“Human beings, by changing the inner attitudes of their minds, can change the outer aspects of their lives.”
-William James: Was a philosopher and psychologist
REALTORS:
REALTOR ONLY CALL WITH RICK RUBY’S PARTNER – REETA CASEY
Bring your lunch and join us for an exclusive conference call with Reeta Casey
TOPIC: “Expand Your Prospecting”
(Also: Happy Hours, Expired’s, Open Houses, and Questions/Answers (please prepare questions for Reeta)
WHERE: 2175 N. California Blvd, Ste. 315. Walnut Creek, CA 94596 (Conference Room – 3rd Floor)
WHEN: Wednesday August 3rd, 2011
TIME: 12:00 pm – 1:00 pm (please arrive at 11:30 am)
RSVP Today with Sherrell
Phone: 925-296-3840 or E-mail: sayers@rpm-mtg.com (Due To Limited Seating You MUST RSVP)
BIG CHANGES COMING FOR APPRAISALS. WHAT RPM HAS DONE TO KEEP YOU AHEAD OF THE COMPETITION
RPM owns and operates its appraisal services, it’s known as ASI (Appraisal Services, Inc.). Many changes have occurred in the appraisal industry over the last two years with even more to come.
Starting September 1, the way appraisers report their findings and the way they deliver a report will change. UAD stands for Uniform Appraisal Dataset which is the first part in a series of changes for how the overall loan is delivered to the GSE’s. They are doing this to make the appraisals more standardized as to what an appraiser might consider good condition in Texas is vastly different than what an appraiser in Connecticut might think. There are a total of 72 additions to the form with 60 being mandatory and 12 being optional. Phrases like neutral, beneficial and adverse will become standard. Very Good, Good and Average will be replaced in condition and quality fields with a 1 through 6 rating with 1 being exceptional and 6 being horrible. ASI has completed courses, seminars and webinars to help educate the appraisers on these changes, assist the underwriters, and to answer your questions when you see the new forms. Appraisals will also have to be delivered in both a PDF and XML format.
Some of the important changes are:
1) FHA and VA are also using the UAD reports but not the delivery method
2) Appraisals MUST be sent to the GSE’s before the loan for conventional and jumbo loans (Not FHA or VA)
3) If the lender orders a field review that review is sent with the loan and not the original appraisal
4) If an appraisal is sent to the GSE’s in the new format incorrectly it will be kicked out and deemed unacceptable
5) GSE’s wont accept a C5 or a C6 rating for condition
6) Any C6 issue makes the whole property a C6 rating unless subject to repair
Make no mistake these are major changes in the appraisal world in both reporting and technology. As a Realtor who uses Zackry Cooper you will have a huge advantage over your competition because we are working on ways to streamline it, and guarantee the reports acceptance into the GSE system.
Here is a link to a webinar if you would like to familiarize yourself with the changes. Click Here
TO SAVE HOME VALUES, BILL ASKS BANKS TO RENT FORECLOSURES
As a glut of foreclosures on the market weighs down home values across the country, a bipartisan bill introduced this week in the House proposes a solution to reducing the high inventories: Rent the properties out.
The proposed bill, Neighborhood Preservation Act of 2011 (H.R. 2636), calls on banks and the government-sponsored enterprises–Fannie Mae and Freddie Mac–to start renting out some of their foreclosed properties to reduce REO sales and “stabilize home values and restore confidence in the housing markets.”
The bill would authorize federally chartered institutions to enter into a long-term lease–for up to five years–with the occupant of the property or with another person, and then at the end of the agreement provide an option to buy the home to the tenant.
The bill could allow delinquent borrowers to remain in their homes but they would have to agree to pay rent and still sign over the deed to the bank or GSE, National Mortgage News reports.
According to the bill, this would allow the foreclosed property to remain occupied during the still-sluggish housing market and “preserve the property itself as well as the aesthetic and economic values of neighboring homes and even whole neighborhoods.”
“As Americans across the country are affected by this unrelenting foreclosure crisis, it is imperative that Congress address this issue,” Congressman Gary Miller, R-Calif., who introduced the bill, said in a statement.
Coops Coffee 