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Targeting the FHA & ES Appraisal

January 14th, 2013 by Bill Collins Leave a reply »

Evaluation Solutions: How Much Do They Owe Appraisers? Also: What Did Chase Know About This Company and When Did They Know It?

We have received numerous emails from appraisers regarding Jacksonville, Florida based Evaluation Solutions (aka ES Appraisal Services) which we reported on in our last newsletter.

California appraiser Louis Gleason, SRA emailed us about another well known AMC with which he had numerous difficulties before parting company.  After breaking off with this AMC (which he states “should be near the top of the list of undesirable AMCs for which to work”) he notes that “…only then did I discover that I did not have the same problem with two other leading AMCs” who provided him with steady “straight work”.  His conclusion:
“Just a note to other appraisers, there are better AMCs (by far) out there.”

Illinois appraiser Nicholas Conteduca simply wrote “Good article on ES, I am a victim…”

Jim Manning, author of “Public Trust Betrayed: The Truth Behind the Real Estate Appraisal Industry” wrote:

“The thought came to me: Why doesn’t Bill Collins do something similar to my good friend Aaron Krowne’s Implode-O-Meter only with AMCs instead of lenders?”

Florida appraiser T. Sean Flynn writes:
“Just read your latest newsletter which is very informative as usual…Can you remember years back as an appraiser when you got a call from an underwriter or review appraiser re: one of your reports and you typically "froze up" because they were typically true peers and had extensive training and expertise and had a right to question your work? Now we are given ridiculous stips from some untrained AMC clown who does not know a condo from a co-op or log home”.

Appraisers throughout the country have been sharing information regarding Evaluation Solutions/ES and other AMCs in numerous forums. Those interested in finding out more about Evaluation Solutions/ES can go to a site dedicated to the issue, a link to which is found here: ES Appraisal/Evaluation Solutions

This site posts a “running total” as to money claimed to be owed to appraisers which was at $974,274 as we write this issue.  Check out the “Unanswered Questions” section of their site which includes the following:

“How can a random AMC company just start getting a large amount of orders from Chase Bank?”
“Chase bank is a large national bank and used ES Appraisal services as their third party for ordering.  How come they did not do their due diligence and oversee how poorly this company was operated?”
“Who has our money?”

AppraiserNews.com is of the opinion that Chase can do better than working with companies such as Evaluation Solutions/ES and would be pleased to provide them with names of several more reputable AMCs.

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Appraisers Approaching License Renewal: McKissock’s 7 Hour 2012-2013 USPAP Online Course is Now Available in Most States

McKissock Education, the official provider of the Appraisal Foundation’s online 2012-2013 USPAP courses, is now available in most states. Last year, the Appraisal Foundation and McKissock announced their partnership and the online course is now available in most states. See if courses are available in your area and save up to 20% on course fees by going to our Online McKissock Portal.


Start saving up to 20% off of your continuing education course fees today with McKissock and Appraiser Help! 2012-2013 USPAP Courses Now Available!


Setting the Record Straight: The FHA is Not the Bad Guy

Writing in the New York Times last Thursday, ProPublica’s Jesse Eisinger took issue with conservative critics of the FHA, such as Edward J. Pinto of the American Enterprise Institute. 

Mr. Pinto, former chief credit officer of Fannie Mae, has been a vocal critic of the FHA, arguing that thousands of neighborhoods throughout the country face high foreclosure rates due to reckless lending by the agency.  He cites the FHA’s annual report to Congress which estimated a potential shortfall of $16 billion.

Mr. Eisinger notes that while this “…is a lot in absolute terms…” it is “…miniscule in relation to the federal budget and the $1.1 trillion FHA portfolio.” Mr. Eisinger agrees that the FHA was not quick enough to tighten lending when the market was collapsing but has since changed course and is now “…backing what are probably going to be very safe and profitable home loans…”.  Mr. Eisinger cites estimates by Mark Zandi, chief economist at Moody’s Analytics, that “Without the FHA’s lending, mortgage rates would have doubled and home prices would have dropped another 25%”. 

Jesse Eisinger concludes that “The private sector, not the government, led us into the bubble” and that Mr. Pinto has it backwards.

Links to a video interview with Mr. Pinto and to Mr. Eisinger’s article are found here:

Pinto: Study Shows FHA is Failing Its Mission

New Target in Finger-Pointing Over Housing Bubble

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.

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To help appraisers evaluate which AMCs are right for them, we have compiled this directory of over 200 AMCs and National Appraisal Companies, listing complete, up-to-date contact information and other details for each listing.

If you’re looking to expand your appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start.

Download the directory today — at only $49.99, it will pay for itself with your first appraisal order.

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this exciting new directory!

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End of Year Real Estate Reports

On January 8th, Clear Capital released their December Home Data Index which reported a yearly price gain nationally of 4.9% for 2012.  Their forecast for 2013 is that prices will rise at a lesser pace (2.1%) nationally.  A link to this report which includes regional breakdowns is found here: Clear Capital: Housing Recovery Set to Continue Throughout 2013

Yesterday, CoreLogic released their January MarketPulse report which included their Home Price Index for 2012.  CoreLogic’s index, which is based on repeat sales, rose by 7.5% in 2012 which they report is the largest increase since 2006.  In their news release yesterday, CoreLogic also projected an increase of 6% in prices for 2013.  A link to the news release (which includes a link to the entire report) is found here: CoreLogic Releases January MarketPulse Report

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.


Start saving up to 20% off of your continuing education course fees today with McKissock and Appraiser Help! 2012-2013 USPAP Courses Now Available!


Increase in Mortgage Lending This Year?

FICO, the self-described “predictive analytics” company known for its credit scoring, reported last Thursday that 61% of bankers in their most recent quarterly survey felt that consumers will be applying for more credit in the next six months, the highest level in the almost three years that they have been conducting this survey.  Their news release noted that “Nearly half of respondents believe demand for mortgages will surpass supply, which may be another indication that consumers are ready to releverage."

While this is good news for appraisers in the short run, please don’t forget the more pessimistic projections for mortgage lending post 2013 that we have discussed.  It is never too early to begin taking steps to diversify your appraisal practice into areas outside of mortgage lending.

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Rates & Dates

Mortgage interest rates rose across the board in the weekly reports issued by both Freddie Mac and the Mortgage Bankers Association (MBA).

On January 10th, Freddie Mac reported that 30-year fixed-rate mortgages rose from the previous week’s rate of 3.34% to 3.40%, the highest reading in eight weeks. They also noted that last year at this time the 30-year rate was 3.89%. 

The MBA in its most recent Weekly Mortgage Applications Survey released January 9th, for the week ending  January 4th, reported that 30-year rates with conforming loan balances ($417,500 or less) increased to 3.61% from the previous week’s rate of 3.52%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) also increased to 3.78% from 3.75% the previous week.  Rates for FHA backed mortgages rose to 3.35% from the previous week’s rate of 3.34%.

In their press release of January 9th, the MBA reported an increase of 11.7% in mortgage applications.  Refinance applications represented 82% of all applications, unchanged from the previous week. 

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers build their practices. Please consider supporting us today by seeing what we have to offer.

The All New, Fully Revised Directory of AMCs and National Appraisal Companies is now available for download! Please visit our website to learn more. Current members of our Appraiser Directories are eligible to receive their copies FREE!


Ask Angie

We would first like to congratulate our most recent winner: Nanci Stone-Hayes of Yankee Appraisals in North Conway, New Hampshire.  Nanci is a Certified General Appraiser who covers the counties of Carroll and Coos in New Hampshire along with the county of Oxford in Maine.  She was the first to answer correctly that T.S. Eliot was the author of the quote "For last year’s words belong to last year’s language and next year’s words await another voice”; Benjamin Franklin said "Be always at war with your vices, at peace with your neighbors, and let each new year find you a better man"; and Mark Twain wrote " New Year’s Day-now is the accepted time to make your regular annual good resolutions. Next week you can begin paving hell with them as usual ".

Today’s questions:

1. Who Said: "The process by which banks create money is so simple that the mind is repelled."

a) John Kenneth Galbraith
b) Elizabeth Warren
c) Ben Bernanke
d) Timothy Geithner
e) None of the above

2. Who said: "Banks have a new image. Now you have "a friend," your friendly banker. If the banks are so friendly, how come they chain down the pens?"

a) Alan King
b) Jerry Seinfeld
c) Tina Fey
d) Amy Poehler
e) None of the above

3. Who said: “I have always been afraid of banks."

a) Andrew Jackson
b) David Stevens
c) Andrew Cuomo
d) Donald Trump
e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the Directory of Appraisal Management Companies (Available Now to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

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Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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