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Most recent emails
Email archives - 5-02
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5/6/02 - AMCs/spamsters/Farmer Mac
New this week from Appraisal Today e-news
+ April USPAP Q&As
+ Unauthorized MLS data downloads
+ What AMCs say
+ Get rid of spamster "bugs"
+ Apps up
+ Farmer Mac goes digital
>>>>>>>>>> APRIL USPAP Q&AS <<<<<<<<<<
Question #1:
For a real property appraisal, I know that USPAP requires an appraiser to
develop a reconciliation of the approaches to value that are used in an
assignment. Does USPAP require the appraiser to reconcile the data utilized
within each approach to value?
Question#2:
Is the main function of USPAP to protect appraisers?
Question #3:
USPAP requires appraisers to report the scope of work undertaken in each
appraisal assignment. The detail required varies by reporting option. Is
there a similar requirement for an Appraisal Review assignment?
For the answers, go to http://www.appraisalfoundation.org/ , click on
Standards, then click on Monthly USPAP Q&As.
AOL Users: <a href=http://www.appraisalfoundation.org> Click Here</a>
>>>>>>>>>> UNAUTHORIZED MLS DATA DOWNLOADS <<<<<<<<<<
Data downloads are posing new challenges to MLS information integrity as
MLS organizations find that their own members are selling or sharing
downloads with third-party companies. Who is profiting from the data?
Full Story:
http://realtytimes.com/rtnews/rtapages/20020424_mlsdatatheft.htm
AOL Users: <a
href=http://realtytimes.com/rtnews/rtapages/20020424_mlsdatatheft.htm>
Click Here</a>
>>>>>>>>>> WHAT AMCS SAY <<<<<<<<<<
Two articles in the appraisal buzz archives are interviews of AMC
executives. Read what the "other side" has to say at
http://www.appraisalbuzz.com/archives.php
AOL Users: <a href=http://www.appraisalbuzz.com/archives.php> Click Here</a>
Scroll down to:
- 2002-03-05 - An Interview With Jim Brady, SRA, with Commerce Appraisal
Services, LLC, a division of Centex Title & Ancillary Services
- 2002-02-22 - An Interview With Jeff Schurman, executive director of the
Title/Appraisal Vendor Management Association (TAVMA).
Here's a quote from Jim Brady,
"Q: Having been a founding manager member at several national appraisal
management companies, what is the biggest concern you have about the
appraisal industry?
"JB: I think that quality and service levels drive many of the decisions
lenders make regarding the use of the appraisals. The level of service and
quality of product must continue to improve, or users of appraisals will
continue to try to find alternatives to the current appraisal products. "
>>>>>>>>>> GET RID OF SPAMSTER "BUGS" <<<<<<<<<<
Okay, you've set up your spam blocking software and set up a separate email
address using a freebie online service such as Yahoo. But did you know
about spy bugs embedded in your email? Check it out at
http://www.rismedia.com/news.page/24/17167
AOL Users: <a href=http://www.rismedia.com/news.page/24/17167> Click Here</a>
>>>>>>>>>> APPS UP <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending April 26 increased 9.2 percent
to 539.3 on a seasonally adjusted basis from 493.8 the previous week,
according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released last Wednesday. On
an unadjusted basis, the application index increased 9.4 percent but was
down 6.5 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 368.4 from 351.6
the previous week. The seasonally adjusted Refinance Index increased to
1533.5 from 1320.6 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 727.0 from
661.8 the previous week, and the Government Index, which increased to 226.1
from 213.4 the previous week.
Refinancing activity represented 38.7 percent of total applications,
increasing from 36.5 percent the previous week. The share of ARM activity
decreased to 15.4 percent from 16.0 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.82 percent, decreasing from 6.84 percent the previous week, with points
decreasing to 1.34 from 1.54 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 was
6.23 percent, decreasing from 6.30 percent the previous week, with points
decreasing to 1.34 from 1.50 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
For more information, go to http://www.mbaa.org
AOL Users: <a href=http://www.mbaa.org> Click Here</a>
>>>>>>>>>> FARMER MAC GOES DIGITAL <<<<<<<<<<
The Federal Agricultural Mortgage Corporation (Farmer Mac) is America's
secondary mortgage market for first-lien agricultural real estate loans. In
recent months, Farmer Mac has revised its collateral valuation (appraisal
and evaluation) requirements for Full-Time Farm loans. As a continuation of
this process, appraisers providing appraisals to clients that sell or
service Farmer Mac loans will see that requests for services placed on or
after June 1, 2002 include the requirement for electronic transmission of
key collateral valuation data (CV Data).
Effective with appraisal service assignments placed on or after June 1,
2002, Farmer Mac's approved Sellers are required to obtain from the
appraiser an electronic copy of the Farmer Mac Form 1033 – Collateral
Valuation Data Summary (when the report is a narrative or other than a
UAAR) or an electronic version of the Farmer Mac Collateral Valuation Data
Summary export file when the report is the UAAR. These files contain the
key data that Farmer Mac wants to be sure underwriters see and appreciate
when considering a loan or servicing action.
Appraisers with questions about the CV Data file requirement or other
Farmer Mac collateral valuation standards and requirements are encouraged
to contact David_Snook@farmermac.com
after discussing the question or
situation with their client.
Additional information is available in the Collateral Valuation section of
Farmer Mac's website at http://www.farmermac.com
. Access to the collateral
valuation section requires a one-time registration process that is designed
only to aid in future communication with the website users.
AOL Users: <a href=http://www.farmermac.com> Click Here</a>
===================
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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!
5/13/02 - One Big Org?/new USPAP draft/Measuring comml bldgs
New this week from Appraisal Today e-news
+ Apps up
+ USPAP - the Second Exposure Draft
+ One Big Appraisal Organization?
+ Electronic Appraisal Journal?
+ Measuring commercial properties?
>>>>>>>>>> APPS UP <<<<<<<<<<
The market composite index of mortgage loan applications - a measure of
mortgage loan applications for purchases and refinancings - for the week
ending May 3 increased 8.1 percent to 583.2 on a seasonally adjusted basis
from 539.3 the previous week, according to the Weekly Mortgage Applications
Survey of the Mortgage Bankers Association of America (MBA), which was
released last Wednesday. On an unadjusted basis, the application index
increased 8.3 percent and was up 5.7 percent compared to the same week a
year earlier.
The MBA seasonally adjusted Purchase Index increased to 382.7 from 368.4
the previous week. The seasonally adjusted Refinance Index increased to
1749.9 from 1533.5 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 777.6 from
727.0 the previous week, and the Government Index, which increased to 258.9
from 226.1 the previous week.
The seasonally adjusted Purchase Index reached a record high last week,
beating the previous record of 375.9 set the week ended January 4, 2002.
"Very favorable interest rates, an improving economy, and good consumer
confidence are having a positive impact on the U.S. housing industry," said
Phil Colling, an economist with the MBA. "In addition, loan applications
are being made now for home purchases in June and July, which are
traditionally busy months for home purchases."
Refinancing activity represented 40.8 percent of total applications,
increasing from 38.7 percent the previous week. The share of ARM activity
decreased to 15.1 percent from 15.4 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.66 percent, decreasing from 6.82 percent the previous week, with points
increasing to 1.60 from 1.34 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans. The 30-year fixed
rate of 6.66 percent was the lowest since the week ended November 9, 2001
when the 30-year rate reached 6.37 percent.
The average contract interest rate for 15-year fixed rate mortgages was
6.18 percent, decreasing from 6.23 percent the previous week, with points
decreasing to 1.31 from 1.34 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans. The previous time
that the 15-year fixed rate was below 6.18 percent was the week ended
November 9, 2001, when the rate reached 5.79 percent.
The average contract interest rate for 1-year ARMs was 4.72 percent,
decreasing from 4.87 percent the previous week, with points decreasing to
1.02 from 1.05 the previous week (including the origination fee) for 80
percent LTV loans. The previous time that the 1-year ARM rate was below
4.72 was the week ended March 4, 1994, when the rate was 4.54 percent.
** Special Notes**
The survey covers approximately 40 percent of all U.S. retail residential
mortgage originations and has been conducted weekly since 1990.
Respondents include mortgage bankers, commercial banks and thrifts. Base
period for all indexes is March 16, 1990=100.
>>>>>>>>>> USPAP RE-EXPOSURE <<<<<<<<<<
Second Exposure Draft on proposed revisions to the 2002 edition
of USPAP issued
Hot topics include sales history, updates, and jurisdicational exception,
and environmental contamination.
The deadline for comments is June 10, 2002.
To read the 54-page draft, go to http://www.appraisalfoundation.org/
and
look for the link on the home page. Discussion of the changes are in the
front part of the document, fortunately.
AOL Users: <a href=http://www.appraisalfoundation.org> Click Here</a>
>>>>>>>>>> ONE BIG APPRAISAL ORG? <<<<<<<<<<
In the quest for Appraisers' "Holy Grail", the Professional Alliance
Project Team (PAPT), formerly known as SWOT, met in Denver in April. Lots
of strong opinions on this issue.
What do I think? I have been in favor of one organization and one
designation with specializations (such as the ASA has) for over 10 years.
Yes, I do have an MAI, which I recently obtained, and have thought for many
years there were too few MAIs. If most commercial appraisers had MAIs, it
would be the standard, similar to a CPA. Instead, the standard has become
state general certification.
Many of us will be retiring in the next 10-20 years, or dying off. It's
time to plan for the future of appraising.... Not just defending our own
"turf".
Will anything happen? I'd be happy if the organizations, as a start, could
speak out as one voice on something.
Here are a few quotes from the memo:
"In April 2002, a delegation of more than 30 members representing the
American Society of Appraisers, the American Society of Farm Managers and
Rural Appraisers, the Appraisal Institute, the Appraisal Institute of
Canada, the International Association of Assessing Officers, the National
Association of Independent Fee Appraisers and the National Association of
Realtors. convened in Denver."
"After almost two days of talks and debates, there were many possible
co-ventures (middle steps) identified in the areas of
publications/journals, education and government relations. These ideas,
which also could be used as steps toward unifying the profession and which
we will bring to our board of governors, are listed at the end of this
memo. Not surprisingly, the group had difficulty addressing structure and
accreditation."
To read the memo, go to http://www.appraisers.org
/ and click on the link on
the home page. Sorry, I'm not sending any more long links - too hard to
handle in ASCII email!
AOL Users: <a href=http://www.appraisers.org> Click Here</a>
The Appraisal Institute has a memo on the members-only side of their Web
site at http://www.appraisalinstitute.org/denver.asp
Information is also at http://www.valuer-umbrella.org
AOL Users: <a href=http://www.valuer-umbrella.org> Click Here</a>
I was unable to find any postings or web sites from those opposed to this
concept/plan. If you know of any, let me know.
I will be attending the AI (July) and ASA (August) national conferences. I
expect some very interesting comments in the hallways!!
>>>>>>>>>> ELECTRONIC APPRAISAL JOURNAL? <<<<<<<<<<
The Appraisal Institute has published the Appraisal Journal (TAJ) for many
years, distributed to all members in paper format. It is an excellent
resource, but I don't read the issues. Since it went online, I don't keep
my paper copies. I have wonder why there are paper copies distributed,
which is expensive.
Last week I received a survey on the TAJ. Here's the question: "Would you
like the option of receiving only the online version of The Appraisal
Journal instead of the paper version?"
Of course, since I had just received my member directory in CD, I had to
put in my 2.345 cents on that topic!
------------------
Here's my answer:
"I throw my TAJ copy out after looking at the list of articles. I only read
a few of them per year as most are too specialized. If I need anything, I
go online to get the articles such as a tough assignment I'm working on.
I would like to have NO printed AJ's. Way too expensive and too many
articles by college professors so they can get published.
FYI, I would pay extra on my dues to get a paper member directory as I use
it on a daily basis. The CD is too much hassle as now I use the paper
directory first, then online for more recent info such as a new phone
number. I would only use the CD for associate info. Member info is out of
date, I have to put it into my computer to get it to run, and it is not
updateable online.
I give out lots of referrals to other appraisers using the paper directory.
It may be useful for some clients looking for appraisers, however, as there
are more search choices.
----------------
>>>>>>>>>> MEASURING COMMERCIAL PROPERTIES? <<<<<<<<<<
Many commercial appraisers in my area (San Francisco Bay Area) don't
measure commercial properties (or apartments) they are appraising. Instead
they often use assessor's office drawings, or building plans.
Unfortunately, in my county (Alameda), the assessors office records are
very inaccurate for commercial properties. They are fairly accurate for
homes. Is it a standard practice in other areas not to measure commercial
properties?
5/20/02 - Backups/Res-comml down/Virus hoaxes
New this week from Appraisal Today e-news
+ Bush seeks crackdown on loan fraud
+ The never-ending search for the perfect backup
+ Res apps down
+ Commercial lending down
+ The latest, hottest virus hoax - jdbgmgr.exe
*************** THANKS TO OUR SPONSOR!! ***************
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>>>>>>>>>> BUSH SEEKS CRACKDOWN ON LOAN FRAUD <<<<<<<<<<
Below is an excerpt from a press release reported in Credit & Collections
World:
"The president's budget proposal is urging the Department of Housing and
Urban Development to get tough on mortgage fraud and to reduce the default
rate in the Federal Housing Administration's single-family loan program.
"HUD will greatly reduce fraudulent practices in FHA by holding lenders
accountable for the performance of brokers and appraisers," the budget
document says.
"The Bush administration appears to be linking the FHA's high delinquency
rate with fraud. In a separate budget document called the President's
Management Agenda, the Office of Management and Budget points out that FHA
borrowers are exposed to fraud and property flipping where "lenders and
appraisers scheme to acquire FHA insurance" on properties with falsely
inflated appraisals."
www.collectionsworld.com/cgi-bin/readstory.pl?story=20020517CCWI406.xml
Do NOT click on this link. Cut and paste it into your browser.
Thanks to John Murden for sending me this link!
>>> THE NEVER-ENDING SEARCH FOR THE PERFECT BACKUP <<<
See what ZDNet has to say about this topic that almost all of us feel
guilty about...
Here's the result of their survey. I'm too embarrassed to say how I voted ;>
When did you last back up your system?
Today - 639 (12%)
Within the past week - 1043 (20%)
Within the past month - 1045 (20%)
Within the past year - 1082 (21%)
Never - 1401 (27%)
Check out their tips (and take the survey at:
www.zdnet.com/anchordesk/stories/story/0,10738,2865424,00.html
>>>>>>>>>> RES APPS DOWN <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of
mortgage loan applications for purchases and refinancings-for the week
ending May 10 decreased 8.7 percent to 532.5 on a seasonally adjusted basis
from 583.2 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 application index decreased
8.4 percent and was down 3.6 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 356.5 from 382.7
the previous week. The seasonally adjusted Refinance Index decreased to
1556.2 from 1749.9 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 727.4 from
777.6 the previous week, and the Government Index, which decreased to 207.2
from 258.9 the previous week.
Refinancing activity represented 39.6 percent of total applications,
decreasing from 40.8 percent the previous week. The share of ARM activity
increased to 17.0 percent from 15.1 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.76 percent, increasing from 6.66 percent the previous week, with points
decreasing to 1.46 from 1.60 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 was
6.23 percent, increasing from 6.18
percent the previous week, with points increasing to 1.34 from 1.31 the
previous week (including the origination fee) for 80 percent loan-to-value
(LTV) ratio loans.
>>>>>>>>>> COMMERCIAL LENDING DOWN <<<<<<<<<<
Commercial mortgage lending slows in Q1, 2002 - 16 percent drop from 2001
attributed to loan size, not loan numbers
New commitments for new commercial mortgages fell back during the first
quarter of 2002, according to the quarterly Commercial Mortgage Origination
survey conducted by the Mortgage Bankers
Association of America (MBA). These data—along with the reading for the
final quarter of 2001—suggest that commercial lending has retreated
somewhat from the unusually strong pace seen during the first three
quarters of last year.
The total reported commitments during the first quarter of the year were
$12.4 billion. The decline from the $22.5 billion figure in the final
quarter of 2001 in part reflected a normal seasonal adjustment, as the
first quarter has traditionally been
the weakest quarter for new originations. Moreover, the level of new
lending activity during the first quarter of 2002 was off by 16 percent
from the robust pace during the same period a year earlier.
The decline in new lending volume was primarily due to a sharp decline in
loan size; the average reported loan amount fell from $8.9 million in the
first quarter of 2001 to $7.5 million during the first quarter of 2002. The
number of loans made was virtually unchanged.
The weakness in dollar volume was widespread across property types, but the
reported declines were sharpest for hotel/motel and office loans. Both
these sectors also saw the number of new loans decline from a year earlier.
"The weakness in lending in the hotel and office sectors during the first
quarter of 2002 hardly is surprising," commented Gary J. Kallsen, vice
resident, mortgages and real estate, Lutheran Brotherhood, and chairman of
MBA's Commercial Real Estate/Multifamily Board of Governor's (COMBOG),
research committee. "These are the two sectors in which property markets
have been most affected by recent weakness in commercial real estate
markets and by uncertainties about the economic recovery in general."
Multifamily lending also was considerably weaker than a year earlier in the
first quarter of 2002, with Freddie Mac and Fannie Mae together absorbing
just more than half of the new multifamily production during the quarter.
Two areas of strength emerged from the first-quarter results. The number of
loans for retail properties was up 8 percent, although the dollar volume
was essentially unchanged from the same period in 2001. Also, within the
multifamily sector, FHA-insured loans were notably stronger than in the
same quarters in 2001 and
2000. "The strength in FHA-insured multifamily loans in
part reflects FHA's ability to issue new commitments beginning October 1,
2001, after a five-month moratorium in its new construction program,"
Kallsen stated.
For more info and links to stats, go to
www.mbaa.org/news/index.cfm?STRING=http://www.mbaa.org/news/2002/pr0514a.html
>>>> THE LATEST, HOTTEST VIRUS HOAX - JDBGMGR.EXE <<<<<
The hoax message concerns a "new virus" that is supposedly in the Windows
file JDBGMGR.EXE, but that file is a standard component and is found in
every Windows installation. It's the Java Debugger Manager in Microsoft's
Java runtime engine.
For info, including how to restore the file, go to
http://securityresponse.symantec.com/avcenter/venc/data/jdbgmgr.exe.file.hoa
x.html
Do NOT click on this link. Use cut and paste to put it into your browser.
UPDATE YOUR ANTIVIRUS SOFTWARE EVERY DAY!! Norton reported 7 new viruses
last week.
PLEASE check for hoaxes before forwarding "urgent" emails. Check them out at
http://www.symantec.com/avcenter/hoax.html
(long list of hoaxes)
http://hoaxbusters.ciac.org/ (easier to use)
=======================================
If you don't already subscribe .... To get all the news, 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
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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>
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=============
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!
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!
5/28/02 - ACI moving/FHA manual changes/ANSI sq.ft.
X-Sender: annorour@pop.ncal.verio.com
To: Ann O'Rourke <ann@appraisaltoday.com>
X-Mailer: Windows Eudora Pro Version 3.0 (32)
New this week from Appraisal Today e-news
+ NAIFA forms special lender pressure committee
+ NAR calls for full disclosure of valuation methods
+ May USPAP Q&As
+ PDS/ACI moving to Florida
+ ANSI square footage proposed changes
+ FHA manual update
*************** THANKS TO OUR SPONSOR!! ***************
LandSafe Appraisal Services currently has some new and rewarding
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Must be familiar with Fannie Mae and Freddie Mac and FHA guidelines. A
Bachelor's degree is preferred. Minimum of 5 years appraising experience
including 1-2 years experience reviewing residential appraisals. A State
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Please submit your resume to: LandSafe Appraisal Services, 24-hour FAX
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*********************************************
>>> NAIFA FORMS SPECIAL LENDER PRESSURE COMMITTEE <<<
Ed Liggins, IFAS, President of the National Association of Independent Fee
Appraisers, announced the appointment of Thomas M. Munizzo, IFA, to chair a
Special Committee whose purpose and function is to establish a National
Coalition of all appraisal organizations to deal with the issue of lender
pressure on appraisers.
All appraisal associations will be contacted to participate in this task
and asked to appoint a representative to the coalition.
Liggins, states, "It is high time the appraisers take control of our
profession in order to permit us to do our job which is to protect the
consumer and the stability of our economic system."
Remedies to be explored will include but not limited to; public alerts,
legislative reform, filing complaints with appropriate regulatory agencies
and secondary market participants and educating the appraiser of
countermeasures to these reprehensible practices.
>>> NAR CALLS FOR FULL DISCLOSURE OF VALUATION METHODS <<<
What do you say to the borrower when doing a 2070 interior inspection with
no value? I always let them know that I am not doing an appraisal, only an
inspection. Their property value was determined by a computer program.
But what if the borrower paid for a full appraisal? Many borrowers want
copies of their appraisals to get sketches, info on nearby sales, photos,
etc., as well as the value.
On Saturday, May 18, 2002 the Board of Directors of the National
Association of REALTORS® passed the following motion:
"That NAR adopt a policy that lenders be required to inform a borrower of
the methods used to value a property to determine the amount of the
mortgage loan, and that borrowers should have the right to be provided with
a copy of each value estimate or value opinion obtained."
For more info, and info on a bill to make lenders disclose what the
appraisal fee paid for go to a recent Kenneth Harney article at:
http://www.realtytimes.com/rtnews/rtcpages/20020527_hmvaluation.htm
>>>>>>>>>> MAY USPAP Q&AS <<<<<<<<<<
Question #1:
USPAP requires appraisers to include a description of the scope of work in
each appraisal report, the detail of which varies by reporting option. Is
there a similar requirement for appraisal review reports?
Question#2:
I am an appraiser performing an appraisal, appraisal review, or an
appraisal consulting assignment. I am required by law, regulation,
agreement, or choice to follow USPAP. Is this still true if I do not charge
a fee for my service?
Question #3:
A client asked if I would be willing to reduce the fee for appraisals in
cases when the loan did not close if the client agreed to pay extra for
other assignments. Would this practice be ethical?
For the answers, go to https://www.appraisalfoundation.org
and click on the
link on right side of the home page.
>>>>>>>>>> PDS/ACI MOVING TO FLORIDA <<<<<<<<<<
Per their press release, Polaroid Digital Solutions (PDS), a will be the
relocation of its corporate offices to Palm Coast, Florida. PDS will be
relocating its entire operations in August 2002.
Palm Coast is located between Jacksonville and Daytona Beach on the eastern
seaboard. Surrounding Palm Coast within a sixty-mile radius are over
400,000 skilled workers and over 1,000 technology firms. George Opelka,
Vice President of Polaroid Digital Solutions remarks, "The relocation of
operations will allow us to better execute our growth plans in the mortgage
services, insurance, and inspection industries. By gaining access to a
higher quality transportation infrastructure will be able to service our
clients with increased efficiency, and with access to a larger and more
skilled talent pools, we will be able to grow faster in a quality manner.
The relocation represents an exciting step forward for the whole company."
For more info, go to http://www.polaroidforms.com/
AOL Users: <a href=http://www.polaroidforms.com> Click Here</a>
>>>>>>>>>> ANSI SQUARE FOOTAGE PROPOSED CHANGES <<<<<<<<<<
The 1996 edition of ANSI standard Z765, "Single-Family Residential
Buildings - Square Footage Method for Calculating," is undergoing a 60-day
public review.
The NAHB Research Center, an ANSI Accredited Standards Development
Organization, will examine and revise or reaffirm the American National
Standard for Single Family Residential Buildings, Square Footage – Method
of Calculating, ANSI Z765-1996 in the coming months.
The standard, which has been in use for five years, addresses the need for
uniformity in calculating and reporting square footage (area) measurements
of dwellings in the United States. Prior to the development of this
standard, square footage calculation had been an arena fraught with
ambiguity throughout the home sales industry. The standard has helped to
lessen disputes between buyers and sellers and associated litigation.
The comment period will close July 16, 2002. A copy of the standard and
comment submission form can be obtained from the NAHB Research Center. If
you would like to comment, please send your request to Vicki Gaines by
email at vgaines@nahbrc.org , or call 301-430-6295.
This standard has not become used very much by appraisers but builders in
your area may use it. You have to purchase it for $25 from NAHB.
For more information, go to http://www.hahb.org
and click on Research
Center on the right side, then enter ANSI in the search box.
AOL Users: <a href=http://www.hahb.org> Click Here</a>
>>>>>>>>>> FHA MANUAL UPDATE <<<<<<<<<<
Pest control, Chapter 1 Appraisal & Property Requirements Page 1-23 was
updated 5/14/02 at:
http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-23.cfm
AOL Users: <a href=http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-23.cfm>
Click Here</a>
Thanks to Frank Gregoire for this link!
>>>>>>>>>> APPS DOWN <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of
mortgage loan applications for purchases and refinancings-for the week
ending May 17 decreased 5.6 percent to 502.9 on a seasonally adjusted basis
from 532.5 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 application index decreased
5.6 percent but was up 7.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 344.3 from 356.5
the previous week. The seasonally adjusted Refinance Index decreased to
1425.8 from 1556.2 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 681.5 from
727.4 the previous week, and the Government Index, which decreased to 205.0
from 207.2 the previous week.
Refinancing activity represented 38.4 percent of total applications,
decreasing from 39.6 percent the previous week. The share of ARM activity
increased to 17.5 percent from 17.0 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.72 percent, decreasing from 6.76 percent the previous week, with points
decreasing to 1.44 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 was
6.20 percent, decreasing from 6.23
percent the previous week, with points decreasing to 1.32 from 1.34 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 was 4.79 percent,
increasing from 4.73 percent the previous week, with points decreasing to
0.99 from 1.04 the previous week (including the origination fee) for 80
percent LTV loans.
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