- Approved appointments to the recently created University Relations Committee;
- Approved an appointment to fill a vacancy on the Women’s Initiative Committee; and
- Approved the transfer of funds from AI’s reserve fund to its operating fund.
Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, of Rapid City, South Dakota, was nominated for 2021 Appraisal Institute vice president by the AI National Nominating Committee at its May 6 meeting, which was held via videoconference due to the coronavirus pandemic.
National Nominating Committee Chair Stephen S. Wagner, MAI, SRA, AI-GRS, submitted the committee’s nomination to the AI Board of Directors at its May 7 meeting. Board members may file petitions for additional nominees in accordance with the Appraisal Institute Bylaws. The AI Board of Directors is expected to elect the 2021 vice president at its Aug. 5-6 meeting.
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.26 percent.
“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” said Sam Khater, Freddie Mac’s Chief Economist. “Although purchase demand declined thirty-five percent year-over-year in mid-April, demand has improved modestly over the last three weeks.”
More than 3 in 4 potential sellers – 77% – are preparing to sell their homes following the end of stay-at-home orders, with half completing do-it-yourself home improvement projects, according to a new survey from the National Association of Realtors®.
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy,” said NAR Chief Economist Lawrence Yun. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
By Phil Hall
Fannie Mae has issued a Lender Letter to its single-family sellers that updated the temporary policies enacted on March 31 in response to the COVID-19 crisis while reaffirming a key tenet regarding borrower income requirements.
By Dean Boerner
As public equities-laden pension funds reel from massive hits leveled by stock market volatility this year, commercial real estate will likely continue growing in importance for institutional investors in the long term, experts say.
The Appraisal Institute is devoted to helping appraisers reach their highest potential and making sure they have all the knowledge needed to work in the valuation profession, according to the latest video from the organization. In the video, Tonia Vailas, MAI, AI-GRS, and Michael V. Tankersley, MAI, SRA, AI-GRS, AI-RRS, share their experiences working with trainees.
These appraisers discuss what steps they are taking to make sure their trainees succeed in the profession and the best ways that trainees can find licensed appraisers to work alongside.
It's with great sadness that we report the passing of George Harrison Keeling, father-in-law of NCAI member and 2016 AI President, Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, of Salisbury, NC. Our deepest sympathies go out to Scott and George's family.
Creditors have flexibility regarding when they must provide appraisals to mortgage applicants, according to an updated Q&A on the Equal Credit Opportunity Act Valuations Rule released April 29 by the Consumer Financial Protection Bureau. Under ordinary circumstance, creditors are required to provide appraisals promptly upon completion or three business days prior to consummation of a transaction.
President Trump on April 24 signed the Paycheck Protection Program and Health Care Enhancement Act, bipartisan legislation that provides $320 billion in additional funding for small businesses affected by the coronavirus pandemic. The Small Business Administration started accepting applications April 27, and already has approved more than 100,000 loans.
Federal banking regulators last week moved to allow banks to delay getting an appraisal on a property for as many as 120 days after a mortgage closes, and now, credit unions can do the same thing.
In order to “allow credit unions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the National Emergency declared in connection with coronavirus disease,” the National Credit Union Administration will allow credit unions to postpone obtaining an appraisal until four months after a mortgage closes.
Mecklenburg County, the City of Charlotte and the six county towns, have agreed to follow the State of North Carolina’s Stay at Home Order starting April 30.
Mecklenburg County Manager Dena R. Diorio announced the agreement to the Board of County Commissioners at its public policy meeting Tuesday afternoon, one day before the county’s current order was set to expire.
Be sure to attend this week's AI Answers, a one-hour Facebook Live session on current affairs affecting appraisers. Adam Johnston, SRA, AI-RRS, of Genworth Mortgage Insurance, will discuss strengths and weaknesses of residential appraisal virtual inspection applications, and Justin Glasser, MAI, of Cushman & Wakefield Valuation and Advisory, will address impairment accounting considerations.
See information slides from the April 23 Briefing.
Governor Roy Cooper issued Executive Order No. 135 extending North Carolina’s Stay At Home order through May 8. The orders extending closure of restaurants for dine-in service and bars and closure of other close-contact businesses are also extended through May 8.
The Appraisal Institute’s April 17, 2020, webinar featured about a dozen nationally recognized commercial real estate experts who addressed changing market conditions during the coronavirus (COVID-19) pandemic. Click here or below to view.
The federal banking agencies on April 14 issued an interim final rule to temporarily defer appraisals and evaluations under the agencies' interagency appraisal regulations. Certain appraisals and evaluations for residential and commercial properties are deferred for up to 120 days after closing a loan transaction. The interim rule excludes transactions involving acquisition, development, and construction of real estate.
The North Carolina Chapter of the Appraisal Institute (NCAI) continues to monitor developments regarding the COVID-19 (coronavirus) outbreak. The health and safety of our members and event participants is of the highest importance and we are taking this outbreak very seriously.
In an effort for us all to stay informed, NCAI has created a COVID-19 Resources Webpage that provides the latest news regarding the COVID-19 situation at the state, national, and industry levels.
Join us for our Q1 Chapter Business Meeting (CBM) via Zoom Meeting on Wednesday, March 25 at 2pm!