Appraiser goes to jail/TRID-flat fees/Windows 10-NOT
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Windows 10 - do not install it!!!
Lots of appraisers, and others, are reporting big problems with Windows 10. Nothing new with Microsoft. I wait several years (or much longer) before installing new Windows software. I still have one computer running XP and two running Windows 7. I have no idea why Microsoft cannot produce a new operating system that works. Of course, I also use a mac, where there are very seldom many problems when its operating system is updated.
If you want to try Windows 10, DO NOT INSTALL IT ON A COMPUTER YOU USE EVERY DAY IN YOUR APPRAISAL BUSINESS!! Install it on another computer that you seldom use and don't need if it crashes and burns.
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Course Title: NEW
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The FHA Appraisal (Denver Homeownership Center)
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Date/Time:
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Wednesday, September 9, 2015 7:30 AM - 5:30 PM (Central)
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Event Location:
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801 Cherry Street, Unit #45
Suite 2500
Fort Worth, TX 76102
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Registration Link:
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Description:
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This free, one-day class discusses FHA appraisal requirements, including FHA appraisal protocol, updates to FHA appraisal policy, as well as equips attendees with the knowledge to determine property eligibility. The course provides a refresher to run the gamut of appraising, and includes everything you always wanted to know-but never bothered to ask. Although primarily intended for appraisers, other industry professionals will also benefit, including underwriters, processors, etc. This is an AQB-approved appraisal continuing education course. Seven hours of appraisal continuing education has been approved for the 17 states under the jurisdiction of the Denver Homeownership Center.
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Special Instructions:
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There is no fee for this training. Registration is required; attendance is on a first-come, first-served basis. For more information, contact Gregory Schroeder (gregory.schroeder@hud.gov), (800) 225-5342.
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Course Title: NEW
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The FHA Appraisal (Denver Homeownership Center)
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Date/Time:
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Thursday, September 10, 2015 7:30 AM - 5:30 PM (Central)
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Event Location:
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801 Cherry Street, Unit #45
Suite 2500
Fort Worth, TX 76102
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Registration Link:
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Description:
|
This free, one-day class discusses FHA appraisal requirements, including FHA appraisal protocol, updates to FHA appraisal policy, as well as equips attendees with the knowledge to determine property eligibility. The course provides a refresher to run the gamut of appraising, and includes everything you always wanted to know-but never bothered to ask. Although primarily intended for appraisers, other industry professionals will also benefit, including underwriters, processors, etc. This is an AQB-approved appraisal continuing education course. Seven hours of appraisal continuing education has been approved for the 17 states under the jurisdiction of the Denver Homeownership Center.
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Special Instructions:
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There is no fee for this training. Registration is required; attendance is on a first-come, first-served basis. For more information, contact Gregory Schroeder (gregory.schroeder@hud.gov), (800) 225-5342.
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Jonathan Miller Is the Most Trusted (and Quoted) Man in New York Real Estate - An Honest Appraisal
Excerpt:
Appraising might not sound glamorous-New York magazine once likened a top appraiser's status to being captain of the mathletes team-but hardly anyone in the industry gets as much ink as Mr. Miller. He estimates that he gets 20 to 30 press hits a week, in addition to blogging, writing a weekly housing market newsletter, and being a columnist for Curbed and Bloomberg View. He has 14,800 Twitter followers and puts out 80 market reports a year for Douglas Elliman, which are also used by the Federal Reserve. In an industry rife with boosters, he's carved out an identity as a data geek who cares too much about the numbers to pretty up the truth.
"He's taken appraisal, which is a boring... well, it's not the most interesting thing in the world, and has become kind of like a little celebrity," said Dottie Herman, president and CEO of Douglas Elliman. Mr. Miller started writing market reports for Elliman in the 1990s in exchange for access to its sales data, which was entirely private in the days before online public records and StreetEasy. "Jonathan really stands out. He really understands how to take numbers and explain them to people in a way that makes sense."
My comment: I have been following Jonathon Miller's writings for quite a while!! I have no idea how he finds time to do any appraising ;>
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How to change your email address - go to the bottom of this email.
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What will happen to your business on Sept. 15, 2015 when FHA changes are effective?
There seem to be two very different "sides" - not much has changed vs. the sky is falling. Wow!! I have been including links to articles on some of the issues in recent email newsletters. FYI, I may, or may not, agree with the authors.
I suspect that many post-licensing appraisers did not receive good training in how to do FHA appraisals. They will need to change their ways.
Appraisers who have been doing FHA appraisals the way FHA wants don't see many changes.
Many appraisers have already been including such requirements as a 3 year sales history on comps.
The big issues seem to be requiring appraisers to act more like home inspectors, such as:
- Crawl space "observation"
- Attic "observation"
- Appliances in operating condition
There is a lot of mis-information conflicting opinions about what is changing. Even FHA employees can give differing answers. What do I recommend? Read the regulations yourself and see what you think. It is very confusing and there is sometimes conflicting information. The easiest way is to buy the paid Appraisal Today and see what Doug Smith recommends reading. It is only $8.25 per month.
If you are not familiar with the existing FHA requirements, take a class. If you have been doing FHA the "FHA way" for a long time, see what has changed and how you interpret it. You may find that a class goes over what you already know.
My comment: FHA requires more than conventional loans. It is your decision whether or not to do FHA appraisals.
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Go straight to jail, judge tells convicted Collier (Pennsylvania) real estate appraiser
Excerpts:
A Collier appraiser convicted in two mortgage fraud schemes filed an emergency motion Friday to keep from reporting to a federal prison in West Virginia because he's afraid of a witness against him who is jailed there.
But a federal judge said he has to report Monday and denied his request for a delay in a case that has seen many.
U.S. District Judge Terrence McVerry in April sentenced James Lignelli, 59, to 42 months behind bars for schemes involving two properties and three banks and allowed him to self-report in June to the federal prison in Morgantown.
Prosecutors said he provided inflated appraisals for loan applications in two schemes. In the second, Lignelli worked with Staaf and prepared a fake appraisal for a property on Perry Highway in the North Hills.
In arguing that he should be spared prison, Lignelli had previously told Judge McVerry that he was a dupe for others and that he'd already been punished because he has lost his career and reputation, but the judge was not moved.
Many thanks to www.mortgagefraudblog.com for reporting on this. Sign up for their free email newsletter with info on fraudsters!! Read more at: For lots more info, google "James Lignelli appraiser"
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"Enhancements" to CU Are Coming By Dave Towne Another great one from Dave Towne, WA appraiser!! Reprinted on www.appraisersblogs.com so you can add comments. Excerpt: You will notice one word below (Datappraisal) is larger than others. I had not seen this before today. I reviewed notes taken by another person who attended a Fannie Mae webinar about CU, and this word was mentioned. Apparently, Datappraisal refers to the giant data base Fannie Mae has on EVERY comparable and subject property submitted through the voluntary CU, and probably with EVERY report submitted to them for loan acceptance regardless of being processed with the CU. Submittal of reports using .env (Mismo xml) makes this incredibly easy. Because Datappraisal is massive, 20 mil+ properties, it means FNMA is able to "see" the same individual property multiple times in multiple reports over a period of time, observed by multiple, or used by the same, appraisers. They are able to evaluate data points on these properties rapidly, and will flag a current report if a particular property is reported differently than most other appraisers do, or as used previously by the same appraiser. Read more plus other appraisers' comments at: ---------------------------- TRID delayed until 10-3-15 What is TRID and why should you care? The rule, also called the TILA-RESPA Integrated Disclosure rule, requires additional mortgage disclosure forms and a more complex compliance apparatus for lenders. Lenders must set the fees, including the appraisal fee, three days after application and can't change them. The reason is to let borrowers know all their costs, up front. The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance. These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing. These two requirements have thrown the mortgage industry into a frenzy as they try to comply by the deadline. Note: some of the comments bove are from an article in Housing Wire referenced in a June issue of this email newsletter. --------------------------- At a recent all-day Residential Symposium, sponsored by my local Appraisal Institute Chapter, there was a session about AMCs, with speakers from the AMCs. They were very concerned about TRID and how it will affect their businesses.
The latest rumors is AMCs paying appraisers a set flat fee for all appraisals. Appraisers who want to get a higher fee, after the appraisal is ordered, will not be popular with AMCs. Appraisers who robo-accept every order for low fees planning on getting a later fee increase will have problems. AMCs are having a hard time finding appraisers to do unusual homes or rural properties now. I have no idea what will happen when TRID starts.
More info here on TRID and lenders
My comment: Why do I keep calling it Triffid?????
Coester to implement flat fee pricing Excerpt: The implementation of TRID has become one of the most discussed and worrisome topics for mortgage lenders in recent memory. Following exhaustive analysis and thorough surveying of lender clients, CoesterVMS will transition pricing from its nationwide flat fee schedule to state specific pricing. Effective Monday, Aug. 17th, 2015, the TRID Flat Fee Schedule will be applied to all accounts. This schedule, based on appraiser fee averages (including complex properties), will streamline the valuation process and allow for more consistent disclosures. -----------------------
What appraisers say about TRID and Coester flat fees
Some good comments, especially by Denis DeSaix, including comments on the AMC issues from the Residential Symposium I mention above. Not too much ranting and going way off topic for the first 5-6 of the 16 pages ;> You can scroll through looking for Denis' comments.
What will happen to your business on Sept. 15, 2015 when FHA changes are effective?
There seem to be two very different "sides" - not much has changed and the sky is falling. Wow!! I have been including links to some of the issues in recent email newsletters. FYI, I may, or may not, agree with the authors.
I suspect that many appraisers did not receive good training in how to do FHA appraisals. They will need to change their ways.
Appraisers who have been doing FHA appraisals the way FHA wants don't see many changes.
Many appraisers have already been including such requirements as a 3 year sales history on comps.
The big issues seem to be requiring appraisers to act more like home inspectors, such as:
- Crawl space "observation"
- Attic "observation"
- Appliances in operating condition
There is a lot of mis-information about what is changing. Even FHA employees can give differing answers. What do I recommend? Read the regulations yourself and see what you think. It is very confusing and there is sometimes conflicting information. The easiest way is to buy the paid Appraisal Today and see what Doug Smith recommends reading. It is only $8.25 per month.
If you are not familiar with the existing FHA requirements, take a class. If you have been doing FHA the "FHA way" for a long time, see what has changed and how you interpret it. You may find that a class goes over what you already know.
My comment: I have not done FHA appraisals since 1988. But, I am an appraiser and I do understand that FHA requires more than conventional loans. It is your decision whether or not to do FHA appraisals.
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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
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Mortgage applications increased 3.6 percent from one week earlier
WASHINGTON, D.C. (August 19, 2015) - , according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 14, 2015.
The Market Composite Index, a measure of mortgage loan application volume, increased 3.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index increased 7 percent from the previous week to its highest level since May 2015. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier to its lowest level since March 2015. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 19 percent higher than the same week one year ago.
"Concerns about the Chinese economy pushed interest rates down last week, resulting in a two basis point decline in thirty year fixed interest rate, bringing the rate down to its lowest since May 2015," said Lynn Fisher, MBA's Vice President of Research and Economics. "The pick-up in refinance activity was led by larger loan sizes on average, as continued investor interest drove jumbo interest rates down even further, by five basis points."
The refinance share of mortgage activity increased to 55.5 percent of total applications from 53.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.9 percent of total applications.
The FHA share of total applications decreased to 12.9 percent from 13.3 percent the week prior. The VA share of total applications decreased to 11.1 percent from 11.3 percent the week prior. The USDA share of total applications increased to 0.8 percent from 0.7 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 4.11 percent, its lowest level since May 2015, from 4.13 percent, with points increasing to 0.37 from 0.31 (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 4.03 percent, its lowest level since May 2015, from 4.08 percent, with points decreasing to 0.29 from 0.34 (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 3.88 percent, its lowest level since May 2015, from 3.94 percent, with points decreasing to 0.17 from 0.22 (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 3.37 percent, its lowest level since July 2015, from 3.39 percent, with points decreasing to 0.36 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 5/1 ARMs decreased to 2.98 percent, its lowest level since May 2015, from 3.11 percent, with points increasing to 0.40 from 0.32 (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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