Here is to an epic 2019! 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… But with 2019 I have noticed a HUGE slowdown. Appraisers are calling me all the time asking where the work has gone… If you are in need of work, please watch this video and make sure you sign up to my Appraiser Marketing System!
Residential Realities Home price growth is slowing, housing inventories are tight, and a market correction is possible. And while appraisers working in the residential real estate sector say these trends can apply throughout the U.S., they note the reality is more nuanced: Each market essentially is local and has its own dynamics.
Better Together? The backbone of the valuation profession historically has been small, local shops run by hardworking entrepreneurs. Recently, the profession has moved in a different direction as a wave of consolidation has created larger industry players. Strong Vital Signs Health care is one of the hottest real estate sectors right now, but in terms of valuation, it’s also one of the most complex. Aging baby boomers and an increase in the number of insured individuals are among the drivers pushing demand for new health care facilities.
Also read our newest columns: On Point: Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS, on how AI supports its nearly 80 chapters through events, education and administrative backing. Legal Matters: Mistakes happen, but which ones will get an appraiser sued? An analysis of past claims reveals the top risks. Front Lines: Warren B. Boizot III, SRA, on how the popularity of short-term vacation rentals is bringing new challenges for appraisers.Read all that and more in the
Wayne Miller, Chair of the Appraisal Standards Board, and John Brenan, Vice President Appraisal Issues at The Appraisal Foundation, will discuss how the adopted changes for the 2020-21 edition of USPAP balance appraiser flexibility while still protecting the public trust.Wayne and John will also answer your questions and comments.Send your questions to email@example.com.
WEBINARUSPAP Updates Explained May 22, 2019 1:00 PM ET Register
Comment Now!AQB Discussion Draft on PAREAThe AQB wants to hear from you! The comment deadline for the Discussion Draft on the Practical Applications of Real Estate Appraisal is June 2, 2019.To review the Draft, click here. Send your comments to: AQBcomments@appraisalfoundation.org.
Historically, purchase mortgages have performed better than refinance mortgages, or “refis,” defaulting less often. But changes made in response to widespread appraisal bias during the crisis have improved the industry’s risk assessment and management abilities overall and, accordingly, have decreased the expected default rate on all mortgages.
We looked at the data and concluded that these improvements have reduced the difference in how purchase and refi mortgages perform. And while the models used in FHA, Fannie and Freddie underwriting systems are not public, our results suggest an update may be in order.
Reducing appraisal bias
The pervasive belief that appraisal bias, especially towards no-transaction refinances, was a significant contributor to the great financial crisis lead to a significant re-evaluation of the appraisal process after the crisis. Appraisals undergo much greater scrutiny today, and the GSEs commonly check these numbers against values generated from automated valuation models (AVMs). AVMs use mathematical modeling, drawing on a huge database of recent transactions, complete with property characteristics, to generate an estimated sales prices.
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JPMorgan Chase CEO Jamie Dimon told shareholders this week that the U.S. housing finance system is “desperately” in need of reform, and claimed that the housing market’s status quo of the last several years left at least $1 trillion in mortgages on the table.
Dimon made those claims in his yearly letter to shareholders, where he comments on both the bank and the country’s overall financial picture.
Dimon is no stranger to using these letters to call for sweeping reforms. Two years ago, Dimon said that if certain mortgage lending and servicing reforms were put in place, there could be an increase of $300 billion in originations per year. The year before that, Dimon claimed that originating mortgages was basically a losing proposition for the bank, but said that Chase continued to lend for the good of its customers.
One year ago this week, I was in Montgomery County, Tennessee to break ground for a new data center in Clarksville. It was clear from the excitement at the event that the jobs and economic investment meant a great deal to the community. I’ve seen that same optimism in communities around the country that are helping to power our digital economy. And I’m proud to say that our U.S. footprint is growing rapidly: In the last year, we’ve hired more than 10,000 people in the U.S. and made over $9 billion in investments. Our expansion across the U.S. has been crucial to finding great new talent, improving the services that people use every day, and investing in our business.
Today we’re announcing over $13 billion in investments throughout 2019 in data centers and offices across the U.S., with major expansions in 14 states. These new investments will give us the capacity to hire tens of thousands of employees, and enable the creation of more than 10,000 new construction jobs in Nebraska, Nevada, Ohio, Texas, Oklahoma, South Carolina and Virginia. With this new investment, Google will now have a home in 24 total states, including data centers in 13 communities. 2019 marks the second year in a row we’ll be growing faster outside of the Bay Area than in it.
A federal appeals court sided with Zillow in a long-running lawsuit over the accuracy and marketing of the real estate giant’s controversial Zestimate tool.
A group of homeowners in Illinois sued Zillow in 2017, alleging that the Zestimate tool is often inaccurate and difficult to get changed, and that Zillow markets it as roughly equivalent to an appraisal. The homeowners argued that the tool undervalued their homes and made it harder for them to sell.
The homeowners appealed the case last year after their claims were twicedismissed. In a brief opinion, The U.S. Seventh Circuit Court of Appeals ultimately agreed with the judges’ prior rulings.
The court found that Zillow is honest about labeling Zestimate as only an estimate, not an appraisal. The process is most accurate “when errors are not biased to favor sellers or buyers,” so Zillow shouldn’t have to change Zestimate values when they come in lower than what homeowners expect, Judge Frank Easterbrook wrote in the opinion.
MCLEAN, Va., March 21, 2019 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates dropped with the beginning of spring homebuying season.
Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.”
30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.4 point for the week ending March 21, 2019, down from last week when it averaged 4.31 percent. A year ago at this time, the 30-year FRM averaged 4.45 percent.
15-year FRM this week averaged 3.71 percent with an average 0.4 point, down from last week when it averaged 3.76 percent. A year ago at this time, the 15-year FRM averaged 3.91 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.
posted in Appraiser News | Comments Off on Mortgage Rates Drop to Yearly Lows, Suggest Strong Spring Homebuying: Freddie Mac
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2019 Appraisal Management Company Directory and additional chapters on recession proofing your appraisal business, getting more estate appraisal requests and search engine marketing.
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