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| AUGUST 2005 |
A Publication of ELLIOTT®
& Company Appraisers |
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PUGH TO
SPEAK AT CONFERENCE ON NEW FANNIE MAE FORMS |
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 Wayne Pugh, a nationally known leader in the real estate appraisal
industry, will be speaking at a seminar being held by ELLIOTT® &
Company Appraisers. The subject of the seminar, which is being held
September 9 from 9 a.m. until 4 p.m. at the company’s corporate office
in Greensboro, N.C., is on the new Fannie Mae forms and software for
these forms.
In addition to his own real estate appraisal and consulting firm, Pugh
heads Software for Real Estate Professionals (SFREP), a real estate
software publishing firm, and several other companies. Pugh is very
active in the Appraisal Institute. Next year, he will be its vice
president, and he is in line to become the organization’s president in
2008.
The seminar is free to clients and affiliates of ELLIOTT® & Company
Appraisers and SFREP users, while others can attend for $99, but space
is limited. Those interested in attending are encouraged to
immediately call Jessie Roper at (800) 854-5889 ext.3054.
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HUD HOLDING ROUNDTABLE
DISCUSSIONS ON RESPA REFORM |
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 The Department of Housing and Urban
Development has recently begun holding roundtable discussions in an
attempt to make changes to the Real Estate Settlement Procedures Act (RESPA).
RESPA was enacted by Congress in 1974 as an attempt to give homebuyers
and mortgage borrowers advance notice of settlement charges, as well as
eliminate kickbacks and excessive fees in this process. Efforts to
reform this law were made in 2002. These efforts of a couple of years
back failed, due in part to objections to some of the provisions by real
estate professionals, as well as consumer groups.
One of the main sources of disagreement with these proposed reforms has
to do with HUD’s proposal to bundle real estate appraisals with other
services to be presented to the borrower with one fee. Such a proposal
was reintroduced at a roundtable in Washington, D.C., on July 15.
"Trying to control the appraisal process with bundled prices is foolish
and a grave disservice to homeowners," said Bill Garber, director of
government affairs for the Appraisal Institute. "That is particularly
true for first-time homeowners, who at a minimum should be provided an
opportunity to review an itemized list of costs and services they incur
when buying a home."
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QUOTES OF WIT &
WISDOM |
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"Fashion is a form of ugliness
so intolerable that we have to alter it every six months." – Oscar Wilde
"Many of life’s failures are people who did not realize how
close they were to success when they gave up." – Thomas
Edison
"Rudeness is the weak man’s imitation of strength.” –
Eric Hoffer“People
always call it luck when you’ve acted more sensibly than
they have." – Anne Tyler
"Education is when you read the fine print. Experience is
what you get when you don’t." – Pete Seeger
"The country has come to feel the same when Congress is in
session as when the baby gets hold of a hammer." – Will
Rogers
"Economics is extremely useful as a form of employment for
economists." – John Kenneth Galbraith
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