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Most recent emails
Old email archives - 7/99 to 8/99
To get the very latest news,
sign up for our FREE weekly Appraisal Today e-news.
NOTE: some of the older links
may be out of date!
Search for a topic using your browser's search function.
Go to Edit, then Find in Page. Some of them have been edited from the
original to correct typos and new information! I have been sending them since June, 1994.
8/29/99 - NOTICE/links/AMC-AI
~~~~~~~~~~~~~~~~~~~~ NOTICE TO SUBSCRIBERS ~~~~~~~~~~~~~~~~~
Starting September 8, e-appraiser (www.e-appraiser.net ) will be sending out
these emails. This email will to go my 2,000+ subscribers plus
e-appraiser's 12,000 directory participants. I will send you a reminder
next Sunday to look for the emails on Wednesday from now on. e-appraiser's
own emails will go out on Monday.
Why the change? Two reasons - wider distribution and money. I will be
taking advertising. For the first time in over 5 years of weekly emails I
will be receiving income! Seems like lots of email newsletters like mine
are now taking advertising. The price for now is $300 per email, with most
advertisers signing up for a year in advance. To advertise, contact Joan
Trice at mailto:jtrice@alterragroup.com
or call 704-442-5454.
You may get duplicate emails as we are still ironing out removing
duplicates. If there are other problems I can still send my weekly emails
directly to you as I am maintaining my own list.
~~~~~~~~~~~~~~~~~~~ NOTICE TO SUBSCRIBERS ~~~~~~~~~~~~~~~~~
~~~~~~~~ ABNet and the Appraisal Institute's deal ~~~~~~~~~
An AMC (ABNet) and the Appraisal Institute (AI) in a partnership? What's
happening?
I have been following the progress of ABNet (the only appraiser-owned
national residential AMC) since before it officially started in 1995. It
was started by a group of experienced appraisers, most of them SRAs.
Per the press release, for res appraisers, ABNet "will market Appraisal
Institute quality appraisals and will target complex and specialty products
for foreclosed and jumbo properties...For commercial appraisers, the firm
will market direct commercial appraisals as well as appraisal reviews on
specialized products."
The agreement was officially announced August 26 in a press release, and I
was unable to contact anyone last week for more information. I'll have more
info in the next email. To read the press release, go to
www.appraisalinstitute.org/news/8-26-99_pr.htm
.
~~~~ Computer monitor link~~~~~~~~~
Thinking about buying a new monitor? Wonder if you should turn off our
monitor at night? For lots of tips, go to the monitor help page at Zdnet at
http://search.zdnet.com/cgi-bin/texis/zdhelp/zdhelp/search.html?Utext=monito
rs&Uhcat=All&Utiptype= If this link doesn't work, try
http://www.zdnet.com/products/monitoruser/index.html
.
~~~~ Security link ~~~~~~~~~
Worried about online security? I've had my cable modem at home for a month,
and do worry sometimes about security. Now I've gotta have DSL at work and
don't want any problems, so its time to think about security. Both DSL and
cable modem connect you to a network with other users. Since they are
"always on" they are a much greater risk than dial-up connections. The
September 1 PC Magazine has a good article on the topic. It's also online
at http://www.zdnet.com/pcmag/stories/reviews/0,6755,2308903,00.html
.
~~~~ New digital cameras link ~~~~~~~~~
The issue also has a review of 4 new megapixel cameras from Olympus,
Toshiba, Sony, and Ricoh (page 56) at
http://www.zdnet.com/products/stories/reviews/0,4161,410258,00.html
. Why
do I subscribe if its online? It's lots easier to skim though the magazine
than scroll through a web site (and easier to read).
No, I don't get any commission from ZDNet ;> It's just my favorite Web
site for computer stuff. My favorite print pub is PC Magazine and favorite
computer email newsletter is Anchordesk, both also on Zdnet.
~~~~ Lists of AMC and headhunter links ~~~~~~~~~
Although lots of appraisers complain about AMCs, I am frequently asked for
a list of AMCs. Now I can point them to www.e-appraiser.net
. Also new on
the site is a list of headhunters. The link is on the left side of the home
page. Scroll down to the bottom. I had a preview on Sunday. It is scheduled
to be online early Monday.
Some of the links are to the home page of a large organization, such as
First American. Look for appraiser links within the site by going to client
or business sections.
I'm working on an article on appraiser salaries and headhunters. If you
have any info or experiences, please hit the reply button! My only
experience with headhunters is calls trying to find appraisers.
~~~~~~~~~~~~~~~ Rates and apps ~~~~~~~~~~~~~
After hearing for years about borrower complaints I swore I wasn't going to
obsess with interest rates when I refinanced. I filled out a loan app 4
weeks ago, rates started up the next day, and have been ping-ponging up and
down since. Now I check rate stats at least once a day, keep calling my
mortgage broker with "lock rate", go to variable/fixed 1/5 or 1/7, put the
refi on hold, etc.
Seems like lots of other refi prospects are doing the same thing, with apps
way down. Apps have been declining since January. Some appraisers are still
busy and some have very little work, depending on the types of loans their
clients do. Apps are only down 22.5% from the same week last year.
Here's the latest MBA stats
For the week ending August 20, apps are down 1.9 percent from the previous
week, and down 22.5% from the same week a year ago. The purchase index
decreased from 271.8 the previous week to 271. The refi index decreased
from 364.5 the previous week t 362.2. For all the stats and a graph, go to
http://www.appraisaltoday.com/mba.htm
8/25/99 Lots-a-links/Just say NO
I have links from the August, 1999 Appraisal Today newsletter 6- page
article (How to get your computers ready for Y2K) at
http://www.appraisaltoday.com/y2k.htm
. Now if I can just get my own
computers ready for 1/1/2000!! I'm trying not to think about all the old
spreadsheets and databases with bad date fields. Oh well, I can always make
a couple of "mirror" drives.... on 12/31/99...
Check out the links at http://www.anchordesk.com/a/adt0817ba/3743
from
total meltdown to fixing your pc. Some Y2K haiku at
http://www.anchordesk.com/a/adt0730ba/3669
---------------------------------------------
BizTip
One of the greatest time savers is using the word "NO". The inability to
use this word leads to taking on too much work, procrastinating on more
difficult assignments, and failure to do more important tasks such as
developing new business, or attend your daughter's soccer game (even more
important).
In order to make more efficient and effective use of your time, you must be
able to plan for the future and prioritize the present. You must be able to
control your workload as much as possible.
No appraiser can do every appraisal assignment. If you're a commercial
appraiser, do you accept an appraisal on a home? If you're a residential
lender-oriented appraiser, do you accept an assignment in a city 200 miles
away?
For more biztips, go to http://www.appraisaltoday.com/biztips.htm
------------------------------------------
Who the heck is this majordomo person that keeps showing up on headers on
emails? Ever had the BSOD on your computer screen? (I have!)
Find out about net jargon at http://www.netlingo.com/index.cfm
-----------------------------------
No response yet from HUD regarding Nevada saying that their appraisers
couldn't fill out the VC sheets. Per a posting in the HUD SAHOC (
http://www.hud.gov/hoc/sna/snatapra.html
)appraisers chat room "A copy of
it was forwarded to Washington. When we know something we will post it to the
chatroom."
-----------------------
I hadn't been to the ICSC (International Council of Shopping Center) web
site for awhile at www.icsc.org . It has become
"the" key web site for
shopping center info with links to 4 demographic providers, shopping center
data, forums, and much more.
-----------------------------
www.LodgingResearch.com has
comprehensive info - at a price. But $500 for a
comps by MSA report is not bad if your appraisal fee is $5000+. Other
research is also available. Lots of stuff for sale - some reports are only
$100. Worthwhile checking out if you appraise hotels etc.
8/23/99 Nevada nixes VC/total/fha
Per a letter dated August 10, 1999, from the State of Nevada,
Department of Business and Industry, Real Estate Division to Nevada licensed real estate
appraisers, "It is the position of the Nevada Real Estate Division that the...form
(Form HUD 92564-VC) that HUD has requested to be completed by Nevada Appraisers is not in
compliance with our law."
Seems like Nevada licenses home inspectors. The VC sheet asks lot of home inspector type
questions. I've been waiting for this to happen.
---------------
A new email group for Total 2000 users has just started. 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."
------------------
HUD's Real Estate Assessment Center (REAC) has a phone line primarily for appraisers who
have questions on the new manual and/or VC sheet, etc. They are available from 7:30 a.m.
to 3 p.m. Call 1-888-245-4860.
The Santa Ana Homeownership Center(SAHOC)policy manual has now been superceded by the new
SAHOC reference guide. You can find the reference guide at: http://www.hud.gov/hoc/sna/snaptitl.html
----------
The Mortgage Bankers Association of America (MBA) released its Weekly Mortgage Application
Survey results today, reporting that mortgage loan applications for the week ending August
6 decreased 4.6 percent from last week. Compared to the same week last year, loan
applications were down 24.1 percent.
The MBA seasonally adjusted Purchase Index decreased from 293.4 the previous week to
277.5; the seasonally adjusted Refinance Index increased from 458.1 the previous week to
462.3. Other seasonally adjusted index activity included the Conventional Index, which
increased from 365.8 the previous week to 366.7 and the Government Index, which decreased
from 237.3 the previous week to 200.9.
Refinancing activity represented 21.1 percent of total applications, up from 20.0 percent
the previous week. ARM activity increased from 15.8 percent the previous week to 22.9
percent.
--------
I have finally passed my experience to go from SRPA to MAI. I've had my SRPA for about 7
years, but never got around to getting an MAI. Why now? My timeline runs out 12/31/2000.
After that I have to jump through lots more hoops!
I will be taking the comprehensive exam in Feb., 2000. If you've got any advice on
preparing, I could really use it. My last class was over 10 years ago. On the plus side,
I'm very good with math and test taking. Yes, I am planning on taking Whitmer's class.
If you have an SRPA and are still procrastinating, contact me. The experience process was
relatively painless as compared with my interviews in the past. Now they use a screener.
---------------------------
Feature stories coming in the Sept. issue of Appraisal Today "paper" newsletter
-
- Commercial AVM - as much as they will let me publish!
- Integra - new" national commercial appraisal company - all the details
- eRelay - looks like I'm finally going to have to go EDI!
- PMI marketing - practical marketing tips including a sample letter
- IRS and non-USPAP "appraisals" - a taxpayer ripoff
8/8/99 Headhunters/PMI/ERC EDI/humor
I've added some fun captions to my Official company photos at
http://www.appraisaltoday.com/photosc.htm
Move your mouse over each photo
for the secret captions!!
---------------------
Ever wondered what appraisal Executive Recruiters think? Read the chat with
Chris Sprehe of the Christopher Group at www.e-appraiser.net (PDF format).
Hint: MAI/CCIMs are hot. Click on the Guest Speaker link on the left side
and scroll down to the chat transcripts. There are also transcripts for an
AVM chat and a chat with John Ross, the executive VP of the Appraisal
Institute.
-----------------------------------
Ken Rossman has posted (on his web site) the recent Freddie Mac Servicers
Bulletin http://quickval.com/Freddie994.pdf
and Fannie Mae's Servicer Announcement http://quickval.com/Fannie9906.pdf
Warning - the files are large. Thanks Ken!
I have posted the PMI bill plus some info at
http://www.appraisaltoday.com/pmi.htm
I will have a three page article on PMI marketing in the September issue of
Appraisal Today, including a sample letter to home owners. Seems like it's
a good time for this topic as refis are in the tank!
-------------------------------------------
HUD's Santa Ana HOC has a new Guide at
http://www.hud.gov/hoc/sna/snaptitl.html.
---------------------------------------
Is anybody using Fannie's Appraiser Connection? If so, please let me know
about your experience. So far, I can't seem to find anyone who has used it
much. It is Fannie's EDI for the 2055/2065/2075/1004. To use it, you sign
up through a forms software vendor. For more info, go to
http://www.fanniemae.com/singlefamily/technology/mortgagelinks/ml_appraiser_
guidance.html I've been trying to get a demo or more information from
Fannie since May, with no luck.
-----------------------------------------
If you do relocation appraisals, you've probably heard about the ERC's EDI
program, eRelay. It is launching Sept. 28. For more info, go to www.erc.org
. I'm getting a demo today (Monday) and will have all the details in the
September issue of Appraisal Today. Looks like I'm finally going to have to
"go EDI"!
8/1/99 Gone digital/FHA/funerals/Integra
I have finally "gone digital" on my commercial narrative appraisals, after
a year of using digital photos on my residential appraisals. Why did I
finally switch? My 35mm camera broke halfway through an inspection!
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, but I'm sure that programs such as
Microsoft Publisher will work fine. Images are much easier to handle in
desktop publishing programs than in wordprocessing programs, as they were
designed for using images.
Why hadn't I gone digital before? I was spoiled with the very easy drag and
drop photo management of my Appraiserstoolbox forms software, which
displays thumbnails that you drag and drop right into the report. I finally
downloaded ThumbsPlus (www.cerious.com ) and got the same drag and drop
functionality into my publishing program plus I can now easily manage all
the other images on my hard drive (such as those sent as email
attachments). I click on a directory 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
love it!! Thanks again to Mary Dum of REAMUG for her recommendation of
ThumbsPlus. 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 fotos look great...
----------------------------------
New FHA info on AI web site -
http://www.appraisalinstitute.org/news/7-29-99_gin1.htm
. Mostly stuff for
AI members but some info on liability and fraudulent appraisers.
------------------------
Two weeks ago I wrote about www.highschoolalumni.com
and that I had been
looking for info on my fellow alums (Bishop Kelley High School, Tulsa, OK,
class of 1961). Turns out a subscriber, James Cannon, is married to one of
my classmates. On Monday, she called and emailed. On Tuesday I sent an
email to the alumni coordinator. On Wednesday, I got an email from the alum
who is trying to locate everyone. I was "lost" as my family moved to
California in the late 1960s and there were no Tardiff's (my original name)
left in Tulsa, Oklahoma to contact. There's lots better stuff on the
Internet than appraisal web sites!!
---------------------------
Ever appraised a funeral home? If you ever appraise one (or have appraised
one), go to http://www.funeral.com/ - a good
source of links and bulletin
boards, including stock prices of the big firms. The funeral home business
has been in major transition with consolidations by large companies. They
purchase small local companies and often continue to use their names. Quite
an interesting market! Thanks to Marty Skolnik for posting this great link
on the AI forum...
---------------------------------------------
Correction - last week's "big story," was the formation of Integra natl.
comml. appraisal firm. The company's press release said that Woody Hansen
and Brian Glanville were on Integra's board of directors. Per the Appraisal
Institute's PR Department, Hansen and Glanville are not on the Integra
Board of Directors. However, Hansen's firm, Hanson Real Estate Advisors,
and Glanville's firm, Curtis Slocum, Inc. are on the list of the 25
independent firms in Integra.
7/25/99 FHA/korpacz/new firm/IRS/death
tax
Per HUD Letter 99-22, dated 7/21/99, the new VC sheet and Homebuyer Summary
must be used for all cases that obtain new FHA case numbers ordered on or
after September 10, 1999. The previous date was 8/1/99. The new manual is
still effective 8/1/99. Why the change? Who knows? Maybe, there will be
changes on the VC sheets. Don't use the new ones until 9/10/99... The
letter is enclosed with the August Appraisal Today "paper" newsletter, to
go out this week.
Also, Posted by SANTA ANN HOMEOWNERSHIP CENTER - TONY PEREZ on July 23, 1999 at 19:15:00:
Explanation of 4150.2, page 1-2 D. "Designation to the
FHA Register". EVERY appraiser MUST re-apply for the FHA Register. That is,
all appraisers on register as of July 1, 1999 must submit a complete
appraiser application packages to their local HOC before Jan. 30, 2000.
Seems like this is news to a lot of people. I'll keep you posted.
HUD has posted the data on the use of minority and female appraisers,
searchable by lender.
I have all the FHA links, the new Letter, plus lots more information, such
as the FHA info on reapplication for the roster at
http://www.appraisaltoday.com/fha.htm . If you lose this link, it is on my
home page at http://www.appraisaltoday.com
.
--------------------------------------------------
PricewaterhouseCoopers has acquired The Korpacz Organization, including
both the appraisal and publishing groups. Per the press release, The
appraisal group will be merged into will be merged into
PricewaterhouseCoopers's existing Global Real Estate Valuation/Consulting
Practice. The other group, the company's real estate information, education
and publishing arm, will continue to publish the Korpacz Real Estate Investor
Survey(R) and the Korpacz Real Estate Source Directory, as well as
supervise current and proposed PricewaterhouseCoopers real estate research
products. Peter F. Korpacz will lead this new organizational group. To read
the press release, go to http://www.appraisaltoday.com/korpacz.htm
---------------------------
National appraisal firm formed
Integra Realty Resources (IRR), a new national independent real estate
valuation and consulting firm, has been formed from 25 regional valuation
and consulting firms in 22 states. The new real estate firm, which will be
operational on August 1, 1999, will have its corporate headquarters in New
York City. Some "big names" are involved, such as Woodward S. Hanson, MAI,
CRE, the President Elect of the Appraisal Institute and Brian Glanville,
the current Vice President and will be the National President in 2001, who
are both on the board of directors. I love those initials - IRR! To read
the press release, go to http://www.appraisaltoday.com/newnatl.htm
. If you
know about Valuation International, yes, this is many of the same people
with a new organization and a "new concept."
More details (not in the press releases) on these two interesting comml
appraisal news items in the "paper" newsletter, Appraisal Today, after I do
some interviews. Can't give it all away for free!
----------------------
I do quite a bit of estate work and have been closely following the
proposal to eliminate death taxes. Some states have eliminated them, or are
much less than federal taxes. For a very interesting anti-death tax
article, Enlivening the Death-Tax Death-Talk, go to the Tax Notes web site
at http://www.tax.org/. Scroll down to the bottom of the page. Don't wait
too long as I'm not sure how long it will be available for free.
------------------------
I have posted the two reports on IRS and valuation (PDF format), written by
Matt McErlean, a summary of his report, a photo of the author, plus other
information, at www.appraisaltoday.com/irs.htm
7/19/99 - IRS valuation/rents/comml avm/etc.
IRS whistle-blower appraiser loses job
In April, 1997, ASA published a very interesting study (Deficiencies in
Internal Revenue Service Policies Governing Taxpayer Valuations of Real
Estate, Personal Property and Ownership Interest in Business Enterprises)
on IRS appraisal policies, including the fact that they don't use USPAP as
their standard for appraisals. I wrote a feature story about the study and
have been following the issue ever since.
One of the contributors was Michael McErlean, an IRS Senior Appraiser at
that time, who had written about the problems in a report to the Treasury
Department's "I suggest...Program." After writing another 17-page
"scathing" report on IRS policies in April, 1999, McErlean has been
terminated by the IRS after refusing a transfer. I will post both his
4/20/99 and the 8/6/96 paper on my web site this week, a bio, and some
other stuff, and will send you the URL next week. The paper is titled IRS
Violations of Taxpayers' Constitutional Right to Uniformity in the
Assessment of Taxes Based on Appraised Values, authored by Matthew N.
McErlean, MBA, MS, MAI, CAE, CPA, Valuation Subject Matter Expert/Senior
Appraiser Coordinated Examination Institute, School of Taxation Corporate
Education, Internal Revenue Service. If you can't wait until next week,
send me an email and I'll send you the PDF file. The September newsletter
will have a feature story on McErlean, the IRS, USPAP, etc. I got the
information too late for the August newsletter.
Here's a quote from McErlean's press release: "According to the report, the
violation is so egregious as to constitute an "unlegislated tax break."
"Billions in American taxpayers' is lost, and the loss is a direct result
of IRS' lack of appraisal standards and appraiser competency requirements."
McErlean says."
Contact Matt McErlean at (410) 308-0359 or mailto:mcerlean@home.com
.
-----------
Interesting tidbits from this week's Inman Real Estate Connect conference
in San Francisco.
I have been attending them since the first one two years ago. What is
strange is how much real estate on the Internet has changed. Of course, I
couldn't hardly stand all the people who had big IPOs, particularly those
well under 40. RealSelect, who developed NAR's realtor.com site is going
public. Comps.com has already gone public, as has RIG/Costar. All three
major apartment web sites have been purchased. Of course, nothing about any
appraisal companies...except for Primis which finally has their web site
up, www.primis.net, but no Internet delivery yet. No Primis IPO yet...
The best tidbit was that new commercial AVM will be available soon for use
by appraisers, lenders, etc., starting with industrial properties. The
developer is a well known name in the commercial real estate industry. I
can't release the company's name yet, but am planning a feature story in
the September newsletter.
------------------------
Some interesting results in CB Richard Ellis' Global Market Rents
report
(July, 1999). Only three of the top 25 were in the U.S.
1. Tokyo (Inner Central), Japan $131.36
2. London (West End), England 123.93
3. Tokyo (Outer Central), Japan 114.23
4. London (City), England 103.81
5. Mumbai (Bombay), India 77.26
6. Hong Kong 73.91
7. Moscow, Russia 67.22
8. Paris, France 65.04
9. Seoul, South Korea 58.38
10. Edinburgh, Scotland 55.53
11. Manhattan (Midtown), U.S. 54.14
To get a copy of the very interesting free 16–page report (PDF
format), go
to www.cbcommercial.com and click on
Market Information.
--------------------------
Ever wondered what happened to your old high school classmates? Check out
http://www.highschoolalumni.com/ . I have
been looking for info on my fellow
alums (Bishop Kelley High School, Tulsa, OK, class of 1961). There was one
person who posted on this site... Thank's to Patrick O'Rourke (no
relation!) For this great link.
-------------------
Ken Rossman's web site at www.quickval.com gets lots of hits. Now he's
doing something more. Ken's starting an online appraisal directory. The
inital thrust will be marketing to nonlenders. The trial period directory
fees are very reasonable for exclusive territories (i.e., $50 for 6 months
for a county population of 100,001 to 500,000) plus some other goodies for
charter subscribers. "Minimium requirements - State Certified with 5-7
years appraisal experience. Designations, highly encouraged. Must have E
Mail + EDI delivery capability." E-Mail Ken Rossman, SRA
mailto:ken@quickval.com for complete details.
-------------
Changes have been proposed for the Appraisal Section of NAR. If you're an
NAR member, go to www.onerealtorplace.com, search for appraisal, then go to
NAR-Appraisal Section. Changes include serving all NAR appraiser members.
---------------------------------
Ever swamped with work? Go to http://www.appraisaltoday.com/delegati.htm
for "How to Increase Productivity by Delegating"
-----------------
ERC's e-Relay is set for roll out. Appraisers must sign up and take
training classes (live or Internet), available in October/November. For
more information go to www.erc.org .
--------------------------------------
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results July 14, reporting that mortgage loan
applications for the week ending July 9 decreased 30.5 percent from last
week. Compared to the same week last year, loan applications were down 39.4
percent.
The MBA seasonally adjusted Refinancing Index decreased from 588.4 the
previous week to 522.0; the seasonally adjusted Purchase Index decreased
from 317.9 the previous week to 274.1. Other seasonally adjusted index
activity included the Conventional Index, which decreased from 439.9 the
previous week to 383.4 and the Government Index, which decreased from 220.2
the previous week to 188.7.
Refinancing activity represented 23.4 percent of total applications, up
from 22.9 percent the previous week.
7/11/99 - USPAP changes/FHA fees/y2k/etc.
Scooped on cable modems
When I wrote about my new cable modem last week, I knew about the security
problems... but didn't write about them and was scooped by the national
media. Oh well... When you use cable modems or DSL you are on a network
that is always "on" with all the other users, with potential security
problems. I disabled file sharing so no one can access my files. If I was
networked, file sharing would be password protected.
--------------------------------------------
I have been testing Y2K compliance on my 6 computers this weekend. What was odd was that
different BIOS test programs gave different results. Only one
computer had problems, my 7-8 year old 386 which will require a manual roll
over on 1/1/2000 plus various other roll over problems. I haven't installed
Pcfix2000 to see if it can be fixed. Ezcheck2000lite found the most
problems ( www.pcfix2000.com ). NSTL and
Viasoft were less picky. I also ran
Norton 2000 to see any data file problems... I had forgotten how many
database and spreadsheet files I had with 2 digit dates!! Fixing the BIOS
and software problems is just the tip of the iceberg. Y2k will be the death
knell for many DOS apps, including forms software, as the vendors are not
even testing them if they have a Windows upgrade. Anyway, details in the
August newsletter plus all the links. Good info at
www.microsoft.com/year2000 and
http://www.zdnet.com/anchordesk/story/story_3539.html
Now that I have all
the testing programs and Microsoft patches on a zip drive and floppies,
maybe I should go into the Y2K business!
----------------------
My advice - don't wait to check your BIOS. You'll sleep better at night and
will know which computers need major work or can't be fixed. Next install
Windows 95/98 patches. Only Windows 98SE is Y2K compliant. I had no idea of the magnitude
of the PC problems until this weekend.
---------------------------
New proposed changes in USPAP at
https://www.appraisalfoundation.org/062599ed.htm
Changes are proposed to competency and many of the Standards. (I haven't
had time to review them yet). Comments are due by 8/31/99. The documents
are available in html and pdf, but only the pdf version has the lines
numbered for easier comment and reference.
----------------------------
I will be reviewing "Real Estate Damages," a new book published by the
Appraisal Institute. If you've read it, let me know what you think of it!!
------------------
Thanks to those who responded to last week's email about brokers and sleazy
appraisers. Seems like we're all thinking the same thing.
----------------------------
FHA fees (again). Increases in FHA fees seems to be a hot topic. I wish I
could remember what happened when the 2-4 unit form went from 2 to 4 pages.
That's the last big change I remember. If you know, let me know. Usually
what happens on fee changes (up or down) is first the market leaders
change, then there is a period of adjustment while everyone tries to figure
it out, then fees settle down. Most everyone is expecting some sort of a
fee increase. Speculation is rampant, from $50 to $250 increases.
------------------------------
If you lose any links, or can't find your old emails, go to
www.appraisaltoday.com. Hot news is on the home page and there is a link to
older news. I use it myself as I keep changing browsers and losing my
bookmarks!
----------------------------
I updated the MBA stats on www.appraisaltoday.com/mbastats.htm last week
but the graph is old - apps have been dropping like a rock. Also put some
new articles in the business tip section at
http://www.appraisaltoday.com/biztips.htm on getting referrals and selling
your business plus other topics.
-------------------------------
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results, reporting that mortgage loan
applications for the week ending July 2 increased 2.6 percent from last
week. Compared to the same week last year, loan applications were down 1.2
percent.
The MBA seasonally adjusted Refinancing Index decreased from 612.2 the
previous week to 588.4; the seasonally adjusted Purchase Index increased
from 304.1 the previous week to 317.9. Other seasonally adjusted index
activity included the Conventional Index, which increased from 433.1 the
previous week to 439.9 and the Government Index, which increased from 209.5
the previous week to 220.2.
Refinancing activity represented 22.9 percent of total applications, down
from 24.5 percent the previous week. ARM activity increased from 19.5
percent the previous week to 20.4 percent.
--------------
Tip - do home equity loan appraisals. The market is hot. Sometimes they use
URARs, but usually drivebys or AVMs.
7/5/99 - FHA/brokers/Y2K-Microsoft/email
NOTE: the effective date was changed to 9/10/99
on 7/22/99.
The effective date for the new VC forms, manuals, and other forms is August , 1999. Who's
ready? Well.... lots of lenders and appraisers don't even
know there are new forms and a new manual!! Should be quite interesting.
Anyway, be ready to go on 8/1/99. Fees increases are uncertain. When I did
FHA 10 years ago, we had to do all the inspections listed on the VC form.
Seems like that hasn't been done much in the "new" FHA, so it is a return
to the past. Filling out the form shouldn't take much time. FHA estimates a
half hour.
--------------------------------
Now that I am doing more commercial appraisal lender work, the contrast
between commercial and residential lending is very striking. When I turn in
a commercial appraisal, my clients are very grateful for any information on
problems and have very little pressure on values.
With over 70% of res originations from mortgage brokers, the standard seems
to be "hear no evil, see no evil" as low values or problems will kill the
deal and they get no money. I keep hearing about lots of sleazy appraisers.
So what's difference from 5 or 10 years ago? Direct lenders are subject to
regulatory appraisal scrutiny. Mortgage brokers aren't. What do you think?
Just hit the reply button.
----------------------
Started working this weekend on a Y2K article for my newsletter, using my
computers as a test. I first tested my 4-month old home computer running
Windows 98. Perfect Office 8.0 (Wordperfect, Quattro Pro) - no problem.
BIOS/RTC - no problem. Windows 98 - problems. Almost other Microsoft
software - problems. By the way, DOS 5.0 and higher and Windows 3.1 had no
problems (assuming your BIOS/RTC is ok!). Well.. You do have to check to
make sure your system clock is set to four digits for the year.
What does this mean? Draw your own conclusions!! If you've been working on
getting ready and have any tips or gripes, let me know... just hit the
reply button. I'm not ready to recommend any specific software yet.
--------------------------
Got my cable modem hooked up this week and was up until 1AM the first
night.. What I really like is always "being on" as I use the web a lot for
all kinds of stuff - personal (Kelley blue book car prices), business
(seeing if there are any new commercial real estate listings), and the
newsletter (FHA, appraiser chat boards, Y2K, etc.). Since I have avoided
using any sites with lots of graphics for the past 4 years, I'm still
getting used to going to any site I want!! Two installers came, one for my
computer and one for the cable system. Since I don't have any peripherals
my home computer, installation was less than an hour (no IRQ/slots etc.
problems). Installation on my office computers would be a hassle with the
scanners, zip drives, etc. etc. One is completely out of slots and has IRQ
problems.
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