It's Official: New Conventional Guidelines for Ordering Appraisals

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Fannie and Freddie have finally announced (I’m sure to no one’s surprise) the acceptance of OFHEO’s Home Valuation Code of Conduct which bans communication between a loan originator/mortgage broker and the appraiser for conventional 1-4 single-unit family homes.   Appraisals must be ordered through a third party clearing-house of sorts.   I picture this being similar to ordering a VA appraisal, which is not a pleasant process.  

Here’s an example from the Home Valuation Code of Conduct of what will no longer be allowed:

  • requesting that an appraiser provide an estimated…valuation in an appraisal report prior to the completion of the appraisal report or requesting that an appraiser provide estimated values any any time….
  • providing to an appraiser an…estimated…value for a subject property or a proposed or target amount to be loaned to the borrower, except for a copy of purchase and sale agreement.
  • ordering…a second appraisal…in connection with a mortgage financing transaction unless there is reasonable basis to believe the initial appraisal was flawed….

Lack of competition is generally bad for the consumer.  And I see this slowing the process down and possible increasing costs…where is the incentive to be effecient or competitive?  Who will pay the third party clearing house?

This is technincally effective on May 1, 2009; however, lenders are all ready implementing the new code.   This is still very new and we’ll have to see in the weeks ahead how this all works out.

Government Intervention in Foreclosure

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This is Part Four of a series of articles on foreclosures.
This article does not constitute legal advice.
Foreclosure laws vary from state to state.
Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral.  Reduced or free legal aid may be available in some states. Ask for a referral from your state Bar Association or through a LOCAL HUD-Approved Housing Counseling Agency.

In this article we will address current government intervention as well as discuss possible future intervention programs. For other preventative measures, check out the other parts of this series:

Part one: Foreclosure; Losing the American Dream
Part two: Options for Homeowners Facing Foreclosure
Part three: Loan Modifications
Part four: Government Intervention in Foreclosure
Part five: Foreclosure; Letting Go and Rebuilding

Current government intervention in the foreclosure process has taken many forms. Some states such as California, Florida, New York, New Jersey, Massachusetts, Philadelphia, and Illinois have discussed, proposed, or passed legislation in favor of a foreclosure moratorium.  In order to avoid state mandates, some companies placed a temporary halt on foreclosures over the holidays. These companies include Indymac, Countrywide, WAMU, and loans held in the Fannie/Freddie portfolios.  Recall that during the real estate bubble run-up, government backed loans fell out of favor. Many subprime loans are held by lender/servicers in pools of mortgage backed securities. The foreclosure moratorium didn’t reach those homeowners.

State moratoriums give homeowners more time to possibly refinance into a Hope for Homeowners loan or complete a short sale and the moratorium also gives banks more time to get caught up on all the backlog of foreclosure paperwork. 

Financial Economics Analyst Edward Vincent Murphy, in his Sept 12, 2008 report “Economic Analysis of a Mortgage Foreclosure Moratorium,

Start 2009 by recognizing the unrecognized

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Rhonda has a post over at her Blog regarding the low interest rate environment that prevails today.  Rates under 5% are hard to believe even for very seasoned agents, loan officers and those in the title and escrow profession.

The last three weeks have been remarkable and quite frankly Lynlee and I, and I presume many others in lending and title/escrow business, have had little time to breath under the refinance work that came in during December and the Holiday Season.  I’m not complaining about work but, only speaking for myself, it was an incredibly difficult (and continues) period because 2008 was the Christmas that really never was.   It is the downside of being in the escrow business.  Your time.

Lynlee and I worked numerous nights into the wee hours at the office.  On the 23rd, we worked until nearly midnight to get funding packages ready for overnight delivery to lenders after a full day work and scrambled for loan officers and agents to get borrowers signed from Tacoma to Bellevue to Everett.  Oh, did I mention the snow?  It wreaked havoc on FedEx and UPS overnight deliveries for payoff checks and loan documents to lenders all across the country.  Some documents are seemingly lost forever, others just arriving this week.

I had to chain up for days to get to get out of my driveway and the hill I live on to get to the office, only to take them off once on the freeways, only to put them back on to get to clients homes in the hills of Bellevue and Tacoma and beyond.

The stories are plentiful of owners of other businesses such as mortgage brokers and title offices who had to pick up staff such as underwriters, processors, funders among others to get them into the office to work on transactions so that loan officer and agents transactions closed on time.

One late evening on my way home I dropped off documents and closing Settlement Statements to a local lender, only to peer into the lower level windows and see funding staff working on files while it snowed hard outside.  Glanced at my watch…9pm.  Didn’t we receive funding conditions from these gals via e-mail at what time????  Oh yes, it was 5:30 AM !   Still there at 9pm.

Who is going to say “thank you,” to those two ladies and all the others that work behind the scenes to make your transactions go without a hitch, while sacrificing time lost with family during the Holidays.

I did.  How about you?

To all the Title Officers, escrow officers, processors (big thanks to them), underwriters (unbelievably slammed), funding depts. and other support staff—those who are never in the limelight, don’t have sales awards or other platitudes adoring their offices, but come with their work ethic, lunch pail and get the job done, all the while wondering about the economy, how prior co-workers are coping with layoffs etc.. ……………..you deserve a great big “Thanks.”

– Tim & Lynlee, Legacy Escrow

Paradigm Shift: Changing the Human Experience

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What will be the tipping point that creates the paradigm shift that is needed in the Real Estate Industry? 

To begin, I would like to quote a small portion of “Productive Workplaces Revisited” noted in the second link above.  “He put into…context, the age old struggle between authority and dependency”…In so doing he found an audience hungry to find alternatives to bureaucracy, authoritarianism, alienation…not simple ideology…an expression of life’s purpose – affirming diginity in every person, finding meaning in valued work, achieving community through mutual support and accomplishment.”

The above is from a book titled “PRODUCTIVE WORKPLACES REVISITED” – Dignity, Meaning and Community in the 21st Century” by Marvin Weisbord in 1987.  That link provides information regarding Mr. Weisbord’s many books.  For the purpose of this blog post, I am simply borrowing the above excerpt which I have modified to fit most any Real Estate Office in the Country, and a movement that is afoot.

The Paradigm Shift is also referred to as “A Mental Revolution” elsewhere in that publication, (use the search feature and put in paradigm shift for more info on that.)

The problem as I see it, in the structure of the Real Estate Industry, may simply be the old “Too many chiefs and not enough Indians”.  What the Real Estate Industry, and every Real Estate Company in the Industry, and every Real Estate Office in every Real Estate Company, has not answered correctly is quite simply this:

WHO IS THE CUSTOMER?

In most realities, the customer of the Brokerage is the Agent.  That is something that most buyers and sellers of real estate do not get to see.  The inside of a real estate office is about the customer…the customer being the Agent.  The Agent is paying the Broker.  The Broker cannot survive unless it adequately serves its customers…the agents, not the buyers and sellers of homes.

Take a look at the photo below:

Meeting of Professionals

Meeting of Professionals

If the people gathered around that table were Doctors, you might hear talk such as: “I have a patient…I have tried this and that…has anyone had a similar… Yes, I have found X to work for many of my patients, here is a study on X I found the other day…”  The talk around that table, would be about better treatment for the patient.

If the people gathered around that table were lawyers and paralegals, you might hear talk such as “I have a case where the defendent is…I haven’t found adequate support for this client’s…. Try X vs. X, I’ll go get it for you.  Is there any other way we might tackle this in Court to show that our client…”  The talk around that table, would be about helping this client win this case.”

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Rarely, if ever, do you find a room full of real estate agents discussing ways to find a better answer for a particular buyer or seller. 

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The reality is that most times a Broker will set up meetings that help agents sell more houses.  Rarely is the discussion about the buyers and sellers of homes.  If an agent has a problem selling a home, then agents will filter ideas that ultimately do help the seller.  But when the client/customer is a buyer, the conversation all too often revolves around helping the agent “sell a house TO” that buyer.

There are many discussions with regard to “Real Estate ProfessIonals“.  Some of us equate ourselves to doctors and lawyers.  Many more view themselves as (merely) salespeople, and then complain when “real estate agent” comes up on a list next to “used car salesman” on consumer confidence and trust lists.

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The Tipping Point that will create the needed Paradigm Shift is A Mental Revolution with this Call to Arms:

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TO BROKERS:

1) TAKE DOWN ALL OF THE “SALES” BOARDS AND STOP HAVING SALES CONTESTS.

2) STOP TALKING ABOUT “MORE LEADS” AND INSTEAD ASK YOUR AGENTS IF THEY NEED ANY HELP MEETING THE NEEDS OF THEIR EXISTING CLIENTS.

3) HAVE AT LEAST ONE MEETING A WEEK WHERE THE AGENTS MEET TO DISCUSS THE NEEDS OF THEIR BUYER AND SELLER CLIENTS, AND NEVER TALK ABOUT THEIR NEED TO “CLOSE” A PERSON IN THAT MEETING.  CONSUMER-CENTRIC VS. AGENT-CENTRIC MEETING.

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TO AGENTS:

1) TRY NOT USING THE WORD “I” FOR 21 DAYS. 

2) WHEN YOU APPROACH SOMEONE FOR ASSISTANCE, MAKE SURE THAT ASSISTANCE IS FOR YOUR CLIENT AND NOT YOURSELF

3) FIGHT FOR ANYTHING YOU “NEED” TO HELP “THEM” AND NOT YOU.

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TO THE GOVERNOR OF THE STATE OF WASHINGTON (& possibly other States, as well)

RECOGNIZE THE DISCONNECT BETWEEN YOUR AGENCY LAW THAT HOLDS REAL ESTATE LICENSEES TO THE STANDARD OF “REPRESENTATION OF PEOPLE”…AND THEN GIVES THEM A “SALESPERSON” LICENSE.

There are many, many real estate agents who aspire to assist their clients well.  There are many, many real estate agents who “hung(er for) alternatives to bureaucracy, authoritarianism, alienation…not simple ideology…an expression of life’s purpose – affirming diginity in every person, finding meaning in valued work, achieving community through mutual support and accomplishment.

Top 10 Reasons NOW is the time to buy

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#10 – You may lose your job.  When you don’t pay your rent, they put you on the street in 20 days.  When you don’t pay your mortgage payment, they don’t put you on the street for at least 8 months.
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#9 – It’s your Patriotic Duty to prop up the economy.
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#8 – Many a marriage has been saved…by buying a house with two staircases.

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#7 – You just read *page 114* of Harlan Coben’s “Promise Me” (see below), and you live in a “garden apartment”.

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#6 – Your girlfriend is demanding equal treatment to your wife.

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#5 – Your boyfriend is demanding equal treatment to your wife.

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#4 – Your mother-in-law just bought a 1 way ticket to your apartment

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#3 – Your bank account is bigger than your home office

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#2 – God said: Your real estate agent, banker and mortgage rep all need you to buy a house, right NOW!.  This is a direct message from God.  No kidding.

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NUMBER ONE: Your 4 year old is riding the dog, and dragging the baby around like a pull toy, because she needs a yard and swing set.

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*Page 114* “lived alone in the same crappy “garden” apartment for more than a decade…they call them “garden” though the only thing that seemed to grow was the monotonous red brick…sturdy structures with the personality of prison cells, way stations for people on their way up or down and for a few, stuck in a certain personal-life purgatory.”

Open Letter to NWMLS and Local Agents

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Frustrated Home Buyer

Frustrated Home Buyer

Remember when JFK said we would go to the moon?  Remember the excitement of being part of something new!?  Let’s create a big, fat wish today that we, in the Seattle area, want to constantly be the prototype for the Country with regard to an MLS and how it functions.

We are the trendsetters (we being Seattle) as to The Internet and how people use it.

 Here’s a “workshop” post.  I think “the mls” is “broke” and it needs fixing.  You decide for yourself after reading this. We all “accept” that people start their search on the Internet…right? 

Let’s all take a good, hard look at HOW they start their search on the internet.

OK…I’m Average Joe and I think I want to move to Kirkland.  I go to the internet and I Google “Kirkland” and I find this super-duper site provided by The City of Kirkland.  It tells me:

Where all the parks are

It gives an an “on demand” video stream of all of the Kirkland Council meetings and provides the minutes of the meetings, so I can see if it’s the kind of place I might like to live.

There’s even a link to Kirkland TV on every topic I might be interested in…WOW!  I like this place called Kirkland.  They certainly care about keeping everyone informed, and they clearly embrace new technologies.  My kind of place.

Bur where in Kirkland might be the best place for me?  OK…lets Google “Kirkland Neighborhoods”. I find this great link to everything I ever wanted to know about Kirkland Neighborhoods.  I find the cool Explore Kirkland site and even Walking Maps sorted by the various Neighborhoods.  Wow!  Every Neighborhood in Kirkland has it’s own Association!  What a wonderful sense of community, and they certainly take their Neighborhoods seriously!

Isn’t this Super-Cool!!!  I can figure out everything I need to know in my jammies, without leaving the house…at 1 a.m!  That’s the kind of place I want to live in!  They have embraced Technology!  Woohoo! 

My world’s a better place because the City of Kirkland cared enough to make everything they do, and everything I need to know, accessible on the Internet!  I’m going to buy a house in Kirkland!  YAY!!!

SO JOE TAKES THE KIRKLAND NEIGHBORHOOD MAP (that he found on the Internet) TO A REAL ESTATE OFFICE, because he doesn’t know which Neighborhoods of these he can afford to live in.

BEFORE looking at houses on the Internet…he has a few questions.

Agent:  Can I help you?

Joe:  Can you please hit a button on your computer over there, and tell me the median price of a home in each of these neighborhoods?

Agent:  What’s your price range?  I’ll be happy to show you some homes right now!

Joe:  Well..no…I really just want to know which of these neighborhoods on this map here from the City I can afford to live in.  I’m not ready to look at homes yet.

Agent: Do you have a pre-approval letter?  I’ll be happy to get our lender over here and tell you how much you can afford.

Joe: (starting to get angry) Lady, I just want to know the median price of these neighborhoods!  Can you help me or not!?  OK…let me make this easier for you (you idiot).  Just tell me the median price of this neighborhood.  This one.  Here on the map of Kirkland Neighborhoods.  “Lakeview”  Just go over to the computer and hit a couple of buttons and tell me what the median price of Lakeview is, PLEASE!

Agent: Well, you don’t need to get angry, sir.  I am more than happy to help you, but you OBVIOUSLY don’t know what you are doing, because the mls doesn’t HAVE a neighborhood called “Lakeview”, (Mr. Smartypants).

Joe: Hmmm?  How about this one over here…”Norkirk”?

Agent: “We” call that East of Market. kindof.  When you get down here some agents call that “Downtown”.  Some agents just put in Kirkland for all of it.  Would you like me to do a search by Zip Code?

Joe:  NO!  I don’t want you to do a search by Zip Code!  According to this great map the City “gave me” there are a dozen neighborhoods!  I don’t want TWO zip code answers!  I want TWELVE median price answers you freakin’ moron!  One for each of these REAL Neighborhoods!!!

(Joe leaves in a huff.  Agent says to agent next to them in the office, “one of those Microsoftees.  Boy are they a pain in the ass”  They think they know everything.)

Joe goes into a different real estate office:

Joe:  Can you please hit a button on your computer over there, and tell me the median price of a home in each of these neighborhoods?  Joe hands the agent the same great map the City of Kirkland “gave him” on their cool site.

Agent: Here’s “our” map.  This is the one “WE” use.  It’s broken down by all of these code numbers that only agents know. 

Joe: Can you give me a few minutes to study this thing, because all of my research so far geared me to searching by the neighborhoods.  The real neighborhoods.  The one’s the City and the people who live here use.  (Joe realizes he’s not going to get anywhere until he figures out this stupid “code map”, so he gives it a quick study.)

Agent: Do you have a pre-approval letter?  Do you want to go see some houses today, because it’s really a Great Time to Buy!  Can I make some appointments while you study “our” map?  How many bedrooms do you want?  Do you have children?  Pets?  Where do you work?  Here’s some testimonials from some of my clients who love me.  Here’s a link to my website with lots of useful information.  Here’s a Buyer’s Guide to help you understand all the things I’m going to be doing for you.

Joe: (I wish this agent would shut the fck up, so I can look at this map.) You know what.  I think I’m going to go get something to eat.  Can I borrow this code map to read while I’m eating?

Agent: What’s your price range?  I’ll line up a few houses to see while you’re eating lunch!

Joe: $750,000

(Joe leaves with the secret code map and never returns.  Agent says to agent next to him, “Well…what the heck is wrong with that guy?  Where IS he?  I’ve made five appointments to see these houses.  What am I going to do?”  Other agent, “You know what they say, “Buyers are Liars”.)

Joe tries to decipher the secret code map.

Joes’ Wife: Honey, did you figure out which neighborhoods we can afford in Kirkand?

Joe: Well, I’ve spent all day in two different real estate offices, and I can’t get a straight answer out of anyone!  This stupid realtor code map doesn’t help at all!!! They are calling ALL of Kirland, Area 560!

Joe’s Wife:  Honey…I know you’ve wasted a whole day with this stupid real estate agent stuff.  We don’t need an agent!  Let’s just go Google “mls Kirkland”and look at some houses and calm down, OK?

Joe: OK.  Sorry.  I didn’t mean to take it out on you.  I’m just SO FRUSTRATED!

Joe Googles “mls Kirkland”.  He finds Kirkland Home Search – The MLS Online He clicks “home search”.  He changes the drop down to “King County”.  He clicks on “Kirkland”.  He puts in his real price, not the lie he told the agent to get the heck out of that office.  He puts in minimum of 3 bedrooms. It says “10 Actives Found”. 

Joe: This site says there are only 10 houses in Kirkland priced between $500,000 and $525,000.  I thought there was a record number of houses for sale?  This can’t be right!

Joe’s Wife: Try $450,000 to $550,000.

Joe: OK.  That’s better.  It says 58.  Still, not as many as I was expecting based on what I’ve been reading in the paper.  A whole City only has 58 houses in our price range?  Let’s see if I can figure out which of these Neighborhoods they are in. (He clicks “View Actives List”.)  Honey?  What do you think “active” means?  Can’t they just say For Sale!?

Joe’s Wife: Now down’t get started.  Just get to the houses, OK?  What do you see?

(Joe says FCK…it’s starting at the most expensive house at $550,000.  I don’t want her to see this.  Good, here’s a re-sort button from lo to hi.)

Joe: One second, honey.  OK…here’s a really nice one for $450,000.

Joe’s Wife: That looks nice.  What’s a “split-entry”?

Joe:  I don’t know.  Can’t these G’damn agents speak English!!!

Joe’s Wife: Calm down.  What neighborhood is it in?

Joe: I’m looking at the pictures.  It has wood floors.  Those look like new windows.  Looks pretty nice.

Joe’s Wife: What neighborhood is it in?

Joe: It doesn’t say.  It says “Kirkland”.  Here’s a map of where it is…I can see a train track.  FCK…THIS ISN’T WORKING!!!

Joe Wife:  Honey, I think we really DO need to get an agent.

Joe: NO!  Fck that!  That’s why they are doing this!  They are making it impossible for me to do anything!  All I wanted was the median price of the neighborhoods in Kirkland.  Is that too much to ask!?!?  No.  No agent.  They are not going to win!  NO!

Joe’s Wife: (Crying)

Joe: (turns on the football game.)

 

I think it’s broke and needs fixing.  What do you think?

Balloon Frame houses and Firemen's safety

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House with balloon frame

I recently heard the term “balloon frame” from someone on Twitter discussing the fire hazards and potential dangers to firemen.  It was a local person, and so it caught my attention.  I have never heard a home inspector advise a home owner that they were buying a home with a “balloon frame”.  Nor have I ever heard a home inspector note the potential hazards.

Here are a couple of links regarding balloon homes and firemen that the Twitterer was kind enough to send me.

I would appreciate comments from anyone having knowledge on this topic.

Thank you.

Happy New Year!

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We have a few hours to go before we ring in the New Year of 2009.  But I wanted to take a few moments to thank all of our readers, my fellow writers, and the many people who comment here, for making Rain City Guide the special place that it is.

Tomorrow will mark my third anniversary of blogging.  Honestly, I can hardly imagine my world without it.  It’s been a rewarding experience and, I value my “blogfriends” and my “blogclients” more than…well, more than lots of things.

Tonight at midnight, I’ll take a cup of kindess, probably hot chocolate, and think of all the special people in my life.  Not the least of which being, Dustin and Anna Luther, Jillayne Schlicke, Rhonda Porter, Tim and Lynlee Kane,  Robbie, Steph and Harrison Paplin, Galen Ward, Deborah Burns…these wonderful people are part of my extended family.

And as the Coke/Walmart young man said: “When you stock up on Joy, there’s enough to go round”.

Thank you everyone, for being part of the Joy of my Life.  Many Happy Returns…

Mortgage Company Merit Financial Banned from the Industry for Five Years. Scott Greenlaw: Not Banned.

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Wholesale Mortgage Company Merit Financial has the dubious reputation as being the very first company on the ML-Implode list which now sits at 312 imploded lenders.

The original Statement of Charges from 2007 focuses on violations of the state’s Mortgage Broker Practices Act such as failing to pay appraisers over and over and over again, failing to maintain a mortgage broker license, failing to attend the required continuing ed classes, failing to maintain an surety bond, failing to adequately disclose fees to consumers, and so forth.

From the Seattle Times

Merit did put loan officers through a 19-step program. “Loan Officer 101” was 15 minutes long…Saulness wasn’t impressed. She sat next to two 18-year-old loan officers. “They didn’t even know how to read a credit report,” she said.  Barry said wryly that many “had no idea what product they were selling, but they knew how much money they could make.” Merit employees proudly posted their résumés, plus photos of their luxury cars and drinking parties, on various Web sites. One loan officer had come to work fresh from being a Hooters Girl. Another solicited clients for two endeavors: writing mortgages for Merit and selling marijuana paraphernalia on the side. Indeed, several Merit loan officers boasted online that doing drugs was a favorite pastime. “Let’s get hopped up and make some bad decisions,” wrote one beside a photo of himself grinning broadly. Numerous former employees, including loan officer Sunny Hoppe, described working at Merit as a raucous — sometimes lewd — frat party. It was “young, hip, drugs and drinking,” Hoppe said, and that was at work. Former employees also said Merit regularly provided a keg of beer for some staff meetings, but Greenlaw said that, no, it was actually two kegs, and employees were free to bring in six-packs on Fridays. Asked about rumors of drug use in the office, Greenlaw said, “We just never checked.”

Washington State DFI and Merit/Greenlaw decided to settle the case and move on.  The Consent Order filed Dec 2008 says our state DFI will collect only $1500 in fines. Merit is banned from the industry for five years. Greenlaw is banned from applying for a mortgage broker/designated broker license for five years yet he is not prohibited from applying to become a loan originator.  Let’s take a look at some of the financial carnage from 2006-07:

Thousands of dollars owed to appraisers for work performed.
Thousands of dollars owed in back wages to Merit employees
Unpaid business and occupation taxes owed to the state of $351,294.
Wells Fargo was owed $244,033.
Firstam  Credco was owed $228,249.

I wonder how he’s been paying for beer and pizza these days. Let’s find out.

Is it a buyer's market? If so…where?

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I recently received an email from Christoper Hain of Terra Firma L.A., which caused me to view the chart below.  Often people try to take general median percentages and apply them in the wrong place.

The current median 12 month change in King County is down 12%.  But if you get a house for 12% less where it is down 30%, that’s not a great buy.  If you get a house for 12% less where it is only down 7%, that’s a good (not great) buy.

Chris’ article drives home the point that in one agent’s “service area”, which is not really very big, there are areas down 7% vs. 42%…HUGE SPREAD!!!

Plus he asks the question that is not discussed often enough:

“You could read either end of this chart in completely opposite ways. Perhaps, the ones that have fallen furthest are the ones you want to buy in 2009. Or perhaps, the ones that have held their value best are the ones to bet on long-term.”

I’ll be doing some neighborhood breakdowns for Seattle and Eastside today, and finding our highs and lows in my service areas.  I’ll post a graph similar to the one for L.A. below, as related to our immediate area.

Look at Beverly Hills, as example. Even in that small area (which due to the TV show most think of as 90210) there is a variance in % down for the three different Beverly Hills Zip Codes of 90210, 90211 and 90212.  Big difference between 24% down and 42% down…in one small area.

I’m going to try to do the neighborhoods accurately, vs. Zip Code.  i.e. Wallingford, Green Lake, East of Market, West of Market, etc…  I have to use a polygon search feature for that.  It’s time consuming, but given this is still “the holidays”, now would be a good time for me to expend the excess effort, and the results will be of value in tracking changes during 2009.

7% down to 42% down…it boggle’s the mind. Here’s Chris’ chart:

Housing prices down 7%? or 42?

Housing prices down 7%? or 42?