HVCC-Seems ok, tell me why I'm wrong

[sbb04]

Is there a feedback period for this revised HVCC? I can't for the life of me see where it says anything different from what was SUPPOSED to be the procedures all along. I guess it's just a 'and this time we really mean it, sort of' document.

 

[WMOORES]

First thing wrong with the HVCC is....
I got a hold of Wells preferred AMC list. One of the AMC's had a "suggested" fee of $125.00 for a 1004. Good thing I was reading this off a website, if I had been speaking to a rep I would have had a few suggestions of my own. Unfortunantly there will be someone running around doing them for less than that. Since this hits home the hardest, this is the first thing that is wrong with the HVCC. I see a lot of compliants about MB's, I must have some dumb luck, in six years I've had relatively few really try to pressure me unless the call came from CA. Then again most of them probaly have other ph numbers in their rolodex's and they know better than to send the ones over that need that push. But it's funny that when they or their families are purchasing/refinancing I get the assignment. This is the second issue with the HVCC, goodbye clients unless theyr'e doing FHA. I have worked hard to market and obtain my clients, weed through the few I didn't want to have a relationship with and now all I can say is thanks for memories.

Most of my clients didn't know that they can order FHA directly from the appraiser, I suggest everyone contact their clients and let them know they can order FHA directly from you. The third thing wrong with the HVCC is, oh hell this is just gonna lead to the fourth thing isn't it?

 

[Sandra Koutsopoulos]

"clearinghouse">AMCs=funded by appraisers

Is there a feedback period for this revised HVCC? I can't for the life of me see where it says anything different from what was SUPPOSED to be the procedures all along. I guess it's just a 'and this time we really mean it, sort of' document.

For STARTERS, in the original version there was to be a neutral national "clearinghouse" to order appraisals in an unbiased manner, which was to be funded by FNMA; the current version by default is that the "clearinghouse" has been replaced by for-profit AMCs, and the appraisers are paying for the privilege of bending over.

At AMC rates, I cannot make enough profit after expenses to do appraisals. Difference between Middle Class and Slave. Must be a heck of an AMC lobby in Congress, because the HVCC will NOT benefit consumers, nor your local business-person appraiser and his community, and in the end, not even the Lender due to the fact that the majority of appraisers won't put out a good quality product for less than minimum wage. It is illogical.

 

[emad rayyan]

Sandra, you are so right on. I would like to add another point. There is also wear and tear on our vehicles, the chance of getting a ticketed while driving from the police, the chance of getting chased down the street from neighbors for taking a photo of their home, and the chance of being involed in an auto accident. Let alone the subscriptions to MLS and public records, insurance and all the license and continuing education costs. Although the AMC companies now are not hiring, but I know they will hire more appraisers only to get the turn times faster, meaning less work if your even lucky to get hired on.

 

[PropertyEconomics]

The lawsuit in Washington against CW / LS will be very telling as to the future of the HVCC and the AMC business model. It doesnt look good right now ... and shows the exact reason the HVCC should not be allowed to be implemented.

 

[TXCBoy36]

As long as that person doesn't answer to anyone on the loan production side of the business that model should work just fine.

So, basically, as long as whoever is ordering the appraisal is not connected with the loan process/origination, then it is an acceptable appraisal order....or does the order have to come from the actual lender?

John

 

[valuequestor]

Who can order.

There will be no circumstance that a Broker's office can order an appraisal that eventually goes to the GSE's. The "separate from the origination section" does not mean that Brokers can hire an "independent appraisal ordering manager" within their office. Or were you thinking of something else??

 

[TXCBoy36]

?

I got an email a few days ago from an AMC company I have never heard of. He stated that if I referred any MB's to him, all I would have to do is let him know that I referred them and he would be sure I got the order. Has anyone else received the same email?

Which AMC sent that?

John

 

[TXCBoy36]

Hvcc?

There will be no circumstance that a Broker's office can order an appraisal that eventually goes to the GSE's. The "separate from the origination section" does not mean that Brokers can hire an "independent appraisal ordering manager" within their office. Or were you thinking of something else??

Basically, just trying to understand how some appraiser's are okay with all of this...when so many AMC's out there are refusing new applicants....how are we suppose to get orders if AMC's are not allowing enrollment......and if the Lender is not using an AMC, what process are they going to use to locate an independent appraiser.

John

 

[Jack Hines]

This is the second issue with the HVCC, goodbye clients unless theyr'e doing FHA. I have worked hard to market and obtain my clients, weed through the few I didn't want to have a relationship with and now all I can say is thanks for memories.

Most of my clients didn't know that they can order FHA directly from the appraiser, I suggest everyone contact their clients and let them know they can order FHA directly from you.

In the past 3 weeks I have lost 3 good clients that primarily send FHA orders. Why? Because all of their companies have made it company policy that all orders, FHA or Conventional, are sent to their new AMC. One loan officer told me that their company pays the AMC a flat $400 fee and the same AMC contacted me to say that they pay $250 for FHA. Great........ I would charge $350 for FHA, so the consumer is getting fleeced for $50 and I am supposed to take $100 in the shorts. And the unknowing consumer is going to badmouth me when they see a $400 appraisal fee on their closing statement. Nice...