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BREA and Appraisal Foundation didn't get Trumps message....
- Thread starter Surf Cat
- Start date
sputnam
Elite Member
- Joined
- Apr 24, 2012
- Professional Status
- Certified General Appraiser
- State
- North Carolina
Not at hand.. .however, I was in NC and was an appraiser when it happened. I'm sure that a smart guy like you can find it using your favorite search engine. If you can't, let me know and I will drop whatever I'm doing and find it for you.
sputnam
Elite Member
- Joined
- Apr 24, 2012
- Professional Status
- Certified General Appraiser
- State
- North Carolina
Thing is... we don't get to decide what is and isn't unconstitutional. The court does that.hvcc was unconstitutional too...where does the gov of n.y. get the authority to write laws for every state...or is this what you want
Tom D
Elite Member
- Joined
- May 22, 2015
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
It wasn't the governor. It was the attorney general of new york, andrew cuomo, who had lenders so scared, they all swallowed it.hvcc was unconstitutional too...where does the gov of n.y. get the authority to write laws for every state...or is this what you want
George Hatch
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified General Appraiser
- State
- California
The HVCC (2008) wasn't a law. But the D-F Act (2010) is a law that was legislated by Congress and signed into law by a POTUS. Same with FIRREA (1989) which was a law that was legislated by Congress. FIRREA is why appraisers who work in the mortgage lending business are licensed, and is also why the MBs and in-house loan officers were cut out of the FRT appraisal loop just after licensing.
Congress *should* have cut the MBs out of the loop on the residential side at the same time they did it on the FRT side. Then none of you would have come up thinking it's normal for the loan originator to control every aspect of the appraisal engagement including contingent engagement and contingent compensation. Your relationship would have been with the underwriters, not the loan originators and loan officers. And yes, most of those lenders probably would have outsourced the management of the appraisers to 3rd party AMCs.
If appraisers think they have it rough now, their situation would be even harder if there wasn't any licensing. There would be no barrier to entry, as was the case prior to licensing.
Congress *should* have cut the MBs out of the loop on the residential side at the same time they did it on the FRT side. Then none of you would have come up thinking it's normal for the loan originator to control every aspect of the appraisal engagement including contingent engagement and contingent compensation. Your relationship would have been with the underwriters, not the loan originators and loan officers. And yes, most of those lenders probably would have outsourced the management of the appraisers to 3rd party AMCs.
If appraisers think they have it rough now, their situation would be even harder if there wasn't any licensing. There would be no barrier to entry, as was the case prior to licensing.
Last edited:
Elliott
Elite Member
- Joined
- Apr 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Oregon
From Jeremy Bagott's newsletter 3/21/25:
"In the tangled web of crony relationships is a University of Texas-trained lawyer and activist called Zixta Q. Martinez. She is chair of the obscure federal regulator. Besides her duties there, she is a deputy director at the federal Consumer Financial Protection Bureau. She’s also a former employee of the National Fair Housing Alliance.
"With the nonprofit’s help, HUD has ensnared at least 300, but possibly as many as 1,000, state-licensed real property appraisers in federal investigations based, by all accounts, only on the fact that an appraiser failed to hit the value required to make a real estate transaction pencil."
....................
"Last year, Fitch Ratings estimated national home prices were 11.1% overvalued. For America’s housing economy to function, appraisers must be able to occasionally conclude values that send buyers, sellers and their commissioned brokers back to the negotiating table."
"In the tangled web of crony relationships is a University of Texas-trained lawyer and activist called Zixta Q. Martinez. She is chair of the obscure federal regulator. Besides her duties there, she is a deputy director at the federal Consumer Financial Protection Bureau. She’s also a former employee of the National Fair Housing Alliance.
"With the nonprofit’s help, HUD has ensnared at least 300, but possibly as many as 1,000, state-licensed real property appraisers in federal investigations based, by all accounts, only on the fact that an appraiser failed to hit the value required to make a real estate transaction pencil."
....................
"Last year, Fitch Ratings estimated national home prices were 11.1% overvalued. For America’s housing economy to function, appraisers must be able to occasionally conclude values that send buyers, sellers and their commissioned brokers back to the negotiating table."
