7-28-16 Newz Origin of tiny houses – HUD warning letters – FHA transfers

By on July 28, 2016   /   AMCs, appraisal business, computers, FHA, Mortgage applications, mortgage loan volume, weird homes   /   Leave a comment
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The Surprising Origins of the Tiny House Phenomenon

Why ancient hermits are the key to understanding our tiny home obsession

Excerpts”

Invariably, someone will remind you that civilization emerged from tiny houses-caves, yurts, tents, wigwams, igloos, grass huts, and so forth.

These early antecedents are beside the point. Sioux, Samoans, and Inuits were not offered more spacious alternatives. But people who opt for tiny houses-meaning the kind that tug at heartstrings and star on cable-generally choose to live small. The reasons aren’t just practical, but also ethical and emotional.

the true parents of tiny-house living are hermits. From the ancient Chinese Taoists in mountain caves to the Desert Fathers of third century Christianity and onward (the word “hermit” derives from the Greek word for “desert”), hermits were the first people to actively downsize to confined, remote, and minimally furnished living spaces.

Read the full story here:

http://www.curbed.com/2016/7/13/12162832/tiny-house-history-hermits

My comment: The most interesting article I have read on tiny houses. Of course, I started sailing sailboats in the early 1970s. Living aboard a sailboat is the Ultimate Tiny House!! Narrow and long but very portable… Another good link from Jonathan Miller…

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FHA Case Transfer, issued July 26, FHA INFO #16-49

Mortgagees should note the following about case transfers relative to appraisal reports in both the EAD (electronic appraisal delivery) portal and FHAC:

Read more!! →

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7-21-16 Newz//Bracketing-AMC staff appraisers-Appraiserville

By on July 21, 2016   /   adjustments, AMCs, appraisal business, appraisal management company, Mortgage applications, mortgage loan volume, USPAP, weird properties   /   1 Comment
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8 Spooky New York Places That Should Be in the New Ghostbusters Movie

There’s something strange in these neighborhoods.

Excerpt: Here is one, but you gotta see the photos and the other 7!!

The Morris-Jumel Mansion

On a hill overlooking the Harlem River, the stately Morris-Jumel mansion is not only Manhattan’s oldest home but supposedly one of its most haunted. Its macabre history started after owner Stephen Jumel died in 1832. His wife Eliza was rumored to have had a hand in the death-there was some suspicion afoot that she orchestrated the carriage accident that killed him….

Take a break from typing appraisal reports and check it out!!

http://www.atlasobscura.com/articles/8-spooky-new-york-places-that-should-be-in-the-new-ghostbusters-movie

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The Shrinking of the American Lawn

As houses have gotten bigger, yard sizes have receded. What gives?

Excerpts:

The American house is growing. These days, the average new home encompasses 2,500 square feet, about 50 percent more area than the average house in the late 1970s, according to Census data. Compared to the typical house of 40 years ago, today’s likely has another bathroom and an extra bedroom, making it about the same size as the Brady Bunch house, which famously fit two families.

This expansion has come at a cost: the American lawn.

As homes have grown larger, the lots they’re built on have actually gotten smaller-average area is down 13 percent since 1978, to 0.19 acres. That might not seem like a lot, but after adjusting for houses’ bigger footprints, it appears the median yard has shrunk by more than 26 percent, and now stands at just 0.14 acres. The actual value lies somewhere between those two numbers, since a house’s square footage could include a second (or third) floor. Either way, it’s a substantial reduction.

Read the full story at: Very interesting!!

http://www.citylab.com/navigator/2016/07/the-shrinking-of-the-american-lawn/490157/

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There Go My Brackets

From the Illinois Appraiser June 2016

Excerpt:

Is it a USPAP violation to fail to bracket or end up with a tight bracket?

Read more!! →

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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

Read more!! →

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5-19-16 Newz: Fannie CU 3.2 – Inflated appraisals – Professional attire

By on May 18, 2016   /   appraisal management company, Collateral Underwriter, forecast, future, humor, lender appraisals, Mortgage applications, mortgage loan volume, unusual home, unusual homes   /   1 Comment
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5 of the oldest homes in the country (listings) Video

Worth waiting for the commercial to end. Very short video. All were built before George Washington was born, back to the 16th century.

http://www.realtor.com/videos/video-time-travel-through-five-of-the-oldest-homes-in-the-u-s-/17cbb54f-71b3-4170-a8af-17864c820fde?playlist_id=ec2ed8e8-16a1-46f8-a91e-c6753b0417e0

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Professional attire for appraisers from Dave Towne, of course…

Recommended new attire to please all AMC’s who demand that ‘we’ dress professionally.

But this actually looks best with white shorts and silver edged flip flops!

Read more!! →

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Builder gets “favorite” appraiser for higher value

By on May 18, 2016   /   AMCs, lender appraisals, mortgage loan volume  
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Inflated numbers: Are builders, lenders and appraisers working together? (in Atlanta, GA)

Excerpts:

A local banker is blowing the whistle about what he calls improper dealings in a metro subdivision.

One official told Channel 2 Consumer Investigator Jim Strickland that on the surface, it smacks of the housing crisis all over again.

(Editor’s note. The first appraisal did not “make value”).

“And he (the builder) said, ‘I want you to go with my preferred lender, Brand Mortgage. They’ve never had a problem getting the value needed,'” he said.

In a filing with federal regulators, Brand Mortgage admits it has partial ownership of its own appraisal firm, Valuation Management Group.

VMG dispatched a different appraiser.

“And they came back with a value $25,000 higher than the original appraisal. The same as the sale price, coincidentally,” Laymac said.

Check out the article and the short video of the news story. Worth waiting for the commercial to be over.

http://www.wsbtv.com/news/2-investigates/inflated-numbers-are-builders-lenders-and-appraisers-working-together/276808445

My comment. Nothing new. I quit doing new home tract appraisals many years ago. Builders have been pressuring appraisers for inflated values for as long as I have been appraising – in good and bad markets. They try to get higher appraisals so they can increase their prices. Borrowers, including appraisers, just want to get their purchase loans. No comments below the original story. What do you think? Post your comments below!!

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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   /   2 Comments
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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

Read more!! →

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4-28-15 Newz .Revision requests .Stunning churches .FHA letters

By on April 27, 2016   /   adjustments, AMCs, appraisal business, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual homes, weird homes   /   Leave a comment
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Stave Churches Are All Wood, Dragons, and Beauty

These austere churches mix Nordic dragons with Christian saints.

Excerpt:

Some of the most stunning churches in the world are also some of the simplest. Stave churches are wooden houses of worship that combine the austere, peaked architecture of Christianity with the Nordic designs and motifs of a Viking great hall.

Stave churches are characterized by the “staves,” or thick wooden posts, that hold them up. Using the same woodworking prowess that made the Vikings such adept shipbuilders, traditional stave churches were often built using nothing more that expertly crafted joints and joins, with no nails or glue. The only stones used were in the base of the structures.

Take a break from appraising and Check out the beautiful fotos and interesting article at:

http://www.atlasobscura.com/articles/stave-churches-are-all-wood-dragons-and-beauty

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Game of Thrones-style mini kingdom in Oregon

Excerpt:

Let’s set the scene: You’re perched overlooking the mountains in your own 8,881-square-foot castle set on 700 acres dotted with trees and natural rock formations. All you can see for miles is your own lush, unspoiled property – this is your mini-kingdom. Your home, an ode to nature with curved walls and cloud-shaped windows, is easily a setting from an episode of Game of Thrones. But you aren’t the Lord of Winterfell, you’re certainly not scheming like CerseiLannister, and this home for sale in Ashland, OR, is not in the Seven Kingdoms but instead a fantasy-worthy getaway called Shining Hand Ranch.

Read more!! →

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Do you still enjoy appraising after all the new rules?

By on April 21, 2016   /   AMCs, appraisal business, appraisal management company, lender appraisals   /   2 Comments
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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?
www.appraisalport.com

My comments: Hmmm…. All the analyses (Appraisal Foundation, Appraisal Buzz, etc.) about the appraiser “shortage” don’t seem to mention this. How many appraisers are working for AMCs? Low fees are mentioned sometimes. They also don’t mention the “brain drain” of experienced appraisers not willing to work for AMCs. Many appraisers that I know do little, if any, AMC work.

Who wants more appraisers? AMCs. Supply and Demand. The more appraisers there are, the more the fee competition, and the lower fees.

Once again, they also just look at “appraisers” There few problems with commercial appraiser “shortages” due to the issues above because they don’t work for AMCs, although fees are low in many areas, including where I live. Definitely no trainee problems.

Direct lenders have increased requirements, but you know what they are and don’t get 5-15 pages of “requirements” plus call backs. Yes, there are shortages in rural areas that are not close to a metropolitan area where appraisers travel from (less than 2 hour drive, one way, for example). Shortages of rural appraisers is nothing new. It has always been that way.

I wrote about this issue in the November 2015 issue of the paid Appraisal Today: “Staying positive with unreasonable fees and Scope Creep from AMCs”

I also spoke about it on a Dustin Harris 12/13/15 podcast, “How to Stay Happy as an Appraiser”

Click here to listen

http://theappraisercoach.libsyn.com/075-how-to-stay-happy-as-an-appraiser-with-ann-orourke

 

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4-7-16 Newz .Verifying sales .Big data .Weird bathrooms

By on April 7, 2016   /   adjustments, AMCs, appraisal, appraisal business, Appraisal fees, appraisal management company, data, forecast, future, Mortgage applications, mortgage loan volume, Podcasts, rental market, Strange homes, Uncategorized, unusual home, unusual homes, USPAP, weird homes   /   Leave a comment
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8 Bizarre Bathrooms from Around the World

“From pop-up toilets in city streets to a bathroom surrounded entirely by an aquarium, these public and private bathrooms are beyond bizarre-and you need to see them!”

Take a break from appraising and check these out. Definitely Weird!!

http://blog.rismedia.com/2016/keepin-it-weird-8-bizarre-bathrooms

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Recent acquisitions of appraisal and title companies

Another great commentary from Dave Towne. Thanks again, Dave!!

From the article in Housingwire.com:

First American Mortgage Solutions, a subsidiary of First American Financial Corporation, acquired Forsythe Appraisals, supplementing its existing valuation capabilities.

Forsythe Appraisals is one of the largest independent residential appraisal company in the United States and offers real estate valuation solutions with nationwide coverage.

Under the acquisition, Forsythe’s management team, including President and CEO John Forsythe, Senior Director of Customer Development Tim Forsythe and Chief Appraiser Alan Hummel, will continue to lead those operations.

http://www.housingwire.com/articles/36672-first-american-mortgage-snaps-up-valuation-veteran-forsythe-appraisals

Read more!! →

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3-17-16 Newz .Pulling permits .Fannie FAQs .Refi revival

By on March 17, 2016   /   adjustments, AMCs, appraisal, appraisal business, Appraisal fees, appraisal management company, appraiser shortage, Fannie, fees, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, trainees   /   Leave a comment
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Appraisal and Property Related Frequently Asked Questions (FAQs)

February 12, 2016

This FAQ document provides responses to common questions related to Fannie Mae’s property eligibility and appraisal policies. Following the FAQs, the Attachment on page 10 provides Guidelines for Using Market Conditions Addendum to the Appraisal Report (Form 1004MC).

https://www.fanniemae.com/content/faq/appraisal-property-report-faqs.pdf   

My comments: This document does not have a lot of new material, but it is always good to read this so you can cut and paste some of Fannie’s comments into your reports as an explanation. In this month’s paid Appraisal Today I had two articles on the 1004mc form:

1004MC – the good, the bad, and what Fannie says

Statistical errors in the 1004MC by George Dell, MAI, SRA – He has been fighting with Fannie since the form was first required in April 2009

 More articles are coming soon in the paid Appraisal Today on how to handle the issues.

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Tiny ‘Harry Potter-looking’ homes under construction in North Texas

Excerpt:

Builder Rudy Rivas’ newest house would fit inside the master bedroom of the custom homes he constructs in North Texas.

The average new home being built in America is more than 2,700 square feet – the biggest ever.

So why’s a Dallas custom builder starting a 180-square-foot house?

Read more!! →

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