Why Not to Trust Statistics – Humor
Statistics cartoons. Just for Fun!!
Mean, median, range, correlation, variance, correlation coefficient. Amazing what you can do with stats!!
Can’t describe it. Just click here for the cartoons.
https://mathwithbaddrawings.com/2016/07/13/why-not-to-trust-statistics/ Thanks to Joe Lynch for this great link!!
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The Incredible Ruins of 12 Abandoned Islands
Excerpt:
Of all the many places around the world that have been abandoned by their inhabitants and left to slump into obscurity and ruin, islands seem among the most unlikely. What’s not to love about an island? Yet there are dozens of isles scattered throughout the world’s oceans that have been deserted by their residents and left all but forgotten.
Frozen in time with nothing but a story to tell, many of these ghost islands have taken on an eerie and enticing second life in their desertion and disrepair. Here are 12 abandoned islands in the Atlas, each of which has a intriguing story behind its decline.
Good photos and comments. Just scroll down the page.
http://www.atlasobscura.com/articles/the-incredible-ruins-of-12-abandoned-islands
My comment: I live on an island in San Francisco Bay. Definitely very different mentality than non-islanders. I hate leaving the island. For the past two years, almost all my appraisals have been here. When I travel, I always go to any nearby accessible islands..
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USDA slashing mortgage fees
Announces cuts to upfront guarantee fee and annual fee
Excerpt:
Borrowers who use the U.S. Department of Agriculture’s Rural Housing Service to get a mortgage could soon pay significantly less for their loan, as the USDA announced that it is about to cut its loan fees for lenders who use the USDA’s Single Family Housing Loan Guarantee Program.
In an announcement sent to lenders this week, the USDA said that it plans to cut the fees it charges lenders both its upfront guarantee fee and its annual fee beginning on Oct. 1, 2016, the first day of fiscal year 2017.
http://www.housingwire.com/articles/37882-usda-slashing-mortgage-fees
My comment: maybe more work for rural appraisers from lenders who understand the appraisal issues…
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New in the September 2016 issue of Appraisal Today
- AMCs tell all to residential appraisers at recent seminar by Joe Lynch
- Real Estate Damages, third edition, 3rd Edition, an excellent book written by Randall Bell, MAI
- The Art of Appraising – what Big Data and Analysis misses and what it means for you
- GLA adjustments using cost per sq.ft. method – understandable, easy to use and free by Dave Towne
To read the articles subscribe to the paid Appraisal Today.
$8.25 per month, $24.75 per quarter, $89 per year (Best Buy)
or $99 per year or $169 for two years
Subscribers get, FREE: past 18+ months of past newsletters
plus 4 Special Reports, plus 2 Appraiser Marketing Books!!
To purchase the paid Appraisal Today newsletter go to
www.appraisaltoday.com/products or call 800-839-0227.
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How the Scope of Work Rule Applies to What You Don’t Say
Excerpt:
The expression “some things are better left unsaid” is true, but not in the case of appraisal reports. Sometimes, what you don’t say can hurt you under USPAP’s Scope of Work Rule.
Appraiser Rhonda lives and works in an area where a nuclear power plant is located. In addition to the plant itself, several high-voltage corridors emanate from the plant, which is located on the shore of Lake Michigan. High-priced lakefront homes are located north and south of the plant, but are effectively buffered by densely wooded areas. The traffic from the plant utilizes a service road that connects with a major arterial several miles from the nearby homes so traffic is not an issue.
To read the full case study, with lots more details:
http://www.aciweb.com/how-the-scope-of-work-rule-applies-to-what-you-dont-say
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Free FHA classes in Atlanta, Chicago and Ft. Worth TX
Course Title: NEW
FHA Appraiser Training – Chicago, IL
Date/Time:
Thursday, September 15, 2016
8:30 AM – 4:00 PM (Central)
Event Location:
Department of Housing and Urban Development – Chicago Regional Office
Ralph Metcalfe Federal Building
77 West Jackson Boulevard
Chicago, IL 60604-3507
Jurisdictional Host:
Atlanta Homeownership Center
Registration Link:
http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=2886&update=N
Description:
This free, one-day training course is designed to help address industry Frequently Asked Questions (FAQs) on FHA’s Single Family Housing Policy Handbook 4000.1 (SF Handbook). Discussion items include such topics as: property acceptability criteria; underwriting the appraisal; minimum property requirements; property defective conditions; enhanced appraiser responsibilities and requirements; programs and products, i.e., 203(k); and more. This is course is ideal for appraisers and other mortgage loan professionals, including underwriters and loan officers.
Special Instructions:
Advance registration is required by September 12, 2016. Seats are limited and available on a first-come, first-served basis.
This course is being held in a Federal facility. Please be advised that the onsite security screening process is similar to an airport security screening. Attendees must provide a valid, government-issued photo I.D. and course registration confirmation at the guard station. Please allow extra time to go through the security screening process. For more information, contact Chastity Abrom at (678) 732-2361 or chastity.m.abrom@hud.gov.
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Course Title: NEW
FHA Appraiser Training – Atlanta, GA
Date/Time:
Tuesday, September 20, 2016
8:30 AM – 4:00 PM (Eastern)
Event Location:
Department of Housing and Urban Development – Atlanta Regional Office
Five Points Plaza Building – Montalvo Room
40 Marietta Street
Atlanta, GA 30303-2806
Jurisdictional Host:
Atlanta Homeownership Center
Registration Link:
http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=2889&update=N
Description:
This free, one-day training course is designed to help address industry Frequently Asked Questions (FAQs) on FHA’s Single Family Housing Policy Handbook 4000.1 (SF Handbook). Discussion items include such topics as: property acceptability criteria; underwriting the appraisal; minimum property requirements; property defective conditions; enhanced appraiser responsibilities and requirements; programs and products, i.e., 203(k); and more. This is course is ideal for appraisers and other mortgage professionals, including underwriters, processors, and loan officers.
Special Instructions:
Advance registration is required by September 16, 2016. Seats are limited and available on a first-come, first-served basis.
This course is being held in a Federal facility. Please be advised that the onsite security screening process is similar to an airport security screening. Attendees must provide a valid, government-issued photo I.D. and course registration confirmation at the guard station. Please allow extra time to go through the security screening process. For more information, contact Chastity Abrom at (678) 732-2361 or chastity.m.abrom@hud.gov.
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Course Title: NEW
FHA Appraisal Training – Fort Worth, TX
Date/Time:
Tuesday, September 13, 2016
8:00 AM – 4:30 PM (Central)
Event Location:
801 Cherry Street, Unit #45
28th Floor
Fort Worth, TX 76102
Jurisdictional Host:
Denver Homeownership Center
Registration Link:
http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=2892&update=N
Description:
This free, one-day training course will cover FHA appraisal requirements, including FHA appraisal protocol and updates to FHA appraisal policy. The course will also equip attendees with the knowledge to determine property eligibility. This is a refresher course and is ideal for seasoned FHA appraisers as well as appraisers new to the FHA Appraiser Roster. Although intended primarily for appraisers, other industry professionals, including underwriters, processors, etc., will benefit from attending.
Special Instructions:
Advance registration is required. Seats are limited and available on a first-come, first-served basis. For more information, contact Juan Sola at (800) 225-5342 orjuan.c.sola@hud.gov.
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USPAP 2018-2019 Second draft
Comments are due by October 16, 2016
A few proposed changes:
– Section 2 – Definitions of Assignment, Intended Use, and Intended User…
– Section 3 – Definitions of Assumption and Extraordinary Assumption
– Section 4 – STANDARD 3 – Dividing into STANDARD 3, Appraisal Review, Development and STANDARD 4, Appraisal Review, Reporting
– Section 8 – Advisory Opinion 37, Computer Assisted Valuation Tools (New)
– Section 10 – Edits to Advisory Opinion 31, Assignments Involving More than One Appraiser
– Section 11 – Edits to Advisory Opinion 1, Sales History
To read the draft, go to
My comment: I will have a full analysis in the October issue of the paid Appraisal Today, available Monday, October 3. Maybe there will be some controversial or relevant changes for the next USPAP class to keep us awake ;>
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to https://www.mba.org
Note: I publish a graph of this data every month in my printed newsletter, Appraisal Today. For more information or get a FREE sample issue go to www.appraisaltoday.com/products or send an email to info@appraisaltoday.com . Or call 800-839-0227, MTW 8AM to noon, Pacific time.
WASHINGTON, D.C. (August 31, 2016)
Mortgage applications increased 2.8 percent from one week earlier,
according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 26, 2016
The Market Composite Index, a measure of mortgage loan application volume, increased 2.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 5 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 63.5 percent of total applications from 62.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.5 percent of total applications.
The FHA share of total applications increased to 9.7 percent from 8.9 percent the week prior. The VA share of total applications increased to 12.5 percent from 12.4 percent the week prior. The USDA share of total applications remained unchanged to 0.6 percent from 0.6 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 3.67 percent, with points decreasing to 0.33 from 0.34 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.63 percent from 3.62 percent, with points decreasing to 0.27 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.54 percent from 3.53 percent, with points increasing to 0.36 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.96 percent from 2.95 percent, with points decreasing to 0.31 from 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 2.90 percent from 2.84 percent, with points decreasing to 0.24 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
We want to know what you think!! Please leave a comment.