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Email archives - 6-02
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6/2/02 10th anniversary/LandAmerica layoffs
New this week from Appraisal Today e-news
+ Appraisal Today - 10th Anniversary
+ VA wants 5 day turn on REOs
+ LandAmerica lays off staff appraisers
+ Apps up
+ USPAP Instructor manual
+ New Newsletter - Appraisal Intelligence
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+++++++++++++++++++++++++++++++++++++++++
>>>>>>>>>> APPRAISAL TODAY - 10TH ANNIVERSARY <<<<<<<<<<
This month's June issue is the 10th anniversary of Appraisal Today.
New this month in Appraisal Today
- New trends in E&O claims - who's filing lawsuits, and why
- Curable Query: Can you do a 2-4 unit property on a 2055 form?
- New Fannie Mae Guidelines - what has changed
- Where to get E&O insurance, June 2002
- One Big Appraisal Organization?
- How to have business come to you - increase your referrals
- What do clients want?
- NAR calls for full disclosure of valuation methods
Time sure has flown by since the first issue of this publication in June,
1992. The first issue was only four pages and had articles on marketing,
time management, and buying a computer system. There was one of brief news
items, including RTC appraisals available to the public, deminimus raised
to $100,000, and the new URAR form (the initial version included listings).
The title of the publication was Appraisal Management & Marketing and the
price was $195 per year. Now it has 12 pages and is $99 per year. I dropped
the price to $99 per year 3-4 years ago, as the business shifted to
one-person appraisal firms during the appraisal recession of 1994-1997.
Many thanks to my copy editor, Lucinda Ryan, who has been looking for typos
and bad grammar for the past 10 years. When I started this newsletter, she
was doing occasional freelance articles. Now she's the editor of a local
newspaper.
Thanks also to Mary Dum, who has been writing articles about computers for
appraisers for 20 years, including an article in the first issue of this
publication on buying a computer system.
My husband and editor, Zeke, has encouraged me over the years. He has
checked my articles for anything that didn't make sense, and has always had
great suggestions for improvements to make them more relevant and
understandable. Without Zeke, this would never have been started, and
continued for 10 years.
Thanks to the financial support of my subscribers, I have been able to
continue the publication. I started with about 200 subscribers and now have
1,200.
-------------------------------
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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800-839-0014 . AOL Users: <a
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-------------------------------
>>>>>>>>>> VA WANTS 5 DAY TURN ON REOS <<<<<<<<<<
The info below is from the AI's Web site. I couldn't get a copy of the
original VA policy statement or the response letter by my deadline.
The Appraisal Institute, along with the American Society of Appraisers and
National Association of Realtors, sent a letter to the Department of
Veterans Affairs urging it not to reinstate its policy requiring appraisers
to submit liquidation appraisals within five days. The policy would take
effect June 1, 2002.
The joint letter, sent May 21, states, "A five-day requirement may prove
unreasonable… [and] constitute an unrealistic expectation for problem
properties, [which] usually require more time to complete than conventional
appraisals." Recent research conducted by the Appraisal Institute shows
that appraiser clients believe a reasonable amount of time to conduct an
appraisal is somewhere between three and 11 days.
To facilitate quicker turnaround, the groups urge the VA to enhance the
process by ensuring that lenders provide accurate and complete information
to appraisers when ordering appraisals.
Loan servicers had asked the VA to look at its current requirement because
they were concerned that the lack of a policy causes a slow response to
liquidation appraisal assignments. Current policy, set forth in VA Pamphlet
26-7, states: "Fee appraisers must complete VA assignments as quickly as
appraisals for conventional loans are completed in the area where the
property is located." No additional policy currently exists regarding
liquidation appraisal assignments.
>>>>>>>>>> LANDAMERICA LAYS OFF STAFF APPRAISERS <<<<<<<<<<
LandAmerica finally figured out what most of us already know - running an
appraisal business is not very profitable. Certainly not profitable enough
to support corporate overhead. They purchased Primis, a large national
appraisal company in the fall of 2000.
Here are some excerpts from the press release:
LandAmerica Financial Group, Inc. announced May 30 that it has formed a
joint venture with The First American Corporation, the nation's leading,
diversified provider of business information and related products and
services, to combine its real estate valuation operations.
Under the terms of the agreement, LandAmerica will contribute its former
Primis (currently operating as "OneStop") appraisal production division,
which it acquired in 2000, to First American's eAppraiseIT subsidiary.
Financial terms were not disclosed.
The combined entities will operate under the eAppraiseIT name with First
American as majority owner and managing partner of the venture. LandAmerica
will retain the name OneStop for its current portfolio of services, relying
on eAppraiseIT for appraisal fulfillment.
While LandAmerica will continue to offer appraisal service to national
accounts under the OneStop name, the company will exit the local appraisal
production business, which had historically been unprofitable. LandAmerica
will close its service center in Alpharetta, Ga., and release all local
appraisers from existing contracts. The remaining Alpharetta operations
will be consolidated with the company's Richmond, Va. and Pittsburgh, Pa.
locations. LandAmerica will incur a pretax charge of approximately $20
million during the second quarter for integration and exit costs related to
this transaction.
To read the full press release, including how great they are go to
http://www.landam.com/news/on_companynews.asp
AOL Users: <a href=http://www.landam.com/news/on_companynews.asp> Click
Here</a>
>>>>>>>>>> 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 24 increased 2.8 percent to 516.9 on a seasonally adjusted basis
from 502.9 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 increased 2.1
percent and was up 5.4 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 348.3 from 344.3
the previous week. The seasonally adjusted Refinance Index increased to
1497.5 from 1425.8 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which increased to 705.3 from
681.5 the previous week, and the Government Index, which decreased to 202.6
from 205.0 the previous week.
For more info and stats, go to http://www.mbaa.org
AOL Users: <a href=http://www.mbaa.org> Click Here</a>
>>>>>>>>>> USPAP INSTRUCTOR MANUAL <<<<<<<<<<
Want to read what info is giving to students in the Appraisal Foundation's
new USPAP class? Download the document at
https://www.appraisalfoundation.org/html/PDF-Images/ICCourse.pdf
Thanks to ever-vigilant Doug Smith for this link!
AOL Users: <a
href=https://www.appraisalfoundation.org/html/PDF-Images/ICCourse.pdf>
Click Here</a>
>>>>>>>>>> NEW NEWSLETTER - APPRAISAL INTELLIGENCE <<<<<<<<<<
I have been receiving calls and emails about Appraisal Intelligence, a new
appraiser newsletter. Appraisers wanted to know who they are, how much it
costs, and what I thought about it.
It is a biweekly print and Web newsletter. The content is mostly news, with
some stories on companies, such as AMCs and large lenders. They have other
newsletters, such as The Title Report, and have full time reporters looking
for news leads.
The intro price is $339 per year. This is pretty typical for most
business-to-business newsletters that are biweekly. My newsletter,
Appraisal Today, started 10 years ago as a monthly newsletter for $195 per
year. I dropped the price to $99 per year 3-4 years ago, as the business
shifted to one-person appraisal firms.
Until it started, as far as I know, I had the only national appraisal
subscription newsletter. Appraisal associations have periodicals and there
are two advertiser-supported quarterly publications, Real Estate Valuation
(Henry Harrison) and the Communicator.
What's the difference between Appraisal Intelligence and Appraisal Today? I
add my opinions to most news stories, such as "What does this mean for
you." My printed newsletter has a much broader focus, and includes stories
on computers, marketing and other business topics, as well as news. I use
these weekly newsletters to send out the latest news, as I always run out
of room in my printed newsletter.
What do I think? I wish them well. Competition gives you ideas for
improving your own product.
They have a free email newsletter with headlines, and a free 30 day trial
subscription. To subscribe, go to http://www.appraisalintelligence.com and
click on the link on the right side of the home page.
AOL Users: <a href=http://www.appraisalintelligence.com > Click Here</a>
===================
To be removed from this list, please send an email to
mailto:info@appraisaltoday.com and type "remove" in the subject line or top
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To change your email address, send an email to
mailto:info@appraisaltoday.com and type in your old and new email
addresses, and your name.
FYI, it may take a week or two to get our email database corrected.
================
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!
==========================================================
Mon, 10 Jun 2002
Subject: Census from 1790 to now/2-4 unit on 2055?
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New this week from Appraisal Today e-news
+ 2-4 units on 2055s?
+ Delinquencies up
+ Rates at 6.6% - Apps down
+ Census from 1790 to 2000
+ IRS actuarial tables
+ Census from 1790 to 2000
>>>>>>>>>> 2-4 UNITS ON 2055s? <<<<<<<<<<
I have been getting request from a lender client for 2055s instead of the
2-4 unit form for about 5-6 months. When I got the first ones, I just
assumed it was a mistake and called them and said it was a duplex and I
would be doing it on a regular 2-4 unit fannie form. I still get the 2055
requests from them and just do them on the 2-4 unit form. Last week one of
their loan officers kept asking for the SFR rent survey form and insisted
it should be in the loan file. I told them to look at the second page of
the appraisal.
When I did FHA in 1987 (quit the panel after 1 year - too many hassles) I
think I did some 2-4 units on the SFR form in use at that time. In the past
I used the old 704 form for REO drivebys, but I don't accept 2-4 unit
drivebys any more. Too hard to get good info here.
Seems like lots of appraisers have been getting these requests.
I have heard of several ways they are being done:
- use the 2055 "as it is an owner occupied duplex"
- use the 2055 with a narrative addendum.
- do what I do - just use the 2-4 unit form
Of course, you can do an appraisal on a napkin if you want, by attaching
all sorts of addenda. I guess I could use the 2055 and then attach a 2-4
unit form or a narrative addendum.
Whatever I do, I would charge my standard 2-4 unit fee, or more for the
extra hassles. I suppose I could give them a discount if I don't have to
provide rent comps or listings. I would have to include an income approach
and rental information as many are purchased as rental properties, not for
owner occupancy. The form does not say it is only for SFRs, but I would put
a statement in caps and bold that the subject was a 2-4 unit property.
It just seems like trying to fit a square peg into a round hole. Can be
done but is quite a bit of a hassle. I would probably charge more than my
standard 2-4 fee.
So what do you do? Or is it just a "California thing"? Hit the reply button
and give me your opinion!
>>>>>>>>>> DELINQUENCIES UP <<<<<<<<<<
While the overall share of homeowners paying their mortgages late was
relatively flat compared with the previous quarter, there were delinquency
rate increases by loan type - specifically conventional, FHA and VA loans -
according to the latest quarterly National Delinquency Survey (NDS)
conducted by the Mortgage Bankers Association of America (MBA).
Explains Doug Duncan, MBA's chief economist, "This is due to the change in
composition of the outstanding mortgages in our sample and industrywide.
One result of the 2001 refinancing wave was that loans moved out of the FHA
and VA categories that have much higher delinquency rates and into the
conventional loan category with a much lower rate, thus the drop in the
overall rate."
The overall seasonally adjusted delinquency rate for loans on
one-to-four-unit residential properties was 4.65 percent in the first
quarter of 2002, down 2 basis points from the fourth quarter of 2001. The
percentage of loans in the process of foreclosure at the end of the quarter
rose 6 basis points to 1.10 percent, while the percentage of loans in which
foreclosure started during the quarter remained at 0.37 percent.
For the first quarter of 2002, the seasonally adjusted delinquency rate for
conventional loans was 3.04 percent, up 3 basis points from the previous
quarter, and the rates for FHA and VA loans were 11.23 percent and 7.81
percent-up 20 and 8 basis points-respectively. In addition, the inventory
of loans in the process of foreclosure at the end of the quarter increased
for each of the loan types. The percentage of conventional loans in
foreclosure increased 5 basis points to 0.81 percent. The percentage of
FHA loans in foreclosure increased 15 basis points to 2.32 percent. The
percentage of VA loans in foreclosure increased 8 basis points to 1.41
percent.
The National Delinquency Survey found that the delinquency rate for
fixed-rate mortgages (FRMs) rose 4 basis points to 3.92 percent and for
adjustable-rate mortgages (ARMs) dropped 18 basis points to 5.72 percent.
Overall, on a year-over-year basis, mortgage delinquencies are up 28 basis
points over the first quarter of 2001," says Duncan. "And the percentage
of loans in the foreclosure process are up 20 basis points over the first
quarter of 2001, continuing a trend we have seen throughout 2001.
Nonetheless, over the course of the next three to four quarters as the
economy improves, rates may vary slightly but are expected to drop."
>>>>>>>>>> RATES AT 6.6% - 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 31 increased 13.6 percent to 587.4 on a seasonally adjusted
basis from 516.9 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 decreased 9.3 percent but was up 13.7 percent compared to the same
week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 414.0 from 348.3
the previous week, establish a new record that was previously set the week
ended May 3, 2002 at 382.7. The seasonally adjusted Refinance Index
increased to 1596.4 from 1497.5 the previous week. Other seasonally
adjusted index activity included the Conventional Index, which increased to
790.8 from 705.3 the previous week, and the Government Index, which
increased to 248.0 from 202.6 the previous week.
As a result of the Memorial Day holiday and the resulting four-day work
week, all seasonally-adjusted indexes were given a one-day holiday
adjustment of 25 percent over normal non-holiday numbers. This one-day
adjustment has been done every week in which the Memorial Day holiday
occurred.
"Lower-than-expected interest rates have helped the boom in the housing
sector to continue," stated Phil Colling, an MBA economist. "Housing demand
has also been enhanced by improved economic conditions and various
demographic factors. Although the new record in the seasonally-adjusted
purchase index is explained in part by the holiday adjustment, the recent
high levels of the purchase index reflect the strength in the housing market."
Refinancing activity represented 37.2 percent of total applications,
decreasing from 39.5 percent the previous week. The share of ARM activity
decreased to 16.4 percent from 17.0 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.66 percent, decreasing from 6.70 percent the previous week, with points
decreasing to 1.42 from 1.48 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
>>>>>>>>>> IRS ACTUARIAL TABLES <<<<<<<<<<
From Michael Cartwright, Internet Guru
Ever done a life estate? I have. Here's a page with links to the IRS
tables. http://www.fvginternational.com/library/irs_actbls.html
AOL Users: <a href=http://www.fvginternational.com/library/irs_actbls.html>
Click Here</a>
>>>>>>>>>> CENSUS FROM 1790 TO 2000 <<<<<<<<<<
From Michael Cartwright, Internet Guru via the Scout Report at
http://scout.cs.wisc.edu/
Measuring America: The Decennial Censuses from 1790 to 2000 [.pdf]
http://www.census.gov/prod/2002pubs/pol02-ma.pdf
Since 1790, a US population tally has been administered and recorded every
ten years. Measuring America, recently released by the Commerce
Department's Census Bureau, documents this census of population from its
initial start in 1790, when marshals counted 3.9 million US residents, to
the year 2000, when the census totaled 281.4 million residents.
AOL Users: <a href=http://www.census.gov/prod/2002pubs/pol02-ma.pdf> Click
Here</a>
===================
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
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>
=========================================================
Mon, 17 Jun 2002
Subject: 8th email anniversary/new HUD rules
New this week from Appraisal Today e-news
+ New HUD proposed appraisal/appraiser rules
+ 8th Email Anniversary
+ O'Rourke to AI and ASA conferences
+ Apps down/rates down - makes no sense!
+ MBA predicts 24% mortgage decline in 2003
>>> NEW HUD PROPOSED APPRAISAL/APPRAISER RULES <<<
One rule due out shortly would create an "FHA Appraiser Watch Initiative."
The second rule would clarify lender accountability for appraisals.
HUD announced the upcoming proposed rules in a notice in the Federal
Register (Vol. 67, No. 92) on May 13, 2002 at
http://www.gpo.gov/su_docs/aces/aces140.html .
AOL Users: <a href=http://www.gpo.gov/su_docs/aces/aces140.html> Click
Here</a>
For a brief summary, go to http://www.appraisalinstitute.org and click on
the link at the top of the page.
AOL Users: <a href=http://www.appraisalinstitute.org> Click Here</a>
>>>>>>>>>> MBA PREDICTS 24% MORTGAGE DECLINE IN 2003 <<<<<<<<<<
The MBA predicts a loan origination volume of 1,564 Billion for 2002, and
$1,250 Billion for 2003, with the refi share dropping from 38% to 22%. In
2001, the loan volume was $2,030 Billion with a 57% refi share. They are
predicting peaking in Quarter 2, 2002, then a decline.
For the full data, and all the stats, go to http://www.mbaa.org and click
on Mortgage & Market Data at the top of the home page.
AOL Users: <a href=http://www.mbaa.org> Click Here</a>
>>>>>>>>>> 8TH EMAIL ANNIVERSARY <<<<<<<<<<
Today, June 17, is the 8th Anniversary of this weekly email!! On June 17,
1994, I sent out my first weekly email update to Tracy Taplin, Bruce Hahn,
Tom Cryer, and John Warr. The topic was FIRREA/deminimus. I missed a few
weeks (computer problems, traveling) but subscribers became "hooked" on
their weekly news, jokes, rumors, and tidbits! The distribution list is
over 3,500 appraisers now.
>>>>>>>>>> O'ROURKE TO AI AND ASA CONFERENCES <<<<<<<<<<
I will be attending the Appraisal Institute national conference July 12-14
in Honolulu, and speaking at the ASA national conference August 26-28 in
San Diego.
At the AI conference I will definitely be at the evening opening reception
Thursday July 11, and the Region VII party Friday. I don't have any
definite plans except "hanging out in the hallway" and going to the
exhibits - looking for some hot news and new products.
----------------------
At the ASA conference I will be a panelist on an afternoon session,
Maximize Your Appraisal Practice. Others on the panel include
representatives from Fannie, FHA, WaMu, Wells Fargo Bank, and Bank of
America. I will be speaking last and will have lots of questions and
comments...
----------------------------
If you're going to the AI conference next month, send me an email and we'll
meet at the bar! I have rented a vacation cottage in the Kaneohe area for a
week.
-------------------------
For more information on the conferences, go to
AI - http://www.appraisalinstitute.org
AOL Users: <a href=http://www.appraisalinstitute.org> Click Here</a>
ASA - http://www.appraisers.org
AOL Users: <a href=http://www.appraisers.org > Click Here</a>
>>> APPS DOWN/RATES DOWN - MAKES NO SENSE! <<<
The market composite index of mortgage loan applications-a measure of
mortgage loan applications for purchases and refinancings-for the week
ending June 7 decreased 5.5 percent to 554.9 on a seasonally adjusted basis
from 587.4 the previous week, according to the Weekly Mortgage Applications
Survey of the Mortgage Bankers Association of America (MBA), which was
released last week. On an unadjusted basis, the application index increased
16.6 percent and was up 0.9 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 359.0 from 414.0
the previous week. The seasonally adjusted Refinance Index increased to
1693.8 from 1596.4 the previous week. Other seasonally adjusted index
activity included the Conventional Index, which decreased to 765.2 from
790.8 the previous week, and the Government Index, which decreased to 204.0
from 248.0 the previous week.
Refinancing activity represented 42.3 percent of total applications,
increasing from 37.2 percent the previous week. The share of ARM activity
increased to 17.5 percent from 16.4 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.65 percent, decreasing slightly from 6.66 percent the previous week, with
points increasing to 1.61 from 1.42 the previous week (including the
origination fee) for 80 percent loan-to-value (LTV) ratio loans.
===================
To be removed from this list, please send an email to
mailto:info@appraisaltoday.com and type "remove" in the subject line or top
part of the message.
To change your email address, send an email to
mailto:info@appraisaltoday.com and type in your old and new email
addresses, and your name.
FYI, it may take a week or two to get our email database corrected.
===================
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
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!
=========================================================
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