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Email archive - 2/03
To get the very latest news,
sign up for our FREE weekly Appraisal Today e-news.
NOTE: some of the older links
may be out of date! For
older emails go to the
links above.
For information on sponsoring
these weekly emails, contact Ann O'Rourke at ann@appraisaltoday.com
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To find messages, use this site's Search
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Go to Edit, then Find in Page. Some of them have been edited from the
original to correct typos and new information! I have been sending them since June, 1994.
Date: Mon, 17 Feb 2003 23:12:32 -0800
To: Ann O'Rourke <ann@appraisaltoday.com>
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: Only 2 weeks left-25% off-Appraisal Today 2003 Booths!
ONLY TWO WEEKS LEFT TO GET 25% OFF!
SIGN UP BY FEBRUARY 28, 2003!!
Appraisal Today 2003 National Conference
July 24-25 (Thurs. & Fri.)
South San Francisco, CA
--------------------------
SPECIAL "EARLY BIRD" BONUS - recognition in my weekly emails, and 1 free
month of banner advertising on the conference home page.
All booths are the same price ($750), so early-birds get the best
locations. After February 28, the price goes to $1,000.
To see some candid photos from the 2001 conference, go to
http://www.appraisaltoday.com/Appr%20Tech%202001%20fotos.htm
--------------------------
8 booths have been sold so don't delay (only 33 booths total)!!
- Map Solutions
- Appraiser Depot
- Software for Real Estate Professionals
- Appraisal.com
- Dattar Systems/AppraisalTrac
- Bradford Technologies
-----------------------------
I have a temporary exhibitor page, with a registration form, at
http://www.appraisaltoday.com/conference2003.htm .
-----------------------------
Ann O'Rourke, MAI, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave.
Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
==========================================================
Date: Tue, 18 Feb 2003 09:50:58 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: AMC survey/Googling/Cheap CE
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
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*************************************
Rates down/apps down
(February 12, 2003) - The Market Composite Index of mortgage loan
applications -- a measure of mortgage loan applications for purchases and
refinancings -- for the week ending February 7 decreased 5.1 percent to
1083.1 on a seasonally-adjusted basis from 1141.2 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. On an
unadjusted basis, the Index decreased 3.7 percent but was up 84.4 percent
compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 328.8 from 371.1
the previous week. The seasonally adjusted Refinance Index decreased to
5470.3 from 5621.6 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 1568.3 from
1642.6 the previous week. The Government Index decreased to 273.3 from
304.9 the previous week.
Refinancing activity represented 73.8 percent of total applications,
increasing from 73.1 percent the previous week. The share of ARM activity
decreased to 13.2 percent from 13.9 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages to a
new record low of 5.68 percent from 5.72 percent the previous week, with
points decreasing to 1.65 from 1.68 the previous week (including the
origination fee) for 80 percent loan-to-value (LTV) ratio loans. The
previous record low of 5.69 percent occurred the week ended December 27, 2002.
The average contract interest rate for 15-year fixed rate mortgages
decreased to 5.09 percent from 5.17 percent the previous week, with points
increasing to 1.60 from 1.42 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 1-year ARMs increased slightly to
3.61 percent from the record low of 3.60 percent the previous week, with
points decreasing to 0.95 from 1.02 the previous week (including the
origination fee) for 80 percent LTV loans.
-----------------
Are there any good AMCs?
To see the results of a recent appraiser poll on "The AMC that doles out
the most work, pays most reliably and makes least of a pest of itself", go
to http://www.appraisalintelligence.com/ . Who came out on top? LSI.
--------------------
Google toolbar
I love searching using Google, and I love it even more now that I have set
up my Google Toolbar. I don't have to type www.google.com to start using it
and I can use it to search within a web site. I also use Google to search
news and newsgroups.
To check it out, go to http://toolbar.google.com/
To use google, go to http://www.google.com
------------------
Computer tips and 12 hours of CE for under $100
My primary source of appraisal computer info is REAMUG (Real Estate
Analysts Microcomputer Group), a appraisal computer users group active for
over 20 years.
REAMUG has two meetings, one in the spring and one in the fall. The next
meeting is March 21-22 in San Diego, CA. They also publish the REAMUG
Journal 6 times a year.
For more information, and to download the meeting flyer,
go to http://www.appraisaltoday.com/reamug.htm
--------------------
Insurance/collections/retirement planning
Articles in the February issue of Appraisal Today:
- How much insurance do you need?
- Don't work for free! Collect all your billings! Part 1
- Retirement planning for your long term care
- 2nd refi anniversary
- HUD proposed rule says lenders are responsible for appraisals
- LSI AMC sold to Fidelity National
- NAIFA and Canadian association amalgamate
- Marshall & Swift acquires AppraiserLoop from LoopNet
To get all the news and biz tips, not just the headlines and links,
subscribe to my monthly "paper" and PDF Appraisal Today newsletter for $99
per year ($149 for 2 years), call 800-839-0227 or fax 800-839-0014 (credit
card orders) or send your check (made out to RECR) to 2015 Clement Ave.,
Alameda, CA. Order online or print out an order form at
http://www.appraisaltoday.com/orderfrm.htm
AOL Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
-----------------------------------
Appraisal Today 2003 national conference
Mark your calendar for July 24 – 25 - South San Francisco, CA
14 hours CE Credit (Pending in California and many other states)
$195 for one day. $295 for 2 days.
Session topics:
- How to find what you need on the Internet
- Who has the best data?
- Cool Tools - emerging technologies that streamline appraisal productivity
- The future of the appraisal profession
- USPAP in the real world
- Residential hot topics
- What do underwriters really want?
- How to minimize your appraisal liability
The conference web site is almost up. To see some Candid Fotos from the
2001 conference, go to
http://www.appraisaltoday.com/Appr%20Tech%202001%20fotos.htm
I will have lots more info posted at http://www.appraisaltoday.com within
the next 2 weeks...
Ann O'Rourke, MAI, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave.
Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
Date: Mon, 03 Feb 2003 15:31:26 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: PDS-ACI for sale/PUDs and FHA/sales history
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
************************************
Starting a new appraisal business?
Want to make some changes in your current business?
Need some tips?
Don't make the mistakes I (and many other appraisers) made because we
didn't have anywhere to go for advice when we started our businesses!!
I have marketing books, business management reprints, etc. available at
http://www.appraisaltoday.com/products.htm . Plus free articles (click on
the biz tips link on the left side of the page.)
The best time to use these resources is when you are starting your business
or making changes to your business.
************************************
No more PUD approvals for FHA
Effective 1/23/03, FHA will no longer require approval of a PUD as a
precondition for placing FHA mortgage insurance on a dwelling located in
the development. FHA will no longer maintain a list of approved PUDs.
To read the letter, go to http://www.hud.gov/offices/hsg/mltrmenu.cfm and
click on 2003.
-----------------------
PDS (ACI) to be sold
Per a recent story in Appraisal Intelligence, "Appareo Software, Inc.,
Burnaby, British Columbia-based parent of Polaroid Digital Solutions, is in
financial trouble and entertaining a bid for its stake in the appraisal
software provider, according to financial records."
Appareo acquired PDS, an appraisal forms vendor, in March, 2002 and
relocated the company to Florida.
----------------------
Apps strong
(January 29, 2003) - The Market Composite Index of mortgage loan
applications -- a measure of mortgage loan applications for purchases and
refinancings -- for the week ending January 24 increased 6.4 percent to
1171.2 on a seasonally-adjusted basis from 1100.3 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. On an
unadjusted basis, the Index decreased 2.6 percent but was up 121.6 percent
compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 365.5 from 355.3
the previous week. The seasonally adjusted Refinance Index increased to
5858.1 from 5786.4 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 1697.3 from
1590.3 the previous week. The Government Index increased to 293.4 from
282.6 the previous week.
Refinancing activity represented 75.4 percent of total applications,
decreasing from 75.7 percent the previous week. The share of ARM activity
decreased to 13.2 percent from 13.8 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages
decreased to 5.72 percent from 5.74 percent the previous week, with points
increasing to 1.60 from 1.57 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed rate mortgages
decreased to 5.15 percent from 5.17 percent the previous week, with points
remaining the same as the previous week at 1.41 (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 1-year ARMs remained at the record
low of 3.61 percent reached the previous week, with points also remaining
the same as the previous week at 1.00 (including the origination fee) for
80 percent LTV loans. The previous record low of 3.68 percent was set the
week ending December 27, 2002.
-------------------------------
January AI appraiser news online
Lots of interesting stories at http://www.appraisalinstitute.org . Don't be
put off by the AI PR stuff. Worth checking out.
Here are a few current stories:
Appraisal Groups Call for Appraisal Oversight, Reform
California Governor Proposes Transfer of Appraisal Board
House, Senate Split Over Highway Funding Mechanism
------------------------------
Scope and departure
The ASB is looking at the confusion over departure (nothing new there) and
clarifying scope.
Per the announcement, "The scope of work decision drives the entire
development process. In contrast, the DEPARTURE RULE is the narrowest and
least controlling rule in USPAP because it does not apply to all Standards
Rules. Many lack a proper nderstanding of this relationship."
To read a brief announcement, go to
http://www.appraisers.org/images/fastread/feb_3_03/fr02-03-03-ASBscope.pdf
. I don't see anything on the AF web site. Thanks to the ASA for this news!!
------------------------
January USPAP Q&As - sales history
Question #1:
I understand that USPAP has been revised to require real property
appraisers to analyze all sales of the subject property that occurred in
the three years prior to the appraisal date, even for one-to-four family
dwellings. Is this true?
Question #2:
I was told that as of January 1, 2003, USPAP now requires real property and
personal property appraisers to analyze previous sales of comparable
properties used in the sales comparison approach to value. Is this true?
Question #3:
I noticed that the 2003 edition of USPAP no longer contains SR 1-5(c) or SR
7-5(c). Does this mean the reconciliation process is no longer required by
USPAP in real property and personal property appraisal assignments?
Question #4:
I am currently appraising an office building that was transferred 18 months
ago via a deed in lieu of foreclosure. Am I required to analyze this
transaction?
For the answers, go to
https://www.appraisalfoundation.org/html/PDF-Images/2003-01qa.pdf
Ann O'Rourke, MAI, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave.
Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
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