Meanwhile, the survey also reported that the volume of refinancings fell for the ninth consecutive weeks, falling to their lowest level in more than a year.

The Market Composite Index of mortgage loan applications—a measure of mortgage loan applications for purchases and refinancings—fell by 1.6 percent to 628.7 on a seasonally adjusted basis from 638.6 one week earlier. On an unadjusted basis, the Index decreased by 2.7 percent compared with last week and was down by 40.3 percent compared with the same week one year earlier. 

The MBA seasonally adjusted Purchase Index increased by 3.1 percent to 396.1 from 375.5 the previous week. The seasonally adjusted Refinance Index fell by 8.6 percent to 1981.5 from 2169.0 one week earlier. The refinance share of mortgage activity decreased to 45.9 percent of total applications, from 48.9 percent the previous week. Under MBA survey criteria, a Refinancing Index figure above 1000 is considered to be a “boom,” but since reaching a peak of 9977.8 the week of May 30, the index has been in a freefall in which it has dropped more than 8000 points.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.25 percent from 6.22 percent one week earlier, with points decreasing to 1.27 from 1.29 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.57 percent from 5.52 percent one week earlier, with points decreasing to 1.27 from 1.36 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.80 from 3.60 the previous week, with points decreasing to 0.75 from 1.07 from the previous week (including the origination fee) for 80 percent LTV loans. 

Other seasonally adjusted index activity included the Conventional Index, which decreased to 879.8 from 895.9 the previous week. The Government Index increased to 209.6 from 209.3 the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 23.3 percent from 24.4 percent the previous week.

The survey covers approximately 40 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.
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Under the service, lenders can share homeowner’s insurance information from more than 85 insurance carriers through the Internet to help give them control of their insurance function.

The EII service processes a master file or extract of the lender’s portfolio and tracks all borrowers without current insurance. The software offers automatic coverage that protects lenders from hazard insurance losses by generating a series of custom warning letters to the borrower. If a borrower does not respond to the letters, the system orders lender-placed coverage on the collateral property.
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Since the Sept. 11, 2001 terrorist attacks, hotel rates have remained steady or increased minimally, said John Williams, general manager of The Pfister Hotel in Milwaukee, Wis.

The accounting firm cited examples of revenue, from early departure fees averaging $50 to charges on local and toll-free phone calls.

Hotels have also decreased discounts and free services in addition to charging fees in order to break even, said Trisha Pugal, president and CEO of the Wisconsin Innkeepers Association.

The report said hotels respond to customer resistance by disclosing all fees during the reservation process. Hotels also post signs in rooms listing charges not included in the basic room rate.

But other hotels have found ways around charging of additional fees.

“We’ve found other ways to trim expenses, like installing energy-saving light bulbs, without making the guest suffer,” said Diane Huevelmans, general manager of Country Inn & Suites, Waukesha, Wis.

*****

Shirley Zeitlin & Co. Realtors, in Nashville, Brentwood and Franklin, Tenn., through its affiliation with Christies's Great Estates, has expanded its market to offer one-bedroom and studio apartments on The World, a luxury ocean liner.

The costs range between $900,000 and $7 million. The World offers year-round global ports of call in resort-style amenities that include a spa, fitness center, driving ranges, shops and restaurants.

*****

The National Restaurant Association’s restaurant performance index jumped 1.7 percent in July.

The monthly composite index tracks the health and outlook for the restaurant industry in the U.S. and the July gain resulted in a record high level for the index. It also marks the fourth increase in the past five months.

The restaurant performance index, based on responses to the National Restaurant Association’s restaurant industry survey, includes indicators such as sales, traffic, labor and capital expenditures.
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Did you know that an appraiser can reappraise a property for a second client after appraising it for the first client? Did you know that the Uniform Standards of Professional Appraisal Practice (USPAP) now requires appraisers to analyze a three-year sales history for the subject property? What about the comparable sales?

The Appraisal Standards Board is the congressionally authorized source of appraisal standards in the United States. Virtually all appraisers performing appraisals for mortgage lenders are subject to these standards (USPAP). If you are an underwriter, loan processor, loan officer, quality control professional, and anyone else utilizing or reviewing appraisal reports, you don't want to miss this enlightening event. 
 
Join industry expert Danny Wiley, chairman of the Appraisal Standards Board, to learn what you need to know about recertification of value versus updates, transferring appraisals, and other information lenders need to know about appraisals.

Listeners will learn about:

• Recent changes to USPAP that clarify the difference between an "Appraisal Update" and a "Recertification of Value;"
• Upcoming changes to USPAP that clarify appraisers' responsibilities when it comes to "readdressing" (transferring) an appraisal report;
• Comparable sales, now that USPAP requires appraisers to analyze a three-year sales history for the subject property;
• Upcoming changes that clarify the process of a reappraisal of a property for a second client after appraising it for the first client; and
• Other common misconceptions and misunderstandings between appraisers and mortgage lenders.

For more information about the program, go to the program site at CampusMBA, http://www.campusmba.org/index.cfm?STRING=content.cfm?section=469.

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