Monsoon & Imapp

[Tom Ruff]

Financing information installed in Monsoon this morning.

 

[Tom Ruff]

Financing information was installed in Monsoon this morning.

 

[CindyR]

Well that's nice. Another 10,000 enhancements and 10 years or so and we ought to be back to the level of excellence we enjoyed with iMapp.

 

[erockinaz]

Financing information was installed in Monsoon this morning.

Tom, do you work with Monsoon? If so, can we make suggestions directly to you?

 

[Tom Ruff]

Tom, do you work with Monsoon? If so, can we make suggestions directly to you?

I work for The Information Market, The Information Market provided the data to iMapp and now provides the data for Monsoon. You can direct your suggestions to Monsoon@armls.com.

 

[Riick]

>> I called the agent to see what info they had, and she said that they put 10% down, with a seller carryback and with a 3 year balloon payment. When I asked why she put conventional in the listing, she replied - "isnt that Conventional financing?"

According to a Broker I once worked for anything that's not FHA or VA financing is "Conventional Financing"
He'd say: After all, people have been taking back "paper" on properties for hundreds of years, it's common so it must be "conventional"

 

[Jo Ann Meyer Stratton]

I sent the following to the 1,200 AZ appraisers on my list yesterday, in case you haven't seen it, here it is. Trouble there is only room for 50 people.


NAIFA & CoAA

are sponsoring an afternoon with

MONSOON

ARMLS is working with the appraisal community to provide a product that meets our needs. Several of us have been in contact with the developer of Monsoon to attempt to achieve this fete. Join us, bring your questions and suggestions.

DATE: Wednesday, March 11, 2015

TIME: 2:00-5:00 pm

WHERE: ARMLS training center

130 S. Priest, Suite 101 (Go to South side of building)

Tempe, AZ 85281

This session is instructional. You may bring your own laptop as there is

Wi-Fi available. Space is limited to 50 so sign up early.

RESERVATIONS TO: Bob Nixon at www.bobnixon@prodigy.net

 

[erockinaz]

Financing information installed in Monsoon this morning.

Sorry Tom, but this is a joke. 'Normal Sale' is not financing. So far, I have seen 'Normal Sale' apply to Cash, Conventional and FHA financing. I have also seen 'Non-MLS Normal Sale', even though the property was listed in MLS. It appears that as long as it is not an REO, it is a 'Normal Sale'.

 

[Tom Ruff]

Sorry Tom, but this is a joke. 'Normal Sale' is not financing. So far, I have seen 'Normal Sale' apply to Cash, Conventional and FHA financing. I have also seen 'Non-MLS Normal Sale', even though the property was listed in MLS. It appears that as long as it is not an REO, it is a 'Normal Sale'.

Sorry Tom, but this is a joke. 'Normal Sale' is not financing. So far, I have seen 'Normal Sale' apply to Cash, Conventional and FHA financing. I have also seen 'Non-MLS Normal Sale', even though the property was listed in MLS. It appears that as long as it is not an REO, it is a 'Normal Sale'.

It's okay, we can disagree. The field heading is financing, but it actually contains two pieces of information. When there is mortgage associated with the transaction it will give you seven different financing codes taken from the deed trust. These 7 financing types are Conventional, VA, HUD, Construction, Fannie/Freddie, Seller Carry Back, Private Lender, or Cash. The second part of the coding references the transaction and the type of sale it was. The transaction portion will identify 3rd party purchases at auction, bank sale, Flip, GSE, HUD, New Construction, Non MLS, Normal, Reverted (Trustee Sale), Short Sale Distressed and Short Sale. The distressed portion of Short Sale Distressed tells you the property had an active notice at the time it sold. Non MLS only means that there is no closed sale currently reported on the MLS matching the recorded deed. Sometimes the deed reporting the sale is recorded before the sale is actually reported closed on the MLS. When the sale transaction is reported closed on the MLS, Monsoon will update the Non MLS classification to however the special listing code defined the transaction. You are also able to query the transaction code by adding Transaction Type to your search capabilities. If you read or follow the reports by Mike Orr at Cromford and ASU you'll see that this information is a cornerstone of his report. When you view his report you'll see that there are clear differences in pricing based on the type of transaction, this is something I would think an appraiser would appreciate. Hey, if you have a data question give me a call, I'd be happy to assist you anyway I can. My number is 602-692-6725.

 

[CindyR]

the financing data does now appear in the monsoon screen display so we can go look it up for every single property and write it down in our file. it was not added to the summary report that we PRINT and put in our file to prepare our appraisals and document our work. we have to search for every molecule of data that used to be standard in imapp. AND IT SUCKS!!!

and as for that printing part, well that sucks too. Have you seen the nice big red ARMLS error boxes that now tell you when monsoon is too busy to prepare a report page for you. help desk says it is an intermittent problem. well I am not an intermittent appraiser and I need it to work all the time.