|
 |
| September 2003 |
A Publication of
ELLIOTT® & Company Appraisers |
|
|
 |
|
|
|
ELLIOTT® To Hold
Appraisal Conference |
| |
|
 ELLIOTT®
& Company Appraisers is holding an appraisal conference September 13 at
Hampton Inn & Suites in Charlotte, NC. There will be two expert speakers,
each conducting a seminar.
The morning session will be FHA appraisal training, provided by Gene
Andrews, a widely respected single-family housing specialist. Kathy Coon,
SRA, senior manager with FNC, Inc., will conduct the afternoon session on
Automated Appraisals. ELLIOTT® and FNC have recently developed an alliance
to provide an Internet-based Automated Appraisal.
Those interested in attending may contact Jessie Roper at (800) 854-5889.
|
|
|
|
Federal Reserve Study Finds
Foreclosure Laws Costly to Borrowers |
| |
 Economist
Karen Pence has recently published the results of her study for the Federal
Reserve System on “defaulter-friendly” state foreclosure laws. The study
concluded that such laws add on to the borrowers’ costs at the time of
origination.
During the study, which used nearby census tracts that were in different states,
Pence discovered that loan sizes in states where foreclosure laws are stricter
in their protection of borrowers tended to be 4% to 6% lower. This led her to
believe that these laws add costs to borrower during loan origination.
Pence’s study also revealed losses on foreclosures tend to fall between 30% and
60% of the outstanding balance, due to the fact that property expenses, legal
fees and foregone interest are, more often than not, higher than the income
gained from repossessing and selling the property. Of course, these losses tend
to be more severe in states with strict foreclosure laws. The study noted that
borrowers in states with higher foreclosure losses often absorbed higher
origination costs.
Pence also concluded that, in general, the longer the foreclosure process, the
higher the lender costs.
“If lenders pass the higher associated costs onto borrowers, the laws may have
the unintended consequence of reducing the supply of mortgage credit,” Pence
wrote. |
|
|
|
Quotes
of Wisdom and Wit |
| |
“Experience is what you get when you
don’t get what you want.” – Dan Stanford
“A discovery is said to be an accident meeting a prepared mind.”
– Albert von Szent-Gyorgyi
“The greater part of our happiness or misery depends upon our
dispositions, and not our circumstances.”
– Martha Washington
“Getting angry can be like leaping into a sports car, taking off
at high speed and then discovering that the brakes are out of
order.” – Maggie Scarf
“An error doesn’t become a mistake until you refuse to correct
it.” – O.A. Battista |
|
ELLIOTT® & Company Appraisers
currently offers appraisal service throughout all 50 of the United
States. Clients are encouraged to place orders directly to any
office local to properties to be appraised or to the central office
for assignment.
Orders may
be placed via telephone, fax or through the company's Web site. All
Internet orders will be processed through the central office.
Some
Offices Are Independently Owned and Operated
|
|
3316-A Battleground Avenue
Greensboro, NC 27410
|
|
 |
.JPG)