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Action Plan for POST HVCC 5/1/2009

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Dropindeep, Dec 28, 2008.

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  1. Dropindeep

    Dropindeep Sophomore Member

    0
    Aug 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Ok,

    So what are some ideas of what we can do once this happens?

    Go out of busness?

    Non-Lender Work( not enough to go around)?
     
  2. INSPECTOR

    INSPECTOR Sophomore Member

    0
    Jul 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I'm going back to shaping boards dude.....OK seriously a lot of guys are going out of business or retiring. I would retire if my savings and 401 (now a 101) weren't wiped out. I'm going for the non-lender work and hopefully the NVS Co-op will throw some work my way. If I can find a little review work, that would be nice. If I can't find work outside of the AMC's I'll punt, speaking of which Miami just scored again WAHOO go Fins.

    Good luck to you and me.
     
  3. Carnivore

    Carnivore Elite Member
    Supporting Member

    43
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    What you can do is severly limit the amount of control an AMC can place on you.

    You do this simply by reporting the most abusive to the IRS for violating employee/IC status.

    this folks is will go a long way farther then any help we might get from congress.

    Speaking of Congress, think State Legislatures. Most states are really hurting for tax revenue. The AMC's are taking a lot of money away from the majority of states to Pennsylvania, Virginia and a few others.

    Think of these as a one two punch that will cripple all of them to the point we really will be independent.

    This will force the Big banks to go inhouse with there appraisal ordering.
     
  4. Esox

    Esox Member

    8
    Apr 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    I'm hoping my four main clients, local banks, go with direct engagement through processing departments separate from the origination departments. When I've spoken to them about the HVCC over the last several months, they have indicated direct engagement would be their MO, but obviously they can change their minds. I'll be making some calls this week to discuss their plans regarding the revised HVCC now that it appears to be finalized.

    Stressful times indeed.

    Kevin
     
  5. Carnivore

    Carnivore Elite Member
    Supporting Member

    43
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Kevin,

    If your an alamode user then introduce them to Mercury. This will help them manage the appraisal orders interanlly and remove the need for an AMC phone monkey.

    http://alamode.com/products/mortgage/xsites/Default23k.aspx
     
  6. Esox

    Esox Member

    8
    Apr 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    We use ACI, but it doesn't mean I couldn't change. We probably should, but our ACI use goes back to long before my wife and I owned the company. I'm reasonably confident that my clients are going to continue to order their own appraisals. If they tell me they've changed their minds, I will try and suggest options other than typical AMCs. Thanks for the suggestion.

    Kevin

    Kevin
     
  7. leelansford

    leelansford Elite Member

    48
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    My post-HVCC "plan" is VERY similar to my pre-HVCC "plan": Avoid, if conditions are not to my liking, working for either AMCs or mortgage brokers.
     
  8. Jan Roseberry

    Jan Roseberry Senior Member

    4
    Sep 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    Business as usual (hopefully)!

    My clients are local banks with majority hard money lenders. Occasionally they sell to Freddie and Fannie direct (retain servicing) with only correspondent lending for FHA/VA loans. They have all changed ordering procedures in past 6 months and I have no contact with loan officers.

    My only concern is that I think the orders should be automatically rotated (the way I read/interpret the document) but I am not sure the banks are rotating assignments.
     
  9. Howard Klahr

    Howard Klahr Senior Member

    136
    Oct 4, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I have said it before and I'll say it again - the sky is falling, the sky is falling.

    For those who truly do not know what to do, start by reading and understanding the book "Who Moved My Cheese".
     
  10. Bigrock

    Bigrock Member

    0
    Jun 6, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    set up your own AMC,,,,

    Why NOT....
     
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