by rchrisman@robchrisman.com

A young man named John received a parrot as a gift. The parrot had a bad attitude and an even worse vocabulary. Every word out of the bird's mouth was rude, obnoxious and laced with profanity. John tried and tried to change the bird's attitude by consistently saying only polite words, playing soft music and anything else he could think of to "clean up" the bird's vocabulary. Finally, John was fed up and he yelled at the parrot.

The parrot yelled back.

John shook the parrot and the parrot got angrier and even ruder. John, in desperation, threw up his hand, grabbed the bird and put him in the freezer. For a few minutes the parrot squawked and kicked and screamed. Then suddenly there was total quiet. Not a peep was heard for over a minute.

Fearing that he'd hurt the parrot, John quickly opened the door to the freezer.

The parrot calmly stepped out onto John's outstretched arms and said "I believe I may have offended you with my rude language and actions. I'm sincerely remorseful for my inappropriate transgressions and I fully intend to do everything I can to correct my rude and unforgivable behavior."

John was stunned at the change in the bird's attitude. As he was about to ask the parrot what had made such a dramatic change in his behavior, the bird continued, "May I ask what the turkey did?"'

Just how much did rates go up recently? Freddie Mac's Primary Mortgage Market Survey showed a 37 basis point (.375) jump in the average 30-year rate, week-over-week, to 3.95%. Convincing anyone with rate less than that to refinance is going to be tough...roll out the home equity lines of credit!

Is the only thing better than a closed loan a free party? This industry works hard and plays hard. National Mortgage Professional Magazine knows that! That's why this year's Holiday Networking Partiesin December in Irvine, CA, Fort Lauderdale, FL and in Long Island, NY they're giving originators a powerful program of business building workshops before it's party time....and it's all FREE. These events include strategies on building your purchase business from Ron Vaimberg, a powerful presentation from Frank and Brian of National Real Estate Post, a Certified Military Home Specialist Workshop by Boots Across America, learn how to "Knock Out Your Competition" with Barry Habib, and a Renovation Lending Workshop with Damon Richardson. Workshops will be followed by a networking party where attendees will mix and mingle with other successful mortgage loan officers and celebrate the evening with music, complimentary food, prizes and a heavy dose of holiday cheer! Learn more about these Holiday Parties here.

Rain on the scarecrow, blood on the plow? The Fed reports the number of banks seeking additional collateral on farm loans is now the highest level in 25 years. A drop in farm land values and a global crop surplus has led to a decline in loan payments so banks are acting. In addition, yesterday I had CFPB updates. After the commentary went out the CFPB published a list of countiesdetermined to be "rural" and a list of counties determined to be "rural or underserved"during 2016 for purposes of applying certain regulatory provisions related to mortgage loans during 2017 (2017 lists). Rural counties are generally defined by using the USDA Economic Research Service's urban influence codes, and underserved counties are defined by reference to data collected under the Home Mortgage Disclosure Act.

Appraising ag land can be a real challenge. Heck, appraising a house in Phoenix or Ramsey, MN can be a real challenge as well. This week The Appraisal Institute, the largest professional association of real estate appraisers, went to Washington DCtold a Congressional hearing there is a "better, less-complicated approach" that would modernize the U.S. appraisal regulatory structure by improving quality, reducing costs and addressing fundamental concerns that drive appraisers from the profession.

In Capitol Hill testimonybefore a subcommittee of the House Financial Services Committee, the Appraisal Institute suggested that Congress realign the appraisal regulatory structure with those of other industries in the real estate and mortgage industries. The Appraisal Institute recommended using as a model the National Mortgage Licensing System cooperative among state agencies. "Appraisers are being choked by rules and regulations in nearly every facet of their business," Bill Garber, Appraisal Institute director of government and external relations, said in written testimony. "Appraiser's' professional lives have become extremely complicated, more expensive and less productive due to a dated and archaic regulatory structure. Thus, consumers suffer from increased turnaround time, delays in loans and potential higher costs."

Noting that the federal regulatory structure for real estate appraisal essentially has been untouched since 1989, the Appraisal Institute's written testimony said regulation is "overwhelming" appraisers and proving to be "counter-productive" for the profession and for users of appraisal services. "Real estate appraisers face a 'layering effect' of rules and regulations that creates a disincentive for potential entry into the profession, while also diminishing the profession's profitability," the Appraisal Institute said in its written testimony.