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Archive for September 2009
2010 USPAP: Disclose Any Services Performed On Subject In Past 3 Years
09/30/2009 | 
Author http://www.realestateappraisertips.info/ – 2010 USPAP: Disclose Any Services You (The Appraiser) Have Performed On Subject Property Within The Past 3 Years
I received this from a Regional Lender this morning:
“Please see the Appraisal Foundation release about the 2010 USPAP. Effective immediately, please disclose any services you have performed on the subject property within the last three years in your report.”
Attention Real Estate Appraisers: Inman News Article Out Today: Wanted: ‘Credible’ Appraisals
http://www.realestateappraisertips.info/ – Attention Real Estate Appraisers: Inman News Article Out Today: Wanted: ‘Credible’ Appraisals
In my email this morning is a new Inman News article regarding home appraisals. Here’s a snippet from the email:
“It’s the hottest topic in real estate today: The Home Valuation Code of Conduct, or HVCC, is so hot that it’s not just inflammatory. It’s on fire.
The HVCC is a new set of appraisal-related practices that lenders must follow with respect to loans they want to sell to Fannie Mae or Freddie Mac. These new practices are intended to reduce the incidence of appraisal fraud and prevent inappropriate pressure being placed on appraisers to inflate home valuations in home purchase and loan refinance transactions.”
Posted in Baton Rouge Appraisal, Baton Rouge FHA Appraisers | 
Tags: Code Of Conduct, Email, Fannie Mae, Fraud, Freddie Mac, Home Appraisals, Home Valuation, Home Valuations, Hvcc, Inman News, Lenders, Loans, Nbsp Nbsp Nbsp Nbsp Nbsp, News Article, News Today, Real Estate Appraisers, Snippet | 
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Real Estate Appraisers: By What Year Will Real Estate Recover From Its Losses? The Answer Will Shock You!
http://www.realestateappraisertips.info/ – Real Estate Appraisers: By What Year Will Real Estate Recover From Its Losses? The Answer Will Shock You!
The http://www.ritholtz.com/blog , along with Housing Wire Magazine concurring, has a shocking new article: “When Will Real Estate Recover Its Losses?” The answer is somewhere around the year 2020! Real Estate Appraisers Need To Read This Article!
Major Baton Rouge FHA News Flash! FHA is Adopting Similar HVCC Standards As Of January 1, 2010….Get Ready For More Change!
http://www.fhaappraisersbatonrouge.com/ – Mary Thompson, GA Appraiser, Outlines FHA’s Move Towards HVCC Appraisal Rules….Get Ready For More Change!
Mary Thompson, Flowery Branch, GA, issued a post on Active Rain this morning that outlines the changes in FHA Appraisal Policy…..AND, it includes some Good News for FHA Appraisers regarding FEES! The link to the post is here. Here’s the outline of the
1. Good news for appraisers, the AMC’s who normally pay CUT rate fees and who care less about quality appraisal reports and experienced appraisers and more about making money, must pay appraisers based upon normal market rates for completing FHA assignments. However the borrower will wind up paying more for FHA loans as the appraisal fees will be even higher….at least this is my take on the situation as the AMC’s will jack up their prices to the banks to pay the appraisers what they should and to make profit for themselves as well.
2. Mortgage Brokers will no longer be ordering appraisal reports. So this repsonsibility will go to the Banks or the AMC’s.
3. Appraisal reports will only be good for 4 months rather than 6 months.
4. Good NEWS: FHA will allow appraisal reports to be transferred to another lender rather than having another appraisal report completed.
5. The only way another appraisal report can be completed if someone does not agree with value is the report will have to be flawed in some way and it will have to be proved that flaws exist in the report
6. No one can talk to appraisers about value issues. REALTORS, you can still give Appraisers comparable sales data, that is NOT prohibited, you just cannot talk to them about value. The banks and AMC’s can discuss particulars of the assignment, but no one can pressure an appraiser for value PERIOD!
7. As of October 1st only CERTIFIED Appraisers can complete FHA appraisal assignments.
8. FHA will require that the appraiser is knowledgeable in the area that they appraise. So if you find an appraiser coming from way out of the area to do an appraisal, this would be one reason to suspect the accuracy of the report. This has ALWAYS been required of appraisers as part of USPAP ( Competency RULE) but many appraisers would take the job no matter where it was and this is not good, if they have no clue about the area.
9. Banks will be liable for the loans they underwrite, not brokers, so there may be more FHA brokers coming from the picture.
To read more about it click here for the full story:
http://www.mortgagenewsdaily.com/09182009_drastic_fha_guideline_changes.asp
Pass this along, this WILL affect your business as of JANUARY 2010.
Greater Baton Rouge FHA Appraiser Tip: I Told You FHA Was On The Way To Imploding
http://www.fhaappraisersbatonrouge.com/ – Greater Baton Rouge FHA Appraiser Tip: I Told You FHA Was On The Way To Imploding
It was about 1.5 years ago that I starting saying that we the U.S. Taxpayers would be bailing out FHA. After the mortgage meltdown, when FHA became the “Savoir” of the mortgage market, I began to receiving an increase in calls from the same slimy national mortgage brokers that I had already turned down doing appraisal work for because they seemed to always need $10,000 to $20,000 more than the homes were worth. They didn’t want home appraisals; they wanted a target value hitter. EXCEPT, NOW THEY WERE USING FHA LOANS FOR THEIR DIRTY (UPSIDE DOWN) LOANS. I knew then and there that FHA was in for problems.
From Appraisal Scoop, FHA, Active Rain, Inman News and the list goes on and on….Now the flood of news since yesterday reveals rumblings within FHA that losses are increasing and that FHA is implementing Appraisal Standards similar to HVCC. This is and will get more interesting as time progresses. Remember what I said above about the “slimy mortgage brokers”? Why is FHA reacting with stricter appraisal policy when it’s the slimy mortgage brokers that are wolves wearing sheep’s clothing? I’m not saying that ALL mortgage brokers are “slimy” or unethical. I have worked with reputable mortgage brokers and still do to a more limited extents these days.
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, FHA Appraisers Baton Rouge | Tags: Appraisal Policy, Appraisal Standards, Fha Appraisal, Fha Appraiser, Fha Loans, Fha Mortgage, Greater Baton Rouge, Home Appraisals, Mortgage Brokers, Mortgage Fha, Mortgage Market, Mortgage Meltdown, National Mortgage, Rumblings, Scoop, Sheep | No Comments »
Biggest Gainer In Constructions Jobs In US In August 2009: Louisiana
http://www.batonrougerealestateappraisal.com/ – Biggest Gainer In Constructions Jobs In US In August 2009: Louisiana
The Baton Rouge Business Report is reporting that Louisiana was the biggest gainer in construction jobs in the U.S. in August 2009, adding 4.4% more construction jobs than it did in August 2008. The link is above. This is fortunate because on the same day, the BR Business Report is reporting that 42 States Lose Jobs In August, Up From 29 States in July. That report is located here.
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Economic News, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisal, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate News, FHA Appraisers Baton Rouge | Tags: Baton Rouge, Business Report, Construction Jobs, Constructions, Gainer, Jobs Louisiana | No Comments »
Baton Rouge 15 Years Mortgage Rates Fall Again To Record Low
http://www.appraisersinbatonrouge.com/ -Baton Rouge 15 Years Mortgage Rates Fall Again To Record Low
Long-term mortgage rates fell for the third week in a row, with 15-year fixed-rate loans hitting a new record low and the 30-year fixed-rate hovering at just above 5 percent, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 5.04 percent — with an average 0.7 point — for the week ending Sept. 17, Freddie Mac said, down from 5.07 percent last week and 5.78 percent a year ago.
Source: Inman News
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Economic News, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisal, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate News, FHA Appraisers Baton Rouge, Greater Baton Rouge Subdivision Video Tours | No Comments »
Greater Baton Rouge FHA Appraisers: Real Estate Today Radio Show Topic The Fall Market Weekend of September 19-20, 2009
http://www.batonrougerealestateappraisers.net/ – Greater Baton Rouge FHA Appraisers: Real Estate Today Radio Show Topic The Fall Market Weekend of September 19-20, 2009
Greater Baton Rouge Among Four Louisiana Housing Markets Named Nation’s Best For Real Estate In September 2009
http://www.batonrougerealestateappraisal.com – Greater Baton Rouge Among Four Louisiana Housing Markets Named Nation’s Best For Real Estate In September 2009
On Wednesday, September 9, 2009, the Baton Rouge Business Report and Local Market Monitor reported that four (4) Louisiana housing markets were ranked among the nation’s best real estate markets. Here’s a snippet:
“A new report says Baton Rouge, Lafayette, Lake Charles and Monroe are four of the U.S. real estate markets expected to perform the best in the upcoming year. Local Market Monitor, which produces the Home Price Forecast for more than 300 cities, says home values should remain level in those cities over the next 12 months. Officials with Local Market say home prices in those cities are lower than the national average, and the effects of the recession have been slight. Baton Rouge, in particular, has continued to add jobs. The markets expected to do the worst include places where there were spikes in home prices and where speculative buying got out of hand, such as Las Vegas, Miami and Modesto, Calif.”
Source: Baton Rouge Business Report PM
New FHA Mortgage Rules For Greater Baton Rouge Condos Effective October 1 2009
http://www.batonrougefhaappraisers.com/ – New FHA Mortgage Rules For Greater Baton Rouge Condos Effective October 1 2009
Peter G. Miller with www.fhaloanpros.com is reporting on new FHA mortgage rules for Condos, which take effect 10/1/2009. Here’s the link for the entire article and a snippet below:
“At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies).
No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.
Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance.
Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.”
