I have an idea.

[Warren Sumner]

How about we all not panic about the pending Cuomo settlement until we see the specifics of how things will work? This could just pave the way for all lenders to start their own appraisal departments independent of mortgage brokers and loan officers as some of the lenders have gone to. I have had great experiences with some of these lenders, no value pressure, no comp searches. I don't know, especially with Cuomo's First American experiences, that this will necessarily pave the road for AMC's.

The bottom line is this board has been full of threads complaining about the commissioned loan officer, comp searches and unethical pressure. Then a possible solution to that is offered and everyone attacks it like its armageddon. We should let Cuomo know our concerns about the specifics, but then wait to see some of those specifics before we go on the attack.

JMHO.

 

[Kevin Mc]

Great idea.

We should let Cuomo know our concerns about the specifics, but then wait to see some of those specifics before we go on the attack.

JMHO.

I have done so, I urge others to do the same. My biggest problem with this whole thing (aside from losing some business from a few brokers) is that skippy mills who send out trainees and service AMCs (it is rampant in my neck of the woods) will continue and actually thrive in the new environment while the seasoned honest and ethical appraiser will be ignored. Business as usual from where I stand.

 

[Ray Miller]

is that skippy mills who send out trainees and service AMCs (it is rampant in my neck of the woods) will continue and actually thrive in the new environment while the seasoned honest and ethical appraiser will ignored. Business as usual from where I stand.

Agreeded.

I really don't know a workable answer yet. What could be a workable answer????

 

[Karl]

The TRUTH??? Manuy of you can't handle the truth cause thne truth is: Start thinking about coming up with a totally new idea for a income source. Cause the Apprasisal Profession is headed to the crapper for many years probablly twice as many as the "BOOM" was here!! Anyone on here including Pam wanta sit in front of congresss & say There is a need for Appraisers When any State Senator Or Rep can EASILY show as many or ALMOST as many Bogus Appraisals for their State as they can good clean Appraisals?? Many appraisers did exactly as the lending industry wanted!! they as "supposedly" professional Appraisers broke every rule imaginable & kissed the @$$ of those, that we were SUPPOSE to protect the General public from. With no worry of any agency doing anything to them cause it was GOOD for the economy of the STATE!! I WISH I was talented enough to bring up threads of 5 years ago where some that are still on here BRAGGED about the number of Trainees they had & how they with modern technology NEVER even saw their Trainees. & my favorite those that actually bragged about giving reduce fees for multiple orders. I see they have changed their tune now.

NO ONE DESTROYED THE APPRAISAL PROFESSION, OTHER THAN APPRAISERS THEMSELVES!!

Amnyone that thinks the "profession" will be fixed soon is having nothing more than a Dream !!!

Also an Apology to those of the newest licensed & those still in Training you have no idea HOW screwed you are!! Most of you were shown how to fill in a form, most of you were never shown anything about appraising. With this rapidly changing market You don't have a change at defending yourselves in a court of law. & there will be some/many of us in court in the next two years.

Most of all::: A public Thank you to: Zaio for finding so many stupid people.

 

[GCJim]

......The bottom line is this board has been full of threads complaining about the commissioned loan officer, comp searches and unethical pressure. Then a possible solution to that is offered and everyone attacks it like its armageddon.......

The reason being, that the cure can be worse than the disease, dontcha think? On the limited information we have about the cure so far, it is easy to imagine where abuse, loopholes, and all that other bad stuff could creep in. The cure needs to be a good one, for all concerned.

 

[rescom]

I don't even blame the appraisers. It was and still is the minimal educational requirements to become and appraiser that created most of this mess. Before 2008, you didn't even need a high school diploma to become a trainee. So yes, you are and probably will be competing for orders that pay minimum wage from here on out. Its the AQB's fault. They minimized the importance of this profession, let anybody with a heartbeat in, and that it why it is the way it is.

 

[Warren Sumner]

The reason being, that the cure can be worse than the disease, dontcha think? On the limited information we have about the cure so far, it is easy to imagine where abuse, loopholes, and all that other bad stuff could creep in. The cure needs to be a good one, for all concerned.

Yeah, but like you said we have LIMITED information. And NO system will be perfect. I'm not sure lenders are ALL going to go flocking to AMC's for their work, they haven't thus far. And I feel REAALLLY good about my chances of competing head-to-head with an AMC appraiser.

Look, I'm not a democrat, but I do think Cuomo is trying to help here. I heard him speak a couple years ago and I can tell you, he wants to make a difference here, not out of benevolence necessarily, but I can see him trying to be Senator Cuomo in a few years and possibly President Cuomo down the line. He's not going to divert a mess into another one if he wants to realize those ambitions.

Secondly, the ultimate judge and jury of this will not be Fannie, Freddie, Cuomo or us, it'll be the investors who buy mortgage portfolios. You gotta think those guys are smart enough to see through all this subprime stuff and know what is going on here. With foreclosures on the rise and everything going on in the economy, I'm not sure I'm going to trust my millions of dollars to a portfolio of properties valued by a computer in a declining market.

I'm not sure I'm convinced we should be looking for professional caskets quite yet...I hope I'm right.

 

[timd354]

How about we all not panic about the pending Cuomo settlement until we see the specifics of how things will work? This could just pave the way for all lenders to start their own appraisal departments independent of mortgage brokers and loan officers as some of the lenders have gone to. I have had great experiences with some of these lenders, no value pressure, no comp searches. I don't know, especially with Cuomo's First American experiences, that this will necessarily pave the road for AMC's.

The bottom line is this board has been full of threads complaining about the commissioned loan officer, comp searches and unethical pressure. Then a possible solution to that is offered and everyone attacks it like its armageddon. We should let Cuomo know our concerns about the specifics, but then wait to see some of those specifics before we go on the attack.

JMHO.

No panic here, but I do not like the idea that a "solution" that could drastically change our business for the better or possibly the worse is being made in secret negotiations with the attorney general of a state with which I have no connection without any opportunity for public input from appraisers and other members of the public.

 

[George W Dodd]

Appraisers make an easy target, and I remember the RTC days and what happened as a result. We were made the "fall guy" for a host of problems that had nothing to do with us. The changes made then resulted in the problems of today.
It is always easy to lend someone else's money, especially when you're paid on a commission basis and the more you lend the more you make. And when the rewards far outweigh the risks it is easier and easier to loan to less qualified individuals.
I personally don't believe that the appraiser is responsible for either the current state of the housing market or in ruining the profession. There are simply too many good appraisers. If the lender were responsible for the money they lent then they would make decision based on good and accurate appraisal. Until these parties are held accountable there will not be any meaning change.
I believe that there have been far more lending transactions that occurred without an appraisal than has been disclosed. I believe when the facts start coming out the percentage of "waivers" for appraisals, AVM's, and perhaps other method is going to be a lot higher than anyone assumed.
In addition to this, the amount of fraud committed by mortgage brokers is huge and that is likely to become the centerpoint for "regulations".

 

[Dan/Fla]

The thought that came to me was a thought that most large appraisal companies would hate as would Management companies.. Every Certified appraiser would have to enter his info in a Central Data system. Along with the range of coverage area from Home or Office zip code and or counties covered. Then when XYZ Mortgage and or Bank want an appraisal the data company automatically assigns on a rotating list to whom ever is up. Then if Not COD; Bank and or Mortgage company pays the Fee up-front and appraiser knows his getting paid. Funds are released to appraiser, when he uploads the report; to the Appraiser. I am not thinking management company though true Fees would have to be coordinated. Like let say all appraisers enter there fee list and then many average of all URAR becomes that fee. Maybe a different Central Data system for each state. Where the loan company does not even know who is doing the appraisal till completed. Hopefully covered by a department were we are all licensed by the state, as are all banks and one day all Mortgage companies. If a Appraiser or Mortgage company is found to be dishonest with this system they could be locked out. No Trainee would be on rotating list since they should have a Mentor this by it self could stop a lot of problems. Also for appraiser that whom say, that they cover the entire State which most if not all know they really can not know all those Markets, it should have a restrictor to limit distance from Office and or license. You could put limits on assignments lets say 100 a week ( a joke) but best part is You can long in take me off this 2 weeks, for vacation. Then sign in from laptop when on way home and an order or 2 would be there when you get back. I know a vacation what is that; with way things are now I can only get Long weekends. Can not afford not to be there when client calls. A Vacation now that is a nice thought.