Deal Nears to Curb Home-Appraisal Abuse, Coumo, Freddie Mac and Fannie Mae

[William K]

Was that a Schwinn or a Harley? Oh, you meant hammer and sickle...

UH, yeah:blush: thats what I meant...
There goes the Marxist memebrship ...... confused it with when I am riding on the Harley with my Hammer chasing Zaio photographers away from my home!:laugh:

 

[Scott Kibler]

Appraisal industry plauged with incompetent and unethical practitioners. Appraisal industry stomps feet and blames clients for its problem members. Failure to manage itself causes main clients to step in and assume control. New clearing house system adds significant cost to each appraisal assignment while average appraiser revenues drop. Overall appraisal quality not significantly effected. Appraisal industry stomps feet and blames clients for crappy new system.

 

[Deuce of Spades]

http://online.wsj.com/article_email/SB120399695172392953-lMyQjAxMDI4MDIzNTkyOTU2Wj.html

I like the idea of distancing those on commission from ordering the appraisals but the rest seems a bit much and would limit business relationships. Doing away with staff appraisers does not make sense at all. There are some GREAT bank appraisers out there.

 

[Lost Cause]

Answer On Issue Of Altered Reports?

My first impression of the central clearinghouse system suggestion was that it could be an attempt to solve the issue of reports being unlocked and changed after they were sent to a client. If the reports used in support of a loan were centrally stored and available to be checked, any altered reports would be outed pretty quickly and easily.

I don't want to see government involved any more than absolutely necessary but this aspect is intriguing.

 

[Willie]

Another bubble bursts...

Obviously I'm normally just used for my body, not my mind.

 

[Bigrock]

I just want to make it illegial for anyone to pressure me or with hold payment based on the outcome of my appraisal...PERIOD END OF STORY.

I also want these so called AMC's who are the puppets of the lending instutions to stop acting like they are representing anyone but the bank.

There also needs to be an enforcement mechanism,,IE Frog march some AZZ Hole to jail for pressuring me and for not paying me because the value of the house they over paid for 6 months ago is less....

But thats just me.....I must be OUT OF TOUCH

 

[Bigrock]

spoken like a true Marxist.

I can see it now,,

Mr Kim Jun Il,,,Your media room is not going to add any value to your home as it is an over improvement for the country,,North Korea.

However, I can use some comps in South Korea but I will need to travel to verify the info?

Can you get me a Visa?

:new_multi:

 

[Katalin Farkas]

Fannie about to open a 'huge can of worms'

The Title Report;
Fannie Mae and Freddie Mac are contemplating a deal with New York's attorney general that would prevent lenders that sell loans to the GSEs from using preferred or internal appraisers who may be subject to pressure to overvalue properties. Read on for industry reaction and what it could mean to vendor management companies.

 

[Vic Stanionis]

Katalin,

Where did you find this article? Wouldn't this be good for independent fee appraisers vs preferred / internal appraisers? Please keep us posted if you are following this story. Thanks

Vic

 

[gogirl]

Cool Reception to Fannie Idea on Appraisals-Article in Full

I have copied and pasted the whold article because it is in today's American Banker and the site is password protected. I probably shouldn't be copying this, but I really don't care. The appraisal industry needs to know who is determining their destiny and how. Through all of the reading I have done in the past year. I have not seen one article that asked for the single fee appraisers' opinions on how to eliminate their pressures. I e stopped working for AMC's when they started to demand extra information without extra pay. Appraisers! we need to band together into a consortium and police ourselves. We are capable and we need to start taking part in the determiniation of where we want to be in this game. Sorry for the soap box. If you need anymore articles from this publication. Let me know at EMAIL: questions @ asktheappraisers .com" (remove the spaces)

Moderator edit to remove copyrighted material. (darn it!)