25th March 2011

Welcome to Appraiser Income

Here is to an epic 2018!  Time to get back in to marketing your business and stop relying on AMC work!

Since 2015 I have been slammed with too much work…   It is crazy how things have changed in recent years. When I made this video in 2014 the work seemed to be drying up.  Is this going to happen again soon?  If you are in need of work, please watch this video and make sure you sign up to my Appraiser Marketing System!

If you would like to know a little bit more about me and why I write this blog, please visit this post A little about me – Bryan Knowlton

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19th February 2019

Mortgage rates are predicted to rise to 5.5%

Although several housing market experts anticipate the market slowing down in 2019, LendingTree believes that there is no cause for alarm.

In its 2019 forecast, LendingTree predicts slower sales will give rise to an increase of inventory, which could benefit lenders and homeowners.  

“The medium- and long-term prospects for housing are good because demographics are going to continue to support demand,” LendingTree Chief Economist Tendayi Kapfidze writes. “With a slower price appreciation, incomes have a chance to catch up. With slower sales, inventory has an opportunity to normalize. A slowdown in 2019 creates a healthier housing market going forward.”

This should be welcomed news to a market that is already grappling with concerns of affordability and inventory.

…continue reading the rest of this post: Mortgage rates are predicted to rise to 5.5%

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16th February 2019

Unconventional loans surge in 2018: Housing trouble ahead?

Homebuyers are increasingly opting for nontraditional mortgages – Opens a New Window.which helped precipitate the housing crisis about one decade ago – potentially foreshadowing trouble as high prices continue to weigh on housing affordability.

Throughout the first three quarters of last year, unconventional mortgages – those that don’t require borrowers to show typical income or other asset verifying documentation – rose 24 percent to $34 billion, according to data from Inside Mortgage Finance, as reported by The Wall Street Journal. While unconventional mortgages accounted for just 3 percent of overall originations during that period – traditional mortgage loans declined.

Unconventional mortgages are intended to help people with unusual circumstances, such as no consistent salary, get a home loan. However, they are considered more risky because they require borrowers to show less, or even no, documentation – which can lead to deceitful practices. These loans can allow borrowers or lenders to overstate assets to help secure a larger mortgage. A scenario whereby borrowers secured larger mortgages than their means allowed for partially precipitated the 2007 financial crisis

…continue reading the rest of this post: Unconventional loans surge in 2018: Housing trouble ahead?

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14th February 2019

October Research 2019 State of the Industry

If 2018 was the year of change, then 2019 might be shaping up to be the year of transition. Experts across the country discuss housing market shifts, what that means for your business, and what you can expect in the year ahead in October Research LLC’s

 State of the Industry special report.

Thanks to sponsor, Qualia, the report is available as a free download.

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12th February 2019

Gov Appraiser Job in SAVANNAH, GA

Vacancy No.SCGW193689543179EHADepartmentU.S. Army Corps of Engineers
Salary$73,375.00 to $95,388.00Grade12 to 12
Perm/TempPermanentFT/PTFull-time
Open Date2/12/2019Close Date2/12/2019
Job LinkApply OnlineWho may applyPublic
Locations:
SAVANNAH, GA
…continue reading the rest of this post: Gov Appraiser Job in SAVANNAH, GA

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30th January 2019

Will The Economy Crash In 2019?

Bill ConerlyContributorLeadership StrategyI connect the dots between the economy … and business!

GDP decline in recessionsDR. BILL CONERLY BASED ON DATA FROM NATIONAL BUREAU OF ECONOMIC RESEARCH AND BUREAU OF ECONOMIC ANALYSIS

Don’t expect the economy to crash in 2019, but be prepared for a possible recession.

Plenty of people are asking about the chance of a crash, which I interpret as a pretty severe recession, like 2008-09. The primary trigger of a full-blown crash would be a financial crisis, when many companies, consumers and other entities have borrowed short to fund long-term assets which start looking dodgy. I don’t think that’s in the cards.

Household finances are improving. Over the last four quarters, their real estate equity is up 10.0%, financial assets up 8.0%, debt up only 3.4%, for a gain in net worth of 8.2%, based on Federal Reserve data.

…continue reading the rest of this post: Will The Economy Crash In 2019?

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24th January 2019

Will new FICO model be key to increasing homeownership?

FICO announced its new credit score model earlier this week, but will it revolutionize the lending industry, or fall through the cracks?

While time may be the only true way to tell the answer to that question, HousingWire spoke to FICO executives in order to determine the vision and capabilities of the new model, UltraFICO.

As we previously reported, UltraFICO has the potential to increase the FICO score for millions of consumers, that is, if they opt in. The new model depends on consumers to “build their own credit score,” and give permission for access to their bank records.

Once this permission is given, FICO, Experian and Finicity team up to provide a score that looks not just at the applicant’s credit file, but also how they manage their personal finances.

FICO explained that this could be a tool to increase homeownership by boosting the score of applicants with thin files, those who have previous marks against them but are working to improve their score or even those who are credit invisible (consumers who have no credit file whatsoever.)

…continue reading the rest of this post: Will new FICO model be key to increasing homeownership?

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19th January 2019

Clearbox Third Party Oversight Warning to appraisers

A few weeks ago, we cautioned both lenders and appraisers that with decreased volume, AMCs would be under financial stress. In spite of regulatory guidance to the contrary, lenders still believed they could outsource all risk to their third parties. The guidance has been clear: the use of third parties actually increases risk, not decreases it.

Just for a refresher, here is the OCC Bulletin that can be used as the basis for writing your policies. 

It would appear that the mere act of AMC registration at the state level has created a class of AMCs that, in some cases, are not real businesses. Minimum AMC requirements to register has proffered an air of legitimacy. And when States don’t audit for fundamental business activities, the public trust is violated.

The next 12 months are going to be messy.

Consumers are going to be trapped in many instances where appraisers will refuse to deliver reports based on past due invoices. Appraisers will be stuck once again for lack of third party oversight, mostly by nonbank lenders, and will be left with millions of dollars in unpaid invoices. Lenders lacking in basic understanding of compliance will find themselves at the center of the wrath of the blogosphere. That is headline risk. Tangible losses will occur when appraisers file complaints with state lending regulators against the lenders and also seek judgments in their local courts. My advice to lenders is to get out early on these issues and pay appraisers promptly.

Appraisers are in a very tough position. It is extremely difficult for appraisers to be in a position to properly vet the AMCs with whom they have no prior history. Proceed with caution. Look at the type of clients the AMC has, how long they have been in business, their payment history with others, and the terms and conditions of their payment schedules.

Be careful, folks.

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17th January 2019

Shutdown May Have Contributed to Sharp Drop in Mortgage Applications

Mortgage application volume fell nearly 10% during the final two weeks of 2018, despite the fact that mortgage rates continued to fall.

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, total application volume decreased 9.8% on a seasonally adjusted basis during the two-week period ended December 28.

Applications for refinances fell 12% while applications for purchases decreased 8%.

On an unadjusted basis, total volume decreased 46%. Applications for purchases decreased 46% on an unadjusted basis and were down 6% compared with the same two-week period one year earlier.

The average rate for a 30-year fixed-rate mortgage fell to 4.84%, down from 4.86%.

“Mortgage applications fell over the past two weeks – even as the 30-year fixed-rate mortgage decreased to 4.84 percent, its lowest since September 2018,” says Joel Kan, associate vice president of economic and industry forecasting for the MBA, in a statement. “Investors continued to show a preference for safer U.S. Treasuries, as concerns over U.S. and global economic growth, along with uncertainty over the current government shutdown, drove rates lower.

“Even with lower borrowing costs, both purchase and refinance applications decreased over the two-week holiday period, as both conventional and government applications dropped,” he adds. “Part of the decline in mortgage applications was possibly because of the government shutdown, as concerns over delays in FHA application processing times likely contributed to the weakness in activity.” 

The refinance share of mortgage activity fell to 42.7% of total applications.

The adjustable-rate mortgage (ARM) share of activity remained unchanged at 7.6%.

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15th January 2019

Please send comments regarding lowering appraisal threshold before 02/05/19

I urge you to send in comments to the government agencies that are considering lowering the appraisal threshold. This will get rid of 90% of current appraisal needs.  Talk about an industry killer.

You only have until 02/05/2019

Below is an article from the appraisal institute, I have added all the email addresses to the bottom of this post.
The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve on Nov. 20 released a proposal to increase the threshold at which residential home loans require an appraisal to $400,000 from $250,000.
The rule would not apply to loans wholly or partially insured or guaranteed by, or eligible for sale to, a government agency or government-sponsored enterprise.
“The Appraisal Institute strongly objects to the FDIC’s proposal to raise residential appraisal thresholds,” said 2018 AI President James L. Murrett, MAI, SRA. “Congress just considered establishing a residential appraisal exemption and instead chose to enact a vastly different allowance involving appraisers in rural areas. This proposed rulemaking flies in the face of this action, and recreates the same type of environment that led to the housing crisis.
“By increasing the residential appraisal threshold from $250,000 to $400,000, FDIC would threaten the vital role that appraisers play in real estate transactions” said Murrett. “This action would undermine the crucial risk mitigation services that appraisers provide clients and users of appraisal services.
Murrett noted, “Raising the threshold means more evaluations will be allowed in place of appraisals. “The Appraisal Institute anticipates that will result in a return to the loan production-driven environment seen during the leadup to the financial crisis, where appraisal and risk management were thrust aside to make more – not better – loans. Apparently, the FDIC has learned nothing from that experience.
“Reducing regulations may seem to make sense initially, but the FDIC’s announcement raises significant safety and soundness concerns that the Appraisal Institute finds deeply disturbing,” Murrett said.
~ Note from Bryan @ Appraiser Income, we need to get involved, please send emails!!!!! I have included the emails below:
Please send comments:
ADDRESSES: Interested parties are encouraged to submit written comments jointly to all of the agencies. Commenters should use the title “Real Estate Appraisals” to facilitate the organization and distribution of comments among the agencies. Interested parties are invited to
submit written comments to:
Office of the Comptroller of the Currency: You may submit comments to the OCC by any of the methods set forth below. Commenters are encouraged to submit comments through the Federal eRulemaking Portal or e-mail, if possible. Please use the title “Real Estate Appraisals” to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods:
  • E-mail: regs.comments@occ.treas.gov.  Include in subject line: “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals”
  • E-mail: regs.comments@federalreserve.gov. Include in subject line: “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals”
  • E-mail: Comments@FDIC.gov. Include in subject line: “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals”
you can cut and paste all of them below:
regs.comments@occ.treas.gov,regs.comments@federalreserve.gov,Comments@FDIC.gov

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13th January 2019

Hopefully Lower Rates will bring more appraisal orders!

Supporting Materials:Primary Mortgage Market Survey®PDF Version

MCLEAN, Va., Jan. 03, 2019 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the new year started with lower rates across the board. 

Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy. However, it will be interesting to see how the recent turmoil in the stock market will affect homebuying activity in the coming months.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.5 point for the week ending January 3, 2019, down from last week when it averaged 4.55 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent. 
  • 15-year FRM this week averaged 3.99 percent with an average 0.4 point, down from last week when it averaged 4.01 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.98 percent with an average 0.2 point, down from last week when it averaged 4.00 percent. A year ago at this time, the 5-year ARM averaged 3.45 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

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