On the good guys’ side in the AVM debate

on May 11, 2004

Three weeks ago we told you about Fitch Ratings, an investment risk assessment firm, deciding to discount the value of residential mortgage backed securities in soft or weak markets where anything less than a full appraisal was used to value the collateral.  The move has generated quite a bit of publicity for the appraisers vs.  […]

a la mode Announces Orlando, Florida Regional Sales and Training Office

on May 6, 2004

OKLAHOMA CITY, OK — a la mode, inc., the largest provider of software and technology to the real estate appraisal profession, announced today that it has begun construction of its first regional sales and training office in Orlando, Florida.  The company indicated that the 5,000 square foot facility should be open in early September. Equipped […]

Creative financing and seller assisted down payments also pump up values

on May 4, 2004

We promised last week we’d continue our look at factors which may be artificially inflating property values.  A more widespread and systemic factor may be seller concessions and other creative financing, and seller assisted down payments.  Many of you wrote in last week to agree. One appraiser wrote: “A prime example would be a $200,000 […]

How “rugged” do you need to be?

on April 28, 2004

The first Gulf War brought us, among other things, the Hummer urban assault – er, utility vehicle.  By some accounts, the war and occupation of Iraq this time around are going to bring us the “rugged notebook” computer.  Sounds very manly!  But do you need one? A “rugged notebook,” produced and sold principally by companies […]

Marriage of mortgage, realty services continues

on April 21, 2004

Countrywide Home Loans, a top-three mortgage originator with designs on the top spot, has announced separate joint ventures with nine different real estate brokerages in 2004. Most recently, Countrywide announced it had lined up with Coldwell Banker Wachholz & Company in Montana to form Granite Peak Mortgage Services.  The mortgage services venture will work closely […]

Beginning of the end for AVMs

on April 20, 2004

Fitch Ratings doesn’t like AVMs. Neither do we and probably neither do you, but when Fitch Ratings speaks, things happen. Here’s an example.  The mortgage lending industry has been lobbying for years now for a federal predatory lending law.  The stated reason is that it costs too much (and this is passed on to borrowers) […]

A new mortgage boom

on April 13, 2004

Mortgage brokers’ boom has busted, read a headline the April 10 edition of the Dallas Morning News. The premise of the story was that abating refinance activity was squeezing new brokers out of the profession, and slowing entry into the arena, so lucrative for two-plus years, to a trickle. They didn’t ask us.  We could […]

I think I’ll stick with Appraiser XSites, thanks

on April 6, 2004

We went shopping for websites for this edition of thee-Newsletter.  Our Agent XSites for real estate agents and brand new Mortgage XSites have gotten some buzz lately but what about Appraiser XSites, the granddaddy of them all? You can get an Appraiser XSite for $449, with a 100-day money back guarantee (like with everything we […]

Avoid fraud by treating E&O insurance for what it is: a serious investment

on March 30, 2004

State insurance commissions, consumer groups and professional organizations offer advice on how to avoid being taken to the cleaners on your E&O insurance.  Some of the most often cited tips: Check and see if the agent you’re dealing with, and the insurance company, are licensed to do business in your state. Your state’s department of […]

Appraisal management company taking over AI Direct Connection business

on March 16, 2004

Property Solutions Network, Inc., which was doing business as AI Direct Connection, is winding down operations as a result of a change in business plan, officials for Real Estate Appraisal Services, Inc. (REAS) and the Appraisal Institute told AI Direct Connection appraisers.  The book of business built through AI Direct Connection is being picked up […]