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Fannie, Freddie Launch Uniform Mortgage-backed Security

Last Monday, Fannie Mae and Freddie Mac marked the completion of their Single-Security Initiative with the launch of the Uniform Mortgage-Backed Security (UMBS).

“UMBS is the result of close collaboration with FHFA, Freddie Mac, Common Securitization Solutions, and hundreds of housing finance stakeholders and we congratulate all involved on this achievement,” said Renee Schultz, SVP, Capital Markets, Fannie Mae in a statement. “We remain focused on ensuring that all market participants continue to make a smooth transition to UMBS and maintaining a highly liquid housing finance market.”

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30-Year Fixed Rate Mortgage Rate Nears Two-Year Low

Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage rate fell to 3.82 percent, the sixth consecutive weekly decline and its lowest level since September 2017.

Sam Khater, Freddie Mac’s chief economist, says, “While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers. By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

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AI Distributes 45-Day Notice on Proposed Amendments to Regulation Nos. 1 and 2

The Appraisal Institute on June 10 distributed to AI professionals a 45-Day Notice regarding proposed amendments to Bylaws and Regulation Nos. 1 and 2.
 
The proposal concerns demonstration of knowledge options, and is expected to have minimal financial impact. AI’s Board of Directors will consider the proposed amendments at its July 25-26 meeting in Denver.
 
Comments should be sent to [email protected].

U.S. Home Flipping Rate Reaches a Nine-Year High in Q1 2019

ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Home Flipping Report, which shows that 49,059 U.S. single family homes and condos were flipped in the first quarter of 2019, down 2 percent from the previous quarter and down 8 percent from a year ago to a three-year low.

The 49,059 homes flipped in the first quarter represented 7.2 percent of all home sales during the quarter, up from 5.9 percent in the previous quarter and up from 6.7 percent a year ago — the highest home flipping rate since Q1 2010.

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Average Single-family Home Size Increases, Reversing a Shrinking Trend: NAHB

By Robert Dietz

New single-family home size increased slightly at the start of 2019, as the market slowed.

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Call to Action: Please Support NCAI Members for NCAB

We have the opportunity to support two of our chapter members as they seek a position on the North Carolina Appraisal Board. There is no group more qualified to represent appraisers on the appraisal board than members from the North Carolina Chapter of the Appraisal Institute. Our organization has historically had members on the board. Please join in the effort to promote our organization on this vital regulatory board. Help promote our members who have volunteered to be nominated to the board; Lynn Carmichael, MAI, from the Asheville Area, and Claire Aufrance, MAI, SRA from the Greensboro Area. 

To support the chapter please click the button below to send the governor a supportive recommendation for these members.

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Commercial Real Estate Price Growth Led by Industrial Sector: Real Capital Analytics

By Michael Tucker

U.S. commercial real estate prices rose 0.8 percent in April, led by industrial property price growth, reported Real Capital Analytics, New York.

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20 Members Received Designations from the Appraisal Institute in May

The Appraisal Institute designated 20 members in May, including nine who received their MAI designations, two who received their SRA designations, seven who received their AI-GRS designations and two who received their AI-RRS designations.

Click here to view the list.

PACE Financing, Mortgage Disclosure Act Among CFPB's Top Rulemaking Priorities for the Year

By Diane Thompson

The Bureau is publishing its Spring 2019 Agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget. As an independent regulatory agency, the Bureau voluntarily participates in the Unified Agenda. The agenda lists the regulatory matters that the Bureau reasonably anticipates having under consideration during the period from May 1, 2019, to April 30, 2020, as described further below

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AI Board Approves Certificate of Completion for International Curriculum

The Appraisal Institute Board of Directors approved a “Certificate of Completion – Fundamental International Curriculum” at its May 9-10 meeting in Chicago. The curriculum will include AI’s “International Basic Appraisal Principles,” “International Basic Appraisal Procedures” and “International Valuation Standards Overview” courses.
 
The Board also adopted proposed amendments to the Bylaws and Regulations 8, 9 and 10 regarding Past President Designated Member status and Temporarily Non-Practicing status. The 45-Day Notice was distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on March 25.
 
The Board also approved sending to 45-Day Notice proposed amendments to Regulations 1 and 2 that would remove the e-demo report and defense of reports as options for completing the demonstration of knowledge requirement.
 
In other action, the Board of Directors:
  • Amended policy for the courses requirement for General Candidates for Designation by removing the requirement to take and pass “General Appraiser Report Writing and Case Studies.”
  • Approved a transfer of funds (in the amount of the 2018 audited surplus) from the reserve fund to the operating fund.
  • Elected Elaine Liz-Ramirez, MAI, to fill a vacancy on the Audit Committee.
  • Approved the merger of the Memphis Chapter and the Greater Tennessee Chapter (to be known as the Tennessee Chapter of the Appraisal Institute).
Click here to read more.

National Nominating Committee Nominates Jody Bishop as 2020 AI Vice President

Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Charleston, South Carolina, was nominated for 2020 Appraisal Institute vice president by the AI National Nominating Committee at its May 8 meeting in Chicago.

National Nominating Committee Chair James L. Murrett, MAI, SRA, submitted the committee’s nomination to the AI Board of Directors at its May 9-10 meeting in Chicago. 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 2020 vice president at its July 25-26 meeting in Denver.

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US Office Sector Steady During First Quarter, Bodes Well for New Construction: JLL

By Patricia Kirk

U.S. office market performance in the first quarter of 2019 showed resilience, with roughly 14 million sq. ft. of absorption and dropping vacancy, despite increasingly cautious economic sentiment, reports real estate services firm JLL.

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2020 Slate of NCAI Officers, Directors, Regional Representative, & Alternate Regional Representatives

 

The following proposed slate is presented by the North Carolina Chapter’s 2019 Nominating Committee comprised of Joel Tate, SRA; Susan King, MAI; Frank Leatherman, MAI; Rocky McElhannon, MAI, SRA, AI-GRS; Tom Taylor, MAI, SRA.

The underlined below denotes the members selected to fill the positions as listed. Approval of this slate will be completed via an online survey which will be sent via email to the membership on Tuesday, June 18, 2019.

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Industrial and Office Property Values On the Rise, Retail Headed Down, Survey Reveals

By Barbra Murray

The future still bodes well for the office and industrial sectors, according to the Royal Institution of Chartered Surveyors 2019 Q1 U.S. Commercial Property Monitor report. However, survey participants indicate that more downward movement is on tap for the retail sector.

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Appraisal Institute Designates 40 Members in April

The Appraisal Institute designated 40 members in April, including; and 20 who received MAI designations; 5 who received SRA designations; 10 who received AI-GRS designations; 5 who received AI-RRS designations. Special congratulations to NCAI members, David Ivey, AI-GRS and Thomas Lott, MAI, AI-GRS.

View list here.

 

Food-and-Beverage Real Estate Expected to See an Increase in Occupancy: CBRE

By Erika Morphy

A significant shift is underway for the US restaurants and grocery industries and the real estate these operators occupy, according to a new CBRE analysis. These changes include a greater push for convenient, prepared foods, a growing millennial influence, and the emergence of inner-ring suburbs as the industry’s hottest market. 

Click here to read more.

Appraisal Institute Leaders Address Key Issues at Major Real Estate Events

The Appraisal Institute announced April 24 that its elected officers and others represented the organization at major industry events during the past month. 
 
Chief Executive Officer Jim Amorin, MAI, SRA, AI-GRS, served on a panel at the American Real Estate Society (commonly known as ARES) Annual Meeting on April 9-13 in Scottsdale, Arizona, on the relationship between universities and associations, and attracting new individuals into the valuation profession. AI also exhibited at this event. 
 
Immediate Past President James L. Murrett, MAI, SRA, represented AI at the Risk Management Association (commonly known as RMA) CRE Appraisal Manager Forum on April 11-12 in Las Vegas, where he led a discussion on the appraisal regulatory environment.
 
President Stephen S. Wagner, MAI, SRA, AI-GRS, attended the Residential Energy Services Network (commonly known as RESNET) board meeting on April 17 in Olympic Valley, California, where he discussed the AI-RESNET partnership.
 
Wagner also participated in a media tour on April 3-4 in New York, where he met with reporters at The Wall Street Journal, National Mortgage News, Money magazine, Realtor.com and The Mortgage Leader. 

New FHFA Director to Focus on Fannie, Freddie Overhaul

By Austin Weinstein

The new chief regulator for Fannie Mae and Freddie Mac says he takes the role with a “great sense of urgency” to address the biggest piece of unfinished business from the 2008 financial crisis: U.S. control of the mortgage-finance giants.

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2nd Quarter 2019 Washington Report & State News

Appraisal Institute Among Organizations Opposing Residential Threshold Increase

The Appraisal Institute on Feb. 4 was one of six organizations signing a comment letter that "strongly opposed" a proposal from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to raise the residential appraisal threshold from $250,000 to $400,000. 

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Appraisal Institute Releases Annual Report Highlighting 2018 Accomplishments

The Appraisal Institute on April 17 announced that its 2018 Annual Report is 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.

View the report.