7/26/18// Newz .Funny Appraisal Ad, IL C/R Survey, Basements and GLA

Short Excerpt: … submit a favorite song title– be it classical, jazz, rock, religious, country, or whatever- adapted to the appraisal business. Here are a few examples for starters (with a little literary license):

Subject  line: Wednesday Wild Ideas from Intercorp

If you didn’t open it, or “opted out” of getting ads, Click here to read the full “ad” and see the cats!!

Excerpt: To celebrate summer, in this month’s edition of Great Spaces, we’re highlighting some seriously serene lakefront properties, from Minnesota all the way to sunny Florida.

Click here to see the fotos:

When real estate agents include the finished basement square footage in their gross living area (GLA), they usually also indicate in their listing that the property has a basement. What they are falsely indicating is that the property has ‘X’ amount of square feet of GLA (They include the finished basement in this sq. ft.) in addition to having a basement. That is what we call double dipping.

Double dipping is not cool on any level! The finished basement area cannot be both a basement and gross living area. For example, if an appraiser is appraising a bi-level dwelling, for non-lender work, and they include the partially below grade finished area in their GLA, they have to say that the property has no basement. Or, they can value the partially below grade finished area as a finished basement. But, then they could not include this area in their GLA.

Written for buyers. Read the full post here, with some good links.

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Excerpt: CoreLogic and its subsidiary The Columbia Institute are launching an appraiser training program. The impetus behind the program is to bolster the ranks of appraisers in the nation with tech-savvy talent from diverse backgrounds.

More details here:

H.R. 6347 and H.R. 6348 would link the SBA appraisal threshold level to the threshold level established for commercial real estate by the federal bank regulatory agencies. Earlier this year, those agencies doubled the commercial real estate appraisal threshold level to $500,000. The SBA appraisal threshold level, which is set by statute, currently stands at $250,000. If the legislation were enacted, SBA loans for commercial transactions below $500,000 would no longer require an appraisal.

 By George Dell

WASHINGTON, D.C. (July 25, 2018) – Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 20, 2018.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index remained unchanged from the previous week. The Refinance Index increased 1 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 2 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 36.8 percent of total applications from 36.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.3 percent of total applications.

The FHA share of total applications decreased to 9.9 percent from 10.6 percent the week prior. The VA share of total applications remained unchanged from 10.2 percent the week prior. The USDA share of total applications increased to 0.8 percent from 0.7 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.77 percent, with points decreasing to 0.45 from 0.46 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.72 percent from 4.66 percent, with points increasing to 0.31 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.78 percent, with points increasing to 0.73 from 0.69 (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 4.23 percent from 4.22 percent, with points increasing to 0.44 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 4.09 percent from 4.12 percent, with points decreasing to 0.29 from 0.39 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visitmba.org/WeeklyApps, contact mbaresearch@mba.org or click here.

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.