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Archive for the ‘Appraiser News’ category

Appraiser Time

May 18th, 2015

AppraisalPort Asked the Question: "On average, how many hours per day do you spend working on appraisals and appraisal related business?"

5,451 respondents answered as follows:

<3 hours: 1%

3-4 hours: 1%

5-6 hours: 7%

7-8 hours: 17%

9-10 hours: 37%

11-12 hours: 23%

13+ hours: 15%               
                                        
Is it really a surprise that approximately 2/3 of appraisers work more than 8 hours per day with almost 40% working more than 11 hours?  What is going on here?  We attribute this to a number of factors:

1) Many appraisers like what they do. We have freedom to set our schedules and to (frequently) select those assignments that we want.  We get to be outside on some nice days, we can stay in on many rainy days.  New people to meet, new places to go, new properties to see.

2) Many appraisers need the money. While we may enjoy much of what we do, many of us have not fully recovered from the 2008 real estate and financial crash along with subsequent events (i.e. HVCC) which left many in precarious financial circumstances.

3) Many appraisers are not organized and not working efficiently. With all of the advances made in the tools available to appraisers, it is constantly surprising to see appraisers working as they would have 10 or 15 years ago.

4) Are we workaholics? Anecdotally, a strong case could be made that many appraisers are workaholics.  Several of my close friends and associates come to mind (you know who you are!)

More about this in the future.  We will keep this newsletter short to assist in the effort to reduce appraiser’s workweeks as we approach the Memorial Day weekend.  How about we take some time to remember those who died while serving our country as well as spend some time with loved ones?

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RedStone Advanced Analytics from Bradford Technologies


In Case You Missed It: The Columbia Society and 5 Other Appraisal Sponsors of The Appraisal Foundation Release a White Paper "Regulatory Issues Facing the Real Estate Appraisal Profession"

Earlier this month, the Columbia Society announced in a press release that they and 5 other appraisal organizations (including the ASA and NAIFA) released a White Paper exploring important regulatory issues facing our profession, particularly the Dodd-Frank Law.  Bill Green of the Columbia Society is quoted in the press release as saying: “Although the creation of this White Paper took well over a year, and went through many changes along the way, it is our opinion that this is a critical time for the real estate profession, and these issues have to be addressed, not only for the sake of real estate appraisers, but for the sake of consumers, and all participants in the financial lending industry”.

A link to the Columbia Society web page which will take you to a link to this White Paper is found here:
Columbia Society of Real Estate Appraisers Inc.

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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.

Superior E&O insurance from the Landy Insurance Agency- click here to apply and receive your policy in about two hours!


Recent Real Estate Reports

Yesterday, Freddie Mac released a report on the impact of rising rents on homeownership.  It reported that while 38% of those who have rented for two years or more have experienced increases in rents 70% would like to buy a home but cannot afford to do so.  Rents increased nationally by 3.6% last year and are projected to increase by 3.4% this year with the Census Bureau reporting that more than 1/3 of U.S. households are now renters.  The Bureau also reported that all of the net growth in household formation over the past several years was due to renters. 

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Just Released! Appraiser Help’s 2015 Directory of AMCs and National Appraisal Companies is Now Available!

To help appraisers evaluate how AMCs will work for their appraisal practices, we have compiled this expanded directory of over 275 AMCs and National Appraisal Companies, listing complete, contact information and other details for each company.

If you’re looking to maintain or expand your mortgage appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start. Order it today for $79.99 and download it immediately!

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

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends again reported increasing mortgage interest rates last week. 

In their survey on May 14th, Freddie Mac reported that 30-year fixed-rate mortgages rose from 3.80% to 3.85%. They also noted that last year at this time the 30-year rate was at 4.20%. Freddie Mac’s deputy chief economist is quoted in the release as saying:

"Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb. The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected."

The Mortgage Bankers Association (MBA) reported on May 13th (for the week ending May 8th) that 30-year rates with conforming loan balances ($417,500 or less) rose to 4.0% from 3.93%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased from 3.91% to 3.99% while rates for FHA backed mortgages also moved upward, from 3.70% to 3.76%. 

Mortgage applications fell 3.5% from the previous week with the share of refinance applications as a percentage of all applications falling to 51% from 52% last week.  This was the lowest percentage for refinance applications in one year.

FHA mortgage applications constituted 13.8% of all applications (down from 14.0% last week) while VA applications comprised 11.9% of applications, unchanged from the previous week.

On May 15th, HSH.com Market Trends reported that 30-year mortgage rates rose to 4.0% from 3.96% the previous week while rates for FHA-backed mortgages also increased, from 3.74% to 3.75%. These increases brought mortgage rates to their highest point in the past six months.

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

Additional information from HSH can be found by going to: HSH.Com

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Appraiser Help has Released its 2015 Directory of AMC’s and National Appraisal Companies. Click the link above to learn more and to download your copy today!


Ask Angie

Angie would like to congratulate the winners of her last contest: Illinois appraisers Pamela Williams of Williams Appraisal Services and Paul Brose of Freese & Associates, Inc. Williams Appraisal Services covers the Chicago area counties of Cook, DuPage and Will.  Freese also covers these Chicago area counties along with McHenry and Kane.  They were the first to answer correctly that Rudyard Kipling was the author of the quote “God could not be everywhere, and therefore he made mothers”; Oscar Wilde said “All women become like their mothers. That is their tragedy. No man does. That’s his”; and Milton Berle quipped "If evolution really works, how come mothers only have two hands?”

Today’s Questions:

1. Who said: "The Blues? It’s the mother of American music. That’s what is is – the source”.

a) B.B. King
b) Albert King
c) Freddie King
d) None of the above

2. Who said: “The beautiful thing about education is that no one can take it away from you”.

a) B.B. King
b) Albert King
c) Freddie King
d) None of the above

3. Who said: "Everybody wants to go to Heaven, but no one wants to die to get there”.

a) B.B. King
b) Albert King
c) Freddie King
d) 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 2015 Directory of Appraisal Management Companies (Available 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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