4th October 2018

Mortgage Rates Jump for the Fifth Straight Week

PMMS_Chart_20180927

MCLEAN, Va., Sept. 27, 2018 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates in the past week surged to their highest level in over seven years.

Sam Khater, Freddie Mac’s chief economist, says the 30-year fixed-rate mortgage rose for the fifth consecutive week to 4.72 percent – a high not seen since April 28, 2011 (4.78 percent). “The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused mortgage rates to move up,” he said. “Even with these higher borrowing costs, it’s encouraging to see that prospective buyers appear to be having a little more success. With inventory constraints and home prices starting to ease, purchase applications have now trended higher on an annual basis for six straight weeks.”

Added Khater, “Consumer confidence is at an 18-year high, and job gains are holding steady. These two factors should keep demand up in coming months, but at the same time, home shoppers will likely deal with even higher mortgage rates.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.72 percent with an average 0.5 point for the week ending September 27, 2018, up from last week when it averaged 4.65 percent. A year ago at this time, the 30-year FRM averaged 3.83 percent.
  • 15-year FRM this week averaged 4.16 percent with an average 0.5 point, up from last week when it averaged 4.11 percent. A year ago at this time, the 15-year FRM averaged 3.13 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent with an average 0.3 point, up from last week when it averaged 3.92 percent. A year ago at this time, the 5-year ARM averaged 3.20 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.

MEDIA CONTACT: Adam DeSanctis
703-903-2786
Adam_DeSanctis@freddiemac.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/393afe40-c2da-4183-9b1f-bbedda97898c

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3rd October 2018

California Law Eases Intended User Restrictions for Some Appraisals

Image result for california symbolsCalifornia Gov. Jerry Brown on Sept. 29 signed SB 70, legislation that allows the state’s appraisers to name intended users other than a client in a restricted appraisal report.
State-certified real estate appraisers in California are required to comply with the Uniform Standards of Professional Appraisal Practice and therefore cannot provide a restricted appraisal report in situations where it may be shared amongst intended users other than the client or clients who engaged the appraiser. Examples include attorney/adviser, accountant/auditor and a taxing authority.
When SB 70 takes effect Jan. 1, state-certified real estate appraiser in California will be able to produce a restricted appraisal report that identifies one or more intended users in addition to the client. The appraiser must first obtain the client’s consent, and the intended use of the appraisal cannot be for A) a mortgage lending transaction engaged by a federally regulated bank, B) the purchase or refinance of a residential dwelling of one to four units or C) a broker investment transaction, where users may not be well enough versed in the subject matter to properly understand information contained in a restricted appraisal report.
Additionally, appraisers producing a restricted appraisal report that names multiple intended users must clearly identify all users and state that the opinions and conclusions set forth in the report may not be properly understood without additional information in the appraiser’s work file. It also must be stated that there may be assumptions in the restricted appraisal report that the appraiser has not verified and that could impact the appraised value of the subject property.
The law likely will most benefit appraisers engaged for tax appeals, financial reporting and estate and tax — the types of assignments where users of the appraisal services are informed enough to understand a restricted appraisal report but do not need all the information and analysis required for an appraisal report.
The Appraisal Institute sees SB 70 as a commonsense measure that allows appraisers to better meet client needs and to compete with unlicensed service providers who are not subject to the same limitations to appraisal report provisions. It also might encourage more real estate valuation professionals to become state certified since the scope of services they can provide will no longer be arbitrarily restricted.
The provisions in SB 70 will expire Jan. 1, 2020 unless further extended by the California legislature.
The legislation was sponsored by Sen. Patricia Bates (R-Laguna Niguel) and strongly supported by the Appraisal Institute’s California Government Relations Committee, which consists of the state’s five AI chapters.
https://www.appraisalinstitute.org/ano/california-law-eases-intended-user-restrictions-for-some-appraisals-/

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8th May 2018

FHFA Working Paper Compares AMC, Non-AMC Appraisals

The FHFA has released a new paper, authored by Jessica Shui and Shriya Murthy, that examines how appraisals conducted by appraisal management companies compare to those conducted by lenders themselves. What’s the verdict? According to the FHFA paper, “the results indicate no clear evidence of any systematic quality differences between appraisals associated and unassociated with AMCs.” In other words, the FHFA data suggests that the appraisal results provided by AMCs are statistically very similar to those provided by lenders working without a middleman. …continue reading the rest of this post: FHFA Working Paper Compares AMC, Non-AMC Appraisals

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7th May 2018

The Appraisal Subcommittee Denies Bank’s Request for Appraisal Waiver

The Appraisal Subcommittee unanimously rejected a temporary waiver request from TriStar Bank of Dickson, Tennessee, during a special meeting April 23 in Washington. The Appraisal Institute led industry efforts opposing the bank’s request for a waiver of certification requirements, which would have allowed appraisals to be completed by non-certified appraisers. …continue reading the rest of this post: The Appraisal Subcommittee Denies Bank’s Request for Appraisal Waiver

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5th May 2018

Appraisals are not required for commercial real estate transactions from $250,000 to $500,000

Federal Agencies Approve Rule Doubling Appraisal Threshold for CRE

The Federal Deposit Insurance Corporation on March 20 approved a final rule that will double the appraisal threshold for commercial real estate transactions. The Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System are expected to adopt the rule soon.

The federal banking regulatory agencies maintained the $250,000 threshold level for one- to four-unit single family residential loans. They also maintained the $1 million threshold level for business (owner occupied commercial real estate) loans. …continue reading the rest of this post: Appraisals are not required for commercial real estate transactions from $250,000 to $500,000

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1st May 2018

Transitioning Into Non-Lender Work

Seasoned appraiser Philip G. Spool discusses the differences between working for AMCs and lenders compared to working for non-lenders.

Editor’s Note: The current edition of Working RE is in the mail. OREP E&O insureds enjoy it free!

Transitioning Into Non-Lender Work

By Phil Spool, ASA

I am fortunate that all of my appraisal work is for non-lenders. I gave up assignments for lenders around 10 years ago and have never looked back. I would say the bulk of my appraisal assignments are from sellers, buyers, Realtors®, attorneys (usually for litigation) and accountants (usually for estate planning).

…continue reading the rest of this post: Transitioning Into Non-Lender Work

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30th April 2018

AI Releases 2017 Annual Report

AI Releases 2017 Annual Report
The Appraisal Institute on April 18 announced that its 2017 Annual Report is now available. The report highlights AI’s accomplishments during the previous year in education, professional services, international activities, government relations, meetings, financial performance, professional practice and other areas.

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23rd April 2018

Appraiser Qualifications Board (AQB) will hold a Public Meeting on May 4, 2018

Appraiser Qualifications Board

Public Meeting

Seattle, WA – May 4, 2018

9:00 am – 12:00 pm PDT

The Appraiser Qualifications Board (AQB) will hold a Public Meeting on May 4, 2018, in Seattle, WA. The meeting will focus on implementation of changes to the Real Property Appraiser Qualification Criteria that were adopted on February 1, 2018, and become effective May 1, 2018. All are encouraged to attend the meeting in person or watch remotely via live stream.

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23rd April 2018

Immediate need for appraisers in Ohio and Texas

 

A NEW ERA OF STAFF APPRAISING 

At Mueller Reports, our mission is clear: deliver the most reliable information with the best possible time service. Since 1980, Mueller Reports has been providing industry leading data collection and business intelligence solutions for insurance carriers and financial institutions by delivering the highest quality, customer service and technology to our clients. We are a growing company presently seeking motivated, talented individuals to complement this vision throughout the United States.

ABOUT OUR OPPORTUNITY  …continue reading the rest of this post: Immediate need for appraisers in Ohio and Texas

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20th April 2018

CoreLogic buys a la mode

CoreLogic, a property information, analytics and data-enabled services provider, announced Thursday that it acquired a la mode technologies.

a la mode provides subscription based software solutions to more than 40,000 appraiser professionals across the U.S. The software solutions provided by the company facilitate the aggregation of data, imagery and photographs in a GSE-compliant format for the completion of residential appraisals. …continue reading the rest of this post: CoreLogic buys a la mode

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