Couomo - HVCC

[ghrousseau]

I think some of it has to do with the massive increase in FHA lending going on. What I am seeing in our lending areas, are more and more high credit and very highly qualified borrowers going into FHA products. The major investors seem to have tightened up conventional lending standards quite a bit, forcing more and more borrowers into govt insured FHA products, which they are buying without hesitation. I do think the October 1 changes regarding DPA programs will have a big impact on the purchase market, especially for new homes with builder funded DPA, and I wouldn't be surprised if the non profits file suit again, like they did before. Genesis won in Federal Court last time the issue regarding DPA was tested. About 30% of FHA purchases currently use seller funded DPA providers. FHA is also not happy about the Fed's preventing them risk based pricing, where they could charge a higher MIP for more risky loans. Now they are going to have to spread the costs among all borrowers to cover the projected defaults they know they will have.

 

[Marcia Langley]

I read a tiny little announcement this week that First American had tabled it's plan to divest a couple of it's units, I think it was settlement services and one other unit.

Back when they first announced they planned to divest these units I assumed (but they did not explicily say) they were planning ahead for HVCC. If that were true, their tabling of the plan could be an indication that they think there will be no need.

This announcement came out shortly after Bush signed the housing/mortgage bill.

Their stated reason for this week's tabling was the "condition of the credit markets."

 

[panappr]

There are some likely scenarios out there that I can think of. One would be net branch broker shops. Some companies like these have been scared into adopting the use of AMC's now. The corporate or "head" office may be telling the affiliates you must order the report from XYZ company. This, however is not a current directive from any of the major shops wholesale lenders sell to or from Fannie and Freddie directly. Was your client a broker shop?

First Liberty?, so yes I believe so... Its making perfect sense, as we approach Sept. 1, and 2 of my other local broker/companies (fairly large) have also not ordered anything in the past 3 weeks.

 

[Rdny7026]

Cuomo was on CNBC to about 130pm WST he was stating that there were changes coming within the appraisal industry regarding FNMA & Freddie.

"He stated that the appraisers needed to be seperated from the pressure of inflating appraisals" (sound like HVCC to me)

If the HVCC is not going thru then there is definitely something coming.

My neighbor works for Wells Fargo and they have seperated the appraisers from any contact with Loan agents months ago. They can't make any contact without risking their job.

 

[Mark to market]

Not sure how good I feel about crooks writing policy, however it looks like some version of the HVCC is a go.

The AI is advertising a 3 part webinar on the HVCC (coming soon) which will discuss the fundamentals of HVCC and the code's wide ranging impact. Each part is $35 for members and $75 for nonmembers.

Part 1 Appraisal Independence: HVCC
Keynote speaker Ken Harney. Issue experts, Jaqueline Doty / Freddie Mac Director of Collateral Policy, Credit Policy and Portfolio Management. Also Robert Murphy, Fannie Mae, Manager of Property Standards Credit Policy and Single Family Mortgage Business.

Part 2 The Real Implication of the HVCC on Appraisers and Lenders

Part 3 Regulation Z

 

[ghrousseau]

Not sure how good I feel about crooks writing policy, however it looks like some version of the HVCC is a go.

The AI is advertising a 3 part webinar on the HVCC (coming soon) which will discuss the fundamentals of HVCC and the code's wide ranging impact. Each part is $35 for members and $75 for nonmembers.

Part 1 Appraisal Independence: HVCC
Keynote speaker Ken Harney. Issue experts, Jaqueline Doty / Freddie Mac Director of Collateral Policy, Credit Policy and Portfolio Management. Also Robert Murphy, Fannie Mae, Manager of Property Standards Credit Policy and Single Family Mortgage Business.

Part 2 The Real Implication of the HVCC on Appraisers and Lenders

Part 3 Regulation Z

I will be attending for my company. I'm sure that anything said will be released in writing. I am curious why Zaio is even a part of the presentation?

http://www.allterragroup.com/course_description_HVCC08.php