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| January 2005 |
A Publication of
ELLIOTT® & Company Appraisers |
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FANNIE
MAE IS REVISING ITS APPRAISAL FORMS |
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 In
an attempt to improve efficiency and better address the issues of the
lending market and USPAP, Fannie Mae is in the process of updating its
appraisal forms. Test versions of the new forms have been prepared, and they are
presently in the process of being evaluated by all interested parties,
including lenders, appraisers and officials at Fannie Mae. Fannie Mae
is currently seeking suggestions, criticism and other comments about
these forms from professionals who will be using them. After the first
comment period ended, Fannie Mae, using the input from the lenders and
appraisers who participated, revised the forms and posted them on its
Web site. The second comment period is currently underway, which gives
lenders and appraisers the opportunity to look at both old and revised
forms as they make their suggestions.
The final versions of the revised forms, which may vary from the
current revised forms, are expected to be mandatory by September.
To check out Fannie Mae’s test forms go to:
www.efanniemae.com/singlefamily/forms_guidelines/selling_servicing/formlist.jhtml.
While appraisers can use the new forms during the test period, don’t
expect many appraisers to deliver appraisals on the new forms for a
while. Nearly all appraisers subscribe to an appraisal form software
package. Normally, updated versions of these packages are not made
available until a final version of a revised Fannie Mae form has been
determined. At this writing, Fannie Mae has set September 1 as the
target date for the final version of the revised forms to be
mandatory.
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HAPPY NEW YEAR - AND THANKS
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 As
we enter a new year, we believe some reflection is in order. We here
at ELLIOTT® & Company Appraisers had another great year in 2004, and
we know that we could not have done any of it without the trust and
support of our dedicated clients throughout the United States. We
would like to thank the following clients who subscribed to our
services in 2004:
1st Alliance Mortgage, 1st Continental
Mortgage, 1st Home Equity Inc., A Anderson Scott Mortgage
Group, A F Bank, A Mortgage Solution USA, Aames Home Loan, AAXA
Discount Mortgage, ABC Realty, Accent Mortgage Services Inc., Access
E Mortgage, AccuBanc Mortgage, ACS, Acumen Mortgage, Advanced
Financial Services, Advantage Capital Mortgage, Advantage Loans
Inc., Aegis Lending, AF Financial Group, Affordable Mortgage
Solutions, Alamance National Bank, All Credit Mortgage Inc., All
Fund Mortgage, All Mortgage Connections Inc., Allegacy Federal
Credit Union, Allen Tate Mortgage Services Inc., Allied Home
Mortgage, Allied Home Mortgage Capital Corp., Allied Mortgage
Services, Allstate Appraisal LP. Allstate Appraisal Review Services,
Allstate Funding, Alpha Mortgage Corp., Alternative Mortgage Corp.,
AMCO, America’s Home Place, America’s Money Line, American Eagle
Mortgage Inc., American Harbor Mortgage, American Home Bank,
American Home Equity, American Liberty Financial Service Inc.,
American Log Mortgage, American Mortgage Home Inc., American
Mortgage Network, American Mortgage Services Group, American
Providers Insurance Service, American Residential Funding Inc.,
Americas First Mortgage, AmeriCorp Inc., Amerisouth Mortgage Co.,
Ameristate Bancorp, AmPac Carolina Lending, AmSouth Bank, Amsouth
Bank Mortgage Lending, Amstar Mortgage, Apex Mortgage Group,
Appraisal Management Services of America, Appraisal.Com, Archstone
Mortgage, Asheville Savings Bank, Ashland Inc. Employees Credit
Union, Ashley River Mortgage LLC, Assured Financial Group, Atlantic
Bay Mortgage Group, Atlantic Coast Financial Services, Atlantic
Mortgage, Austin M. Smith Appraisal Services, Auto-Owners Insurance,
Back Bay Mortgage Co., Bank of America, Bank of Blue Valley, Bank of
Granite, Bank of Oak Ridge, Bank One NA, BankIowa, Barna Financial
RHR Mortgage of America, Barnes Group, BB&T Corp., BB&T Mortgage,
Beacon Funding, Beltline Financial Services, Best Rate Mortgage, BLS
Funding Corp., Blue Ridge Mortgage Corp., Bradford Mortgage Co.,
Brandywine Investments, Bridge Capital Corp., Brooks Law Firm,
Buchanan Ingersoll PC, Builder Services Network, Business Capital
Inc., C & G Financial Services Inc., C-Facts, Capital Bank, Capital
Home Mortgage, Capital Mortgage Corp., Capital Note Corp., Capital
Trust Mortgage Corp., CarMax, Carolina Bank, Carolina Equity
Services, Carolina Financial Express, Carolina First Bank, Carolina
First Mortgage, Carolina Home Mortgage Services, Carolina Mortgage
Group, Carolina Relocation Group Inc., Carolina Residential Mortgage
Group, Carter County Bank, Carteret Mortgage Group, Cendant
Mobility, Centex Home Equity LLC, Central Carolina Bank, Central
Equity Group, Challenge Financial Investors Corp., Challenge
Mortgage, Charlotte Metro Credit Union, Chase Home Finance, Chase
Manhattan Mortgage Corp., Chevy Chase Bank, Choice Finance, Choice
Financing Services Inc., Citizens Loan Center, City of Greensboro,
Classic Financial Group, Clearview Federal Credit Union, Clinchfield
Federal Credit Union, CMC Mortgage Group, Coastal Mortgage, Coley
Partnership, Colonial National Mortgage, Columbia National Inc.,
Colombia National Mortgage Corp., Community Home Loans, Community
Home Mortgage, Community Resource Mortgage Inc., ComUnity Lending,
Conley Mortgage Inc., Consolidated Financial Services Inc.,
Continental Appraisal Network, Cornerstone Bank, Corporate America
Family Credit Union, Corporate Relocation Inc., Cotton State
Mortgage Inc., Countrywide Home Loans, CPR Inc., Creative Lending
Solutions, Creative Mortgage Appraisal Corp., Crossroads Financial
LLC, CTX Mortgage Co., Cunningham Co., Customer First Mortgage, Dana
Capital Group Inc., David B. Hough PA, Dawn Hall Realty LLC, Delta
Employees Credit Union, Delta Funding Corp., Ditech.com, Diversified
Mortgage Concepts, Dividend Mortgage Inc., Dreamhouse Mortgage
Corp., E-Loan Inc., Eagle Mortgage Co., Eagle Mortgage Services
Inc., eAppraiseIT, East Carolina Bank Mortgage, East Coast Mortgage
Group, East West Mortgage Co., Eastchester Mortgage, Eastern
Mortgage Co. Inc., Eastern Mortgage Services, Eastern Savings Bank,
Edens & White Mortgage Inc., EDS Relocation Services, Efast Funding
LLC, EH&W Mortgage, Elite Home Mortgage, Elm Street Mortgage Corp.,
ELoan Inc., Emperors’ Club, Empire Lending, EMW Real Estate,
Equisource Home Mortgage, Equisouth Mortgage Inc., Equitable
Mortgage, Equity Consultants, Equity Management Mortgage, Equity
One, Equity Services, Fairfield Financial Mortgage Group, Fairway
Mortgage, Family First Mortgage Corp., Family Mortgage LLC, Fannie
Mae, Farmers & Mechanics Bank, Federated Mortgage Inc., FedFirst
Mortgage Corp., Felicia Pasculli Esq. PC, Fidelity Borrowing,
Fidelity First Mortgage Co., Fidelity Residential Solutions,
Fidelity Valuation Services, Fifth Third Bank, Financial Freedom
Senior Funding Corp., First American Equity Loan Services Inc.,
First Atlantic Mortgage, First Bank, First Bank Mortgage, First
Capital Bank, First Capital Mortgage Funding, First Carolina
Associates, First Carolina Home Equity Inc., First Carolina State
Bank, First Charter Bank, First Charter Mortgage, First Choice
Mortgage LLC, First Citizens Bank, First Citizens Mortgage Group,
First Consumer Mortgage, First Decision Mortgage, First Equity
Funding, First Federal, First Financial Services, First Franklin
Financial Corp., First Greensboro Home Equity, First Guaranty
Mortgage Corp., First Horizon Equity Lending, First Horizon Home
Loans, First Indiana Bank, First Integrity Mortgage, First Magnus
Financial Corp., First Metropolitan Mortgage, First National Bank,
First NLC Financial Services, First Residential Mortgage Network
Inc., First Security Mortgage Corp., First South Bank, First
Southern Mortgage Corp., First Soveran Mortgage, First Step Mortgage
Service, First Tennessee Mortgage, First Title Corp., First Triad
Mortgage Corp., First Trust Bank, Flagstar Bank, Fleetwood Homes,
Fleet Mortgage Inc., FM Relocation Services, FNB Southeast, Fonville
Morisey Relocation Services, Foothill Mortgage, Forbes Realty Inc.,
Fort Belvoir Federal Credit Union, Founders Federal Credit Union,
Franklin First Financial, Freedom Homes, Freedom Mortgage Solutions,
FSB Funding Inc., GAC National Processing Center, GAC South, GDB
Funding Group, General Mortgage Services Inc., Georgia Bank & Trust
Co., Georgia Family Mortgage, Germain Financial Services, Gibralter
Bank FSB, Glenn Walters Attorney at Law PA, Global Lending LLC,
Global Mortgage, GMAC, Golden Crown Mortgage, Golden Financial,
Golden Gate Mortgage, Golden Horizon Mortgage Inc., Graebel
Relocation Services Worldwide, Granite Mortgage Inc., Grason
National Bank, Greater Carolina Home Loans Inc., Greater New York
Mortgage, Greene Financial Services, Greenfield Mortgage, Greenlink
LLC, GreenPoint Mortgage, Greentree Mortgage Corp., Guaranteed Home
Mortgage, Guaranty Mortgage Financial Services, Guaranty Residential
Lending Inc., Guardian Mortgage LLC, H&R Block Mortgage Corp.,
Harris Bank, Harris Teeter, Harris Trust & Savings Bank,
Harwood-Russell Mortgage, HCI Mortgage, Hester International Inc.,
Hibernia Mortgage Center, High Country Bank, Highlander Investments
LLC, Highlands Union Bank, Home Builders Finance Inc., Home Choice
Mortgage, Home Focus Valuation Services, Home Loan Mortgage Corp.,
Home Mortgage & Equity Inc., Home Options Inc., Home Security
Mortgage Corp., Homebound Mortgage Inc., Homechoice Mortgage,
HomeGuard Financial Group Inc.,
Homeowners Loan, Homes By Vanderbuilt, HomeStar Lending Inc.,
Homestead USA, Hometown Mortgage Inc., Hometown Mortgage Lending
Corp., Homeworks Custom Builders, Horton Homes of Wilkesboro, HSBC
Mortgage Corp., Hughes Mortgage, Huntington Mortgage Group, IndyMac
Bank FSB, IndyMac Bank Home Lending, Infinity Home Loan Inc.,
Innovative Mortgage Corp., Innovative Mortgage Inc., Integrated
Asset Services Inc., International Funding Corp., Intercoastal
Mortgage, Iway Loan LLP, JP Morgan Chase & Co., Jefferson State
Bank, Johnson County Bank Loan Production Office, JP Mortgage, JSK
Mortgage Inc., JVI Appraisal Division, JVI Inc., JW Enterprises,
Keystone Asset Management, L&F Corporate Relocation, Landsafe
Appraisal Services, Lasco Mortgage, Lenders Association Inc.,
Lenders Choice Network, Lenders Choice Financial Services LLC,
Lenders Service Inc., Lexington State Bank, Lighthouse Funding,
Lighthouse Real Estate Solutions, Lincoln Service Mortgage, Loan
America Inc., Local Government Federal Credit Union, Lumbee Guaranty
Bank, M&T Mortgage Corp., M-Cubed Mortgage Inc., M3 Mortgage Inc.,
Mainstreet Community Bank of Florida, McAlister Mortgage Co. Inc.,
MetAmerica Mortgage Bankers Inc., Michaelson Connor & Boul,
Mid-Atlantic Title & Appraisal Service Inc., Midland Mortgage Corp.,
Midwest Lending Center Inc., Millennium Financial Center, Miracle
Mortgage, MJR Equity, MLN USA, Moneycorp, Mortgage Investors Corp.,
Montvale Mortgage LLC, Morrocraft Mortgage, Mortgage Bankers of
America, Mortgage Connections, Mortgage Consultants Ltd., Mortgage
Direct, Mortgage Information Services, Mortgage Network Inc.,
Mortgage Processing Center, Mortgage Professionals of North
Carolina, Mortgage Resources of Fayetteville, Mortgage Solutions,
Mortgage Tree Lending, Mortgage Works Inc., MortgageMax of America
LLC, Mountain Community Bank, Mountain Vu Properties, National
Appraisal Services Inc., National Bank of Kansas City, National
Bankers Supply Corp., National City Mortgage, National Credit Union
Association, National Future Mortgage, National Mortgage Access,
Nations Best Financial Services Inc., Nations Home Funding Inc.,
Nations REO, Nations Valuation Services, Nationwide Appraisal
Services, Nationwide Funding Group, Nationwide Lending Group, Navy
Federal Credit Union, nBank NA, National Bank of York County,
Neustar Financial Services Inc., New Century Bank, New Century
Mortgage Corp., New England Merchants Corp., Newport Shores
Mortgage, Newstar Mortgage Inc., Niemi Appraisal Placement Inc.,
North Carolina Department of Environment and Natural Resources,
North Carolina Mortgage, North Carolina State Employees Credit
Union, North Point Home Equity, Northstar Mortgage, Northwestern
Bank, NovaStar Home Mortgage Inc., NRI Relocation Inc., O’Donnell
Financial Group, Oak Street Mortgage Inc., Oakwood Homes, Ocwen
Realty Advisors, OMG Mortgage, Omniservice LLC, OneLoan by First
Horizon, Optimum Mortgage Group, Option One Mortgage, Oracle Home
Mortgage, PAC – Customized Lender’s Service, Palmetto Funding Inc.,
Paramount Financial, Paramount Mortgage Services, Patton &
Associates Mortgage, Patton & Associates Mortgage, PCV/MURCOR,
Perennial Mortgage Group Inc., Piedmont Aviation Credit Union,
Piedmont Federal, Piedmont Settlement Services, Pine State Mortgage,
Pinnacle Mortgage Solutions, Platinum Capital Group, PNC Realty
Services, Premier Financial Corp., Premier Mortgage Funding Inc.,
Premiere Lending Corp., Premium Capital Funding LLC, Priceline
Mortgage Co. LLC, Primacy Relocation LLC, Primary Residential
Mortgage Inc., Prime Lending, Prime Solutions, Primesource Mortgage,
Pro Capital, Professional Home Mortgage Lenders Inc., Professional
Lending Services, Professional Mortgage Association, Professional
Mortgage Funding Inc., Professional Mortgage Services of Western
North Carolina, Progressive Mortgage, Projectz Inc. dba BNB,
Provident Community Bank, Prudential Relocation, PTGW Inc., Putnam
Mortgage and Finance, Pyramid Construction Group LLC, Quest
Diagnostics Inc., Quicken Loans Inc., R-G Crown Bank, Raphael K.
Basisa & Associates, Ratestar Inc., RBC Centura Bank, RBC Mortgage
Co., Re/Max International Relocation Services Inc., Real Estate
Investors Group, Real Estate Management Corp., Realtors Choice
Financial, Realty Mortgage, Realty Mortgage Corp. dba RealNet
Financial, Regal Mortgage & Financial Service Centers Inc., Regency
Home Funding LLC, Regent Bank, Regions Bank, Relo Direct,ReloAction,
Rels Valuation, Resource Mortgage Banking, Richard Shope, Richland
County School District, Riva Design & Build, Rock and Roll
Appraisals, Rose Rand Attorneys, RW Allen, Salem Mortgage Group,
Sallie Mae, Savings Mortgage Inc., Saxon Mortgage, SC Methodist
Conference, SECU, Security Mortgage Corp., Security Savings Bank,
Select Equity Inc., Service Corp. Mortgage, Sharonview Federal
Credit Union, Sherwood Capital, Sirva Relocation, Solverus Banc
Mortgage Corp., Source One Services Corp., South Carolina Bank &
Trust, South Carolina Community Bank, Southern Showcase Housing,
Southern States Mortgage, Southern States Properties Inc., Southland
Log Homes Mortgage Co. Inc., Southpark Mortgage Corp., Southstar
Funding, SouthTrust Bank, Springs Mortgage, Stars, State Employees
Credit Union, Sterling National Mortgage Co., Stockton Turner and
Co., Sun America Mortgage, Sunset Mortgage Co., Sunshine Financial,
Sunset Mortgage Corp., Sunshine Mortgage Corp., SunTrust Mortgage
Inc., Superior Mortgage Inc., Supreme Lending, Synergy Mortgage
Corp., Surrey Bank & Trust, Texas Mortgage Authority, TCG
Development Services, Telhio Credit Union Inc., Texas Mortgage
Authority, The Castleman Law Firm, The Exchange Bank of South
Carolina, The Heritage Bank, The Huntington Mortgage Group, The
Mortgage Shop, The Relocation Center Inc., The Relocation Group, The
Scottish Bank, The Washington Savings Bank, The WHR Group, Theodore
M. Molitoris Attorney & Counselor of Law, TLC Relocation Solutions,
Tops Mortgage Inc., Tower Funding Group, Townsend Real Estate, Tracy
and Associates, TransUnion Settlement Solutions, Tri-County
Mortgage, Triad Mortgage Corp., TSI Appraisal Services, Truliant
Federal Credit Union, Union Mortgage, United Community Bank, United
Community Bank/UCMS, United Financial Mortgage Corp., United States
Mortgage, US Bank, US Bank Home Center, US Bank Home Mortgage, US
Bank NA, US Equity Mortgage LLC,USA Mortgage Bankers of America,
Usavings Bank, Uvest Mortgage Services, Valley Vista Mortgage Corp.,
Value IT, Village Mortgage, Viridian Lending LLC, Wachovia Bank,
Wachovia Mortgage Corp., Wakefield Lending, Washington Mutual,
Waterford Financial Corp. Inc., Waterloo Financial, Washington
Mutual, Weichart Relocation Resources, Wells Fargo Financial, Wells
Fargo Home Mortgage, WEOKIE Credit Union, Western United Life
Assurance Co., Weststar Mortgage Inc., White & Williams LLP,
Wilmington Finance, World Lending Group, WSFC, Wyndham Capital
Mortgage Inc., Yadkin Valley Bank & Trust Co., Your Mortgage Co. Inc
If your company is a client, and your company name does not appear
above, please accept our apology and let us know so that we may be
able to correct our records and provide the proper recognition.
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QUOTES
OF WIT & WISDOM |
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"A mind troubled by doubt cannot focus on the course of
victory."
– Arthur Golden
"The best political community is formed by citizens of the
middle class."
– Aristotle"Men never do evil so completely and cheerfully as when they
do it from a religious conviction."
– Blaise Paschal
"A superstition is a premature explanation that overstays
its time."
– George Iles
"The surest sign that intelligent life exists elsewhere in
the universe is that none of it has tried to contact us."
– Bill Watterson
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