| _________________________ | 
No. 1 Selling Comp
Database Software
|
|
DataComp
DataComp Version 6 offers the new MapPoint feature. This feature interacts to and from the MapPoint software for lookup and reversed lookup functionality. For instructions, click here.
EDGE EDGE now features the ability to merge multiple tabs in the same Excel worksheet. Click here for instructions. |
YouConnect© is a web-based Appraisal and Vendor Management solution enabling institutions to automate and steamline this part of their business, while satisfying federal and state examination and auditing requirements.
For more information, please visit our website, call 813.349.2700, or email Sunda.
|
|
APPRAISAL BEST PRACTICES
by Jeff Hicks, President
The Dohring Group/realwired!
Mass Confusion
So what is the regulation regarding loan officers talking to commercial appraisers? The short answer: it depends on who you talk to. The correct answer: a loan officer can talk to an appraiser after the assignment has been awarded. You would never know that talking to many banks...irrespective of their size. Moreover, the water is further muddied with many appraisal management companies' (AMCs) willingness to distribute incorrect information. Now for the dry stuff - straight from the FDIC site under 5000 - Statements of Policy.
"For a small or rural institution or branch, it may not always be possible or practical to separate the collateral valuation program from the loan production process. If absolute lines of independence cannot be achieved, an institution should be able to demonstrate clearly that it has prudent safeguards to isolate its collateral valuation program from influence or interference from the loan production process. In such cases, another loan officer, other officer, or director of the institution may be the only person qualified to analyze the real estate collateral. To ensure their independence, such lending officials, officers, or directors must abstain from any vote or approval involving loans on which they ordered, performed, or reviewed the appraisal or evaluation."
A case for and against AMCs (Appraisal Management Companies)
"An institution should use caution if it engages a third party to administer any part of its appraisal and evaluation function, including the ordering or reviewing of appraisals and evaluations, selecting an appraiser or person to perform evaluations, or providing access to analytical methods or technological tools. An institution is accountable for ensuring that any services performed by a third party, both affiliated and unaffiliated entities, comply with applicable laws and regulations and are consistent with supervisory guidance. Therefore, an institution should have the resources and expertise necessary for performing ongoing oversight of third party arrangements."
Bottom line - many banks' internal policies are in my opinion misinterpreting regulations, or at a minimum, applying residential thinking to commercial folks - not really the same product. I cannot find any regulations that say you cannot communicate, share data and better inform the appraiser with access to the lender who is typically the primary source of great property-related information. If you can, let me know.
It seems like the "knee-jerk reaction with good intention" regulation is actually reducing the quality of commercial appraisals and ultimately their reliability. Sound lending practices should be about communication and the free flow of valuable information which results in the best appraisal product. I look to the Appraisal Institute for leadership on this one...stay tuned.
If you would like to join a discussion about this topic or Appraisal Best Practices contact Jeff Hicks. |
|
| ___________________________________ |
DON'S TECH CORNER
by Don Scott, CEO
Tampa IT Specialists
Moore's Law
While I played with my new toy (Motorola Droid-3) this weekend, I started thinking about technology and how it relates to our complacency with it, across many industries. My Droid is an amazing piece of engineering. It can do remote desktop connections to my home PCs, take videos and show them on a HD TV through it's own little HDMI port (sorry for the geek speak). It is remarkable, and intuitively easy to use, even for an "old guy." I "graduated" from a Blackberry, just two years old, and oh-so old fashioned! I started thinking back a little...
In 1965, a real smart guy by the name of Gordon Moore, a co-founder of Intel, made an observation that has since become "law." In short, his empirically proven law states that the number of transistors in a CPU (brains of a computer) will double approximately every two years. That law applied across the computing industry means that things have gotten logarithmically faster, smaller and cheaper at least every two years. All you have to do is watch an "old" movie from 2005 or so, and you'll see the difference. That brings me to my point.
Web sites I designed and coded five years ago can't compete with what I'm doing today, in a fraction of the time. Office software products today are so much more tightly integrated than back in, say, 2003. Frankly, the products today are more intuitive and help you be more productive. Business computers I build today are easily four times as fast at one quarter the price of the ones I built in 2006.
If you're dealing with technology that hasn't been "kept up" every few years, your own industry is going to pass you by. It has never been cheaper to do a "tech refresh" as we call it in the IT industry, especially with the economy the way it is. Just like yours, IT is a buyer's market. Those who are keeping up, even if it means cutting in to the profit margin, will come out ahead. If you aren't keeping up, then you're asleep at the wheel.
Think about the American Automobile Association (AAA). When I was a kid, what I remember most about them was MAPS. I remember my grandparents using AAA for summer vacations and itineraries and maps and maps and maps. I still see AAA is around, but probably not as big in the "maps" market share anymore. I don't know much about business, but I'd bet there was quite a scramble to redefine their business model to stay relevant when the personal GPS boomed on to scene. Oh, and let's not forget MapQuest and Google - navigation engines that are less than 10 years old. That simple example is a direct result of Moore's Law.
No matter how comfortable you feel with your current technology, Moore's Law is still in effect. Now, don't go crazy and blow your budget on refreshing everything all at once. Come up with a "tech refresh" plan that's not going to hurt, and stick to it. Start with the oldest stuff and make it new.
So, what would you do if you knew of an investment that carried the same return rate as Moore's Law? Simple - invest!
Do you have questions for Don? Go to his website or email him directly.
|
| ___________________________________ |
|
RealWired! Consulting
Adam Thomas, Consultant
realwired!, Inc.
How do you go about tracking your productivity? Do you know what your hourly rate is or how much time you spend doing non-paid activities during peak work hours? It is very easy to get caught up checking and replying to email for hours on end, but the result of that for most appraisers means working longer hours. We can show you how to maximize the amount of time you spend in the office by tracking and prioritizing the most important tasks of your work day. As some appraisers will attest, it is amazing how much work can be done when you realize how much time you have already been wasting.
RealWired! offers Webinar and OnSite Consulting for appraisal firms. Please contact Adam Thomas, 813.349.2700 for more information on how to make your appraisal firm run smoothly in the digital age.
|
| ___________________________________ |
|
Is Your DataComp Version Current?
DataComp Version 6 is now available.
Top Features... - Compatible with Windows 7 and Server 2008 & 2011
- Ability to Print PDF's
- Search your Comps on MapPoint
|
Your DataComp Data is Important!
Traditional back up programs may not be saving your data. Ensure that your data is safe by using the DataComp backup function. Instructions can be found here.
|
|
Additional Services Available
Need more custom fields in DataComp but don't have the time to set them up? We now offer service to set up your Custom Tabs for you. The price varies depending on how many fields you want configured.
Don't forget...you can also contact us about setting up your DataComp Custom Outputs for both Word and Excel.
|
| ___________________________________ |
Getting Organized with EDGE...
Taking the time to setup an organized folder structure for your EDGE documentation can go a long way towards maximizing your efficiency. For suggestions, click here.
|
|
Additional Services Available
Too busy to create your own Custom Templates? We're here to help.
We now offer services to create your Custom Templates for use with EDGE.
|
| ___________________________________ |
Past Newsletters
If you've missed our prior Newsletters, you can view them here.
|
|
|
|
|
