Senate discussion of 2452 today.

[rcsone]

.....I almost forgot the Title 1V can be found as amending The Truth in Lending Act(15 U.S.C. 1601 et seq.) by inserting after section 1298, as added by this Act, the following new section: SEC. 401. DUTIES OF APPRIASERS....(2) QUALIFYING BOND.....but we will all know more pretty quick, and I agree I could be wrong, but I am not willing to accede yet.........and my excuse will be "I trusted govenment to tell me the truth".............best to all..............rs

 

[Deleted member 77547]

I'm all for this bill even though I can't afford to pay the bond.

One thing to consider that I don't think anyone has mentioned. This will REALLY hurt those cut rate appraisers who did a ton of volume and made little profit from it. Something I would think would be cause for a party around here....

So those who did the volume and made little profit can't afford it and neither can the one who didn't get the volume. Who's left?

 

[timd354]

So those who did the volume and made little profit can't afford it and neither can the one who didn't get the volume. Who's left?

I will tell you who is left....the guy who used 5 trainees to do inspections for the past few years and signed off on every one those appraisals and made a ton of money in the process.....like the guy I heard a few years back who claimed that he personally did over 200 appraisals a month.....(he had several trainees at the time). I am guessing that he has plenty of cash for any bond that will be required.

 

[James R]

I will tell you who is left....the guy who used 5 trainees to do inspections for the past few years and signed off on every one those appraisals and made a ton of money in the process.....like the guy I heard a few years back who claimed that he personally did over 200 appraisals a month.....(he had several trainees at the time). I am guessing that he has plenty of cash for any bond that will be required.

Think about what you are saying. The bond for that person will be ENORMOUS.

I don't claim to have al the answers. I'm just sick of the current system and this seems to be by far the best solution I've heard yet.

 

[Greg Bell]

O.K I am confused.Which one of these Mickey mouse bills has the ten percent and bond issue in it.Will it pass???If so will Wal Mart be hiring??.

 

[timd354]

Think about what you are saying. The bond for that person will be ENORMOUS.

I don't claim to have al the answers. I'm just sick of the current system and this seems to be by far the best solution I've heard yet.

No it won't, he lied about doing the personal inspections on all of his appraisals and, undoubtedly, he will lie about his appraisal volume when it comes to securing the requisite bond.....suddenly, he will tell everyone, that his appraisal volume was'nt sh*t. Guys like that have no conscience and they will cheat whatever system is set up. The honest appraiser, who follows the new rules, will once again be played for a chump.

 

[James R]

So what is your solution then?

 

[Karl]

So what is your solution then?

ENFORCEMENT!!! Of the Rules, Laws, Regulations already in place. Stiff penalties & the penalties carried out when the rules are broken.

Absolutely no need for any more laws. Just need enforcement of what we have. There seems to be some already in place laws that were broken & enforcement seem to be working now that sweep month is here.

Many more folks going to need to buy the video.

 

[Michigan CG]

Absolutely no need for any more laws. Just need enforcement of what we have.

Karl,

One of the bills (I forget, house or senate) requires an interior inspection appraisal. That new law is good for appraisers, banks, the economy and the public. That is one new law that needs to be passed.

That of course is my biased opinion in that I don't believe in exterior only appraisals if interior access is available.

 

[James R]

Right, the state boards are going to enforce the laws so well that appraisers will just magically start getting selected by their competence.