BPO/CMA Bill Passes Assembly- New Jersey. Send a letter to Christie before he signs!

[dobie]

You can debate all you want. I just sent my e-mail to Christie.
I encourage all other NJ appraisers to do the same. If you want just copy/paste my letter below:

Dear Governor Christie,

Once again the Real Estate Commission and it's members have forced through a destructive and I believe, illegal bill, in the form of the BPO/CMA legislation.

This will allow mortgage servicing companies and Appraisal Management Cos. to hire realtors (many with little or no experience) to do thousands of BPOs which the client will then use to decide whether to modify an existing mortgage loan, foreclose, sell the loan to another lender or whether to buy a loan from another lender.

This has nothing to do with better enabling realtors to do their jobs in pursuit of more listings.

It is all about money and the displacement of licensed and certified real estate appraisers from the work they have been trained and licensed by the State to do.

I ask (no beg) you as Governor to veto this destructive legislation.

 

[BarbaraNJ]

cdanj:

I can see from your info that you are also a realtor. Perhaps you're new to the business (within the past 10 years). I hate to admit it but I go back lots longer and personally know realtors who were getting paid $25-$50 per BPO/CMA 25 years ago. Lenders would use them for small equity lines of credit. Things haven't changed, they are just being "legalized". And with the forms, standardized. Just saying that the "typical" realtor is not into the small change stuff, since they can better use the time to show a house that has the potential of a four to six-figure payday.
The only reason Most realtors do a BPO/CMA is to get a listing, not as an income stream.
P.S. I have a R.E. license, too---approx. 30 years. I don't sell or list, I have the license in referral status. Just hate to give it up, so I pay a minimum fee every year to keep it.