Where is all the Mortgage Work?
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- Bias in Automated Valuation Models - February 28, 2022
We should be busting with mortgage work.
Where is all the mortgage work? I talk to appraisers and they all ask the same question. With the looming spring market and low interest rates, we should be busting with mortgage work. But the appraisers I know tend to get a reasonable and customary fee of above $400. So is it going to the bottom third? Now don’t get me wrong; I am quoting 2 to 3 weeks due to our back log. But outside of VA’s it’s everything but first mortgage work. I am fine with it because it’s less hassle. I have never seen such a dynamic business shift.
The Bank of Japan just joined the European Central Bank. Many of the members have negative interest rates. This is causing a flood of investments into the US treasury market, thus driving down yields. That’s right, driving down mortgage rates and strengthening the Dollar. So I ask where is all the first mortgage work? Falling mortgage rates tend to make people wait for a lower rate. Rising rates or the threat of, causes people to commit.
Up and Comming Events:
- VaCAP: February 23, 2016 – 10 AM – The Virginia Real Estate Appraiser Board Quarterly Meeting. See the meeting and agenda on the Townhall. Customary and Reasonable Fees are on the Agenda. We need another good showing. Please come and voice your comments. Pat Turner is coordinating a group to meet for lunch after the meeting. Please contact Pat directly for info and to RSVP. Click here to Contact Pat.
- CVRMLS Appraisal Forum: February 19, 2016 2:00-3:30 PM – 8975 Three Chopt Rd, Richmond, VA 23229 – Realist Training at Richmond Association of Realtors with wine and cheese and it’s FREE to CVRMLS Subscribers. Click here to register.
By Alex Uminski, VaCAP Treasurer