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Email archives - 7-02
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Mon, 08 Jul 2002
Subject: Mort. broker licensing/Bad lenders
New this week from Appraisal Today e-news
+ FFIEC Defends AQB's Education Initiatives
+ Rates down/apps up
+ Mortgage broker licensing
+ Going to Hawaii - No email this week and next week
+ More HUD lenders terminated
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>>>>>>>>>> FFIEC DEFENDS AQB'S EDUCATION INITIATIVES <<<<<<<<<<
The Appraisal Subcommittee released a legal opinion in support of the
recent education standards of The Appraisal Foundation's Appraiser
Qualifications Board and the Appraisal Subcommittee's oversight of the AQB.
For the entire report, visit http://www.asc.gov/ and click on "What's New"
on the left side of the screen. Check out FOIA Reading room (right side of
the screen) for more documents, such as State Field Review Correspondence.
AOL Users: <a href=http://www.asc.gov> Click Here</a>
Thanks to Michael Cartwright, ASA, Appraisal Internet Guru for posting this
link!!
>>>>>>>>>> RATES DOWN/APPS UP <<<<<<<<<<
As interest rates remained near historical lows (6.47 percent for 30-year
fixed rate and 4.23 for 1-year adjustable-rate mortgages), loan
applications increased slightly from their very high levels the previous
week. The purchase index remained near historical highs and the refinance
index increased to its highest level since early December 2001.
"Due to interest rates that are still near 30-year lows, consumers are
continuing to purchase homes and refinance existing mortgages," said Doug
Duncan, MBA's senior vice president and chief economist. "The housing
sector is still the most resilient part of the U.S. economy."
The seasonally adjusted refinance index increased to 2633 from 2505 the
previous week. The last time that the refinance index was higher was the
week ended December 7, 2001, when it reached 2959. The seasonally adjusted
purchase index declined to 378 from 397 the previous week. This is the
fourth-highest index level ever. During the last 11 weeks, the purchase
index has been above 350 nine times. The seasonally adjusted market
composite index increased slightly to 709 from 706 the previous week. The
last time that the index was higher was the week ended November 30, 2001,
when the index reached 746.
Refinancing activity represented 52.6 percent of total applications,
increasing from 50.0 percent the previous week. This was the first time
that the share of refinance applications was at or above 50.0 percent for
two consecutive weeks since the week ended February 15, 2002. The share of
ARM activity decreased slightly to 18.5 percent from 18.6 percent the
previous week. This was the third consecutive week that ARM share was at or
above 18.0 percent since the week ended June 16, 2000.
"The 30-year fixed has been below 6.5 percent the last two weeks, and
refinance activity has also been very strong," Duncan said. "There has been
a tremendous amount of refinance activity overall during the last 18
months. Before two weeks ago, due to the falloff in refinance activity
since October and early November, the index had been in the 1000 to 2000
range since mid-February. We thought that in order for the refinance index
to get back above 2000, we would have to see the 30-year fixed rate decline
below 6.5 percent. We have indeed seen this occur the last two weeks."
The average contract interest rate for 30-year fixed rate mortgages was
6.47 percent, increasing slightly from 6.45 percent the previous week, with
points increasing slightly to 1.55 from 1.53 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
5.92 percent, increasing slightly from 5.90 the previous week, with points
increasing to 1.44 from 1.32 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans.
"Though rates increased slightly last week, they remain near record lows,"
Duncan continued. "In addition, the spread between the 30-year fixed and
1-year adjustable rate is now 225 basis points, and has been above 225
basis points the previous two weeks. The 30-year fixed/1-year ARM spread
hasn't been this high for three consecutive weeks since the week ended
January 20, 1995. The current interest rates and the 30-year fixed/1-year
ARM spread provides perhaps the best overall interest rate environment for
all loan types that we have ever seen."
For more info, go to http://www.mbaa.org
AOL Users: <a href=http://www.mbaa.org> Click Here</a>
>>>>>>>>>> MORTGAGE BROKER LICENSING <<<<<<<<<<
The National Association of Mortgage Brokers with almost 15,000 members is
promoting their model state licensing legislation as a response to
predatory lending problems.
For info on NAMB and to read a copy of the model legislature, go to
http://www.namb.org .
AOL Users: <a href=http://www.namb.org> Click Here</a>
To read an analysis by Lou Seichelman, long time mortgage industry
reporter, go to http://realtytimes.com/rtnews/rtcpages/20020626_namb.htm
AOL Users: <a
href=http://realtytimes.com/rtnews/rtcpages/20020626_namb.htm> Click Here</a>
What do I think? Mortgage brokers have been licensed in California for
quite a while as by the Department of Real Estate (DRE) as real estate
sales persons and brokers. Unfortunately, the DRE focuses on enforcing real
estate regulations, but you can file a complaint about a broker with them.
If you have a collection problem, threatening to file a complaint can
sometimes get a mortgage broker to pay. The DRE is very strict about trust
fund accounting, which includes pre-payment of the appraisal fee by the
borrower.
>>> GOING TO HAWAII - NO EMAIL THIS WEEK AND NEXT WEEK <<<
I'm off to Hawaii on Tuesday for the Appraisal Institute's National
Conference. I'll be back the next Wednesday. I plan on getting some news
and new tech stuff at the conference.
My assistant will be checking for any critical emails, but I'm not taking a
computer with me and won't have remote access ;>
I didn't send my weekly email out last week.... having email problems
(again)...
For more info, go to http://www.appraisalinstitute.org/
>>> MORE HUD LENDERS TERMINATED <<<
To read the HUD list of lenders terminated under the Credit Watch
Termination Initiative, go to http://www.mbaa.org/ and click on the link at
the top of the page under Residential Finance.
Some of the lenders are:
- A and E Mortgage Co. LLC Philadelphia.
- Embassy Mortgage Inc Baton Rouge, LA 70806.
- Lincoln Mortgage Corp Farmington Hills, MI
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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!
=========================================================
Mon, 22 Jul 2002
Subject: Amazing news from the Appraisal Institute national conference
New this week from Appraisal Today e-news
Amazing News from the AI conference - July 10-14
+ AI Board of Directors votes to move national headquarters to Hawaii
+ Appraisers rescued by surfer
+ Appraisers attacked by Hawaiian virus
+ Chapter gets award and buys jet ski
+ Appraiser says "no more plane trips"
+ Bank robber has amazing resemblance to AI President
Non-amazing, but interesting, news from the AI conference
+ Speaker looking for manic-depressive appraisers
+ Best booth prize
+ A few new products
+ Hawaii appraisal company for sale
>>> AI BOARD OF DIRECTORS VOTES TO MOVE NATIONAL HEADQUARTERS TO HAWAII <<<
After over a week of great weather and breaks on the beach in front of the
conference hotel, the Sheraton Waikiki, an almost unanimous motion passed
to move from Chicago to Hawaii. There were a few dissenters from Florida
attendees, who said it was to far to travel and their weather was ok.
(Guess they forgot about the Florida summers when all the locals try to
escape somewhere else...)
>>>>>>>>>> APPRAISERS RESCUED BY SURFER <<<<<<<<<<
Remember the scene in "Castaway" where "Wilson," the soccer ball companion
of Tom Hanks drifts off to sea while he frantically tries to retrieve it?
One California attendee, "Mr. M" was observed drifting out to sea in an
inflatable raft. He and his appraisal trainee rented the raft at the
Waikiki beach. It tipped over and she dove in the water to retrieve her
sunglasses. He blissfully drifted out to see and didn't notice her waving
for him. They were both rescued by a 9 year old girl on a surfboard.
>>>> APPRAISERS ATTACKED BY HAWAIIAN VIRUS <<<<
With each successive day of the conference, fewer appraisers attended the
education sessions. They had been affected by a virus only found in Hawaii.
The only cure is direct bodily contact with warm sand and ocean salt water.
Attendance dramatically increased at the evening receptions with free food.
>>>> CHAPTER GETS AWARD AND BUYS JET SKI <<<<
At the awards ceremony, a chapter received a $2,500 public relations award.
The representatives voted to purchase a chapter jet ski. They may have also
been affected by another virulent Hawaiian virus. Or, it may have been the
recent chapter officer retreat at the president's home on the water - they
only had one jet ski available and fought over it.
>>>>>>>>>> APPRAISER SAYS "NO MORE PLANE TRIPS" <<<<<<<<<<
Ms. S., a high level employee of a Big Bank was recovering from being sick
the entire plane trip to Hawaii.
Her employer was too cheap to pay for her travel expenses, so she booked a
"travel special" including hotel and airfare in a middle seat on the plane.
She was somehow able to get upgraded to first class but the plane filled
with smoke and had to return to the airport. Passengers were shifted to
another plane. Unfortunately, the noxious gas made her sick the entire
trip, which she spent in the plane's restroom.
Per Ms. S, "No more planes for me. I'm taking the boat next time!"
>>> BANK ROBBER HAS AMAZING RESEMBLANCE TO AI PRESIDENT <<<
At an evening reception, drink tickets were distributed with the face of a
Most Wanted bank robber from the Mainland. The Hawaii 5-0 police department
had been alerted that the criminal recently arrived in Hawaii and was
hiding out in a Waikiki condo. They were distributing free drink tickets at
many hotels with a photo of the criminal on one side and their "hot line"
phone number on the other side, with a reward. The photo had an amazing
resemblance to AI President Tom Motta. Several appraisers called the Hot
Line.
>>> SPEAKER LOOKING FOR MANIC-DEPRESSIVE APPRAISERS <<<
My favorite speaker at the conference was a local bankruptcy attorney. (FYI
- this is not a joke ;> )
I peeked in at a business management session on the first day, "Meet your
clients," and saw very few attendees. I know how tough it is when the
presenters almost outnumber the attendees, so I went into the room.
The speakers included the usual suspects - a local real estate agent, a
developer, two bankers and a CPA. Fortunately I stayed for the last speaker
- the only one in a white shirt - who looked like another banker.
The first words of the last speaker were: "I only use manic depressive
appraisers who can give me a high value at the beginning of foreclosure and
a low value towards the end of the bankruptcy proceedings." He was a local
bankruptcy attorney who works with commercial property owners in financial
difficulties.
He talked about how he and the bankers got their appraisers, high and low,
and how bankruptcy really works. After a few gasps from the attendees at
the beginning, most of us found his presentation very entertaining. A
dramatic change from the usual serious conference presentations, and a very
new prospective for all of us. He sounded like a late night infomercial
person. How could the same appraiser be high, then low a year later.
Well... most of the commercial buildings were on leased land with lease
renewals coming up.
>>>>>>>>>> BEST BOOTH PRIZE <<<<<<<<<<
Appraisal Foundation's phone card with a color photo of a beach and two
empty beach chairs. Perfect for Hawaii!!
>>>>>>>>>> A FEW NEW PRODUCTS <<<<<<<<<<
- Realquest - a Web site from First American Real Estate Services that
provides a "property profile" with public records, plat map, property
history, and recorded document images. Definitely worth checking out. You
can get comps and an AVM. Free demo account at http://www.realquest.com .
Definitely worth checking out, especially if you need documents and/or work
a wide geographic area. The August issue of Appraisal Today has a review of
this new product.
AOL Users: <a href=http://www.realquest.com X> Click Here</a>
- Appraiserloop - A part of Loopnet that includes the AI commercial
database. Their new feature is historical Loopnet listings, so you can pull
up the listing prospectus on closed sales, and check out leases. They gave
me a demo account a few months ago but I was waiting until their new
feature was added. Their business development director, Calvin Cummings,
said I couldn't have another demo account. I'm not willing to pay $40 per
month (designated member) to use or review the product, without a "test
drive," so I won't be reviewing it. They still don't have expense and lease
information. http://www.appraiserloop.com
AOL Users: <a href=http://www.appraiserloop.com> Click Here</a>
>>>>>>>>>> HAWAII APPRAISAL COMPANY FOR SALE <<<<<<<<<<
Like many who visit Hawaii on vacation, I didn't want to return to the
Mainland. But breaking into the fee appraisal business in Hawaii is very
difficult.
Don & Cathy MacLean are selling their Lahaina, Maui-based residential
appraisal business. Why? They are retiring and want to cruise the Mainland
in their motor homes.
For more information, email macleand001@hawaii.rr.com ,phone
808-665-0950, or fax 808-665-0191.
===================
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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
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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>
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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