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Deal Nears to Curb Home-Appraisal Abuse, Coumo, Freddie Mac and Fannie Mae
- Thread starter Pamela Crowley (Florida)
- Start date
- Status
Dan/Fla
Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Florida
So of you may be like me and not liking to sign in to everything. So I googled and found these
http://www.oag.state.ny.us/press/2007/nov/nov7a_07.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/26/AR2008022603056.html
http://online.wsj.com/article/SB120399695172392953.html?mod=googlenews_wsj
http://www.oag.state.ny.us/press/2007/nov/nov7a_07.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/26/AR2008022603056.html
http://online.wsj.com/article/SB120399695172392953.html?mod=googlenews_wsj
Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
I, like Willie don't really have a dog in this fight, and folks, be honest with yourselves, most appraisers do not even know about this. I am very well read on recent events and this has not been published for the most part to the public, because quite frankly the public doesn't really understand all of this hence a waste of newspaper and ink.
The concerns should be to your state boards. I am not interested in hearing how your state board sucks, most do not suck, I have a great deal of respect for mine. Find out what your state board has to say, or do they even know about it. How many of you would know about it without this forum????? Educate your state board.
Next, bash the AI all you want, but they are by far the largest appraisal organization in the country. Contact your local or state chapter to see where they sit on this issue, and do they know about it? Educate them also. I think getting the AI involved heavily is the best bet. Remember Alan Hummel testified in front of congress last year for two days. They will listen to the AI, they did then.
For those of you who think this could shut your doors and force you into another profession do not think someone else will do it, you should for your own best interest educate yourself, your state board members, your local AI chapter, your state AI chapter and any other organization you belong to.
The ball is sitting on your side of the court until the new acts, regulations or legislation is passed. After these things happen the ball is taken away.
The concerns should be to your state boards. I am not interested in hearing how your state board sucks, most do not suck, I have a great deal of respect for mine. Find out what your state board has to say, or do they even know about it. How many of you would know about it without this forum????? Educate your state board.
Next, bash the AI all you want, but they are by far the largest appraisal organization in the country. Contact your local or state chapter to see where they sit on this issue, and do they know about it? Educate them also. I think getting the AI involved heavily is the best bet. Remember Alan Hummel testified in front of congress last year for two days. They will listen to the AI, they did then.
For those of you who think this could shut your doors and force you into another profession do not think someone else will do it, you should for your own best interest educate yourself, your state board members, your local AI chapter, your state AI chapter and any other organization you belong to.
The ball is sitting on your side of the court until the new acts, regulations or legislation is passed. After these things happen the ball is taken away.
Willie
Senior Member
- Joined
- May 30, 2002
- Professional Status
- Certified General Appraiser
- State
- Tennessee
Actually, I do have a dog in the fight and hunt and I am certainly no appraisal intellectual giant, as most of you know. Maybe I didn't make it clear. I was not speaking of myself, but others. I'll go look. Nice points though.
Lost Cause
Senior Member
- Joined
- Sep 17, 2004
- Professional Status
- Certified General Appraiser
- State
- New York
Two-Wheeler?
Was that a Schwinn or a Harley? Oh, you meant hammer and sickle...Oh man, now I'm gonna have to cancel my Hammer and Cycle orders!
Here's my take on it.
The national banks will rely even more heavily on AMC's. It looks like we will be prevented from marketing our services to individual brokerage shops. No more full fee appraisals. The AMC's being handed this kind of control over the appraisal market will wield an immense amount of power over us. This will result in a continuing decline in the fees that will be available for us to accept. I say ...fees that will be available for us to accept because we won't have any other choice in the matter. We'll play ball or we won't. And since Fannie and Freddie is the majority of most of our business' that's pretty much going to be the nail in the coffin for a good portion of us. Consider eAppraiseIT's fee of $195 (last time I know of) the gold standard in price controls. The independent AMC's are going to look at that kind of pricing and say to themselves "If they could do it, why can't we?". Sure, it's not going to produce quality appraisals but, then nothing our government or big businesses do these days has anything to do with anything other than profit. This will be one more layer of plausible deniability which will ultimately lower their costs of doing business.
Just my 2 cents.
The national banks will rely even more heavily on AMC's. It looks like we will be prevented from marketing our services to individual brokerage shops. No more full fee appraisals. The AMC's being handed this kind of control over the appraisal market will wield an immense amount of power over us. This will result in a continuing decline in the fees that will be available for us to accept. I say ...fees that will be available for us to accept because we won't have any other choice in the matter. We'll play ball or we won't. And since Fannie and Freddie is the majority of most of our business' that's pretty much going to be the nail in the coffin for a good portion of us. Consider eAppraiseIT's fee of $195 (last time I know of) the gold standard in price controls. The independent AMC's are going to look at that kind of pricing and say to themselves "If they could do it, why can't we?". Sure, it's not going to produce quality appraisals but, then nothing our government or big businesses do these days has anything to do with anything other than profit. This will be one more layer of plausible deniability which will ultimately lower their costs of doing business.
Just my 2 cents.
Ms. Janet
Elite Member
- Joined
- Oct 27, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Florida
- Status