Excerpt: How does one reach such a milestone? Terrence dropped out of school at what age? What advice can he offer to appraisers? These questions and much more will be answered by Terrence Bilodeau as he shares about his life’s journey and how he runs his business. The 23-minute Interview with The “Millionaire Appraiser”, Terrence Bilodeau, includes 2-minute introductory comments and a brief ad. Very good interview.
Read the appraiser comments below the video on the Vimeo website. (not many comments on Buzz web site).
Interview with The “Millionaire Appraiser”. I wrote about him in the June 19 issue of this email newsletter, using a recently published CNBC article. He was grossing $280,000 per year. It was very popular with my subscribers. Link to the article I used click here:
To read more, click here
My comment: This guy works way too hard!!
NOTE: Please scroll down to read the other sections of this long blog post on New Fannie Forms; 10 Most Expensive Homes; Appraisers and Epidemiologists, man saws neighbor’s garage in half, mortgage origination stats, Covid tips for appraisers, etc.
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Fannie – New 1004 Hybrid and 1004 Desktop Forms
The Hybrid will replace Fannie’s 1004P form (soon to be retired) and is not different from the 1004, but adds statements (similar to the modifications for the COVID exterior-only and desktop forms).
There are appraisers doing hybrids now using 1004P forms. It is part of the appraiser modernization plan. I thought the GSEs had dropped hybrid appraisals due to appraiser strong objections, but it has returned.
From the undated Fannie Appraiser Update, emailed July 28, 2020:
“The new Forms 1004 Hybrid and 1004 Desktop are available now through appraisal forms vendors for limited use. The traditional Form 1004 remains unchanged and will still be used the majority of the time.
Although the new 1004 Hybrid and 1004 Desktop are available, they will only be used in a small number of appraisal reports for testing purposes.
It is important to note that for desktop appraisals using the COVID-19 appraisal flexibilities, appraisers should continue to only use the eligible forms as provided in LL-2020-04 (Forms 1004, 1073, 2090, 1025, and 1004C).
Please, as always, make sure to communicate with your client to ensure you are using the correct form for the assignment.”
My comment: The announcement links do not have copies of the full revised forms, just what is changed.
Comments from Dave Towne (direct quote)
One of the issues with these ‘new’ GSE Desktop and Hybrid forms is at first glance……. without carefully reading the hidden message contained within their announcement on Tues, 7/28/20… is the new ‘Desktop’ form is not to be used in place of the CV-19 “modified” ‘desktop’ report that was released to the industry on March 23, 2020.
I have been in discussion about these ‘new’ forms with a person *on the inside* of a GSE who’s been part of the forms revision task force, and that individual has specifically told me “they are still not ideal for the COVID flexibilities, because they still do not allow use of borrower provided data without additional verification.”
It would be helpful in communications with appraisers and others that this point be emphasized. The GSE announcement didn’t do that well enough.
The GSE’s have said the new ‘Desktop’ form is to be used for “testing” only. However, as I pointed out to the GSE person, we appraisers and even the assignment distribution people at various clients, may actually not know or be told the assignment is for “testing” purposes.
To read the Appraiser Update and click the links to download the two documents click here
Maine man saws neighbor’s garage in half amid boundary dispute
Excerpt: A man who cut his neighbor’s garage in half with a Sawzall was on friendly terms with the man who built the structure — just not with everyone who lived on the property after he died.
Gabriel Brawn used a land surveyor’s demarcation between the two lots as a guide to removing the half of the building sitting on his land when a dispute over the boundary line boiled over.
Tracy Brawn said Thursday that her husband’s actions on the day after Memorial Day marked the latest, and they hope the final, step of an often contentious relationship between her family, others in the neighborhood and various inhabitants of 148 Grove St. in recent years.
To read more, click here
My comments: I looove my Sawzall. It chops up anything!! Thanks to Jonathan Miller’s weekly Housing Notes for this great link. Over the years, I have had lots of people ask me about whether or not a neighbor was encroaching on their property. I always say “get a survey” as that is the only way to know. One woman had a “shared” driveway with the next door house, common where I live, and wanted to park there. She got a survey and purchased a small car that would fit into her half of the driveway.
Ryan Lundquist Medical Fundraiser
By Dave Towne
Excerpt: Folks, well known respected appraiser, blogger, writer, speaker, mentor – Ryan Lundquist of Sacramento, CA – is presently in the hospital with ulcerative colitis.
A GoFundMe account has been set up by two other appraisers to help with medical expenses, with payments going directly to his wife Jennifer.
If you can help out, the link is https://gf.me/u/yiqv25
Our friend Ryan Lundquist has suffered from ulderative colitis for several years and has had a flare-up in the past month. He has stopped working and is in the hospital with severe effects awaiting the results of tests. Like many self-employed, Ryan has a high deductible insurance plan. This campaign will help Ryan with his medical expenses and lost revenues from missed work and will give him time to recover.
To read more, click here
Ryan’s recent post on the donation page:
“I am so humbled to have an army of supporters carry me during this difficult time. In the next few days I will hopefully be released from the hospital, and then I am going to need some time for my body to fully heal before getting back to normal life. This healing process will now be much easier because of your financial support. I have already missed a month of work and health bills are going to start piling up, so I cannot tell you how much your support truly means for my household. On behalf of my wife Jenny and I, we are profoundly grateful and we will never forget your generosity.”
Ryan’s blog http://sacramentoappraisalblog.com/
Ryan’s Facebook page –https://www.facebook.com/sacappraiser with lots of comments
My comments: I regularly link in this newsletter to his great blog posts. Ryan is a “Good Guy” who helps appraisers a lot. I have met him for many years at local appraiser events. His recent post above gives you an idea of what he is like.Getting too many ad-only emails?
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FREE August issue of the paid Appraisal Today
Overwhelmed by info on Covid-19?
This newsletter can help you find what you need!!
How to Keep Safe from Covid-19, including tips for appraisers and The Vaccine Race
Look for an email arriving early Monday, August 1, in your inbox.
Subject line: Covid-19 and Appraisers FREE newsletter.
Excerpts: Outside is much less risky than inside. You get infected by breathing air from someone who is infected. Aerosols (small particles) can travel farther than 6 ft. indoors.
Most appraisers go inside homes, apartments and other types of properties. Now we know that crowded spaces with little ventilation are very risky. You and occupants need to both have masks if they are in the home or outside. Using a cell phone in your car is best when speaking with occupants. Find out how many people live in the home (density). I have lots more tips.
Also, I have information on vaccines, such has who decides who gets the vaccine, manufacturing and distribution, etc. What is Operation Warp Speed and what does it mean for you? Links to Covid Vaccine Trackers that can keep you up to date on the daily changes about vaccines. Plus lots of other reliable resources. Issues in getting safe and effective vaccines (the more the better) and many other topics.
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Similarities Between Appraisers and Epidemiologists
Excerpts: Appraisers aren’t the only professionals that have been accused of getting it wrong, or who are ignored by some in the public. Take epidemiologists for example. If you didn’t know what an epidemiologist was before the pandemic, you probably know now. I’m pretty sure that most would never compare the work of an epidemiologist to that of a real estate appraiser. And rightly so. And yet, there are some similarities. Some in the public do not take our opinions seriously, because our opinions don’t match up with their views.
Like real estate appraisers, epidemiologists provide their opinions based upon the best data available at the time of their analysis. The difficulty with the current Coronavirus is that it is new. Furthermore, it does not act like some of the other viruses that have been around for a while. For this reason, there is a lot that medical professionals are still learning.
The opinions of real estate appraisers, epidemiologists and other professionals are not about a gut feeling. It’s about developing a credible opinion, that is supported by the most current market data and good analysis. Our conclusions are credible, that is, worthy of belief, if we have the proper data and analysis to support them.
To read more, click here
My comments: Finally someone, other than myself, is writing about how similar appraising and epidemiology are. I studied biology and chemistry in college and worked in labs for many years before becoming an appraiser and worked for a biotech company. I will always be a scientist and an appraiser, even if I never did another appraisal. That “mindset” is how I always evaluate the data and give an honest opinion. I am objective and look for the truth. I make my own decisions.
A Brilliant Parody of the Song ‘Alexander Hamilton’ With Dr. Anthony Fauci as the Title Character
Just for Fun!! Only 1 minute long!
Excerpt: Vocalist Scott Hoying of the a cappella band Pentatonix performed a brilliant parody of the song “Alexander Hamilton” from the incredibly popular musical Hamilton.
The parody substitutes the original lyrics with the name, accomplishments, and expertise of acclaimed immunologist Dr. Anthony Fauci. It also quite appropriately poses the question “why aren’t we listening to him?”. Hoying wrote the song along with comedy writers Brad Silnutzer and Joey Orton.
My comments: This video made me smile!! I am a Big Fan of Fauci, but he does tend to be a bit serious when speaking… Finally some humor plus some interesting photos. 359,220+ views. Warning: mentions Trump very briefly in the beginning. My writing is NPA (No Politics Allowed), but if there is humor….. ;> Fauci is NPA, of course. He has advised all the presidents, starting with Reagan.
The 10 Most Expensive Homes in the U.S.
Excerpt: These days, we’re all in on guilty pleasures. In search of dreamy real estate, we cast our eyes to the apex of the market—the rare air of America’s most expensive homes on the market right now.
Here is one of the houses (see foto):
#5. 1011 N Beverly Dr, Beverly Hills, CA Price: $125 million
Posh particulars: This storied home was once owned by newspaper magnate William Randolph Hearst and his mistress, the actress Marion Davies. The estate also served as a destination on Jacqueline and John F. Kennedy’s honeymoon, and later, as Kennedy’s West Coast presidential election headquarters. The iconic mansion also appeared in “The Godfather” and “The Bodyguard.”
To read and see lots more, click here
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 www.mbaa.org Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample issue go to https://www.appraisaltoday.com/products.htm or send an email to firstname.lastname@example.org . Or call 800-839-0227, MTW 7AM to noon, Pacific time.
Mortgage applications decreased 0.8 percent from one week earlier
WASHINGTON, D.C. (July 29, 2020) – Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 24, 2020.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 0.4 percent from the previous week and was 121 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 21 percent higher than the same week one year ago.
“Mortgage rates remained near record lows for conventional loans last week, and refinances in the conventional sector continued to slightly increase. However, rates on FHA loans rose, leading to an almost 18 percent drop in FHA refinances,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homebuyers stepped back slightly, and there was a larger drop in purchase application volume for FHA, VA, and USDA loans. This trend, along with the fact that average loan sizes are increasing, indicate that prospective first-time buyers are being impacted more by the rising economic stress caused by the resurgence in COVID-19 cases, as well as the uncertainty on how the next round of government support will take shape.”
The refinance share of mortgage activity increased to 65.1 percent of total applications from 64.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 3.2 percent of total applications.
The FHA share of total applications decreased to 9.6 percent from 10.8 percent the week prior. The VA share of total applications increased to 11.2 percent from 10.8 percent the week prior. The USDA share of total applications remained unchanged from 0.6 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) remained unchanged at 3.20 percent, with points increasing to 0.37 from 0.35 (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 $510,400) increased to 3.52 percent from 3.51 percent, with points increasing to 0.30 from 0.29 (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 3.27
percent from 3.13 percent, with points increasing to 0.35 from 0.29 (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 2.76 percent from 2.71 percent, with points increasing to 0.36 from 0.35 (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 3.08 percent from 2.89 percent, with points decreasing to 0.11 from 0.12 (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.
NOTE: NEW POSTAL ADDRESS
Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today
1826 Clement Ave. Suite 203 Alameda, CA 94501