Paragon Market Conditions Report Updates

(Form 1004MC) as of August 31st, 2010

With the upcoming Paragon 4 and Paragon 5 releases on August 31st, LPS Real Estate Group has updated the Market Conditions Addendum within the Paragon 4 and 5 systems to be in compliance with the new requirements outlined by Fannie Mae as of 09/01/10 at the following link:

Selling Guide Updates and Additional Guidance on Appraisal-Related Policies

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1009.pdf

These clarifications are effective immediately, except for the calculations related to Form 1004MC, which may require appraisers to change their technology. Lenders should encourage appraisers to perform these calculations immediately, but must require appraisers to use the calculations for all mortgage loan applications dated on and after September 1, 2010

These changes affect how the ‘Total # of Comparable Active Listings’ and ‘Months of Housing Supply’ values are calculated.

Total # of Comparable Active Listings Calculation Changes

Fannie Mae Changes:

“Total # of Comparable Active Listings” should be based on a specific point in time. For example, when completing the “Current – 3 Months” column for “Total # of Comparable Active Listings,” the number should reflect the listings on the most recent date in the 3-month period (which is also the effective date of the appraisal), and not the cumulative number of listings for the entire 3-month time period.

If data is available for the previous time periods, such as “Prior 4 – 6 Months” and “Prior 7 – 12 Months,” the “Total # of Comparable Active Listings” should be based on the most recent day in each of those time periods. For example, in the “Prior 4 – 6 Months” column, the “Total # of Comparable Active Listings” should reflect the listings on the last (most recent) day in that time period. Likewise, in the “Prior 7 – 12 Months,” the “Total # of Comparable Active Listings” should reflect the listings on the last (most recent) day in that time period.

Total # Comparable Active Listings – OLD CALCULATION

• Current – 3 Months: ‘List Date’ =< ‘Base Date’ AND ‘Off Market Date’ is ‘Null’ OR => ‘Base Date –91’.
• Prior 4 – 6 Months: ‘List Date’ < ‘Base Date – 91’ AND ‘Off Market Date’ is ‘Null’ OR => ‘Base Date – 183’.
• Prior 7 – 12 Months: ‘List Date’ < ‘Base Date – 183’ AND ‘Off Market Date’ is ‘Null’ OR => ‘Base Date – 365’.

Total # Comparable Active Listings – NEW CALCULATION

• Current – 3 Months: ‘List Date’ =< ‘Base Date’ AND ‘Off Market Date’ is Null OR => ‘Base Date’
• Prior 4 – 6 Months: ‘List Date’ < ‘Base Date – 91’ AND ‘Off Market Date’ is Null OR => ‘Base Date – 91’
• Prior 7 – 12 Months: ‘List Date’ < ‘Base Date – 183’ AND ‘Off Market Date’ is Null OR

• =>‘Base Date – 183’

Months of Housing Supply Calculation Changes

Fannie Mae Changes:

When completing the “Months of Housing Supply,” the number for the “Total # of Comparable Active Listings” is divided by the absorption rate, which provides an accurate depiction of the existing housing stock as of the effective date of the appraisal. (Using a cumulative number of listings during the “Current – 3 Month” time period may result in an artificially high number for the “Months of Housing Supply.”)

Months of Housing Supply (Total Listings/Ab. Rate) – OLD CALCULATION

• Current – 3 Months: List Date =< ‘Base Date’ AND Off Market Date is ‘Null’ OR => ‘Base Date – 91’ DIVIDED BY ‘Absorption Rate’ for ‘Current – 3 Months’.
• Prior 4 – 6 Months: List Date < ‘Based Date – 91’ AND Off Market Date is ‘Null’ OR => ‘Based Date – 183’ DIVIDED BY ‘Absorption Rate’ for ‘Prior 4 – 6 Months’.
• Prior 7 – 12 Months: List Date < ‘Base Date – 183’ AND Off Market Date is ‘Null’ OR => ‘Base Date – 365’ DIVIDED BY ‘Absorption Rate’ for ‘Prior 7 – 12 Months’.

Months of Housing Supply (Total Listings/Ab. Rate) – NEW CALCULATION

• Current – 3 Months: Total # Comparable Active Listing (Current – 3 Months) DIVIDED BY ‘Absorption Rate’ for ‘Current – 3 Months’.
• Prior 4 – 6 Months: Total # Comparable Active Listings (Prior 4 – 6 Months) DIVIDED BY ‘Absorption Rate’ for ‘Prior 4 – 6 Months’.
• Prior 7 – 12 Months: Total # Comparable Active Listings (Prior 7 – 12 Months) DIVIDED BY ‘Absorption Rate’ for ‘Prior 7 – 12 Months’.

The ‘Absorption Rate’ calculation below is not changing, it has been added in this document for

clarification regarding how the Months of Housing Supply calculation works

Absorption Rate (Total Sales/Months)

• Current – 3 Months: # of Listings in a Closed status where Off Market Date is =< ‘Base Date’ AND >= ‘Base Date – 91’. DIVIDED BY three.
• Prior 4 – 6 Months: # of Listings in a Closed status where Off Market Date is < ‘Base Date – 91’ AND >= ‘Base Date – 183’DIVIDED BY three.
• Prior 7 – 12 Months: # of Listings in a Closed status where Off Market Date is < ‘Base Date – 183’ AND >= ‘Base Date – 365’. DIVIDED BY six.

This process will begin at 10pm and conclude no later than 6am on Wednesday, September 1st, 2010. During this time, your Paragon MLS system will be unavailable.

Over the weekend during scheduled maintenance of the security system in use by your Paragon MLS, Clariety Security experienced unexpected instability. Due to this instability, the Paragon MLS log in screen has been reverted back to the original blue log in screen. If you are having issues logging in to Paragon it may be because your favorite or shortcut link is directing you to the log in page that is currently affected. Use the following  link to access the Paragon MLS until the current technical issues are resolved. http://maxebrdi.fnismls.com/Paragon/Login.aspx

You can still utilize the Paragon MLS with your log in credentials, but you will not have access to the other MLSs in conjunction with the M.O.R.E. agreement. Our security vendor is working on the current issue and access to all M.O.R.E. MLSs is scheduled to  be back up tomorrow. We at CCAR apologize for any inconvenience this has caused and our technical support staff is ready to assist if you are experiencing  any issues logging into the blue Paragon MLS log in screen. You can reach our support staff at 925.295.1270

This process will begin at 11:59pm (Central) and conclude no later than 8:00am (Central) on Wednesday, August 11, 2010. During this time, your Paragon MLS system will be unavailable .

Respectfully,

John Thummel

Supervisor

MLS Customer Care

Lender Processing Services Real Estate Group

The contact manager error is common in browsers that have multiple pop-up blockers enabled. Google and Yahoo toolbars must be disabled before trying to fix the issue. See below:

Quick and Easy Steps:

1. First click the ‘View’ option at the top of the browser. view screenshot

2. Hover over ‘Toolbars’. view screenshot

3. Uncheck anything but ‘Standard Buttons’, ‘Address Bar’ and ‘Links’. view screenshot

4. Now click ‘Tools’ at the top of your browser. view screenshot

5. Select ‘Internet Options’. view screenshot

6. Go to the ‘Security’ Tab. view screenshot

7. Click once on ‘Trusted Sites’ so it’s highlighted. view screenshot

8. Click the ‘Sites’ button, below. view screenshot

9. In the trusted sites window uncheck ‘Require Server Verification’. view screenshot

10. Then add *.fnismls.com to the website box. view screenshot

11. Click ‘Add’, then ‘OK’ view screenshot

12. Click on ‘Custom Level’. view screenshot

13. Scroll down to the heading ‘Miscellaneous’. view screenshot

14. Above ‘Miscellaneuous’ set ‘Java Permissions’ to Low Safety. view screenshot

15. Change or keep all options above set to ‘Enable’. view screenshot

16. Press ‘OK’ out of security settings

17. Press ‘OK’ out of internet options

Finally, restart your computer. That should do it. If you still get the error then you might have more than one popup-blocker running. If that’s the case, give us a call at our Technical Support Center at 925-295-1270 and we can help you from there.

General Disclaimer

CCAR does not guarantee the reliability or quality of any of the products, links, software, or hardware of the vendors mentioned in CCAR Help Blog articles. Nor do we have a vested interest in any of those entities whatsoever. You hereby acknowledge that any reliance upon or use of any of the aforementioned shall be at your sole risk. CCAR reserves the right, in its sole discretion and without any obligation, to make improvements to, or correct any error or omissions in any portion of the information presented on this site.

After further research, it was determined that emails were in fact being delayed by up to several hours.

At this time, the issue has been resolved and our Network Operations team now reports that all emails have been routed.

We apologize for any inconvenience this may have caused.

If you have any questions, please contact your Technical Support at 925.295.1270

Effective July 13, 2010, the MLS Alliance will transition to the Mercado Site. CCAR will no longer be offering this service to our members for free as usage rates have dropped significantly over the last year. Members may, however, elect to subscribe to the service individually and become authorized users at the following subscription rates:

We encourage all members to utilize MORE (Multiple Organization Reciprocal Exchange) to access property and listing information throughout the surrounding area and Northern California. As an organization, we will be reallocating resources appropriately to provide you with more comprehensive services and tools going forward. We appreciate your patience during this transition.

For questions regarding these changes, please contact Jared White at jared@ccartoday.com or 925.295.9209. For more information, click here.

Your Technical Support Staff will be making the necessary changes to the system this evening to remedy the above error.

This process will begin at 11:59pm (Central) and conclude no later than 8:00am (Central) on Wednesday, June 30th. During this time, your Paragon MLS system will be unavailable to you.