Brokers (agents) doing appraisals in Illinois?

[AlwaysLearning]

I got the e-mail this morning

Offer Notification

Hello zzz,


Altisource Valuation Advisors is looking for an agent or broker to complete a Fannie Mae 1004 Uniform Residential Appraisal Report. This solicitation may have been sent to other local brokers. This assignment will be granted to the first person to accept this request on ava.altisource.com (instructions below)

Fannie Mae 1004 Uniform Residential Appraisal Report ORDER DETAIL:

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File Number: zzz

Property: zzz, zzz, IL 600XX.

Due by: Friday, May 21, 2010

Fee: $275.0000

Type: Fannie Mae 1004 Uniform Residential Appraisal Report


Special Instructions:

LockBox Code is:Combination XXXX


Offer Special Instructions:

To gain access to this property please refer to the above provided access information.

Please include Supplemental REO Addendum (includes three listings & itemized repairs), exterior and interior photos, comp photos are required with this order.


HOW TO ACCEPT THIS Fannie Mae 1004 Uniform Residential Appraisal Report

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1) Go to this address: (Make sure you copy the whole URL.)

https://ava.altisource.com

2) Login to your account and accept the assignment by clicking 'New Offers' link under 'OFFERS'

3) Complete and submit the Fannie Mae 1004 Uniform Residential Appraisal Report using the simple online tools!






NEED HELP?

------------------------------------------------------------------------


Logging into your ava.altisource.com account will show your current available and in-progress Fannie Mae 1004 Uniform Residential Appraisal Reports and Property Inspections.

If you have any questions, please contact our Vendor Support Team:

Email: AVA_help@Altisource.com

Phone: 1-877-776-2936 choose option 2




Note: This is an automated email message. Please do not reply to this email.

 

[Ken B]

‘‘(b) APPRAISALS AND APPRAISAL REVIEWS.—All appraisals performed at a property within a State shall be prepared by appraisers licensed or certified in the State where the property is located. All appraisal reviews, including appraisal reviews by a lender, appraisal management company, or other third party organization, shall be performed by an appraiser who is duly licensed or certified by a State appraisal board.’’​

Page 14 of The Casey Appraisal Amendment currently before the Senate.

http://www.appraisalinstitute.org/n...tstmny/2010/S3217_CaseyAppraisalAmendment.pdf

Contact your Senator in support of the Amendment today.

http://www.senate.gov/general/contact_information/senators_cfm.cfm

 

[ExplainDNA]

This is OCWEN revised. They don't *mean* "brokers" as we understand them. Please understand that they're kinda foreign, and mean (more or less) "vendors."

I won't do their jobs, anyway, but the above was just so you know.

Best,

Dave...

 

[DMZwerg]

‘‘(b) APPRAISALS AND APPRAISAL REVIEWS.—All appraisals performed at a property within a State shall be prepared by appraisers licensed or certified in the State where the property is located. All appraisal reviews, including appraisal reviews by a lender, appraisal management company, or other third party organization, shall be performed by an appraiser who is duly licensed or certified by a State appraisal board.’’​

So, review appraisers can be from out of state as long as they are licensed or certified by at least some State. Got it.
​

 

[Ken B]

Vast improvement from the current situation...however, as you appear to think that something more restrictive is appropriate, have you contacted your Senator regarding the Casey Appraisal Amendment and suggested the modification to the proposed legislation? No? I guess it is easier to simply whine on a internet forum.

 

[DMZwerg]

Vast improvement from the current situation...

I am an old wargamer. As a wargamer I tend to look over words and phrases multiple times to see if the meaning is different. A surface read comes off as all appraisers (review or other) must be licensed/certified in the state the property is located in. A second read indicated an interpretation that review appraisers only have to be licensed/certified somewhere and thus can still perform out of state review appraisals.

Is it a vast improvement? That depends on what additional loopholes may not be covered (aka, the link is an amendment to a bill, not the full bill itself, so we only have partial language to make assessments on) and so forth. The language present seemed to only address the sub-prime market and not the mortgage industry as a whole so that also raises questions.

So it is hard to make determinations without a full look at the entire proposed legislation and whether or not it supercedes existing State laws. There has been mortgage legislation I have not backed as I instantly saw numerous loopholes in the legislation. Yep, wargamers look for loopholes automatically ... go figure. (often to figure out how to counter rather than just how to exploit)

 

[Ken B]

You didn't answer the question.

 

[LI-Appr]

Ken
I contacted both of mine and suggested some changes. My to Senators are the top 2 recipients of cash from the Wall Street Lobby. They are also staunch supporters of Cuomo for Governor. So where do you think my suggestions go? I hope you have better luck getting some wording changed.

 

[DMZwerg]

You didn't answer the question.

Yes I did. You just didn't comprehend my answer so I will detail it more.

Right now we need test bed legislation on the local and State level so the Fed has a guideline to do it right. I have talked some at that level.

Secondly, to look at the legislation and figure out if I could support it as written I would need to see the FULL document. The amendment document as written appears to only apply to sub-prime market and is thus diluted to the point of being worthless because although it was that market that pushed the US during the boom into the bust it does not appear to address enough of the real reasons for the boom and the bust. For example, it says nothing about tranches and fixing the risk at the various levels of tranches of mortgage security bundles. There were multiple factors in play, each in an of themselves seemingly not so bad, but together they were devastating. For legislation to work it must block the loopholes and cover all the various conditions or else this will continue to happen. If Federal legislation is passed that only covers one corner then people will come to the false conclusion that everything is rosy and good now and allow the other underlying causes to run rampant. So post the ENTIRE bill and pay me to analyze it all in detail if you really want my take on it.


Further, requiring licensed or certified only is, to the best of my knowledge, what we supposedly already had DURING the boom and bust and when that was not enough it was BPOs that got redefined, not the legislation. If the government is not enforcing the laws and rules that already exist throwing new laws and rules at things just creates additional potential for different loopholes.


So, why won't I support the amendment as written? Because not doing enough is often worse than doing nothing at all. It is like plugging one little hole on a rotten boat hull figuring the rest will hold instead of fixing the real problem ... it sets you up for a worse disaster later.

 

[Ken B]

So I should pay you to read something that you have demonstrated a lack of ability to comprehend.

I don't think so.

If you had been paying attention to anything regarding financial reform and the proposals from the House, and now the Senate, you might be able to participate in intelligent discourse about the Casey Appraisal Amendment, which is the subject of numerous recent threads on this very forum, as well as the House Bills which are the basis for the amendment and the Senate version of the financial reform bill, which required the Casey Amendment as it deleted, in the entirety, the appraisal-related aspects of the House Bills. Try reading and comprehending the Senate version of the financial reform act, which may or may not answer the other concerns you have expressed. YOU need to show some initiative and research the matter.

"Pay you", how sad...actually, that comment is laughable...what a joke.

Here is a link to the 1,136 page version of the Senate financial reform bill as presented by Senator Dodd. Try reading and comprehending it and see if it doesn't answer some of your concerns. If it doesn't, I suggest you contact your Senators with your concerns and recommendations.

http://banking.senate.gov/public/_files/AYO09D44_xml.pdf

Otherwise...congrats...you are part of the problem with the profession. You have firmly entrenched yourself with the percentage that want to complain about everything, but are clueless about what actions are actually being taken to resolve problems with this profession and the financial industry, in general, and FAIL to take any appropriate action when the opportunity presents itself to resolve their concerns.