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A Rumor Of War: RESPA

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John Hassler

Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
I've talked with some MBs and this is going to be a BIG DEAL. Their industry is mobilizing in this area and I would not be suprised the the proposal gets watered down significantly. Personally, I think a lot of the changes are long overdue and I don not see a major impact on appraisers. If it passes, I just see the industry upping their standard point schedule to cover the RESPA and GMPs they mis-quote.

I received a flyer with many bullet points but this one gets no tears:

"The new rule would make it ILLEGAL for a Mortgage Broker to receive more compensation than specifically disclosed on the 'Original Good Faith Estimate'".

Wow, and all this time I've stuck to my quoted fee on the appraisal - guess I should be hitting the MB up for a kick-back (Appraisal Spread Premium?) right before lock expires!


John Hassler
 

Julio E. Sune Jr. (FL)

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
ASP (Appraisal Spread Premium)---Just added it to my "tool-kit".

:D :D :D :D :D :D :D
 

Residential Appraisal Ser

Sophomore Member
Joined
Jan 26, 2002
FORUM: our attornies are preparing a reply to this regulation. We are coming out 4 square against it.
The good faith estimate is a good profit estimate for the lender.
The loser in this estimate is the consumer and every small provider, including the appraiser.
A little know paragraph in the regulation deals with the excess should the lender or provider of the service have money left over. THEY GET TO KEEP IT. Just a sceam to get around RESPA. The public gets screwer, the apprasier gets screwed, inspector and title people. LENDERS MAKE OUT LIKE THE BANDITS THE ARE.
We are going to discuss this Reg at our Conference in Atlantic City on Oct 24th at Trump Marina. All are invited 7.5 hours Cont Ed. NY, NJ, PA, DE, MD and Washington DC>

William Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
[email protected]
 
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