Appraisal Changes as of 2009

[Mike Kennedy]

Who sent in letters opposing the HVCC? Of the 7,360 emails sent to Fannie Mae (not including the 30,000+ emails and letters sent by a la mode):

Appraisers - 10% [736]

i.e. 2/3 of licensed Appraisers .......sat on their hands and did nothing evidently quite content and flexible enough to successfully hit the floor with their elbows and enthusiastically.....continue to Grin.

 

[RSW]

But then she will have to wade through 5 thousand posts of speculation,desperation and infighting.

My new motto is i will believe it when i see it.

Dean

Isn't that what we did?

 

[Don Clark]

Who sent in letters opposing the HVCC? Of the 7,360 emails sent to Fannie Mae (not including the 30,000+ emails and letters sent by a la mode):

Appraisers - 10% [736]

i.e. 2/3 of licensed Appraisers .......sat on their hands and did nothing evidently quite content and flexible enough to successfully hit the floor with their elbows and enthusiastically.....continue to Grin.

Mike,

Exactly. But, that is about 9.99% more than sent in any comment to Fannie Mae concerning the new forms prior to implementation in 2005. We are progressing

It is my humble opinion that with the OCC and TAF now weighing in on the issue, we may see the whole thing get thrown out. It is also likely that the FFIEC(Federal Regulators) and their Appraisal Sub-committee(ASC) will get involved. Also, the Department of Veterans Affairs would be unlikely to let just any old AMC order appraisals on their behalf. And, in a VA Appraisal, VA is the client.

I think by the time we believe we understand what is proposed, it will likely go away.

 

[Terrel L. Shields]

Trying to set up their own in-house ordering is expensive and a real hassle for a lender doing national wholesale business.

who is doing "national wholesale business" anymore? Seems the market is deader n a mackrel on ice. Your regional banks are now carrying the load along with FHA. And what is expensive about a fax machine and your newbie hireling? Our local bank has a "credit department" which sends out the orders or simply the loan secretary signs the order instead of the LO. I don't see why it has to be a big deal.

 

[Tim Hicks (Texas)]

Mortgage brokers need to be removed from the appraisal ordering business. Remove this human element and most of the mortgage related problems will go away. It is time for a change. For real appraisers survival.

 

[JCONNOR3]

Word is OFHEO has entered a cease and desist environment with Cuomo. Apparently he violated several Federal Laws by entering into this agreement. Much ado about nothing once again. He has been ordered to refrain from further action with regard to the previous document. All government GSE's have withdrawn support. Goodnight sucka!

 

[Brad Ellis]

Folks,

While I do not believe this is totally "much ado about nothing" I also do not believe the ultimate outcome- if there actually is one- will look much like what has been proposed.

So- OK I'll just tell what my sources tell me and they are fairly reliable.

Even in the face of threatened lawsuits, charges of rule breaking (I am not sure if Mr. Cuomo is actually breaking a federal law or if the consent order signed with OFHEO does that), it is very clear to me that the NY AG's office is going to proceed with this to whatever degree thay can.

They appear to be totally unafraid of lawsuits (no surprise- their staff are trial lawyers for the most part), do want to push certains portions of it, and do believe they will prevail- at least in part.

They have received all those responses from Mr. Biggers' crusade and are paying little attention to them. In fact, they are paying little attention to anyone opposing their plan- but they do seem willing to make modifications to certain parts.

I have heard no movement on staff appraisers except that it is not intended to remove an ib-house review function. I have heard they may be willing to move on the IVPI. I have no movement on brokers being able to order appraisals- they seem firm on that. So, if that part stands most of you will be working for AMCs for at least a portion of your mortgage work.

Will it happen this year? Almost no chance. There is some pending legislation by one PA senator but I have not yet read that, and in an election year, you may not see that happen either.

Only thing for sure is that nothing is for sure.

Brad

 

[JCONNOR3]

Brad

Thanks for the update...like the military scuttlebutt is flying on this thing.

We will know it when we get it.

 

[PropertyEconomics]

Mortgage brokers need to be removed from the appraisal ordering business. Remove this human element and most of the mortgage related problems will go away. It is time for a change. For real appraisers survival.

Tim .. I have to respectfully disagree with you. My thought is if you remove the unethical appraisers that succumb to the pressure then you will paint a path of survival for our profession. I dont blame someone for asking, I blame the unethical that accomodates their request.

 

[Hamlet]

Mortgage brokers - 60%

Hmmm, were those the articulate ones from the BO responding?