How long until HVCC goes away best case scenario?

[William K]

Well, for one, one of my best clients would be able to send me more than just FHA work. Hey, it's all about me.


TC

WHY can't they order conventional appraisals from you?
Will the changes to go into effect in Jan 2010 with FHA also affect your ability to receive FHA orders?

 

[Ben Travis]

Let me rephrase this question .

Ok so when supposedly will this bill pass (if it does?) that will allow my long time clients to order conventional appraisals through me and through an AMC ?


Also are FHA appraisals going to be going through AMC's after Jan 1 as well ?

 

[Michael Tipton]

Ok so when supposedly will this bill pass (if it does?) that will allow my long time clients to order conventional appraisals through me and through an AMC ?

Also are FHA appraisals going to be going through AMC's after Jan 1 as well ?

1. The bill is still in the House Committee. I wouldn't hold my breath for quick action.



2. Have you read the Mortgagee Letter that addresses this yet? It will answer the question.

Are you working on your Certified Residential license? Are you still Licensed?

http://www.HUD.gov/offices/adm/hudclips/letters/mortgagee/files/09-28ml.doc

 

[moh malekpour]

The bill is going to pass, let's hope so. The bill is very important bill but banks are going to fight against it as hard as they can. Most house members and some senators are up for re-election next year and need campaign money. Banks are notorious in their lobbying for things that are against their interests and this bill is a big one. Luckily, most of them are weak now due to their recent crisis and some of them are partially owned by government and are limited in spending for lobbying. The important of the bill is not just the HVCC, it is the whole consumer protection and congress are cautious in voting againt cnsumer protection bill.
The bill easily is going to pass in the house before the end of this year and then goes to senate that might have a rocky time.
If the bill passed, that I think it is going to pass, there is going to be a fundamental change in appraisal regulations for better or worse.

 

[smackodu]

OK, let's say that the HVCC disappears...tomorrow.

Let me ask you: what do you believe would be different today versus "tomorrow"?

The national appraisal organizations suddenly say, "What were we thinking? ......I love Mortgage Brokers, the NAR and the National Association of Homebuilders. We never really liked those AMCs or the HVCC. How can we help you?"

 

[Appraisal Time]

OK, let's say that the HVCC disappears...tomorrow.

Let me ask you: what do you believe would be different today versus "tomorrow"?

Actually things may change a little bit. Once Mortgage Brokers can go back to ordering appraisals at full fee then many appraisers will shun the AMC's like they did prior to the HVCC and then as the AMC's appraisal ranks began to thin they will be force to offer full fees to attract appraisers. At that point, AMC's won't really be profitable for the banks anymore. That means millions more in the pockets of the apppraisers instead of the banks, which would mean our lively hood would return.

It's as simple as that. Mortgage brokers create competition for banks, plain and simple.

 

[Lloyd Bonafide]

Actually things may change a little bit. Once Mortgage Brokers can go back to ordering appraisals at full fee then many appraisers will shun the AMC's

Where are you getting the idea that mortgage brokers will be allowed to order appraisals again if the HVCC is stopped?

It may happen with some lenders, but do you think that the big banks will let go of the profit from their AMCs? Do you think Fannie, Freddie, and FHA will allow mortgage brokers to order any appraisal they want next year?

 

[Wolverinefan]

The HVCC is the best thing that has ever happen to us. No more shady LO's to deal with and no more comp check requests. I love it....

 

[Stone]

Where are you getting the idea that mortgage brokers will be allowed to order appraisals again if the HVCC is stopped?

It may happen with some lenders, but do you think that the big banks will let go of the profit from their AMCs? Do you think Fannie, Freddie, and FHA will allow mortgage brokers to order any appraisal they want next year?

Don't let reality get in the way.

 

[Michigan CG]

How long until HVCC goes away best case scenario?

The multitude of new posters here will go back to their MBs that of course don't ever pressure for value and we will get back our monthly comp check thread.