Appraisal News and Business Tips

state appraiser regulators

7-20-17 Newz// Fannie data, USPS gyrocopters, Costar data

By on July 20, 2017   /   appraisal business, Collateral Underwriter, data, E&O, Fannie, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird homes, weird properties   /   Leave a comment
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When the U.S. Postal Service Used Gyrocopters to Deliver the Mail The flying machines hopped from roof to roof of post offices.

Excerpt: Sensing opportunity, the United States Postal Service-then the U.S. Post Office Department-decided to invest in the new technology. In 1937, Congress appropriated money to fund a series of experiments on autogyro mail delivery, and within a year the first flight-from Bethesda, Maryland to Washington, D.C.-was made.

My comment: Check out the photos (no videos in 1937). Very interesting!!

Why Fannie Mae Shouldn’t Keep Data Secret

Excerpt: Today’s lenders have access to massive amounts of data. According to (Richard) Hagar, government lenders have access to every recorded sale in most every county across the U.S. via information providers like CoreLogic. He believes appraisal adjustments should be cross-checked against sales metrics of the five million home sales that occur each year.
However, appraisers typically use Multiple Listing Service (MLS) for residential appraising. Data provided by MLS may vary from information shown by providers like CoreLogic. MLS has more detailed information that county records don’t contain. Oftentimes, though, MLS contains errors or missing data. In other words, both types of systems have errors, but not necessarily the same errors.
My comment: Controversial topic!! Fannie says that they want appraisers to be objective, not using Fannie’s data. For example, appraisers changing their building sketches to match public records sq.ft. to avoid underwriter/review hassles. I remember CMDC books (in california) back in the 1980s where appraisers submitted the first pages of their appraisals to go into a shared appraiser database. Before appraisers could get MLS access. Seems like that was okay…

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6-8-17 Newz// Appraisal Waivers, Blue Bathrooms, Corelogic buys Mercury Network

By on June 8, 2017   /   appraisal business, Appraisal fees, appraisal management company, appraiser shortage, forecast, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird properties, zillow   /   Leave a comment
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 The Sunken World Hiding Under the Water’s Surface

27 drowned places that used to be above ground.
Excerpt: here is an entire submerged world hidden just below sea level, largely out of sight to terrestrial beings today. The Earth’s shores are lined with sunken cities, flooded crypts, drowned forests, and submerged structures that have been lost underwater over the millennia, overtaken by nature or human development.

Rising sea levels and flooding caused by earthquakes, landslides, changing tides, melting glaciers, or manmade dams have wiped entire villages off the map. And sometimes, when the water recedes, these submerged cities and landscapes reemerge from the depths, an eerie glimpse at the invisible sunken world.

http://www.atlasobscura.com/lists/sunken-cities-flooded-drowned 

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Appraiser shortage = appraisal waivers??

Excerpt:
Key government agencies finally addressed the critically growing appraisal shortage crisis that’s hampering the mortgage process, highlighting two alternative options to help areas that are facing a shortage.
Particularly, the alternative options are aimed at helping rural areas that are struggling with the availability of state certified and licensed appraisers.

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6-1-17 Newz .Our 25th Anniversary! .Zillow Class Action Lawsuit, FTC Says No to LA Setting AMC Fees

By on June 1, 2017   /   adjustments, appraisal, data, fees, mortgage loan volume, state appraiser regulators, weird properties, zillow   /   Leave a comment
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FTC Challenges Louisiana Real Estate Appraisers Board Regulations that Restrict Competition

Restrictions on fee setting violate federal antitrust rules, agency alleges

Excerpt from FTC: The Federal Trade Commission has filed a complaint against the Louisiana Real Estate Appraisers Board, alleging that the group is unreasonably restraining price competition for appraisal services in Louisiana, contrary to federal antitrust law. The complaint will be submitted to adjudication before an Administrative Law Judge, who will review it and render an initial decision.
In the administrative complaint, the FTC alleges that the Louisiana appraisers board limits the freedom of individual appraisers and their customers to engage in bona fide negotiations to set appraisal fees for real estate appraisals in Louisiana.
Excerpt from LA appraisal board comments:
In a statement, the Louisiana Real Estate Appraisers Board denies the FTC claims, adding that it is operating well within its rights and any accusations beyond that are “ludicrous” and without merit.
“Respectfully, the FTC is just plain wrong. By issuing this legally faulty and factually incorrect complaint, the FTC is seeking to punish a Louisiana state agency for following federal regulatory mandates,” Bruce Unangst, executive director of the Louisiana Real Estate Appraisers Board, said in a statement.
Read the details here from the FTC:
More info, including comments from LA appraisal board
My comment: Very interesting angle… I always wondered if it was ok for states to set AMC appraisal fees. I wondered who complained????
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When Stairs and Slides Are Hiding in Plain Sight

Play real-life Chutes and Ladders at these obscure thruways.

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4-20-17 Newz// The Narrowest House, State Appraisal Boards, Low Housing Inventory

By on April 20, 2017   /   appraisal business, fees, lender appraisals, Mortgage applications, mortgage loan volume, real estate market, state appraiser regulators, weird homes   /   Leave a comment
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Keret House- The world’s narrowest house makes for an awkward, four-foot-wide living space.

Excerpt: Designed by Polish architect Jakub Szczęsny, the Keret House in Warsaw is wedged inside a four-foot crevice, nicknamed a “cushion of air,” between two buildings. The Keret House stretches over 30 feet tall but is simultaneously only 28 inches wide at its narrowest point-thinner than a stovetop-and just four feet wide at its widest.
My comment: Check out the fotos and full article. Wow!! I have written about narrow houses in this weekly email before, but this is definitely the narrowest!!
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When You Get Notice of a State Complaint…

By Ted Whitmer
If you are an appraiser, it is likely that at some point in your career you will receive notice that a complaint was filed against you. In one particular busy year in Texas, roughly one in six residential appraisers were filed against with the Texas Appraiser Licensing and Certification Board. When you run the number of complaints in one year against the number of appraisers, one can expect a complaint every eight to ten years.

Read more!! →

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3-16-17 Newz: Appraiser indicted, Public records sqft, 3-D printed house

By on March 16, 2017   /   Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual home, unusual homes, weird homes   /   1 Comment
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3D Map Shows America’s Most Expensive Housing Markets

Excerpt: Which U.S. housing market is the most expensive?
 It seems like the question should have a single, straightforward answer. But with varying definitions of what constitutes a housing market and with different ways of measuring home value, the question is not so clear cut.
Using data from Zillow, this 3D map shows the cost of housing by U.S. county. The height of each area represents the average price per square foot of its homes.
My comment: Fascinating graphic. Lots of counties well under $100 per sq.ft. My urban county: $477. Other CA rural counties under $150. Warning: Can Be Addictive ;> I love Microcosm graphics!!
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Top 10 Affordable Small Towns Where You’d Actually Want to Live, 2017 Edition
Excerpt: But does this (small towns) mean you have to trade excitement for enervation? As the city-dwelling comedian Lenny Bruce once said, “I hate small towns, because once you’ve seen the cannon in the park, that’s it.” So we focused on life beyond the cannons-small towns offering up rich cultures and a surprising amount of fun side diversions.

Read more!! →

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10-20-16 Newz// Appraisal oversight, VA wants fee appraisers, Amazing things disguised as Boring

By on October 20, 2016   /   Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual home, unusual homes, weird properties   /   Leave a comment
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9 Amazing Things Disguised as Boring Things

Look twice-these seemingly mundane objects are hiding something.

Excerpt:

Narnia hid behind a wardrobe. Doctor Who’s Tardis was disguised as a blue police call box. With no signage and no flags, these out of the ordinary things are hidden away disguised as something utterly banal. In some cases, these things are camouflaged on accident; in others, they are secreted away so that only those in the know can find them.

Either way, the world is full of seemingly mundane places that are more than meets the eye. It reminds us to stay curious-one has to always be on the lookout for wonder. Here are nine places in the Atlas that may seem boring at first glance but are actually amazing once you take a closer look.

Here are a few:

1. Brooklyn Townhouse Secret Subway Exit

Brooklyn, NY

3. Mystery Soda Machine – insert 75 cents and see what you get

Seattle, WA

4. The Lonely Parking Meter

The only parking meter in Winters, CA

http://www.atlasobscura.com/articles/9-amazing-things-disguised-as-boring-things

My comment: Just For Fun!! We all work in the field and discover strange things. This article will make me look closer at what I see ;>

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Disciplinary Process-How It Works, Your Rights & Likely Outcomes

by Robert Weinstock, JD, MBA, CBA, CVA

Excerpts:

While the number of licensed real estate appraisers nationwide has decreased, the number of complaints filed against appraisers has increased. For example, in my home state of California, complaints against appraisers have increased by 40% even though the number of appraisers has declined, according to the California Bureau of Real Estate Appraisers (BREA)….

The following is an actual 2015 disciplinary action against an appraiser in which the appraiser lost his license and was required to reimburse the state for its investigation and prosecution costs in the amount of $125,828. In addition, if the applicant should care to reapply for a new license, he shall be required to pay an additional $115,828.

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6-9-16 Newz:: Expandable Space Station, Turn times, FHA news  

By on June 9, 2016   /   AMCs, appraisers, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual home   /   Leave a comment
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Time-lapse video of the International Space Station expandable habitat

Excerpt: On Saturday, May 14, NASA successfully completed the deployment of the first expandable habitat on the International Space Station. With help from the ground, NASA astronaut Jeff Williams began inflating the Bigelow Expandable Activity Module (BEAM) at 9:04AM ET.

He opened the valve 25 times to inject air into the module in short bursts, according to NASA. Time in between allowed the BEAM to expand and stabilize, as the NASA and Bigelow Aerospace teams monitored the module’s internal pressure. The BEAM was expanded to its full size seven hours later, at 4:10PM ET.

http://www.theverge.com/2016/5/30/11812844/this-time-lapse-video-of-the-beam-inflating-on-the-international-space-station-is-awesome

My comment: WoW!!!

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United States Spy Town Auction

It’s not the first time that an entire American town has gone on the auction block, but it might be the most unusual. Sugar Grove Station, West Virginia was originally a United States Navy military base to support part of the National Security Agency’s surveillance operation. Though the array of giant parabolic dishes that continue to track location and content of international telecommunications activity is still in operation and not part of the sale, they are completely obscured from view behind thick forest on their ridgetop one mile distant. When it became unnecessary to house related analytical staff at the base, it was retired in the fall of 2015 and put up for auction to the highest bidder over $1 million.

Built between 1960 and 2014, the fenced and gated rural town has private full-service utilities to support as many as 500 people on over 120 acres. Included are 80 homes on tree-lined residential streets in like-new condition, a swimming pool, bowling alley, youth daycare center, community center with fireplace which was designed to function as a restaurant with bar, a gym, full-sized indoor basketball court, tennis and racquetball courts, a football field, large playground with kiddie pool, and twelve guest cabins for visitors. There are also several large buildings for multiple use as well as a four-section hobby building for working on cars, woodworking shop and other creative pursuits. For community safety, a police station and fire station are already in place.

https://www.toptenrealestatedeals.com/homes/weekly-ten-best-home-deals/2016/06-06-2016/1/ 

https://en.wikipedia.org/wiki/Sugar_Grove_Station

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5-26-16 Newz AQB college degree .Living tree architecture .AMC violations

By on May 25, 2016   /   appraisers, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators  
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8 Extraordinary Pieces of Architecture Grown From Living Trees

Excerpt:

We usually use trees as building material in the form of struts and planks. But all over the world, people have found ways to create dwellings, bridges, and sculptures out of trees without even cutting them down. Using trees to create living structures is much slower to build (read: grow) than traditional methods, but it creates some truly fantastical natural creations. Take a look at some of the world’s coolest feats of arbortecture.

http://www.atlasobscura.com/articles/8-extraordinary-pieces-of-architecture-grown-from-living-trees

My comment: All I can say is WoW!! Great photos plus some text info. Just Click On It!!

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Celebrity names not adding to appeal for home buyers?

May. 16, 2016 – 3:00 – Douglas Elliman Broker Chris Leavitt on the challenges celebrities face trying to sell their homes.

Very funny commercial before the short 4 minute video – Fox news.

Another great one from Jonathan Miller. I guess he watches a lot of tv and tweetlings, when not doing lotsa graphs and other stuff ;>

http://video.foxbusiness.com/v/4895807387001/celebrity-names-not-adding-to-appeal-for-home-buyers

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5-5-16 Newz .Using listings .CU update .Low inventory and stats

By on May 4, 2016   /   AMCs, appraisal business, Appraisal fees, appraisal management company, appraisers, Fannie, fees, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird homes   /   Leave a comment
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Collateral Underwriter Update from Fannie Mae

Source: Appraisal Buzz

Excerpt:

The Buzz staff recently asked Zach Dawson, Director of Collateral Policy and Strategy, Fannie Mae, to provide appraisers with an update on the development of Collateral Underwriter.

A few of the questions:

– Buzz: Can you bring us up to date on CU? What have you learned from this data initiative?

– Buzz: Can you tell us more about AQM and the objectives of that project?

– Buzz: How many appraisers does Fannie Mae refuse to accept appraisals from?

https://www.appraisalbuzz.com/collateral-underwriter-update/

My comment: Definitely hits the Hot Topics!! Nothing much new, but good to directly from Fannie Mae, in writing…

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Can Living Near a Starbucks Boost Your Home Value?

Excerpt:

It seems that being close to a Starbucks does have a marked effect on home values, particularly in the East, according to a Zillow report.

Between 1997 and 2014, homes within walking distance, or one-quarter mile, of a Starbucks appreciated 96 percent. Compared to the national average for the same time period, 65 percent, it seems having a barista close by is a smart real estate move.

http://www.forbes.com/sites/zillow/2015/08/19/starbucks-boost-home-values/#4084f9eb2c70

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Does a new Whole Foods or Trader Joe’s in Your Neighborhood Increase Your Home Value?

Excerpt:

A 2015 study by the real estate information company RealtyTrac analyzed this trend. The study included 4 million homes located in a ZIP code with either a Whole Foods or Trader Joe’s location, finding that average property values in a ZIP code with Trader Joe’s appreciated by about 40 percent since they were purchased, while homes with a Whole Foods in the ZIP code appreciated by nearly 34 percent, which matches the national average increase according to the survey.

http://realestate.usnews.com/real-estate/articles/does-the-new-whole-foods-in-your-neighborhood-increase-your-home-value

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4-14-16 Newz .Bad Banks .10 Very special homes .Future of appraising

By on April 13, 2016   /   appraisal business, appraisal classes, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, real estate market, state appraiser regulators, Strange homes, unusual homes, weird homes   /   Leave a comment
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Poll: Generally speaking, how accurate do you find MLS data in your area?

 

This week’s poll: “Now that we have been living for some time with all the new rules governing residential appraisal, do you still enjoy doing the actual appraisal work?” Go to www.appraisalport.com and vote!!

My comments: I have no idea why so many people think that MLS data is correct!! Of course, it does vary a lot among MLSs. In my area it is “reasonably accurate”, except public records data is often used (and the source disclosed). For example, on the weekly open house tour last week, an agent had 2 bedrooms in the listing, because “that is what public records says”. The second bedroom was tandem with another bedroom and very small. We all know how (inaccurate) public records are. Somehow, everyone, including some appraisers, think it is accurate. Or, worse, try to make their appraisals match public records to avoid callbacks.

To make a comment, scroll down to the post below and read other appraisers’ comments and post your own!!

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10 homes that changed America (PBS – April, 2015)

Excerpt: In its 10 Homes That Changed America, a three-part series, PBS discusses the many ways that America has been shaped by its iconic and important architecture. According to series host Geoffrey Baer, narrowing the millions of houses across America down to ten examples was a challenge. The tv show tours the ten homes that have not only passed the test of time but also paved the way for those that followed.

Here are a few, with photos and brief descriptions at the link below:

– Taos Pueblo, New Mexico (circa 15th century)

– Glidehouse, Novato, California (2004)

– Mid-19th Century Tenement, New York City

http://www.architecturaldigest.com/gallery/tour-10-homes-changed-america-pbs

My comment: Fascinating!! The first one of the 3-part series has already aired. Be sure not to miss the rest. I will let you know when the first one is available for viewing online.

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