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Issue # 73. May 21, 2004 |
IN THIS ISSUE:
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New Search Feature on Bradford Technologies Website
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Fannie Mae Handbook Tidbits #1
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Financial Industry Nears Standard for Describing Property
New Search Feature on Bradford Technologies Website
Ever have trouble finding specific information on our website?
This task just got a lot easier. Try our new Search feature. Click to the homepage or click on any of the category tabs and you will see in the upper right corner a text box where you can enter one or more words to find on our site. The results come up quickly with the text surrounding your search word displayed under each link.
Now you can go directly where you want with the click of a button, and not get lost in the process.
Try it out.
Fannie Mae Handbook Tidbits #1
Last week we told you about the new "Handbook for Appraisers." Some of you may have even ordered one for yourself. It is a great reference guide with lots of information on what Fannie Mae expects from appraisers. Here's a quick overview of the handbook:
1. The Role of the Appraiser in the
Underwriting Process.
2. Preparing the Appraisal Report.
3. Addressing Unique Features of Rural and Urban Property
4. Developing Appraisals for Special Types of Properties
5. Completing your Appraisal Report and Developing Quality
We also mentioned we will be covering topics from the handbook in future issues of ClickTALK. Today we'll start with the basics. Hopefully this isn't news to anyone, but it lays the groundwork for a lot of what will follow.
Excerpt:
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Fannie Mae's definition of market value
Market value is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
- buyer and seller are typically motivated;
- both parties are well informed or well advised, and each acting in what he considers his own best interest;
- a reasonable time is allowed for exposure in the open market;
- payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
- the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
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If you would like to order your own copy or get additional copies, call 1-800-471-5554, between 9am - 5pm ET and ask for publication CT147.
Financial Industry Nears Standard for Describing Property
The final proposal for describing property in a standard way has been submitted for approval. This Property XML will ultimately simplify the confusing web of integrations and translations often encountered in the financial process.
Bradford Technologies is on the leading edge of this initiative to make your jobs easier and expand your network of potential clients. We have been involved for the past four years to create an open standard for transmitting appraisals. We'll keep you posted on the progress of this work and what it means for you.
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