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On average, how long does it take you to complete a 1004 interior inspection appraisal report including inspection time (excluding driving time)?
Another Very Interesting poll from www.appraisalport.com
My comment: I have been hearing about scope creep causing increased appraisal report writeup times but now there is some data. Significantly increased, and still increasing from pre-AMC days. My non-lender report writing time has not changed from since before HVCC. Appraisalport is a lender portal, so I guess there are some appraisers that write fast and others that write slow. Or, maybe it depends on your clients. AMCs tend to combine requirements of multiple lenders into very long lists of requirements.
WHAT DO YOU THINK ABOUT THESE TWO POLLS? POST YOUR COMMENTS, AND READ OTHER COMMENTS, AT www.appraisaltodayblog.com !!
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On average, how many "interior inspection" appraisals reported on a 1004 do you normally produce in a week?
My comments: Starting with a conforming tract home close to your office, the time increases, depending on driving time, use of an assistant and client requirements.
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Housing values: Why the divide isn't narrowing
Excerpts:
The number of borrowers who owe more on their mortgages than their homes are worth fell to the lowest level in eight years, but those who are still "underwater" are drowning faster than ever in foreclosure.
By March, 1.6 million borrowers had crossed back into a positive equity position on their home loans compared to a year ago, according to Black Knight Financial Services, a mortgage data and technology firm. The reason? Home values have sharply increased.
The improvements are certainly welcome, but they are benefiting those in higher housing brackets. Borrowers whose homes fall into the lowest 20 percent of home values are nine times more likely to be underwater than those in the top fifth, according to Black Knight.
My comment: Nothing new here in the San Francisco Bay area, one of the highest priced markets in the U.S. My city, Alameda, tends to be in the mid-range of price changes. Our values dropped about 30% from the peak in 2007, and are now are higher than that time and are still increasing. In the city of Oakland, about 100 yards away across an estuary, homes in the low income areas dropped up to 80% in the crash, and are still well below the heights of 2007 resulting in negative equity and some foreclosures.
Link to article:
http://www.cnbc.com/id/102645684
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to www.mbaa.org
Note: I publish a graph of this data every month in my printed newsletter, Appraisal Today. For more information or get a FREE sample issue go to http://www.appraisaltoday.com/products.htm or send an email to info@appraisaltoday.com . Or call 800-839-0227, MTW 8AM to noon, Pacific time.
Mortgage applications decreased 4.6 percent from one week earlier
What does this mean for you? Get higher fees while you can, before rates go up!!!
WASHINGTON, D.C. (May 6, 2015) - According to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 1, 2015.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 8 percent from the previous week to the lowest level since January 2015. The seasonally adjusted Purchase Index increased 1 percent from one week earlier to its highest level since June 2013. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 12 percent higher than the same week one year ago.
"Refinance volume dropped last week as rates in the US increased sharply towards the end of the week, with signs of recovery in Europe lifting rates across the globe. Purchase activity increased slightly over the week, and the average loan amount for a purchase application reached a record high, a sign that the mix of purchase activity is still skewed toward higher priced homes," said Mike Fratantoni, MBA's Chief Economist.
The refinance share of mortgage activity decreased to 53 percent of total applications from 55 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent of total applications. The average loan size for purchase applications rose to a survey high of $297,400.
The FHA share of total applications increased to 14.0 percent from 13.7 percent the week prior. The VA share of total applications increased to 11.9 percent from 11.3 percent the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.93 percent from 3.85 percent, with points remaining unchanged from 0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.91 percent from 3.82 percent, with points decreasing to 0.24 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.70 percent from 3.66 percent, with points increasing to 0.21 from 0.16 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.19 percent from 3.14 percent, with points decreasing to 0.30 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.87 percent from 2.88 percent, with points increasing to 0.33 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
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