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

[timd354]

I don't know how all of this is going to play out and there is a good chance that FNMA will mess things up even worse than they are now ....However, it is quite fun and amusing to go onto some of the mortgage broker forums to watch the utter panic this has caused the dishonest scumbags who think that they are going to lose control over their Skippy appraisers!!!

 

[hovious]

I don't want to compete with some 1 year wonder who worked at a AMC sweatshop and did 4 appraisal a day and is lying about his qualifications.

My biz is fine and I hope to keep it that way,,but this could put many of us out of Biz..
The problem was with Wa Mu pressuring EAppraisit if I am not mistaken...And EAppraisit is NOT owned by Wa Mu??

So how does this solve the problem???

Just put the crooks in Jail...Make the HUD One state the fees paid and to who it is paid to,,IE Local Appraiser and move on..Better yet,,make it a COD transaction....

Put in a National Reporting Data Base for Appraisers and UW to report abuse and so be it...

:new_all_coholic:

BINGO! Cuomo went after an AMC(Ewhatever) and caught them with their pants down! Now, is this Fannie thing happens, they are going to be rewarded?

 

[xmtpedprl]

Free market Capitalism, man, that's what it needs to be.

All they *really* need to do is make some rules, financial penalties for the bad guys, and have the nerve to actually ENFORCE them.

As I've said earlier today, and many times elsewhere:

FINE THEM.

Every time they put a value on an order - FINE THEM. Every time an e-mail comes over whining about an owner who doesn't know what their property is worth and, "...we don't want to waste their time," - FINE THEM. Every time they write how "unfamiliar" they are with an area and ask for value - FINE THEM. (As if any broker/lender has any genuine familiarity with any area, really.)

Fine them. $50,000 would be a good start.

Market corrects itself immediately, if not sooner based just upon the threat alone.

Dave...

 

[hovious]

Peace Dave!

 

[rescom]

All I'm hearing is everybody whining about the AMC's taking over. Doesn't this proposed move by FNMA eliminate the comp check? You should be celebrating. There are many problems in this industry, and they have to be dealt with one at a time. After the comp checks are gone, then we can focus on eliminating the AMC, right? Personally, I'm thrilled about 9/1.

 

[Mike Kennedy]

The majority of AMCs are owned by lenders. I see a new business model coming. Not sure what it will be but I dont think Fannie will allow the veiled ownership if this becomes reality.
And AMCs are here to stay. Either we adapt or we die. If you cant read that writing on the wall then its sad.

operating subs or joint venture AMCs owned by lenders will simply be divested into independent corporations........with 10 year (or longer) vendor contracts.

no personnel changes

no methodology changes

the band plays on ........ :new_smile-l:

 

[Roy Courtney]

I believe that Mr. Coumo is really trying to make some changes that will protect the public and investors. I applaud his efforts and want to publicly thank him. I am afraid that the AMC's will worm their way into the middle of the appraiser/lender process even more than now and completely ruin our industry. The AMC's are the worst thing that I have seen happen to the real estate and appraisal industry in my 30+ year career. I wish there was some way that they could just become a bad memory. It would be so easy if the appraisers would just refuse to work with them. They would have to go away. But, seems that some would rather grovel for peanuts than have a profession. A real shame!

 

[xmtpedprl]

Rescom,

Just a quick, honest, sincere, question:

Can you explain to me the differences between Socialism and Capitalism?

If so, tell me how "9/1" isn't a major step forward into the former, if not a cannonball plunge?

Dave...

 

[Dee Dee]

One thing that I do know is that my clients have caught wind of this and are STORMING MAD! I would think that, given the power of the lobbying groups of the NAMB, this would never come to see the light of day. Honestly, I do not even think the lenders would like this! But I am just a "little appraiser" trying to make a living running my business the right way. Now the potential of losing my two-decade old clients is staring me in the face.

Guess you missed this thread:
http://appraisersforum.com/showthread.php?t=134709&highlight=Duncan

NEW YORK, Feb 26 (Reuters) - Fannie Mae (FNM.N: Quote, Profile, Research), the biggest provider of funding for U.S. residential mortgages, on Tuesday said it hired Douglas Duncan as its chief economist.

The government-chartered company said it hired Duncan from the Mortgage Bankers Association, the industry's main lobbying group. Duncan had been with the MBA since 1992 and its chief economist since 2000.

 

[Elliott]

How about this, if your a MB and you have a forclosure rate of
over 1.5 time the national foreclosure rate, you are labeled
a skippy user, and you are not be trusted as a MB. You are
labeled a unreliable lender and your out of business. Sorry,
nothing personal, its just business. Might give lenders some
incentive to generate solid loans.