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Old 01-17-2009, 09:50 AM
Jo Ann Meyer Stratton's Avatar
Jo Ann Meyer Stratton Jo Ann Meyer Stratton is online now
Join Date: Jan 2002
Location: Safford, Arizona
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 6,322
Default FHFA news release

Beginning January 2010, lenders will provide data to Fannie Mae and Freddie Mac that will identify the loan originator, loan origination company, field appraiser and supervisory appraiser for each mortgage loan. Here is a link to the announcement:
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Old 01-17-2009, 10:48 AM
Randolph Kinney Randolph Kinney is offline
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Location: SoCal
State: California
Professional Status: Certified Residential Appraiser
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Yeah, like they don't have that information now.
Old 01-17-2009, 10:56 AM
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PropertyEconomics PropertyEconomics is offline
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Location: Central New Mexico
State: New Mexico
Professional Status: Certified General Appraiser
Posts: 18,855

I see a black list for originators and origination companies coming. Welcome to the world of appraisers.
Foxtrot, Uniform, Charlie, Kilo Cancer ... In memory of our friend Bill Waite!
Old 01-17-2009, 11:34 AM
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jtinmichigan jtinmichigan is offline
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Location: north woods
State: Michigan
Professional Status: Certified Residential Appraiser
Posts: 389

Its a step in the right direction, however, you will have to be very careful who you take work from. Fly by Nite Mortgage is gonna have a problem getting their work done.
This cat will not be herded.
Old 01-17-2009, 05:30 PM
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VolcanoLvr VolcanoLvr is offline
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Location: Inside the ring of fire
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2,882

Fly by Night, and every other flea bitten mortgage sales agency is coming under the MANDITORY F/F licensing regulation. It's about durn time.

They either take the pre-licensing classes, have personal background checks done, register and get their license, or you're right......they will no longer be able to sell loans that ultimately wind up with Fannie/Freddie.

In time this requirement will ripple through the entire mortgage industry, including banks. Hard money lenders who retain their loans, small banks keeping their loans, FHA/VA, and others will realize that there will be too much extended liability if mortgage loan sellers are not in compliance with the registration regulation.

The pendulum is swinging back to center, where it should have been all along. The bad apples caused the problems, and regulators have finally done what they should have done about 1990 when appraiser licensing was enacted. "We" were the easy target then; now everyone will be in the crosshairs.
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