Featured news — posted October 7, 2005
Fannie forms: double the work between Nov. 1 and Jan. 1?
Fannie Mae will require use of the new versions of their appraisal forms beginning November 1. With plenty of time to spare you'll have access to XSite content, XSellerate marketing campaigns and other ways to help you get on the same page with your lender clients. You'll both be comfortable you know which forms are necessary when, and how an assignment might differ now with the new forms. For example, there will no longer be any such thing as a "2055 with interior."
But complicating matters is the Department of Housing and Urban Development (HUD) instructing its FHA roster appraisers that it forbids use of the new Fannie forms until January 1, 2006.
"FHA Roster Appraisers are instructed to continue to use the existing
(pre March 2005) Fannie Mae appraisal reporting forms until the
January 1, 2006 implementation date," HUD made clear in its Mortgagee Letter 2005-34, released September 23.
The likelihood of confusion and possibility of double duty caused HUD to contact its FHA roster appraisers and tell them that use of the new forms will be optional between Nov. 1 and Jan. 1. At the same time, many lenders have applied for and received an extension from Fannie Mae pushing back the deadline by which they have to use the new forms.
As always, follow the lead of HUD and your lender clients.
In our next newsletter edition we will go into detail about what the new forms will require, how they might impact your business and how you can successfully communicate what it all means to your clients, who rely on you more than they do Fannie Mae and Mortgagee Letters to tell them what's necessary when it comes to appraisals. Or if they don't, they should!
We'll also have details shortly about the availability of new XSites content, XSellerate campaigns and other resources you can use to educate your clients and continue to position yourself as his or her vaulation expert. Plenty of your competitors will be flying blind with the new forms, but we'll help you be on the leading edge. Look for information in your e-mail soon.
The full text of HUD's Mortgagee letter 2005-34 is available by clicking here and choosing "2005 Letters" from the list on the right.
Top ten things WinTOTAL couldn't do until Aurora came out
We have a very informative page up at our website detailing the top ten things that WinTOTAL couldn't do until now. Whether you're waiting for your Aurora CD or are in the process of getting to know the new program, this is a great resource for learning what's new. One top new feature is SmartMerge, which does report cloning one — or two — better.
Click to enlarge
With Aurora's SmartMerge, you can select whole reports, forms, or even parts of forms to merge in to your new report. Then you have three powerful options. The newest and most useful is merging selected forms and data into your new workfile — while not overwriting what you're not replacing.
You can also merge only the forms and addenda from the old assignment for you to populate with new data. Or, clone a report in full — that is, overwrite all forms and data in your new assignment with the old.
These options can save you even more time not having to replace subject-specific data if you choose. Decide any time whether you want to merge an entire report (clone) or just specific parts. Locate the report you want to merge from with a couple clicks. Then, select any or all of the forms contained in your old report. Simply double click them to mark them for merging.
Select just portions of the old form, or you can select "mark all" with a click. Then choose one of your three merging options described above. Your new report is populated with the data from the old assignment that you've chosen. Or, if the assignment is going to be similar but not the data, you can select all the (blank) forms and addenda from the old report.
The Aurora video library includes an online video tutorial you can view to take SmartMerge for a spin. Click here and be sure to visit the video library often as we're adding new videos all the time.
Former HUD Secretary will address Second Annual Winter Convention as keynote speaker
Andrew Cuomo, former Secretary of the Department of Housing and Urban Development and longtime housing advocate, will address our second annual Winter Convention as keynote speaker.
Cuomo is credited with reforming HUD's FHA appraisal program to more rigorously track the quality of documents and information the department relied on to guarantee mortgage loans. After serving as the second youngest cabinet secretary in American history, he went on to write, continue working with housing advocacy groups and run for New York governor in 2002. Today he's regarded as a rising political star.
Cuomo's address will set the tone for discussion throughout the convention of appraiser advocacy efforts in Washington. Come join us in Las Vegas January 16-18, 2006 to see Mr. Cuomo, learn about who's going to bat for you in Washington, D.C. and learn WinTOTAL Aurora hands on.
