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Archive for the ‘Appraiser News’ category

Crosswinds in RE Market; 50 Ways to Lose Your Lender

January 10th, 2017

Where Goeth the Real Estate Market in Early 2017.

Lots of cross currents as we begin the new year.  Let’s look at some of the early reports.

Black Knight Financial Services reported yesterday that the national negative equity rate had fallen to 4.4% during the first three quarters of 2016 with more than one million homeowners returning to positive equity. The number of underwater homeowners has fallen nationally to approximately 2.2 million. These numbers are a market improvement since the end of 2010 when nearly 30% of homeowners with mortgages were underwater nationally.

More than 39 million borrowers now have equity positions of 20% or more, bringing many to a position to tap into this for the first time in years.  “Total tappable equity” now averages almost $118,000 per borrower, the highest average in more than ten years.

The improvement, however, has been skewed heavily towards the middle and upper segments of the market with the bottom 20% of borrowers 9 times more likely to have negative equity positions than those in the top 20%.

In their news release yesterday, Black Knight noted that “The top 10 metropolitan areas contain 50 percent of the nation’s tappable equity, with California accounting for nearly 40 percent”. Black Knight noted three states with negative equity rates double the national average: New Jersey, Nevada and Missouri. The five states with the lowest percentage of non-current loans were reported to be Idaho, Montana, Minnesota, Colorado and North Dakota.

For info on the first reports this year on mortgage rate movement and mortgage applications, see below (“Rates & Dates”).

Coming next Wednesday: Webinar from the Network of State Appraisal Organizations (NSAO)

The webinar begins at 2:00 CST and features representatives from the Appraisal Foundation (TAF) and the Appraisal Subcommittee (ASC).  For further info on this free webinar:

NSAO Real Estate Appraiser Webinar

Removing the Appraiser: An AMC Tells How

In December, the AMC MountainSeed posted the following description of the process they follow in removing an appraiser from their panel:

1) Firstly, they receive a request from a bank to remove an appraiser.

2) Secondly, “…the bank completes a form that is modified to meet each state’s regulations regarding appraiser removal. This form is an essential part of the process because it breaks down the removal and asks the bank to be specific about why the request was made. There are certain reasons that an appraiser is or is not allowed to be removed. Regulations vary from state to state, but some common reasons a request is made are: poor or untimely communication responses, tardiness in appraisal turn-times, lack of a current real estate appraisal license, or disciplinary actions. In some cases, a bank simply has no use for appraisers at that particular time. For example, a panel has grown too large and will need to reduce its size, or loans are not being given in certain regions, so an appraiser panel is no longer needed”.

3) An appraiser panel manager at MountainSeed then reviews the request. If the manager decides that the request is valid and meets applicable state regulations, a notice is sent to the appraiser informing them that they have been stricken from tha panel.

All’s Fair in Love and War: “50 Ways To Lose Your Lender” (or Bad AMC)

Okay, not 50 but Paul Simon offers the following advice for ways to rid yourself of AMCs that are annoying, abusive and low paying:

“You just slip out the back, Jack
Make a new plan, Stan
You don’t need to be coy, Roy
Just listen to me
Hop on the bus, Gus
You don’t need to discuss much
Just drop off the key, Lee
And get yourself free”

The lyrics are from Paul Simon’s 1975 hit song “50 Ways to Leave Your Lover”.  Simply good advice for dealing with problematic AMCs.  Who knew that Paul Simon was not issuing advice on relationships only when he prophesized all of this AMC business 40+ years ago?!

(Okay, if this sounds familiar, it is reprinted from an earlier issue of AppraiserNews. From where we sit, it still seems relevant today!)

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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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Rates & Dates

Freddie Mac and the Mortgage Brokers Association (MBA) reported downward movement in mortgage interest rates last week.

In their survey on January 5th, Freddie Mac reported that 30-year fixed-rate mortgages fell to 4.20% from 4.32% the previous week. They also noted that one year ago the 30-year rate was at 3.97%.

Sean Becketti, Freddie Mac’s chief economist was quoted in the release:

“The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent. This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week’s breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll — the MBA’s refinance index plunged 22 percent this week.”

The MBA reported on January 4th (for the week ending December 30th) that 30-year rates with conforming loan balances ($417,000 or less) declined from 4.45% to 4.39%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) also moved down, from 4.41% to 4.37% and rates for FHA backed mortgages were unchanged at 4.22%.

Mortgage applications fell by 12% from the previous period.  Refinance applications as a percentage of all applications rose from 51.8% to 52.2%. The FHA share of applications increased from 10.7% to 11.6% and the VA share declined from 12.4% to 12.3%.

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

Ask Angie

Angie would first like to acknowledge the winners of her last contest: Arizona Certified Residential Appraiser Diana Benson, SRA, IFA; and New Jersey Certified General Appraiser Craig Brotons.  They were the first to answer correctly that Abraham Lincoln was the author of the quote “The best way to predict your future is to create it”; James Agate said “New Year’s Resolution: To tolerate fools more gladly, provided this does not encourage them to take up more of my time”; and Johnny Carson quipped “I know a man who gave up smoking, drinking, s*x, and rich food. He was healthy right up to the day he killed himself.”

Today’s questions:

1. Who said, “The only function of economic forecasting is to make astrology look respectable.”

a) Ezra Solomon, as quoted in Psychology Today (March 1984); also attributed to John Kenneth Galbraith in U.S. News & World Report in March of 1988
b) Janet Yellen, in an interview with the CBS Evening News last month.
c) Uri Geller and Alfred Einstein in a joint statement at Princeton University, January 1953
d) None of the above

2.  Who said: “The conventional view serves to protect us from the painful job of thinking.”

a) John Kenneth Galbraith
b) Janet Yellen
c) Albert Einstein
d) None of the above

The first to respond with the correct answers wins:

One Free Regular Listing on

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