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Am I reading too much into this?

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Mark Leith

Thread Starter
Sophomore Member
Joined
Jan 27, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
This is a notification from CW..Am I resding this correctly???

Effective January 28, 2008, Countrywide will no longer allow AVMs and insured AVMs as acceptable valuation methods for home equity lines of credit (HELOC) or closed-end home equity loans (CES).

The last day to lock or register a loan under current guidelines is January 25, 2008. The latest acceptable effective date of an insured AVM is February 8, 2008, regardless of when the loan was locked or registered.

All commitments will be honored through the expiration date and no extensions will be granted.

The Seller's Guide will be updated the first week in February 2008.
If you have any questions, contact your Account Executive.

Mark
 

hglenbetts

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Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Sounds to me like they finely realized the market is bad enough, that they can no longer rely on computer assisted guess-timations.
 

CANative

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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Now they'll use drive-bys performed by their $100 flunkies who will use their $50 trainees.
 

Tom Woolford

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Professional Status
Certified Residential Appraiser
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Florida
If they had any sense, they would fire their entire fee panel, and make everyone reapply for approval, after providing 3 new RECENT samples showing they can correctly address a declining market, rather than just hitting numbers.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
If they had any sense, they would fire their entire fee panel, and make everyone reapply for approval, after providing 3 new RECENT samples showing they can correctly address a declining market, rather than just hitting numbers.
  • Problem with THAT is they'd need honest & competent Reviewers.
  • If they knew where to find THEM, and actualy used them
  • --- they'd find they have virtually no more panel.
Bad for Biznezz
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
The first balloon has popped, more will come to their senses as well.
 

Mike Garrett RAA

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Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
A rush to quality?
 

Terrel L. Shields

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Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Now they'll use drive-bys performed by their $100 flunkies who will use their $50 trainees.
probably cheaper than an AVM anyway.
If they had any sense,..
psst, Tom we are talking C W, right?
A rush to quality?
closing the barn door after the horse is already escaped...
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I posted in another thread that I recently received an order (not from CW, but direct (non-AMC) from another national bank) for an appraisal to be reported on the 1004 form. The loan-transaction type was indicated as HELOC.

Full fee.


I can appreciate the cynicism many express, but I find some of it ironic:
First, many post that AVMs are worthless and shouldn't be used and suggest that lenders would be better served by ordering an appraisal.
Now, lenders change their guidelines and order appraisers and some responses are disbelief and sarcastic.
Is the outlook such that the glass is always half-empty (and the missing half is always thrown in our faces)? :shrug:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
We have met the enemy...and it is us!
 
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