|
| |
Email archive - 3/03
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may be out of date!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
or call 800-839-0227.
To find messages, use this site's Search
page. Then use your browser's
search function.
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, 31 Mar 2003 13:31:43 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: Computer tips/home office deductions
++++++ Thanks to Our Sponsor!! ++++++
Is Google.Com, the number one search engine working for you?
Search for "appraiser in (your county)" at http://www.google.com
Click on "Order Appraisals Here" button on the right side of your screen.
Are you listed? If not, visit http://www.AppraisalOrder.Com and get your
own webpage with a built in order form.
Subscription rates starting at only $6.95 month.
For more information, go to http://www.appraisalorder.com/ or call
(210)930-6306.
AOL Users: <a href=http://www.appraisalorder.com> Click Here</a>
*************************************
New in the April issue of Appraisal Today:
- Pricing appraisals for maximum profit
- Should you do REO appraising?
- Licensing Board Administrative Notice: Your immediate attention is required!
- Valuation 2005 conference?
- ACI sold
- Fannie Mae, HUD, and other lender guidelines online
- Chief appraisers discuss commercial appraisal issues
- Loan officer steals appraisal fees
- Free flood maps from FEMA
- Large mortgage lenders pessimistic
- AQB issues 4th draft
- Three year sales history
- Former Memphis appraiser in jail
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>
--------------------------------
A few computer tips
Tips from the recent REAMUG meeting:
- Delorme Street Maps Version 9 is easy to use but has old maps. Version 10
is harder to use but has newer maps.
- Blow air into your computer to clean it. Sucking may suck up some RAM.
- Get dcenhancer from http://www.mediachance.com/digicam/enhancer.htm -
great tool for fixing dark photos, etc. Very easy to use.
- Clean up the ad junk on your computer - use ad-aware at
http://www.lavasoft.de/
For more info on REAMUG, go to http://www.appraisaltoday.com/reamug.htm
-----------------------------
Last minute tax tip - home office deduction
Hopefully, you're not like me... still haven't started working on my taxes ;>
Good short article from Realty times:
If you operate a business out of your home, you could have some substantial
deductions coming your way. This article is not about the broad home office
deduction topic. Instead, it will direct your attention to IRS Publication
587. M. Anthony Carr reports.
Full Story: http://realtytimes.com/rtnews/rtcpages/20030321_upkeepcosts.htm
--------------------------
Refis strong/rates up
Washington, D.C. (March 26, 2003) – The Market Composite Index of mortgage
loan applications – a measure of mortgage loan applications for purchases
and refinancings – for the week ending March 21 decreased to 1520.9 on a
seasonally-adjusted basis from the record high of 1673.4 one week earlier,
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 by 8.8 percent but was up 194.8
percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 383.7 from 347.3
the previous week. The seasonally adjusted Refinance Index decreased to
8135.7 from the record high of 9387.0 one week earlier. This is the third
highest Refinance Index in the history of MBA's Weekly Applications Survey.
Other seasonally adjusted index activity included the Conventional Index,
which decreased to 2244.6 from 2476.0 the previous week. The Government
Index decreased to 313.3 from 334.0 the previous week.
Refinancing activity represented 76.5 percent of total applications,
decreasing from the record high of 80.5 percent the previous week. The
share of ARM activity increased to 14.7 percent from 12.8 percent the
previous week.
"Despite the upturns in equity prices and Treasury note yields, mortgage
rates last week remained very favorable," said MBA Senior Economist Phil
Colling. "It is also likely that many homeowners who were hoping for lower
mortgage rates before refinancing submitted a refinance application as
rates rose the last two weeks."
The average contract interest rate for 30-year fixed rate mortgages
increased to 5.81 from 5.61 percent one week earlier, with points
increasing to 1.55 from 1.48 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
increased to 5.13 percent from 4.88 percent one week earlier, with points
decreasing to 1.51 from 1.58 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 decreased slightly to
3.46 from 3.47 percent one week earlier, with points remaining the same as
the previous week at 1.04 (including the origination fee) for 80 percent
LTV loans.
---------------------------
March USPAP Q&As - Updates/2070s
Here are the questions:
Question #1:
I have been asked to provide a client with a "condition and marketability"
report on a residential property. I am to complete a form used by some
lenders and secondary market participants. Since this assignment is part of
appraisal practice (because I am providing this service as an appraiser),
must I conform with the requirements in Standards Rule 1-5(a) to, analyze
all agreements of sale, options, or listings of the subject the subject
current as of the effective date of the appraisal; and (b) analyze all
sales of the subject property that occurred within the three (3) years
prior to the effective date of the appraisal?
Question #2:
I was recently asked to update an appraisal performed by another appraiser
who works for a different appraisal company. Can I prepare an update if the
original appraisal was performed by another appraiser?
Question #3:
I received a request to update an appraisal I previously completed. The
original report was issued as a Self-Contained Appraisal Report. Am I
required to use the same reporting format in my update?
For the answers, go to http://www.appraisalfoundation.org/ The link is at
the top of the page.
Danny Wiley, Chair of the ASB is speaking at Appraisal Today 2003 National
Conference July 24-25. For more info, go to http://www.appraisaltoday.com
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: Wed, 12 Mar 2003 10:57:51 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: Free flood maps/ACI sold/trainees
++++++++++++++++++++++++++++++++++++++++++++++
Appraisal Today 2003 Conference - July 24-35
CE: 14 hours approved by CA (7 hours each day). 24 states have reciprocity
with CA. To see the list of states, go to http://www.appraisaltoday.com .
Applications will be sent to most of the other states within 2 weeks.
Location: South San Francisco Conference Center - www.ssfconf.com
Sessions:
- The future of the appraisal profession
- Cool Tools - emerging technologies that streamline appraisal productivity
- How to find what you need on the Internet
- What do underwriters really want?
- USPAP in the real world
- How to minimize your appraisal liability
- Residential hot topics
- Who has the best data?
Expo - Over 30 exhibitors are expected. Vendors already signed up:
Appraiser Depot, Bradford Technologies, Software for Real Estate
Professionals, Day One, Map Solutions, AppraisalTrac/Dattar Systems, Flood
Insights, Liability Insurance Administrators, FNC Inc.,
OneStopAppraisal.com, and Concierge Systems, LLC
To register, and get lots more info go to http://www.appraisaltoday.com or
call 800-839-0227
++++++++++++++++++++++++++++++++++++++++++++++
February 2003 USPAP Q&A - reviews
Question #1:
In an appraisal review assignment that includes the reviewer's own opinion
of value, is the reviewer required to use the same scope of work as the
original appraiser?
Question #2:
Recently one of my appraisal reports was reviewed. The review report
contained information that could not have been available to me at the time
I completed my appraisal report. The reviewer used this additional
information to discredit my opinion of value. Is this appropriate?
Question #3:
In an appraisal review assignment for which the reviewer develops his or
her own opinion of value, is it permissible for the reviewer to use an
effective date that differs from the work under review?
To see the answers go to http://www.appraisalfoundation.org/ and click on
the link at the top of the home page.
----------------------
Fannie Mae guidelines
You can get the Fannie Mae guidelines directly from Fannie Mae at
http://www.efanniemae.com/singlefamily/forms_guidelines/selling_servicing/gu
ides.jhtml?role=ou
I prefer to access Fannie and other guidelines at http://www.adfinet.com
where they are searchable. The service is free, but registration is required.
---------------
ASB 4th exposure draft
Another draft of proposed changes in appraiser licensing and certification
requirements at http://www.appraisalfoundation.org/ Scroll down the page
for the link.
One of the proposed changes for trainee requirements:
"The appraiser trainee is permitted to have more than one
supervising appraiser, but a supervising appraiser may not
supervise more than two trainees, at one time."
Hmmm... could be a problem for "appraisal mills" or "sweat shops"...
Comments are due by June 10, 2003
------------------------------
ACI sold (again)
Appareo Software Inc. (the "Company") announced that it has accepted an
offer to purchase 100% of the tangible and intangible assets of Palm Coast
Solutions, Inc. (ACI), the Company's wholly owned subsidiary for an
undisclosed cash amount. The Offer has received approval in principle from
the Company's Investors who financed the acquisition of the assets of
Polaroid Digital Solutions, Inc. The acquirer is neither a competitor nor a
client of ACI. The Transaction is scheduled to close on March 31, 2003.
Who's the buyer? Guess we'll know at close of escrow!!
To read the full press release, go to
http://www.aciweb.com/press_releases_030303.htm
---------------------
Free FEMA maps
At http://store.msc.fema.gov
--------------------------------
Record low rates/record high originations
Washington, D.C. (March 12, 2003) – The Market Composite Index of mortgage
loan applications – a measure of mortgage loan applications for purchases
and refinancings – for the week ending March 7 increased to a record high
of 1603.1 on a seasonally-adjusted basis from 1265.4 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. The
previous record for the Market Composite index of 1317.0 occurred the week
ended October 4, 2002. On an unadjusted basis, the Index increased by 26.2
percent and was up 190.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased slightly to 345.0 from
345.9 the previous week. The seasonally adjusted Refinance Index increased
to a record high of 8920.9 from 6614.0 the previous week. The previous
record of 6926.9 was reached the week ending October 4, 2002. Other
seasonally adjusted index activity included the Conventional Index, which
increased to 2376.7 from 1842.1 the previous week. The Government Index
increased to 312.0 from 303.1 the previous week.
Refinancing activity represented 79.8 percent of total applications,
increasing from 74.7 percent the previous week. The refinance share of 79.8
was a record high. The previous record for the refinance share of 78.4
percent occurred the week ended November 9, 2001. The share of ARM activity
decreased to 11.4 percent from 13.8 percent the previous week.
"This is a huge refinance number," said MBA Senior Economist Phil Colling.
"Mortgage rates are at record lows, and because of that a new set of
mortgages have become attractive for refinancing."
Colling said that public awareness also fueled the refinance surge. "People
are very aware that rates are at record lows, and they are acting on this,"
he said.
The average contract interest rate for 30-year fixed rate mortgages
decreased to a record low of 5.42 percent from the previous record low 5.57
percent one week earlier, with points increasing to 1.55 from 1.46 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 a record low of 4.72 percent from the previous record low of
4.90 percent one week earlier, with points increasing to 1.54 from 1.38 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 decreased to a record
low of 3.29 percent from the previous record low of 3.49 percent one week
earlier, with points decreasing to 0.91 from 1.05 the previous week
(including the origination fee) for 80 percent LTV loans.
======================
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>
========================
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: Wed, 12 Mar 2003 10:57:51 -0800
From: Ann O'Rourke <ann@appraisaltoday.com>
Subject: Free flood maps/ACI sold/trainees
++++++++++++++++++++++++++++++++++++++++++++++
Appraisal Today 2003 Conference - July 24-35
CE: 14 hours approved by CA (7 hours each day). 24 states have reciprocity
with CA. To see the list of states, go to http://www.appraisaltoday.com .
Applications will be sent to most of the other states within 2 weeks.
Location: South San Francisco Conference Center - www.ssfconf.com
Sessions:
- The future of the appraisal profession
- Cool Tools - emerging technologies that streamline appraisal productivity
- How to find what you need on the Internet
- What do underwriters really want?
- USPAP in the real world
- How to minimize your appraisal liability
- Residential hot topics
- Who has the best data?
Expo - Over 30 exhibitors are expected. Vendors already signed up:
Appraiser Depot, Bradford Technologies, Software for Real Estate
Professionals, Day One, Map Solutions, AppraisalTrac/Dattar Systems, Flood
Insights, Liability Insurance Administrators, FNC Inc.,
OneStopAppraisal.com, and Concierge Systems, LLC
To register, and get lots more info go to http://www.appraisaltoday.com or
call 800-839-0227
++++++++++++++++++++++++++++++++++++++++++++++
February 2003 USPAP Q&A - reviews
Question #1:
In an appraisal review assignment that includes the reviewer's own opinion
of value, is the reviewer required to use the same scope of work as the
original appraiser?
Question #2:
Recently one of my appraisal reports was reviewed. The review report
contained information that could not have been available to me at the time
I completed my appraisal report. The reviewer used this additional
information to discredit my opinion of value. Is this appropriate?
Question #3:
In an appraisal review assignment for which the reviewer develops his or
her own opinion of value, is it permissible for the reviewer to use an
effective date that differs from the work under review?
To see the answers go to http://www.appraisalfoundation.org/ and click on
the link at the top of the home page.
----------------------
Fannie Mae guidelines
You can get the Fannie Mae guidelines directly from Fannie Mae at
http://www.efanniemae.com/singlefamily/forms_guidelines/selling_servicing/gu
ides.jhtml?role=ou
I prefer to access Fannie and other guidelines at http://www.adfinet.com
where they are searchable. The service is free, but registration is required.
---------------
ASB 4th exposure draft
Another draft of proposed changes in appraiser licensing and certification
requirements at http://www.appraisalfoundation.org/ Scroll down the page
for the link.
One of the proposed changes for trainee requirements:
"The appraiser trainee is permitted to have more than one
supervising appraiser, but a supervising appraiser may not
supervise more than two trainees, at one time."
Hmmm... could be a problem for "appraisal mills" or "sweat shops"...
Comments are due by June 10, 2003
------------------------------
ACI sold (again)
Appareo Software Inc. (the "Company") announced that it has accepted an
offer to purchase 100% of the tangible and intangible assets of Palm Coast
Solutions, Inc. (ACI), the Company's wholly owned subsidiary for an
undisclosed cash amount. The Offer has received approval in principle from
the Company's Investors who financed the acquisition of the assets of
Polaroid Digital Solutions, Inc. The acquirer is neither a competitor nor a
client of ACI. The Transaction is scheduled to close on March 31, 2003.
Who's the buyer? Guess we'll know at close of escrow!!
To read the full press release, go to
http://www.aciweb.com/press_releases_030303.htm
---------------------
Free FEMA maps
At http://store.msc.fema.gov
--------------------------------
Record low rates/record high originations
Washington, D.C. (March 12, 2003) – The Market Composite Index of mortgage
loan applications – a measure of mortgage loan applications for purchases
and refinancings – for the week ending March 7 increased to a record high
of 1603.1 on a seasonally-adjusted basis from 1265.4 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released today. The
previous record for the Market Composite index of 1317.0 occurred the week
ended October 4, 2002. On an unadjusted basis, the Index increased by 26.2
percent and was up 190.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased slightly to 345.0 from
345.9 the previous week. The seasonally adjusted Refinance Index increased
to a record high of 8920.9 from 6614.0 the previous week. The previous
record of 6926.9 was reached the week ending October 4, 2002. Other
seasonally adjusted index activity included the Conventional Index, which
increased to 2376.7 from 1842.1 the previous week. The Government Index
increased to 312.0 from 303.1 the previous week.
Refinancing activity represented 79.8 percent of total applications,
increasing from 74.7 percent the previous week. The refinance share of 79.8
was a record high. The previous record for the refinance share of 78.4
percent occurred the week ended November 9, 2001. The share of ARM activity
decreased to 11.4 percent from 13.8 percent the previous week.
"This is a huge refinance number," said MBA Senior Economist Phil Colling.
"Mortgage rates are at record lows, and because of that a new set of
mortgages have become attractive for refinancing."
Colling said that public awareness also fueled the refinance surge. "People
are very aware that rates are at record lows, and they are acting on this,"
he said.
The average contract interest rate for 30-year fixed rate mortgages
decreased to a record low of 5.42 percent from the previous record low 5.57
percent one week earlier, with points increasing to 1.55 from 1.46 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 a record low of 4.72 percent from the previous record low of
4.90 percent one week earlier, with points increasing to 1.54 from 1.38 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 decreased to a record
low of 3.29 percent from the previous record low of 3.49 percent one week
earlier, with points decreasing to 0.91 from 1.05 the previous week
(including the origination fee) for 80 percent LTV loans.
======================
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>
========================
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!
|
