A National MLS Database?
Excerpt: Instead of considering the consolidation of the governance and management structures of the MLS, thereby providing coast-to-coast cooperation among brokers, we should instead focus on MLS data and technology infrastructure, and support the movement toward a national database system.
This would create a vast information network available to application developers who, until now, couldn’t offer tools to agents and brokers without expensive and time-consuming customization for every individual MLS.
NOTE: THIS WAS PUBLISHED IN 1-18. THEY KEEPT TRYING IN 2020!!
My comment: The author is vice president of Business Development for Realtors Property Resource® (RPR®), created by NAR. More info at www.narrpr.com . Very interesting and worth reading. Poor real estate data has been a problem forever. Non-standardized MLS data is a nightmare for appraisers. This database would be accessible to appraisers, CU, and AVMs I assume. Of course, we all know how accurate MLS data is…
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What If McMansions Ruled the World?
Housingwire Gave Appraisers A Long Overdue Win
With Trump changes in the news, guess I need to put something in this email newsletter ;>
What is the White House Worth? Nearly $400 Million, Says Zillow
The Revolutionary Concept of Standard Sizes Only Dates to the 1920s
Nearly everything in your home is a certain size, thanks to German architect Ernst Neufert.
Excerpt: Almost every kitchen counter in the United States is 36 inches tall. And 25 inches deep. Eighteen inches above the counters are the cabinets, which are 16 inches deep.
Where do these sizes and dimensions come from? Have they always been so exact?
Building standards, as these numbers and rules are often known, are everywhere, helping shape everything from your kitchen cabinets and the sidewalk in front of your house to the layout of your favorite restaurant. Despite their prevalence, building standards really only came into being in the last century. A major turning point in their wild proliferation arrived in the 1920s, when the German government made the then-radical decision to standardize the size of office paper.
My comment: Fascinating!! Lots more info and images at the link below.
Do you have questions about using Collateral Underwriter® (CU™)? Register to attend the upcomingAsk the Expert webinar on September 27, 2 p.m. to 3 p.m. ET. Additional webinars and eLearning courses are available on the CU web page.
Have you heard about CU’s easier-to-use design and layout coming later this year? Check out the preview. You can also view the new CU infographic for an overview of CU’s powerful features. CU gives you the feedback you need, when you need it, with a CU risk score, alerts, and messages provided real-time in the Uniform Collateral Data Portal® (UCDP®). For all the latest news and resources, visit the CU web page.
Scheer Motion to Dismiss Coester vs Scheer Lawsuit
Excerpt: More CVMS Fraud and Coester’s Fraudulent Activities Revealed
Robert Scheer, former Coester Senior VP, has filed a motion to dismiss Coester vs. Scheer lawsuit. There are also whispers in the appraisal community that Brian Coester’s motion to dismiss the lawsuit against him was denied. Looks like Scheer vs. Coester lawsuit is going to trial. Scheer continues to reveal more dirt against Coester while appraisers continue to flood social media with comments, and sometimes with humorous reactions…
This article includes the motion to dismiss.
Previous post on this topic: Coester Allegedly Engaged in Fraud Sued by Former Senior VP
Dollhouse Real-Estate: Inside the Elite Market for Miniature Homes
Priced as high as hundreds of thousands of dollars, these elaborate dollhouses count sex therapist Ruth Westheimer and a member of Qatar’s royal family as collectors
Excerpt: This Victorian-style home features four bedrooms, one bathroom and ornate period details like a clawfoot bathtub, crystal chandeliers and mahogany fireplaces. It is currently on the market, fully furnished, for $149,000. Since the home is roughly 18 square feet, the price comes to about $8,278 per square foot.
My comment: Thanks to Jonathan Miller for this Fun Link!!
Doll houses will never be the same for me ;>
Coming in the October 2016 issue of Appraisal Today
How to get higher appraisal fees !!!
- Why AMC fees started going up last year.
- Comparison of AMCs, direct lenders and non-lender fees. Why they are very different.
- How to find out what AMCs are say they are paying and what appraisers are really getting.
- Lots of fee negotiating tips
Not just a lot of ranting. Practical advice on how to successfully make more money during this Boom that will not last forever.
To read the full article, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.
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If you are a paid subscriber and did not get the September 2016 issue, emailed September 1, 2016, please send an email to firstname.lastname@example.org and we will send it to you!! Or, hit the reply button. Be sure to put in a comment requesting it ;>
APPRAISERS IN THE NEWS. THE ARTICLES BELOW ARE ABOUT FEES, TURN TIMES, APPRAISER SHORTAGE, ETC. THEY WERE WRITTEN FOR LENDERS, REAL ESTATE AGENTS, HOME OWNERS, AND THE GENERAL PUBLIC. All allow comments, which can be very interesting!!
5 things to consider about higher appraisal fees and longer turn-times By Ryan Lundquist. Written for real estate agents and home owners
Excerpt: 4) Not Getting All the Money: A loan officer I spoke with was frustrated that his Borrowers were paying $550 for conventional appraisals and $750 for jumbo appraisals – and still experiencing longer turn-times. When he told me the Appraisal Management Company (AMC) he uses though, that’s where the problem comes in. This AMC regularly pays appraisers $350, which means they’re pocketing 40% of the fee the Borrower thinks is going to the appraiser. A few days ago on Facebook there was an appraiser who had an offer from an AMC to appraise a property for $850, but the AMC was charging the Borrower $1,385. Let’s remember appraisers are supposed to be paid “customary and reasonable” fees under Dodd-Frank, but a reasonable fee is what the appraiser gets – NOT what the Borrower pays.
My comments: Well written – for real estate agents and home owners, but has good explanations for everyone. (Ryan’s blog is primarily marketing for his appraisal business.) This article also discusses the decline in the number of appraisers in California, with data, but is relevant for many other states.
Appraiser Shortage? By Greg Stephens, SRA, MetroWest AMC
Reprinted from a June 2016 mortgage magazine. Written for lenders.
Excerpt: A topic very relevant to mortgage professionals has been receiving increasing attention lately-the question whether there is or is not a shortage of appraisers? Regulators, as well as market participants, have been weighing in, and depending upon who you talk to, the answers vary. The problem so far is that most of the discussion has been anecdotal.
What also needs to be included in stakeholder discussions on the topic is the status of future appraisers in the pipeline to replace the aging population of practicing appraisers.
To answer the question-not only whether there is a current shortage, but also if there is the potential for a shortage either in the near future (three to five years) or perhaps even longer, I conducted some in-depth research to glean as much factual information as possible.
My comments: This article has some good data on declines in number of trainees, problems with ASC data,lenders not allowing trainees to sign on their own, etc. Written for mortgage lender publication. Of course, it does not discuss low fees, scope creep, and treating appraisers “poorly” as a reason for the shortage of appraisers willing to work for many, or all, AMCs.
Need an appraisal right away? It may cost more than you’d expect. By Ken Harney. Written for the general public. Syndicated in national newspapers.
Excerpt: The problem is part work overload, part resentment over fees. In many markets, diminishing numbers of experienced appraisers are available – and willing – to handle requests for their work on tight timetables and at fees sometimes lower than they earned a decade or more ago.
The net result: The system is getting gummed up. …. A recent survey of agents by the National Association of Realtors found that appraisal problems were connected with 27 percent of delayed closings, up from 16 percent earlier this year.
In some cases, panicked lenders and management companies are offering appraisers fat bonuses and “rush fees” to meet deadlines. The extra charges can range from $200 to $1,000 or more, turning $500 appraisals into $1,200 or $1,500 expenses, which typically get paid by home buyers.
My comment: Harney has been a nationally syndicated real estate columnist for a long time.
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 https://www.mba.org
Note: I publish a graph of this data every month in my printed newsletter, Appraisal Today. For more information or get a FREE sample issue go to www.appraisaltoday.com/productsor send an email to email@example.com . Or call 800-839-0227, MTW 8AM to noon, Pacific time.
WASHINGTON, D.C. (September 21, 2016)
Mortgage applications decreased 7.3 percent from one week earlier,
according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 16, 2016. The prior week’s results included an adjustment for the Labor Day holiday
The Market Composite Index, a measure of mortgage loan application volume, decreased 7.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15 percent compared with the previous week. The Refinance Index decreased 8 percent from the previous week to the lowest level since June 2016. The seasonally adjusted Purchase Index decreased 7 percent from one week earlier. The unadjusted Purchase Index increased 15 percent compared with the previous week and was 3 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.4 percent of total applications.
The FHA share of total applications increased to 10.2 percent from 9.6 percent the week prior. The VA share of total applications decreased to 11.6 percent from 12.0 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June 2016, 3.70 percent, from 3.67 percent, with points increasing to 0.38 from 0.36 (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 $417,000) increased to 3.69 percent from 3.64 percent, with points decreasing to 0.29 from 0.36 (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 3.56 percent from 3.50 percent, with points decreasing to 0.23 from 0.27 (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 2.99 percent from 2.97 percent, with points increasing to 0.35 from 0.34 (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 2.96 percent from 2.87 percent, with points
decreasing to 0.26 from 0.37 (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.
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).
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.
www.appraisalport.com Poll Results
Lenders and/or AMC’s 80 votes 1.5%
Fee appraisers 378 votes 7.4%
Appraiser Organizations 153 votes 9%
All of the above 520 votes 10%
No one specifically – market demand will drive it like any other profession. 3,882 votes 76%
Other 114 votes 2%
Total Votes: 5,127
My comment: my favorite choice was left off – lenders! They trained most of the appraisers prior to licensing.