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  #1  
Old 10-01-2007, 04:43 PM
incognito's Avatar
incognito incognito is offline
 
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Location: On the Beach
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Default FRT's in Florida

I know this has been beat to death, but I'm still a little vague. I am trying to determine what an FRT REALLY is. I searched and read hundreds of posts, and a consensus seems to be that loans by FNMA, VA and FHA are not FRT's.

Then I come with this:
http://myflorida.com/dbpr/re/documen...er_package.pdf
As defined by Florida Statute 475.611(j),

That states:

a “federally related transaction” means any real estate related financial transaction that a federal financial institution’s regulatory agency or the Resolution Trust Corporation engages in, contracts for or regulates, which requires the services of a state licensed or state-certified appraiser.
The regulatory agencies are:
Board of Governors of the Federal Reserve System
Department of Housing & Urban Development (HUD)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
Resolution Trust Corporation
Freddie Mac
Fannie Mae

So, anything, at least in Florida done for any type of non-private loan, exclusive of VA(?) is an FRT?
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Old 10-01-2007, 04:57 PM
Mark to market Mark to market is offline
 
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Default

FHA, VA,Fanne Mae, Freddie Mac, Farmer Mac, and Salle Mae are not on the list.
  #3  
Old 10-01-2007, 05:01 PM
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Joyce Potts Joyce Potts is offline
 
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Default

You'd think with all those governmental agencies in place there'd be adquate oversight that would have prevented the current mortage meltdown.

So my question is--wha hapen?
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Old 10-01-2007, 05:42 PM
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Chris Colston Chris Colston is offline
 
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Default

Quote:
Originally Posted by Mark Raney View Post
FHA, VA,Fanne Mae, Freddie Mac, Farmer Mac, and Salle Mae are not on the list.
As defined by Florida Statute 475.611(j),

That states:

a “federally related transaction” means any real estate related financial transaction that a federal financial institution’s regulatory agency or the Resolution Trust Corporation engages in, contracts for or regulates, which requires the services of a state licensed or state-certified appraiser.
The regulatory agencies are:
Board of Governors of the Federal Reserve System
Department of Housing & Urban Development (HUD)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
Resolution Trust Corporation
Freddie Mac
Fannie Mae

Looks to me like they are on the list.
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  #5  
Old 10-01-2007, 06:08 PM
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Howard Klahr Howard Klahr is offline
 
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Florida Statute 475.611(l) states the following (j is an incorrect reference):

"Federally related transaction" means any real estate-related financial transaction which a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates, and which requires the services of a state-licensed or state-certified appraiser."

Florida State Statutes 475.611 Definitions

FIRREA in fact is the source for defining the term Federally Related Transaction and it states the following:

"The term "federally related transaction" means any real estate-related
financial transaction which —
(A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages
in, contracts for, or regulates; and
(B) requires the services of an appraiser."


and goes on further to define Federal financial institutions regulatory agencies as follows:

"The term "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporations, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration."

FIRREA SEC. 1121. DEFINITIONS (12 U.S.C. 3350)

No where in the definition of Federally related transaction are the following included:

Department of Housing and Urban Development, Fannie Mae or Freddie Mac

In fact the later two are private corporations and are not currently even government agencies.

Last edited by Howard Klahr : 10-01-2007 at 06:13 PM. Reason: typing/spelling errors
  #6  
Old 10-01-2007, 08:07 PM
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Chris and Howard, thanks for the response. I wish I could say I understood. But I still Do not. Howard, I like what you have to say, and want to agree. Do you think USPAP 2008, having dumped Supplemental Standards completely, will help clarify this? I have read the new AO regarding frt's, and I'm as lost as ever!
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  #7  
Old 10-01-2007, 08:54 PM
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Howard Klahr Howard Klahr is offline
 
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incognito,

Although I can appreciate your confusion, I am not sure what part you are unclear about. If you could explain your issue or need maybe I could approach it from that angle.

Also, just because an assignment is not being performed for a FRT does not mean that the client does not have requirements that follow those of FRT. For example, Fannie Mae and Freddie Mac do not fall under the requirements of FRT's. However, their own guidelines require the use of certified/licensed appraisers. This is not a USPAP issue, but rather supplemental requirements/guidelines imposed by the client.
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