NEWZ://USPAP Nazi/Free homes/FHA fees going up?/What will you do when biz slows way down? - July 9, 2015

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Free homes - in Sicily

Excerpt:

GANGI, Sicily - Looking for a home? One Sicilian town is making an offer that is hard to refuse: It is giving away houses.

There is a catch, naturally. The properties in Gangi, a picturesque central town that straddles the Madonie Mountains, are generally dilapidated, some abandoned generations ago.

The structures give new meaning to the term "fixer-upper," and anyone who acquires one of the properties has just four years to restore it and make it livable.

My comment: very interesting story about the history of Gangi and other similar towns going back to the 1800s.

http://www.nytimes.com/2015/06/23/world/europe/sicilian-town-tells-outsiders-take-our-homes-please.html

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FHA fees - going up after 9/14/15 changes?

Another great survey from www.appraisalport.com !!

Do you plan to raise your FHA appraisal fees due to increased regulation after 9/14/15?

My comments: Whether or not there will be increased time (and possible liability issues) required is controversial. Some say there are more requirements, others say not much has changed. My favorite response to the poll is "What changes?" ;>

In the May 2015 paid Appraisal Today June newsletter, Doug Smith's article discussed the changes: "What's Up with FHA's New Manual 4000.1? More Scope Creep? The plusses and minuses of the changes in the manual". One of the hot topics is about inspecting attic and crawl spaces.

LINKS TO IMPORTANT FHA DOCUMENTS

FHA Single Family Housing Policy

Handbook (HUD Handbook 4000.1

Information Page Link:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/handbook_4000-1

New FHA Appraisal Report and Delivery Guide

It goes step-by-step through the URAR and states what is expected in each section

http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_POLI_APPR_RPT_FIN.PDF

Be sure that any FHA classes you take include this new Guide!!

WHAT DO YOU THINK ABOUT FHA FEES AND CHANGES? GO TO WWW.APPRAISALTODAYBLOG.COMAND POST YOUR OPINION!!!

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How will you survive when rates go up, business business declines and AMC fees go way down?

How to get non-AMC and Non-lender work.

Now, while everyone is very busy, is the Very Best Time to look for

new non-AMC clients!!

Next month's issue of the paid Appraisal Today will focus on this Very Important topic!!

Articles previously published in the Paid Appraisal Today - available FREE to paid subscribers!!

- Bail bond appraisals - all cash, high fees, little competition

- Relocation appraisals pay well with no UAD, 1004MC, scope creep, etc.

- VA is looking for fee appraisers! C/R fees and no AMCs!!

- Want to do appraisals for direct lenders? Private money lending is increasing. No UAD, 1004MC, etc.

- How to speak at weekly sales meetings at real estate offices and get more non-AMC work.

- How to have more business come to you - get more referrals

- How to get non-AMC work. If they can't find you, they can't give you any work!

And Many More!!

Plus FREE special reports - available only to paid subscribers

- Legal and Tax-related Appraisals Special Report

- Estate/trust appraising - Good, steady business, no hassles

- Relocation appraising - Much higher fees than lender work.

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If you are a paid subscriber and did not get the July 2015 issue, emailed July 1, please send an email to info@appraisaltoday.com requesting it and we will send it to you!! Or, hit the reply button and request it. Be sure to put in a comment requesting it ;>

USPAP Nazi, C&R fees, trainees, etc. Podcast

I was interviewed on the Appraiser Coach/Dustin Harris Podcast, published July 3. I was interviewed June 26.

The Podcast title is: Trainees inspecting, C&R fees, and Celebrity homes.

C&R fees are a mess, of course. Dustin and I discussed some of the issues. I decided that I had a big question about states that set C&R fees - whether the states can override Dodd Frank. Also, whether there are any broadcast orders in those states for $200 to $250. So... I guess I will have to try to figure out what is happening and write an article for my paid Appraisal Today ;>

We also debated on a Facebook discussion of whether or not an appraiser can disclose the owner's name when appraising celebrity homes. Unfortunately, I did not read the Facebook discussion since it seemed sorta lame (big mistake) and it was removed. The issue is USPAP confidentiality requirements. Dustin said you could not reveal the name and address and I said it was ok and referenced an appraiser's web page that had the names of all the celebrities whose homes he had appraised in Southern CA.

While discussing it, I mentioned one of my favorite terms, "USPAP Nazi". I'm sure you know what I mean. USPAP is very gray but some appraisers have very strict interpretations that they make. Do something they don't agree with and Go To Jail. No big deal, except when they are teaching USPAP classes and you disagree. But, Very, Very important when they are on state boards.

I taught USPAP for many years, until the Appraisal Foundation mandated what materials and topics had to be used. I loved teaching USPAP and related it to practical, day to day, issues that appraisers have. Not "Do what USPAP says (how I interpret it) or you will lose your license and/or go to jail!

I am sooo glad we have never had a state board in California!! When licensing started, Governor

did not want any additional expenses, including state appraisal boards. Only licensed appraisers, that are employees of the state of California, are used for investigations in California. Appraising can be a very small world, particularly in smaller states. Who wants a competitor or personality conflicts affecting decisions on your appraisal license?

Where to listen to the Podcast #27 - Trainees inspecting, C&R fees, Celebrity Homes with Ann O'Rourke

Scroll down the page to Podcast #027

Android -

http://www.stitcher.com/podcast/the-appraiser-coach- iTunes - Subscribe to the podcast so you don't miss any! I am a subscriber.

https://itunes.apple.com/us/podcast/the-appraiser-coach-podcast/id966765322

- Website - http://theappraisercoach.libsyn.com/

WHAT DO YOU THINK ABOUT USPAP NAZIs? GO TO WWW.APPRAISALTODAYBLOG.COM AND POST YOUR OPINION!!!

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Think Energy-Efficient Features Save You Money? Think Again, Study Says

Excerpt:

Going green at home usually comes with a hefty price tag-new windows, a geothermal heating system, and Energy Star appliances cost thousands. Most homeowners justify the cost by factoring in potential monthly savings on their utility bills.

But according to a surprising new study by the Energy Policy Institute at the University of Chicago, those savings might be overblown. Its conclusion: The initial costs of retrofitting a house with energy-efficient features far outweigh the eventual savings.

Wait...What?!

My comment: I have always been skeptical about whether or not energy saving improvements to houses make a difference in value. Of course, I live in the San Francisco Bay Area with a moderate climate. However, there are homes "off the grid" in semi-rural areas not too far away from San Francisco that use solar for electrical. The cost of hooking up to public electrical service is very expensive. I installed ceiling insulation and new windows in my home a few years ago because the old windows let in too much cold air, not to save money.

http://www.realtor.com/news/energy-efficiency-doesnt-pay/

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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

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.

WASHINGTON, D.C. (July 8, 2015) -

Mortgage applications increased 4.6 percent from one week earlier,

according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 3, 2015. This week's results included an adjustment for the July 4th holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week. The seasonally adjusted Purchase Index increased 7 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 32 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 48.0 percent of total applications, its lowest level since June 2009, from 48.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.1 percent of total applications.

The FHA share of total applications decreased to 13.7 percent from 14.0 percent the week prior. The VA share of total applications remained unchanged at 10.8 percent from the week prior. The USDA share of total applications decreased to 0.9 percent from 1.0 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.23 percent from 4.26 percent, with points increasing to 0.37 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.18 percent from 4.21 percent, with points decreasing to 0.30 from 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.01 percent from 4.04 percent, with points remaining unchanged from 0.18 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.41 percent from 3.44 percent, with points remaining unchanged from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.03 percent from 3.09 percent, with points decreasing to 0.37 from 0.45 (including the origination fee) for 80 percent LTV loans. The effective rate decreased 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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Ann O'Rourke, MAI, SRA, MBA

Appraiser and Publisher Appraisal Today
2033 Clement Ave. Suite 105
Alameda, CA 94501 Phone 510-865-8041
Fax 510-523-1138
Email ann@appraisaltoday.com