, others involved in
mortgage transactions.
More details: Visit http://www.UCRExtension.net/fraud , call (909)
787-5804, or email: mailto:sciences@ucx.ucr.edu
+++++++++++ +++++++++++ +++++++++++ +++++++++++
_________ USPAP second exposure draft _________
The second exposure draft of proposed changes to the 2001 Edition of the
Uniform Standards of Professional Appraisal Practice (USPAP) has been issued.
Per the Draft, "In this Second Exposure Draft, additional changes are being
proposed by the ASB to the definition of SUPPLEMENTAL STANDARDS and to the SUPPLEMENTAL STANDARDS RULE. Furthermore, the ASB is proposing to retire
STATEMENT 5 and STATEMENT 8 at this time.
With the exception of those items above and a very minor edit to the
definition of CONFIDENTIAL INFORMATION, the rest of this Second Exposure Draft is
identical to the First Exposure Draft. The proposals made in the First Exposure Draft, in
regard to the
CONFIDENTIALITY SECTION of the ETHICS RULE, the definition of JURISDICTIONAL EXCEPTION and STANDARD RULE 6 remain unchanged and are repeated in this Second
Exposure Draft to give interested parties additional time to comment. Comments are due by June 1, 2001.
To read the draft, go to https://www.appraisalfoundation.org/exdraft.htm
and scroll down the page.
_________ April USPAP Q&As _________
Question #1:
Frequently, the borrower in a lending transaction is provided with a copy
of the appraisal report; and in some cases, the appraiser knows that the
borrower will be receiving a copy
of the appraisal report. When the appraiser is aware that the borrower or
any other third party will receive a copy of the appraisal, does this make
that third party an intended user?
Question #2:
What information must be retained in an appraiser's workfile?
Question #3:
What is the difference between Negligence and Incompetence?
To read the April answers, and previous Q&As, go to
https://www.appraisalfoundation.org/asb-q&a.htm
.
_________ Apps up - so what else is new??? _________
The market composite index of mortgage loan applications—a measure of loan
purchases and refinances—for the week ending April 27 increased 9.9 percent
to 587.6 on a seasonally adjusted basis from 534.7 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released May 3. On an
unadjusted basis, the application index increased 10 percent and was up
more than 83 percent compared to the same week a year earlier.
_________ NAIFA April 2001 E-gram _________
NAIFA's April E-gram is quite an improvement over their previous issue.
Along with news of NAIFA, and my very first full page ad for AppraisalTech
2001... ( http://www.appraisaltech2001.com ) . Interesting articles include:
- Writing appraisals to meet USPAP (Part 1 of a 5-part series)
- How the Relocation Appraisal differs from other appraisals
- HUD issues
- What's the Good of It? Perspectives on Mapping - very interesting and
worthwhile reading for both residential and commercial appraisers
To read the E-gram go to http://www.naifa.com
.
==============================
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
fax 800-839-0014 (credit card orders) or send your check (made out to RECR)
to 2015 Clement Ave., Alameda, CA. Order online or print out an order form
at http://www.appraisaltoday.com/orderfrm.htm
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 .
5/14/01 - Money/pressure/time
New this week from Appraisal Today e-news
+ Conference on Appraiser pressure
+ Time is money - don't waste it
* How many hours per week do you work?
+ How many appraisals per day do you complete?
+ No more e-appraiser emails
+ Appraiser pressure - the same old story
+ Apps down - maybe we'll get caught up???
++++++++++++++ Thanks to our Sponsor ++++++++++++
Appraisers are charged a low monthly subscription fees (beginning at only
$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
longer finds its way into the reports. Also, we like getting the automatic
confirmation that the order was delivered."
For more information, go to http://www.appraisalorder.com
or call (210)
930-6306.
+++++++++++++++++++++++++++++++++++++++++
>>>>>>>>>>>>> CONFERENCE ON APPRAISER PRESSURE <<<<<<<<<<<<<
On April 20, representatives from many different organizations met in an
all-day conference in Washington, DC to discuss the pressure put on
appraisers bu users of appraisal services to overvalue properties.
Organizations represented included the IRS, AARP, Fannie and Freddie, and
major appraisal associations. The conference was sponsored by ASA.
To read the ASA's press release, go to
http://www.appraisers.org/news/announcedetail.cfm?announcementId=152
>>>>>>>>>>>>> TIME IS MONEY - DON'T WASTE IT <<<<<<<<<<<<<
Most appraisers are way too busy and taking on too much work. But this is
the time to make money, so it's hard to turn down work. The more
efficiently you use your time, the more appraisals you can complete, and
the more money you will make.
For some articles I have written on time management, and some good tips, go
to http://www.appraisaltoday.com/biztips.htm and scroll down to time
management.
Here are a few tips:
- Just say No to "clients from hell" that take way too much time
- Just say Yes to profitable assignments - within your small geographic
area from clients that pay promptly
- Let your phone calls go to voice mail so you don't get interrupted when
writing up an appraisal. Every time you stop and start an appraisal, you
lose time.
>>>>> HOW MANY HOURS PER WEEK DO YOU WORK? <<<<<
Check out the survey results at http://www.appraisersforum.com
. You have
to take the survey to see the results.
The most recent survey is How many hours per week do you work. Here are the
results as of May 13 at 8PM, PDT.
- 50-59: 26.60%
- 60-69: 20.21%
- 40-49: 19.15%
- 70 plus: 15.96%
- 30-39: 13.83%
The previous survey was on URAR fees:
$251-300: 46.48%
$301-350: 26.95%
$200-250: 12.50%
$351-400: 8.98%Over $400: 4.30%
Under $200: 0.78%
Hmm. is it time to raise fees??? Nobody works for AMCs??
>>>>>>>>>>>>> HOW MANY APPRAISALS PER DAY <<<<<<<<<<<<<
Some interesting threads on numbering appraisals, scheduling appraisal
appointments, and how many appraisals per day on appraisersforum.com.
Scheduling:
http://www.appraisersforum.com/messages/21464.shtml
Here are a few tidbits:
- Don't let those borrowers push you around. Appraisers are in demand now.
- How to diplomatically explain that we work also, and don't schedule
appointments on weekends and evenings either.
Filing:
http://www.appraisersforum.com/messages/21488.shtml
- Numeric systems are popular
How many appraisals per day in the "old days"
http://appraisersforum.com/messages/22107.shtml
- 15-20 per day pre-1980.
- 1-2 today.
>>>>>>>>>>>>> NO MORE E-APPRAISER EMAILS <<<<<<<<<<<<<
e-appraiser is no longer sending out a copy of these emails on Wednesday to
the 30,000+ appraisers on their list. If you have been getting the
duplicates, you will only receive this one from now on.
I found out last week that they were discontinuing my emails and asked them
to send out a "final email" explaining how to join this email list so they
can keep receiving these free weekly email newsletters. And... so that
myself and e-appraiser don't get lots of emails asking what happened to my
weekly email newsletters!!
------------------------
Did e-appraiser and I get into a big fight ;> . No, they have decided to
focus their time on other kinds of online marketing/communication.
-------------------------
I sent out the first weekly appraiser email in June, 1994, to 5 appraisers.
The topic was FIRREA. By mid-1999, my subscriber list had grown to about
700 appraisers.
In mid-1999, Joan Trice, SRA, asked me to do a weekly email newsletter for
her appraiser directory, e-appraiser.net. In September, 1999, Joan started
sending this weekly email to the 12,000+ appraisers in her directory. That
list has grown to over 30,000 appraisers.
I also continued to send these emails to this list, my "in house" list of
about 3500 appraisers, plus an occasional special email, such as a Virus
Alert.
Many, many thanks to Joan Trice and Rick Bestany of e-appraiser, who sent
out these emails for a year and a half. And to Michael Gross of e-appraiser
who has been sending the emails out for the past few months.
>>>>> APPRAISER PRESSURE - THE SAME OLD STORY <<<<
It's the same old story for Karen Long, an appraiser and president of Karen
L. Long and Associates in Livonia, Mich.
Per a May 10 story in Inman news, she "strives to make sure every appraisal
ordered from her company is completed accurately and on time. She even
delivers a bouquet of flowers with each report."
But if the property doesn't get appraised for the number the mortgage
broker or loan officer needs, she doesn't get any more work. "Currently,
every single client I have asks for a value," said Long. "They send an
order over that says: `Need $60,000 or stop appraisal."
To read the story, go to
http://www.inman.com/InmanStories.asp?ID=24452&CatType=R
>>>> APPS DOWN - MAYBE WE'LL GET CAUGHT UP??? <<<<
The market composite index of mortgage loan applications, a measure of loan
purchases and refinances for the week ending May 4 decreased 4.9 percent to
558.9 on a seasonally adjusted basis
from 587.6 the previous week, according to the Weekly Mortgage Applications
Survey of the Mortgage Bankers Association of America (MBA), which was
released May 9.
On an unadjusted basis, the application index decreased 4.3
percent but was up more than 64 percent compared to the same week a year
earlier.
The MBA seasonally adjusted Purchase Index increased to 316.3 from 309.8
the previous week; the seasonally adjusted Refinance Index decreased to
1970.0 from 2203.7. Other seasonally adjusted index activity included the
Conventional Index, which decreased to 739.8 from 774.6 the previous week,
and the Government Index, which decreased to 257.0 from 275.5 the previous
week.
Refinancing activity represented 48.5 percent of total applications,
falling from 52.0 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
7.01 percent, falling from 7.18 the previous week, with points dropping to
1.17 from 1.23 percent (including the origination fee) for 80 percent
loan-to-value (LTV) ratio loans.
5/21/01 - Cap rates/reappraisals
New this week from Appraisal Today e-news
+ Cap rates on the Internet
+ Appraisal product vendors
+ Apps up
+ Advice on reappraisals, etc.
+ New in the June issue of Appraisal Today
+ New fax number for FHA registry changes
+ CA Rolling blackout notices
+ Another virus - Mawanella
+ Commercial real estate forums
>>>>>>>>>>>>> CAP RATES ON THE INTERNET <<<<<<<<<<<<<
Cap rates on the Internet
Plus lots of other great info at http://www.RealtyRates.com
>>>>>>>>>>>>> APPRAISAL PRODUCT VENDORS <<<<<<<<<<<<<
Looking for DCF software, building cost manuals, E&O insurance, etc.? I
have a list of appraisal vendors at
http://www.appraisaltoday.com/products1.htm . If you know of any more, let
me know! Just hit the reply button!!
There is also good product information at http://www.appraiserdepot.com/
>>>>>>>>>>>>> APPS UP <<<<<<<<<<<<<
The market composite index of mortgage loan applications—a measure of loan
purchases and refinances — for the week ending May 11 increased 0.3 percent
to 560.4 on a seasonally adjusted basis from 558.9 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released May 16. On an
unadjusted basis, the application index increased 0.4 percent and was up
78.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 321.9 from 316.3
the previous week; the seasonally adjusted Refinance Index decreased to
1948.1 from 1970.0. Other seasonally adjusted index activity included the
Conventional Index, which increased to 748.3 from 739.8 the previous week,
and the Government Index, which decreased to 246.9 from 257.0 the previous
week.
>>>>>>>>>>>>> ADVICE ON REAPPRAISALS, ETC. <<<<<<<<<<<<<
For some excellent advice, "Re-addressing, Re-assigning, Re-appraising:
Do's and Don'ts", go to
http://www.appraisalinstitute.org/readdressing.htm
Here is an excerpt:
"First, make sure you understand what is being requested. The requesting
party might not know what he or she needs, or might use labels or terms
such as ‘re-certification' to mean something quite different from what
appraisers would take them to mean."
Also check out the AI's excellent, very well written, "Find out how USPAP's
"Scope of Work" affects you!" - a "must read" for all appraisers.
http://www.appraisalinstitute.org/ethics/uspap/scopeofwork.htm
>>>> NEW IN THE JUNE ISSUE OF APPRAISAL TODAY <<<<
New in the June issue of Appraisal Today
- 10 tips on reducing your E&O exposure
- Where to get E&O insurance
- Getting set up for "EDI"
- Appraisal forms on the Internet
- Mortgage fraud - a white collar crime secret
- Use technology to drive your competitive strategy
- Primis purchases Curry/Carter, a commercial appraisal company
- Washington conference on appraiser pressure
- Appraiser pressure in Michigan
- The future of appraising in 1981
- Lenders lag on technology use
------------------------------
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
fax 800-839-0014 (credit card orders) or send your check (made out to RECR)
to 2015 Clement Ave., Alameda, CA. Order online or print out an order form
at http://www.appraisaltoday.com/orderfrm.htm
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 .
>>>> NEW FAX NUMBER FOR FHA REGISTRY CHANGES <<<<<<<<<<<<<
HUD's REAC has just installed a new dedicated fax machine for appraisers to submit applications, license renewals and name and address changes to the
FHA Register. The new fax number is (202) 708-6969. Thanks to the ASA for this info!!
>>>>> CA ROLLING BLACKOUT NOTICES <<<<<
If you're in California and subject to rolling blackouts, you can sign up
for email notification at: http://www.incident.com/edismail.html
Thanks to Craig Owyang for posting this link!
>>>>>>>>>>>>> ANOTHER VIRUS - MAWANELLA <<<<<<<<<<<<<
The email looks like this -
Subject: Mawanella
Body: Mawanella is one of the Sri Lanka's Muslim Village
Attachment: Mawanella.vbs
It is propagated by Outlook, as are many viruses, and will probably come
from someone you know.
DON'T CLICK ON ANY ATTACHMENT THAT ENDS IN VBS!!
For more info, go to
http://clinic.mcafee.com/clinic/ibuy/campaign.asp?cid=2251
>>>>>> COMMERCIAL REAL ESTATE FORUMS <<<<<<<
REIS now has forums for Dallas, Atlanta, and Chicago. The moderators are
Charles Bissel, MAI CRE(Dallas), Jody Foster, MAI CRE (Atlanta), and Scott
Patrick MAI (Chicago).
To register, go to http://www.reis.com/
and click on Forums on the top of
the screen. Registration is required, but is free.
The forums are only a few months old, so few messages are posted now. If
you work in those cities, it may be worthwhile participating.
5/28/01 - PDF/deadbeats/rebuz
New this week from Appraisal Today e-news
+ VA to require PDF
+ PDF a violation of USPAP?
+ Rebuz.com comml directory
+ Free Microsoft support
+ Greatstone Mortgage
+ Deadbeat client list
+ Rates stable, apps waffling
+ MBA forecasts peak in Quarter 2
NOTE ON LONG LINKS - you may have to cut and paste them into your browser.
++++++++++++++++++++++++++++++++++++++++++++++++++
Don't miss the First Annual AppraisalTech 2001 August 23-24 in South San
Francisco!!
- 12 hours CE credit available from AI, ASA, NAIFA, ASFMRA, and many states
- The price? Only $295 for both days!! Or $195 for one day.
- Technology sessions for both commercial and residential appraisers
- Over 30 exhibitors are expected
- Appraisal Technology Showcase during lunch
- Free food and entertainment at the Reception
- Lots of nearby places to go for a vacation (even if just for the weekend!)
- The conference center is 3 miles north of the San Francisco Airport. I
have room blocks for 3 adjacent hotels.
For speaker bios, hotel and travel info, and lots more, go to
http://www.appraisaltech2001.com
.
++++++++++++++++++++++++++++++++++++++++++++++++++
>>>>>>>>>>>>> VA TO REQUIRE PDF <<<<<<<<<<<<<
Effective 8/1/01 the VA will require electronic transmission of appraisal
reports in PDF format.
For an interesting discussion of how to get set up and transmitting large
files over dial-up Internet connections, go to
http://www.appraisersforum.com/messages/23100.shtml
A great link was also posted - http://www.planetpdf.com
>>>>>>>>>>>>> PDF A VIOLATION OF USPAP? <<<<<<<<<<<<<
Someone called me a few weeks ago saying that their client said PDF is a
violation of USPAP and they would only accept ACI/Lighthouse. It seemed
strange to me, but he was not the only one. For a discussion, go to
http://www.appraisersforum.com/messages/23085.shtml
The best comment is at - http://www.appraisersforum.com/messages/23112.shtml
>>>>>>>>>>>>> REBUZ.COM COMML DIRECTORY <<<<<<<<<<<<<
Check out http://www.rebuz.com - a commercial real estate Web site directory.
Per the site, "Our unique real estate industry search engine has indexed
the content of 60,000+ personally reviewed real estate industry web sites."
Check out
- eReal Estate Dot Com MIA list
- e Real Estate Dot Com Watch List
The links are just under the first banner ad...
Another good site is http://www.pikenet.com
>>>>>>>>>>>>> EXPENSIVE HOMES <<<<<<<<<<<<<
WorldLuxuryEstates.com, currently has $9.8 billion of the estimated $30+
billion international luxury market, per the company. They focus on the
over $1 million price range. Of course, here in the San Francisco Bay Area,
that will get you an upgraded tract home ;>
Unfortunately, to get much info beyond a photo and brief description, you
have to register, but it is free and takes very little time. The properties
I checked didn't have many photos and I couldn't find any virtual tours...
But it provides a quick look at high priced homes.
http://www.WorldLuxuryEstates.com
To read an article about the site, go to
http://www.rismedia.com/news.page/24/14375
>>>>>>>>>>>>> FREE MICROSOFT SUPPORT <<<<<<<<<<<<<
" Tired of paying through the nose to get your Microsoft questions
answered? Savvy folk know that online newsgroups can be a great source for
free, peer-to-peer help for computer problems. Now Microsoft has kicked
this up a notch by designating 600 ‘Microsoft Valued Professionals'
(MVPs)--people who've been providing free help for years--to show you the
light."
Check it out at:
http://cgi.zdnet.com/slink?/adeskb/adt0514/2717957:749925
>>>>>>>>>>>>> GREATSTONE MORTGAGE <<<<<<<<<<<<<
There have been lots of postings at http://www.appraisersforum.com on the
main page and the deadbeat list about Greatstone Mortgage and appraiser
payment problems. The most recent discussion is at
http://www.appraisersforum.com/messages/23289.shtml
. Search the archives
for some interesting postings by Greatstone employees.
Seems like Greatstone has been in the news in Florida.
One story said that Greatstone executives had been buying homes moving
into a neighborhood in Florida. The other story was about HUD investigations.
Here's a quote:
"Almost overnight, a fleet of luxury cars appeared in the Hamlet. Suddenly,
the quiet Carrollwood (FL) subdivision was teeming with Mercedes, Porsches,
Jaguars and BMWs....
"The people in the black cars are top executives of GreatStone Mortgage and
their family members. The privately held Tampa corporation is led by two
men who have been friends since childhood and by a close-knit team of
executives who share a penchant for privacy....
"But their home-buying spree has brought unwanted attention. And the way
they run their business has prompted federal inquiries."
Links to the stories -
http://sptimes.com/News/052701/Business/Mortgage_company_an_e.shtml
http://sptimes.com/News/052701/Business/HUD_reviews_detail_pr.shtml
>>>>>>>>>>>>> DEADBEAT CLIENT LIST <<<<<<<<<<<<<
If you receive a fax or phone order from a non-local mortgage company be
very careful. Don't get involved in a scam, such as where the borrower has
not agreed to the loan yet. Don't work for free. Collect your money up
front, or turn down the order.
Some of these mortgage companies operate in many states, using
telemarketing. Sometimes they use multiple company names.
Before accepting an assignment, check them out at
http://appraisersforum.com/deadbeat/index.htm
>>>>>>>>>>>>> MBA FORECASTS PEAK IN QUARTER 2 <<<<<<<<<<<<<
The May 22 mortgage forecast by the Mortgage Bankers Association economist:
1998 - $1,507 trillion, 50% refis
1999 - $1,285 trillion, 34% refis
2000 - $1,024 trillion, 19% refis
2001 - $1,461 trillion, 40% refis
Volume is predicted to peak in Quarter 2, then decline, with the refi share
dropping from 42% in Quarter 2 to 30% in quarter 4.
Is this forecast correct? If I knew what was coming I wouldn't be writing
this email newsletter. I would be retired and rich after speculating on
interest rate futures!!
>>>>>>>>>>>>> RATES STABLE, APPS WAFFLING <<<<<<<<<<<<<
Seems like lots of borrowers thought the recent cut in short term interest
rates by the Fed would lower mortgage rates, so lots applied for refis. But
rates didn't drop, for various reasons. However, rates are over 1% lower
than a year ago, so a refi makes sense for recent borrowers.
The market composite index of mortgage loan applications -a measure of
loan purchases and refinances-for the week ending May 18 decreased 15.2
percent to 475.4 on a seasonally adjusted basis from 560.4 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 15.0 percent but was up
46.8 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 291.2 from 321.9
the previous week; the seasonally adjusted Refinance Index decreased to
1546.8 from 1948.1. Other seasonally adjusted index activity included the
Conventional Index, which decreased to 619.6 from 748.3 the previous week,
and the Government Index, which decreased to 234.8 from 246.9 the previous
week.
Refinancing activity represented 44.7 percent of total applications,
decreasing from 47.8 percent the previous week. ARM activity increased to
9.6 percent from 9.3 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
7.16 percent, decreasing from 7.20 percent the previous week
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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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