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  #1  
Old 01-10-2009, 09:27 AM
Deuce of Spades's Avatar
Deuce of Spades Deuce of Spades is offline
 
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Default Appraisalport HVCC conference call

Interesting listening
There is also a powerpoint.

sorry if there is a repost


http://www.fncinc.com/ClientAccess/HVCC_Briefing.aspx
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Old 01-10-2009, 09:46 AM
Randolph Kinney Randolph Kinney is offline
 
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The recording is over 1 hour and I don't won't to sign up for the Power Point.

How about posting a summary?
  #3  
Old 01-10-2009, 01:18 PM
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Deuce of Spades Deuce of Spades is offline
 
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Call is worth a listen. They had a Q&A afterwards where the lenders appear (imo) to be very unhappy about the mortgage brokers not being allowed to order their own appraisals. Like Rels, they want to say "use AMC ABorC" but Fannie says no, all ownership belongs to the lender. And that includes payment for the appraisal.
One portion that is of concern is regarding the consideration of when the appraiser does not get paid - this requires a re-listen - but it they are saying if an appraisal has compliance or factual errors, then lenders might not have to pay for it. While I agree that this may get rid of some appraisers out there, I can see the potential abuse - Again a re-listen w/ notes is needed, I'm working and messing around at the same time - It is Saturday afterall....
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Old 01-10-2009, 02:24 PM
Randolph Kinney Randolph Kinney is offline
 
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Thanks. I can understand the lender concern if they have to paid for an appraisal that can't fund a loan due to value.

Of course, to circumvent that, the lender needs a comp check.

You don't do comp checks? You are off the list.
  #5  
Old 01-10-2009, 05:34 PM
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Quote:
Originally Posted by Randolph Kinney View Post
Thanks. I can understand the lender concern if they have to paid for an appraisal that can't fund a loan due to value.

Of course, to circumvent that, the lender needs a comp check.

You don't do comp checks? You are off the list.
Appraisalport/FNC actually suggested that lenders are taking credit cards for that purpose or they are being prepared to eat the fee.
They (AP) did repeat on several occasions that the comp check were a thing of the past and everything is to insure appraiser independence.
  #6  
Old 01-10-2009, 08:52 PM
Randolph Kinney Randolph Kinney is offline
 
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Well, expectations are running high. I wonder how many relationships will be destroyed by the HVCC?

It could be that the AMCs are totally unprepared for what is coming. I am sure complaints about appraisers and about clients are going to fly, especially when appraisers don't get paid and the client complains about "quality" (read that as the number was not hit) and refuses to pay.

I wonder too, how the 1004 MC form is going to hit? Declining market with time adjustments should be the vast majority of appraisals.
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