Appraiser conflict: objective/impartial vs. what clients want

Excerpt: Dubbed by the American Institute of Architects as the “greatest American architect of all time,” Wright designed more than 1,100 buildings, 532 of which were eventually built. From his early designs in the low-slung Prairie School style to the efficient, affordable Usonian style inspired by the Great Depression, everything Wright created aimed to create spaces that he described as “eloquent and humane.”

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Hilton Garden Inn

Raleigh Crabtree Valley

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Raleigh, NC 27612

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Sorry, I could not find an agenda online. But it is interesting to hear and see the AQB members. I Love Livestream!!

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Excerpt: H.R. 6347, the 7(a) Real Estate Appraisal Harmonization Act, and H.R. 6348, the Small Business Access to Capital and Efficiency Act, would peg the Small Business Administration appraisal threshold level to the threshold level established for commercial real estate by the federal bank regulatory agencies. Earlier this year, those agencies finalized a rule to increase the commercial real estate appraisal threshold level from $250,000 to $500,000.

WASHINGTON, D.C. (September 26, 2018) – Mortgage applications increased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 21, 2018.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.9 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 3 percent from the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 4 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 39.4 percent of total applications from 39.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.5 percent of total applications.

The FHA share of total applications decreased to 10.4 percent from 10.6 percent the week prior. The VA share of total applications increased to 10.1 percent from 10.0 percent the week prior. The USDA share of total applications remained unchanged at 0.7 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since April 2011, 4.97 percent from 4.88 percent, with points increasing to 0.47 from 0.44 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.92 percent from 4.77 percent, with points increasing to 0.30 from 0.28 (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 increased to 4.94 percent from 4.90 percent, with points increasing to 0.83 from 0.73 (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 4.38 percent from 4.30 percent, with points increasing to 0.52 from 0.49 (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 increased to its highest level in the history of the survey, 4.22 percent from 4.17 percent, with points increasing to 0.60 from 0.29 (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.