65,000 Lenders and Mortgage Companies

[Tony V]

If you were lending your own money would you find it to be acceptable for brokers to be still pushing on values, asking appraisers to overlook things and shopping for the highest values???

 

[ghrousseau]

I am going to survey 92,000 +/- Lenders and Mortgage Companies. I anticipate a response from around 65,000 (based on previous data)

So I ask any one that will professionally answer:
If you had an audience of 65,000 Lenders and Mortgage companies and had the opportunity to ask 1 question what would you ask?


The survey will be Proposed: Monday Nov. 17, 2008 and will end Friday Nov 21, 2008

I will put a link here (if allowed) ---LINK--- Monday morning and you can follow the results live.

It will be at the Moderator's / Forum Owners Discretion to remove it.

I will again assure you there will be no advertisements at this site.

Please note:
I do have prepared questions however not being an Appraiser I do value your input.
I propose this in an effort not to overlook any valuable subject matters.

Thank you in advance.

Anthony Lariscy
ps..I will post the results for you on a neutral website with no advertisements involved or on this forum if allowed.
pss..just a reminder: If you feel the question holds no value. Please feel free to ignore the topic.

There is currently a large push within the industry by large retail banks and retail lenders to push independent mortgage brokers out of the business. There has been consolidation and direct lobbying efforts by large retail lenders to pass legislation which is beneficial to them (ie the HVCC and AMC
s) and detrimental to the rest of the industry. I would ask the independents how they plan to compete in this new environment and how they will differentiate themselves from the big box lenders?

I would also ask if they see the value in having high quality professional appraisers to work with vs the bottom of the barrel from AMC's who get stipulated by underwriters constantly or who have values reduced and if that would help them compete with the big box crowd?

 

[AppSystems]

For some reason I can't edit my original post. I am testing the results link now.

 

[Conservative in Virginia]

Good luck with the survey and I hope you can get the link working.....

 

[Caterina Platt]

Looking at our current global credit crisis, bank failures, foreclosure rates, and the predicted millions of families that will end up losing their homes, what part in history do you believe the lender that did business by pushing for higher values (most often, higher than the market supported) will hold?

 

[Carnivore]

Welcome to the Forum!

Going forward, how are you going to cut the cost of making a loan?

Going forward, how are you going to improve the quality control of valuations used in lending?

Going forward, do you intend to rely more so on appraisals for lending decisions than other valuations that could be used?

How do you view appraisals as part of the lending process?

May as well get the truth out very quickly. With all due respect making it about fees does not provide any information to us that is helpful and only suggests that we are more interested in money than in quality. I would like to know how they really view the appraisal as part of the process. The answers could be very telling.

Feeding off their comments:

Mr Lender, What will you do to regain the trust of Wall Street and other purchasers of YOUR Mortgage Backed Securities?

Mr. Lender, Will you garantee in some way subsequent Yields of portfolios you sell to investors?

Mr. Lender, How will you garantee your ability to buy back loans that are discovered to have questionable incorrect/misleading to outright fraud within them?

Anthony, feel free to modify anything I have said above to improve your end task.

 

[Jim Hill]

My question would be

What future do they see for appaisers and how we can all work together to make the system better.

Jim Hill

 

[TEL2002]

Over the past 5-6 years, appraisers have been asked to produce appraisals quicker and quicker. During the same time frame, fees to appraisers have been slashed 30-60% while more and more data and research is required to complete a credible report.

Since an appraiser must theoretically do twice as many appraisals to maintain a stable income, what can the lenders, mortgage brokers, and AMCs do to insure that appraisers are able to provide accurate & timely appraisals?

1. Increase appraisal turn times and keep the fees the same.
2. Increase fees paid for appraisals and keep the turn times the same.
3. Consider as acceptable, reports that are based upon limited research and data. (Appraisal orders would specify the maximum amount of research and data acceptable, ie. the more detailed the required data & research, the greater the turn time and fee.)
4. Block appraisals so an appraiser is given several appraisals in the same neighborhood at the same time.
5. Other: _________

 

[AppSystems]

Results

YOU MUST click the link before the forum timer redirect runs out to gain access to the results.


http://www.hvcccompliant.com/survey/results.php

 

[panappr]

YOU MUST click the link before the forum timer redirect runs out to gain access to the results.


http://www.hvcccompliant.com/survey/results.php

Hmmmm. Getting a notice that I don't have valid credentials to view???