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

[Pat Butler]

The AMC's have all their bombs in the same bunker known as Pennsylvania. Some tough legislative action in that one state would really help.

 

[Riick]

When I hear about people making a 'deal' I think, somebody is getting screwed who isn't in the room.

I couldn't agree more with this statement .
I think we (independent appraisers) are the ones on the outside looking for the door to the room. We know it's there, somewhere , just can't find the right door and we keep knocking on the wrong ones. m2:

....and just WHERE are the the AI, IFA & ASA ??


Apparently --- NOWHERE

Superfluous characters who represent WHO? ... clearly not their members,
or they'd be on top of this like white on rice -and- like the Realtors® be calling their members about putting some pressure on.

One Word for them: Phooey!

 

[Dale Smalley]

A clearing house is a giant waste of time and money and just designed on the fly to pass the blame for poor lending habits. There is no incentive to get the most accurate appraisal done by competent appraisers. Who is going to pay that giant board of directors, Administrators, Staff ....???? Imagine just the massive database requirements, hardware, software and logistics. What would the cost be ???.

 

[Ms. Janet]

I heard a rumor that is what Joan Trice is trying to sell to the gubmint....

 

[Bigrock]

A clearing house is a giant waste of time and money and just designed on the fly to pass the blame for poor lending habits. There is no incentive to get the most accurate appraisal done by competent appraisers. Who is going to pay that giant board of directors, Administrators, Staff ....???? Imagine just the massive database requirements, hardware, software and logistics. What would the cost be ???.

I can see it now,,Due to the reporting guidlins of Fannie Mae, We can only offer you $125.00 for a 1004 and we need it back in 3 hours and 15 minuites. Time starts now....

We are Screwed...

As always

 

[jgordond]

Fannie Mae and new "talking point"

Was wondering what some of you folks thought about FNMA's recent memo with regards to their Lawsuit filed by Cuomo. A short column can be read in American Banker online. It basically states that as of Sept. 1 they will no longer purchase files with in-house appraisals. That means any file where the broker ordered the appraisal and/or any Company with an affiliation or subsidiary that operates as an appraisal provider will no longer qualify to be purchased. Yes, that does include lenders like Countrywide (Landsafe). Open question - This will obviously alter the business significantly; how will we as fee appraisers proceed. I have been a State Certified appraiser for 16 years and have never seen the business environment so bad. I am still relatively busy with quality clients, but this seems to be a significant change on the horizon!!

Regards to all still in the Biz.

 

[Kevin Mc]

It would be nice.

if someone,anyone involved in this entire process simply stated "we discussed this with a random panel of appraisers"(other than the board of directors @ Zaio)....what a pipe dream huh? Nothing but bureaucrats and big business re-cutting the pie all in the name of keeping things honest. As someone who went through the whole RTC debacle it is pretty hard to be optimistic with the idea that this is going to cure anything. I was under the impression that state licensing and enforcement was suppose to curb problems. How naive of me.

 

[hovious]

If this passes you can kiss ALL of your quality and ethical broker clients goodbye. ALL appraisals would be filtered through AMC's. The independent fee appraiser will be gone (unless you want to work for slave wage assignments from AMC's.).

 

[Lee Lansford]

If this passes you can kiss ALL of your quality and ethical broker clients goodbye...

They exist? ?

 

[Laughing Heir]

The AMC's have all their bombs in the same bunker known as Pennsylvania. Some tough legislative action in that one state would really help.

Legislative action in PA...fattest house and senate in the land...

What does your statement about the AMCs mean? I know there are a lot of small-time operators near or in Pittsburgh.