Volume 9, Issue I I                                                                                                                    Fall 2001

Online Appraisals Complement E-mortgages

The proliferation of home computers and online capabilities in our society has grown to the point where most people who have the financial resources to even consider buying a home, or refinancing the one they presently own, already have a computer at home connected to the Internet.

People can pay all kinds of bills online now, including those for utilities, credit cards and insurance. Almost 35 million people are expected to be banking online by 2005. Therefore, it's natural to expect the electronic home-loan process to gain popularity.

Efficiency and cost savings make e-mortgages attractive to a lender. The process of electronic lending allows data to be shared among a variety of systems, resulting in considerable savings of time and money.

A survey, conducted by Bankrate.com, found online mortgages to be more popular with those refinancing a home-load rather than those borrowing to buy one. Since that survey, mortgage rates have dropped sharply and a boom in refinancing has resulted. This should lead to more e-mortgages. Also, the younger and more computer-literate the borrower is, the more likely that person will be shopping for a mortgage online.

Whether mortgages are handled over the Internet or in person, an online appraisal decreases turnaround and improves convenience to the lender. Appraisals delivered online from an ELLIOTT® office are transmitted and remain in a secure environment until received by the client. "The e-loan and e-appraisal evolution has been simmering for the past few years. Not everyone has been ready - borrowers, lenders and appraisers all included," states Charlie Elliott, President of ELLIOTT® & Company Appraisers. "We believe that today the pot is ready to boil as all of the parties seem to have made their preparation. ELLIOTT® & Company Appraisers is committed to supporting online lenders, whether they are making e-loans or simply receiving our appraisals online. In addition to shipping appraisals via e-mail, we also accept the orders via e-mail and prefer communication with lenders, when practical via e-mail."

Computer Whiz Wayne Pugh
Visits Appraisal Conference

In order to keep its appraisers versed on the latest in technology, ELLIOTT® & Company Appraisers had nationally known appraisal software expert Wayne Pugh, SRPA, CRE, as guest speaker of its Fall Appraisal Conference in Asheville, N.C.

Pugh, who has a degree in real estate finance from Louisiana State University, developed the software that is used by all ELLIOTT® & Company Appraisers offices.

He's been interested in computers since the mid-1970s, when these machines were priced in the $30,000 range.

"We built some software to work on those old machines," he remembered. "We benefited substantially by using a word processor as opposed to handwriting the appraisals, and then typing them."

The appraisal business has since been dramatically influenced by the onset of the Computer Age, and ELLIOTT® & Company Appraisers is committed to remaining at the forefront of this progress.

"The changes in technology are allowing lenders to reduce the time it takes to complete and process a loan," Pugh said. "It takes just a few days now, making it more difficult for the borrower to move from one lender to another. Loans are closed out before the borrowers have time to change their minds, causing appraisers to have to perform much faster than they have in years past."

Charlie Elliott President

What does the U.S. flag mean to us? Why is it, that when radicals burn our flag in public display of discontent, we rarely ever see them flying their flag? We have seen little evidence of U.S. residents burning the flags of Germany, Japan, Korea, Vietnam or Iraq during our wars with them. Why, since September 11, have we seen the stars and stripes flying her in this country in such unprecedented numbers?

To me the answer is that we are free and freedom loving people, having confidence in our system and our way of life. We enjoy expressing our patriotism and receive little gratification in blaming or condemning others for our failures and shortcomings.

With such an outpouring of our patriotic sentiment as witnessed recently, one does not need to take an opinion poll to measure the popularity of our system, our leaders or their plans to defend this country. While diplomacy and other gifts of aid can help nurture our relationships with unfriendly nations, it is unfortunate that only decisive action combined with military force will serve to protect our freedoms when these efforts prove fruitless.

Displaying our flag is a symbol of our solidarity and collective resolve to do whatever it takes to protect our freedom and our way of life.
 

Earlier this year, and on several previous occasions, Joyce Pusey, SRA, owner-manager of the Winston-Salem office of ELLIOTT® & Company Appraisers, was presented the company's Gold Award for Top Producing Manager.

"I think the good staff leads to the success of the Winston-Salem office," Joyce said. "I try to spend a lot of time training them to do appraisals the right way."

Training and teaching are perhaps the most important aspects of Joyce's successful managerial career. She was planning to be a teacher as she earned a biology degree from Appalachian State University.

When a teaching job did not materialize, Joyce entered the real estate business in Banner Elk. The education system's loss was the real estate industry's gain, especially when she started appraising.

The appraisal business has helped fulfill Joyce's lifelong desire to teach. She began teaching appraisal courses for a real estate school in Banner Elk and still teaches them today in Winston-Salem, Greensboro and Charlotte. This is how she has met some of the staff appraisers of her Winston-Salem office, which she has operated since 1992. Joyce strives at being a service-orientated appraiser and instills that ethic in all of her staff, as she says, "We try to give good service to the clients and to stay in personal touch with them so that they understand we have interest in them as individuals, not just as business acquaintances."

APPRAISER: Bill Parker, Boone

One of the constants of ELLIOTT® & Company Appraisers awards banquet is that Bill Parker of the Boone office frequently receives the Gold Award for Top Producing Appraiser.

"The opportunity to continue to offer a service, but to get into a more relaxed atmosphere has worked out really great for me," Bill said.

For 22 years, Parker was a banker in the Raleigh area before he decided to become a real estate appraiser and move to the mountains. This led to his joining our company's Boone office and settling in nearby West Jefferson.

"I believe in developing the business, working with the customers and not waiting for the business to come to you," Parker said. "When I came here, I got out and drummed up the business. But when the initial orders came in, I didn't make that my last visit. I believe in going back, telling the customers I appreciate their business and asking if there is anything I can do to make us work better with their system.

As he prospects for new business, Bill is very comfortable with the idea of selling a potential customer on ordering from ELLIOTT® & Company Appraisers.

"There's no question that our company is on the leading edge of technology," Parker said. "The way we get everything out is far superior to almost any appraisal company that I know of, particularly in this area. Our e-mailing saves money for everybody, and we get great turnaround. If we can keep that turnaround time down, that's what the banks are looking for."

Quotes of Wisdom and Wit

"Whatever is begun  in anger ends in shame." - Benjamin Franklin

"A man's feet should be planted in his country, but his eyes should survey the world." - George Santayana

"Man is the only animal that blushes, or needs to." - Mark Twain

Bumper Sticker

"When everything's going your way, you're in the wrong lane."