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| MAY 2005 |
A Publication of ELLIOTT®
& Company Appraisers |
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ELLIOTT®
LAUNCHES HIGH TECH
CONSTRUCTION INSPECTION SYSTEM |
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 In today's world, lenders have been quoted as
having said that they need vender services faster, better and cheaper.
In an attempt to meet the demands for the market for construction
inspections we believe that we have developed a product that is just
that, faster, better and cheaper.
At this time, there is no industry-wide standard format, such as forms
issued by Fannie Mae for appraisal reports, that applies to
construction draw reports. Consequently, few appraisers or inspectors
have software for such projects.
As a provider of construction inspections, we at ELLIOTT® have seen a
need for such a product. After several months and a
significant financial investment, the company has developed a
proprietary, Web-based, construction-draw-inspection-report system.
This gives us a standard professional product to offer our clients.
The reports, generated by the system, are two-fold:
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A PDF file to include all text description of
the construction progress, as well as digital photographs of the
work, and
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An XML file, designed to interface and auto
populate into the clients lending platform, saving the client
printing cost, labor and additional clerical attention.
This system is offered free of charge to our
clients and to subscribers our construction draw inspection service.
Any inspector with Internet access can use this new form without the
need for any special type of software.
For further information contact Nicole Kalafut at (800) 854-5889.
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TEXT OF 'APPRAISAL PRESSURE' SECTION
OF NEY-KANJORSKI
BILL |
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 The Responsible Lending Act, introduced earlier this year in Congress
by Robert Ney (R-OH) and Paul Kanjorski (D-PA), has received a lot of
ink in trade magazines with descriptions, editorial and comments by
industry leaders, especially on the part in the bill about appraisal
pressure.
Language in the proposed law, as it pertains to appraisal pressure, is
in H.R. 1295, Section 402, and it reads as follows:
"No mortgage lender, mortgage broker,
real estate broker, nor any other person with an interest in a real
estate transaction involving an appraisal shall improperly influence
or attempt to improperly influence, through coercion, extortion, or
bribery, the development, reporting, result, or review of a real
estate appraisal sought in connection with a mortgage loan."
There are exceptions to the above, referred to as paragraph (1). The
exceptions are:
"The requirements of paragraph (1) shall not be construed as
prohibiting a mortgage lender, mortgage broker. Mortgage banker, real
estate broker, or any other person with an interest in a real estate
transaction from asking an appraiser to provide one or more of the
following services:
a) Consider additional, appropriate property information.
b) Provide further detail, substantiation, or explanation for the
appraiser's value conclusion.
c) Correct errors in the appraisal report."
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QUOTES OF WIT &
WISDOM |
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"There are people who,
instead of listening to what is being said to them, are
already listening to what they are going to say themselves."
— Albert Guinon
"Leisure is the mother of philosophy." — Thomas Hobbes
"Be modest. It is the kind of pride least likely to offend."
— Jules Renard
"What we call progress is the exchange of one nuisance for
another nuisance." —
Havelock Ellis
"It is better to sleep on things beforehand than to lie
awake over them afterward." —
Baltasar Gracian
"The perfect bureaucrat is the man who manages to make no
decisions and escape all responsibility."
—
Brooks Atkinson"Suburbia is where a developer bulldozes out the trees, then
names streets after them." — Bill Vaughan
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