I understand the Companies are license with the State. I knew that. My problem is accountability. Back at the time of the S & L bailout, someone decided that Appraisers should have rules and be more accountable for their actions, Now we have licensing of appraisers. Though even though a major bank may have appraisers and that bank my be license in the State of Florida for that appraiser lets say whom is license in N.C. just because the bank is license in Florida that appraiser needs to basically get permission to do assignments in Fl. Even if only going to be in the sate for 60 days.
I guess what I am saying why not require all whom wrights loans in Fl not be required to have a licensing, education requirements, and laws to govern them also. I know what every ones argument for this will be Loan, offices, brokers, and originators are honest and they are not part of the problem. Only realtors, appraisers and borrowers are the problem.
Let Imagine a Hypothetical for a minute. An appraiser gets an assignment with the estimated value of $310,000 on the request. The appraiser pull the tax record and MLS and sees the homeowner bought the home for $243,000 15 months ago. On MLS the appraiser notes the property was listed for $237,500 when it was sold 15 months ago with almost another $5,000 closing and down payment assistance also noted on MLS. Search of current sales in the S/D +- 400 sqFt found the highest sale of $222,000 of a home 175 sqft larger. Well some appraisers I know will complete the assignment, and let the numbers fall. But other not wanting to waste the borrowers money, not to mention even if the appraiser does a good job. Someone my put in a complaint if the appraiser completes it well under what borrower bought it for. So the appraiser call the client and tell them what he sees. The 1st thing out of the clients mouth is. Is the fee a problem with hitting value. The next thing out of his mouth is “what you do not like working for our company? You only want the easy assignments ?
True I know nothing like what was said above has ever happened. But if Loan, offices, brokers, and originators were license and knew the law and there are consequences.. Other states from what I have heard and read have real licensing laws on the books for all who practices in the state. Yes we have a law for Mortgage brokers whom work within the state from within the state but not for people who work from outside our state, my only question is; is this right and or even fair, and if you are right and bank employees who write loans located in the state are not required to have individual license, why?
