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Email archive - 11/2000
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11/29/00 - Natividad virus/free assessor info online
New this week from Appraisal Today e-news
+ Apps down/up
+ Res and comml lender pressure
+ New in the Dec. issue of Appraisal Today
+ HUD launches upgraded version of e-maps
+ Res software info
+ Virus warning - Natividad
+ Assessors office info online
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>>>>>>>>>>>>> APPS DOWN/UP <<<<<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan purchases and refinances-for the week ending Nov. 17 decreased 7.9 percent
to 350.4 on a seasonally adjusted basis from 380.4 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 fell 0.9 percent, but was up 4.2
percent compared to the same week a year earlier.
>>>>>>>>>>>>> RES AND COMML LENDER PRESSURE <<<<<<<<<<<<<
I got lots of email about last week's mention of Ken Harney's article on
appraiser pressure. Saturday, Ken Harney's second story on appraiser
pressure was published. An appraiser quoted anonymously in the article said she lost a $70,000 per year client because of one honest appraisal and
couldn't afford to have that happen again. She said she needed regulatory help. Other appraisers said Just Say No.
Read the full story at
http://www.washingtonpost.com/wp-dyn/articles/A56817-2000Nov25.html
The summer 2000 issue of the Communicator magazine had some good articles on appraisal pressure. To read them, go to
http://www.frea.com / and scroll to the bottom of the page.
What about commercial appraisals? Well... I don't see much pressure now, although somebody is almost always "looking for" or "hoping for" a certain
value. I started my appraisal business in 1986, after quitting my corporate real estate job. I was unable to lease our corporate excess office space in
the fall of 1985 as the market was in a big decline. Yet, when I turned in appraisals to lenders without a rosy forecast of rental increases in 1986,
I never got another assignment. So I did residential lender work where there was much less pressure. Seems like there was a big crash a few years
later in commercial real estate. A few appraisers got involved in big lawsuits, but not many. Now I do very little res lender work but do some
commercial lender work for a very small list of approved lenders .. waiting for the big res crash.
>>> NEW IN THE DEC. ISSUE OF APPRAISAL TODAY <<<
- Appraisal management services - the old and the new - 4 page article on the continuum from traditional AMCs to Internet appraiser directories
- 2000 Year End Tax Planning Tips
- E-appraisal technology: high tech or high risk?
- Fannie Mae On Tour (Seminar Review)
- An Appraisal Business Tune Up
- biz tips
News - including interviews, summaries of legal documents, and lots more info than in these emails
- Freddie Mac to make loans without appraisals or inspections
- Nevada appraiser found guilty of 103 violations
- PropertyFirst's new Appraisal Information Services Division
- PropertyFirst lays off 46 employees
- FHA news - ads and PMI removal
- Day One purchased by appraisal.com
- Which remodeling projects pay off?
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.
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 .
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
.
>>>> HUD LAUNCHES UPGRADED VERSION OF E-MAPS <<<<
Last week HUD launched an upgraded version of HUD E-MAPS, the agency's environmental mapping site, that provides users with more mapping options
and greater access capacity.
Of course I had to check out my city. All the sites I know of were
identified by name and location on the map, including drycleaners and auto body repair shops.
Check it out at http://www.hud.gov/emaps
>>>>>>>>>>>>> RES SOFTWARE INFO <<<<<<<<<<<<<
Apex discussion board http://www.cardmsg.com/apex/msgboard.mv
Day One and United Systems reviews
http://www.appraisercentral.com/resource.htm
Checkout some of the other links on this page.
Various forms software (Note: FYI appraisal.com purchased Day One, the top rated software.)
http://www.appraisal.com/softwarestudy/index.htm
What's the best forms software? Usually the one you are using now!!
>>>>>>>>> VIRUS WARNING - NATIVIDAD <<<<<<<<<
Don't click on Natividad.exe attachment if you get it by email. It is
another one of the Outlook mass-mailed viruses. It will probably come from someone you know. It is nasty. If you get it, go to
http://www.symantec.com/avcenter/venc/data/w32.navidad.html
To be safe, don't click on any attachments ending in .exe or .vbs until you have checked them out at
http://www.symantec.com/avcenter
>>>>>>>>>>>>> ASSESSORS OFFICE INFO ONLINE <<<<<<<<<<<<<
I always have hassles getting property tax rates for commercial appraisals. This site also has sales prices for individual properties (from
www.domania.com) Go to http://www.netronline.com
/ Thanks to
www.appraisercentral.com for this great link!
Ann O'Rourke, lookin' for linx
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!
11/15/00 - Who's the lender/USPAP/links
New this week from Appraisal Today e-news
+ CyberStars and Top Producers
+ Lender, lender, who's the lender?
+ Appraisal organizations want a better USPAP
+ Apps up and down
+ Good explanation of mortgage fraud
+ A few good commercial appraisal links
+ NAR economist predicts "soft landing"
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For a comparison of Feeappraiser.com to several other directories:
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********************************
>>>>>>>>>>>>> CYBERSTARS AND TOP PRODUCERS <<<<<<<<<<<<<
Well, my travelin' days are finally over for this year. Made it to only one
day of the NAR national convention, Friday, as my newsletter deadline was this weekend. (I'm trying not to think about all the appraisals I have
promised to complete by the end of November.) Attended a session on
CyberStars - a panel of top producers using technology. Quite different
than appraisers as it was completely focused on selling lots of real estate using web sites, email, etc. and carrying around a notebook computer. I got
the impression that appraisers were way ahead of real estate agents regarding computer use. Of course, I peeked at the session next door -
standing room only for Secrets of the Top Producers ... didn't have time to see how many used email or had a web site. Appraisers could use a few
tips from the Top Producers since most of us are not very good at sales!!
>>>> LENDER, LENDER, WHO'S THE LENDER? <<<<
For a humorous explanation of Wall Street and mortgage loans, go to
http://www.inman.com/hstory.asp?ID=21749&CatType=B
Sorry, I couldn't get a good excerpt as it is a simulated conversation
between the writer and "John Berresford 'Tip' Tipton IV (Tipton's
grandfather gave away the family fortune one million dollars at a time, as
immortalized in 'The Millionaire')" ...
>>> APPRAISAL ORGANIZATIONS WANT A BETTER USPAP <<<
To read letters sent by appraisal organizations to the Appraisal Foundation asking them to Make USPAP More Functional, (a letter outlining project team
approach signed by 7 appraisal orgs, and a letter analyzing the ASB's analysis of USPAP comments signed by presidents of 9 appraisal orgs), go to
http://www.appraisalinstitute.org/ and scroll down to Hot Topics for the links (PDF format).
>>>>>>>>>>>>> APPS UP AND DOWN <<<<<<<<<<<<<
The market composite index of mortgage loan applications--a measure of loan purchases and refinances--for the week ending Nov. 3 rose 1.3 percent to
360.5 on a seasonally adjusted basis from 356.0 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released Nov.8. On an unadjusted basis, the application index fell 0.3 percent, and was up 23.3
percent compared to the same week a year earlier.
>>>>>>>>>>>>> USPAP Q&As <<<<<<<<<<<<<
Oct. USPAP Q&As - lender development loans The October Q&As are about doing
a lender appraisal for proposed apartment and commercial developments. To read it, go to
https://www.appraisalfoundation.org/2000-10qa.htm
The September Q&As discussed Supplemental Standards at
https://www.appraisalfoundation.org/2000-9qa.htm
>>>> GOOD EXPLANATION OF MORTGAGE FRAUD <<<<
Good explanation of mortgage fraud at
http://www.firstam.com/faf/html/news/lawrept/lr960201.html
the topics are:
- Forgery - Control of Closing and "the Gap"
- Fraudulent Affidavits of Title
- Partnerships, Limited Partnerships and Corporations
- Artificial Inflation of Property Value - Unqualified Borrowers
Thanks to Michael Cartwright for this link!
>>>> A FEW GOOD COMMERCIAL APPRAISAL LINKS <<<<
A few good commercial appraisal links http://www.vandema.com
/ -
lots-a-links
http://www.geoplace.com /- good GIS site
http://www.usdoj.gov/enrd/land-ack
/ The Yellow Book - Uniform Appraisal Standards For Federal Land Acquisitions
>>>>>>>>>>>>> NAR ECONOMIST PREDICTS "SOFT LANDING" <<<<<<<<<<<<<
David Lereah, formerly the MBAs chief economist, now NAR's new chief
economist, speaking at the recent NAR national convention, is predicting a "soft landing" for the economy in 2001. Lots of people are worried about
how long the current boom will last.
"We expect the 30-year fixed mortgage interest rate to hover around 7.8
percent for all of next year, with no significant movement," Lereah said.
"This stability should contribute to a more even level of sales activity,
where we can avoid the problem of inventory shortfalls that plagued many markets around the country earlier this year," he added.
To read the press release, which summarizes the forecast, go to
http://www.realtor.com , scroll down the screen on the left to news
releases, then scroll down to the Nov. 10 news release. I was unable to
find the full reports on their web site.
11/8/00 - Wired appraiser/apps up/computer secrets
New this week from Appraisal Today e-news
+ The Ultimate Wired Appraiser
+ Reorganized FHA page
+ Big bucks for comml properties
+ 81 computer secrets
+ Handheld tips
+ 2000 Cost vs. Value Remodeling Report
+ Propertyfirst layoffs
+ Apps up
+++++++++++++++++++ SPONSOR +++++++++++++++++++
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reliable pricing information for Real Estate professionals. It contains
accurate and up-to-date costs for hundreds of specific home remodeling
projects and repairs. Buy before 11/30/00 and receive a FREE nomenclature
poster!
http://www.marshallswift.com/web.htm
++++++++++++++++++++++++++++++++++++++++++++++
>>>>>>>>>>>>> THE ULTIMATE WIRED APPRAISER <<<<<<<<<<<<<
Finally got a new joke! Check out "The Ultimate Wired Appraiser" foto at
http://www.appraisaltoday.com/portable_comp_.htm
. Thanks to Vince
Kleinknecht, Zanesville, Ohio mailto:Vince@Kleinknecht.net
. Vince says he
didn't take it - somebody sent it to him. Thanks also to the original photo
taker, whomever that was!
>>>>>>>>> REORGANIZED FHA PAGE <<<<<<<<<
I have reorganized the FHA page, with a list of where to get your questions
answered at the top, followed by a list of resources. Go to
http://www.appraisaltoday.com/fha.htm
>>>>>> BIG BUCKS FOR COMML PROPERTIES <<<<<<
Per Inman News, "According to a recent study done jointly by the CCIM
Institute and Landauer Realty, the average price for a commercial property
sold during the middle of this year reached a record $22 million. The CCIM
and Landauer Investment Trends Quarterly also reported that 4.8 percent of
properties sold went for more than $100 million, while 5.9 percent were
sold for between $50 million and $100 million. Since the report was first
published in 1995, the average price per deal has only exceeded $20 million
one other time, in late 1998."
http://www.inman.com/hstory.asp?ID=21655&CatType=C
>>>>>>>>>>>>> 81 COMPUTER SECRETS <<<<<<<<<<<<<
Well ... not really secrets, check out "81 secrets for smart computing" at
http://www.zdnet.com/pcmag/stories/solutions/0,8224,2640905,00.html
Two tips I liked are: - how long does a floppy disk last - Prevent program
launch at start-up
>>>>>>>>>>>>> HANDHELD TIPS <<<<<<<<<<<<<
Whether you don't have a handheld but want one, are a new user (like me),
or a long time addict, here are two good links. The Holidays are coming -
maybe you could send links to your favorite products to that "special
someone". Or, maybe its time to go shopping early this year.
Four questions to ask before buying a PDA
http://cgi.zdnet.com/slink?/adeskb/adt1102/2649228:749925
Best handheld guide ever
http://www.zdnet.com/anchordesk/stories/story/0,10738,2646971,00.html
>>> 2000 COST VS. VALUE REMODELING REPORT <<<< If you're not a member of
NAR, and didn't get this month's issue of Realtor Magazine, you can read it at
http://www.onerealtorplace.com/tr.nsf/0625607f00685d4f862560230069d331/b17a
7 2e9d70d2dca8625697700586019?OpenDocument&Highlight=0,lucien (Note: you
may need to cut and paste this very long link.)
The four remodeling projects not included in the article are at
http://www.realtormag.com/tromag.nsf/pages/remodel
>>>>>>>>>>>>> PROPERTYFIRST LAYOFFS <<<<<<<<<<<<<
In September, the Appraisal Institute and PropertyFirst.com, Inc. announced
the formation of an exclusive 11-year arrangement under which
PropertyFirst.com will develop and host the Appraisal Institute Commercial
Database.
Oct. 26 Propertyfirst laid off 46 employees Per Propertyfirst, the layoffs
were to preserve capital to make it though the next year. None of the
layoffs were in the Appraisal Information Services Division.
More details and analysis in the paid subscription Appraisal Today
newsletter.
>>>>>>>>>>>>> APPS UP <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Applications Survey results Nov. 1, reporting that the market
composite index of mortgage loan applications for the week ending October
27 increased 4.4 percent to 356.0 on a seasonally adjusted basis from 341.0
the previous week. On an unadjusted basis, the application index increased
3.7 percent, and was up 20.2 percent compared to the same week a year
earlier.
>>>> Bank of America top Home Equity lender <<<<
For the full story go to
http://www.lendingintelligence.com/news.ez?viewStory=493 You can sign up for their free email news alert - well worth
signing up at http://www.lendingintelligence.com/signup.ez
. Good info on
this web site.
==============================
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.
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 .
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
=================================
Ann O'Rourke, MBA, SRPA, 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!
*******************************************
Sponsoring this email will expose your business to over 30,000 appraisers.
For more information, send email to jntrice@primis.com
*******************************************
This email was sent by e-appraiser, the online resource for appraisers at
http://www.e-appraiser.net. We offer free directory registration to
appraisers and currently have over 250 lenders utilizing our directory.
11/1/00 - Freddie & appraisals/NAIFA-ASA/Day One sold
New this week from Appraisal Today e-news
+ Travelin'
+ FHA info
+ Freddie cuts down on appraisals needed
+ Adobe PDF security
+ Day One purchased by Appraisal.com
+ Apps up/rates down
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>>>>>>>>>>>>> TRAVELIN' <<<<<<<<<<<<<
I had a great time at Inman Connect last week. Didn't make it to many
sessions due to Excessive Networking in the Hallways ... as usual. I only
attended a few sessions. One was a speech by John Seeley Brown, the
director of Xerox PARC and Chief Scientist of Xerox. If you ever get a
chance to hear him speak, Just Do It. Very, very interesting ideas I had
never heard before.
I am really kicking myself for missing the last Inman Connect in February -
the only one I have missed since the first one. Lots of very young dot
commers and very new companies were there. Seems like most were gone this
time. Not many under-30 people. Lots more with gray hair. I did hear about
the party in Feb... James Bond theme with something about almost naked
bodies covered with gold paint. Oh well... pretty dull party last week...
I was at the MBA (Mortgage Bankers Association) natl. conference Monday and
Tuesday. Saw lots of the same people that were at Inman with completely
different attire .... left their khakis and very casual clothes at home...
Lots of interviews for an article on public records data. I somehow also
ended up interviewing bigwigs at a couple of AMCs, so I guess its time for
an updated AMC article.
>>>>>>>>>>>>> FHA INFO <<<<<<<<<<<<<
I regularly get emailed questions about FHA procedures. Since I haven't
done an FHA appraisal since 1988 (when our values got over the limits - our
current average is $375,000), I'm not much help. I send them to -
- The very good NAIFA chat board at http://www.naifa.com/chat/hud
/
- Santa Ana HOC chat board (you have to register) at
http://www.hud.gov/hoc/sna/snatapch.html
. You post a question and the HOC
staff answers it.
>>>>> FREDDIE CUTS DOWN ON APPRAISALS NEEDED <<<<
Per an Oct. 26 press release,
" When receiving a Loan Prospector (Ed. Note: Freddie Mac Automated
Underwriting Program) "Accept" decision to purchase a loan, lenders and
brokers now will have the option to forego a property appraisal and
inspection on some loans in exchange for a $200 delivery fee. The delivery
fee relieves the lender of the associated representations-and-warranties on property value, marketability and
condition."
"Eligible loans include first-lien purchase money loans with total
loan-to-value ratios of up to 80 percent."
The Big Question is - will Fannie do what Freddie has done??
I interviewed Freddie Mac officials at this week's MBA conference about
what this press release means. I am still waiting for the stats on how many
fewer appraisals will be done. The story behind the story will be in the
December issue of Appraisal Today.
Read the "official" press release at:
http://www.freddiemac.com/news/archives2000/lpcollateral.htm
>>>>>>>>>>>>> ADOBE PDF SECURITY <<<<<<<<<<<<<
Here's how to secure your PDF appraisals from tampering:
- Process your appraisal using Acrobat Distiller
- Click on File, Save As
- At the bottom left of the screen will be a Security pull down menu
- Select Standard
- Then choose your Security options - "Don't allow Changing the Document"
is probably best for appraisals
- You can also set up a password.
>>>>>>>>>>>>> DAY ONE PURCHASED BY APPRAISAL.COM <<<<<<<<<<<<<
Seems like the rumors I was hearing about appraisal.com's purchase of Day
One forms software company was true. They just closed the deal.
To read the "official" press release, go to
http://www.appraisal.com/news/press_releases/article_24.html
.
The "story behind the story" will be in the December issue of Appraisal
Today of course. It is quite interesting.
I kick myself every day for missing getting the appraisal.com domain name
in the fall of 1995 by one month!!
>>>>>>>>>>>>> APPS UP/RATES DOWN <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Applications Survey results Oct. 25, reporting that the market
composite index of mortgage loan applications for the week ending October
20 increased 0.7 percent to 341.0 on a seasonally adjusted basis from 338.6
the previous week. On an unadjusted basis, the application index increased
11.9 percent, and was up 24.8 percent compared to the same week a year
earlier.
The MBA seasonally adjusted Purchase Index decreased from 311.1 the
previous week to 298.7; the seasonally adjusted Refinance Index increased
from 498.6 the previous week to 587.2. Other seasonally adjusted index
activity included the Conventional Index, which decreased from 423.5 the
previous week to 423.1 and the Government Index, which increased from 197.0
the previous week to 203.8.
Refinancing activity represented 25.9 percent of total applications,
increasing from last week's 22.1 percent.
Mortgage rates are at their lowest for a year, per Freddie Mac's weekly
survey, at 7.68% last week for a 30 year conforming loan. The last lowest
rate was Nov. 12, 1999 - 7.67%.
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