Oooh boy, that is not going to help with the NADAQ numbers. It will be interesting to see how long before their AA rating turns into an A minus.
Guess it is about time to put all of our junk rentals on the market for the AVMs to find the right numbers. I would like to take a year off. 8)
If I understand this right, FNIS will do
an inspection for a first mortgage, and
I assume they will give a single figure
called a "collaterial evaluation amount,"
based on some expoential correlation
So it isn't an appraisal? I wonder when
the state boards will get their heads
out of the sand?
Seems quite bold to me, rubbing the fed's nose into their own regulations.
My recollection is that one of the many regulations (maybe they were just recommendations) to come out of the S&L failures was to require independent valuations of real estate.
As I have said in many prior posts, when will the government wake up ??
Lenders decided it was much better to own the companies which were ordering the appraisal, title search, title insurance, etc. The next step was to go from having the appraisers as their (veiled) employee to doing away with the appraiser altogether.
And Steve is correct; try to fight it and they sue until they get their own way.
I have changed my opinion lately. It took many years for the last deceptions to crush the banking industry. I believe the big ones (Countrywide, WaMu, etc) will fall, but it will take a while. In the meantime, I don't know what will happen to this profession or how it will be affected.
The first thing this company had better do is start getting their act together on service. I have heard more bad-mouthing of ABN AMRO in the past 4 months than all other lenders combined. I know of one $1MM plus house loan they lost because the LO wouldn't return the phone call for 2 weeks. My own former VA loan was with them (it started with Standard Federal) and when we were ready to close on a sale, they said they could mail the payoff info but not guarantee that it would arrive in time or they could fax if for a small $40 fee. We said fax. Guess what. The payoff numbers were wrong and we had to return an extra $140 to the title company ASAP.
Guess when you are that big, you don't have to pay any attention to your customers.