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

[TJSum]

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.

Bingo, the new business model will be gubrnmt owned AMC's and all appraisers will become gubrmt employees. Just like airport security :new_all_coholic: :new_all_coholic: :new_all_coholic:

 

[William K]

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.

No it doesn't eliminate the Comp Check any more than current rules have done. You can't influence , pressure or coerce an appraiser but they don't interpret a Comp Check as that. All it does is make the AMC middle man apply the pressure. Its just diverting attention away from the real problem makers is all it is doing.

So the MB won't be able to order the appraisal, they will just tell the investor to order the appraisal from my appraiser SKIPPY. What did it cure?
I have had a MB already say it won't affect us we already talked to the investor / lender and they will order from who we want.

 

[TJSum]

No it doesn't eliminate the Comp Check any more than current rules have done. You can't influence , pressure or coerce an appraiser but they don't interpret a Comp Check as that. All it does is make the AMC middle man apply the pressure. Its just diverting attention away from the real problem makers is all it is doing.

So the MB won't be able to order the appraisal, they will just tell the investor to order the appraisal from my appraiser SKIPPY. What did it cure?
I have had a MB already say it won't affect us we already talked to the investor / lender and they will order from who we want.

It will affect the appraiser though, because the appraiser will have to split the fee with the AMC middleman, and dance to their tune.

 

[Kevan Pewitt]

Fannie Proposes Banning In-House Appraisers and Broker Ordered Appraisals

Hi All,


Check out the Article on Bloomberg about: Fannie Proposes Banning In-House Appraisers and Broker Ordered Appraisals. The link is below.

http://fyad.org/t2zm


How would this affect your business? From my initial take, it means total control of the ordering of appraisals for Fannie Mae loans to be controlled by AMC's.

What do y'all think?

 

[Kevin Mc]

Why should I be thrilled?

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.

I don't do comp checks. Whenever the government wants to get in your business as a general rule it isn't a good thing, but enjoy your little party.

 

[Bama Bayou]

Cuomo to the rescue again. This is the guy that made it so easy join the FHA roster a cave man could do it. Thanks Mario, go back to Donkey Kong.

He can come up with national solution to faulty appraisals in just a few months, and this solution won't work. All it will do is continue the fastest and cheapest mindset with no improvement in quality, either of the report or the person preparing it.

Can someone in NY get in touch with this guy and let him know that Fanny and Freddie have these things called computers with an appraisal attached to every loan file? Can't they determine if certain appraisers are causing inordinate losses on foreclosed properties?

If a correlation exists between inflated appraisals and loan losses exists, which I believe it does, Fanny and Freddy have the info in hand to prove it, and to pinpoint the worst appraisers. If they would announce a program to due this a very cold wind would immediately blow over the number pumpers out there.

 

[Kevin Mc]

I have.

Can someone in NY get in touch with this guy and let him know that Fanny and Freddie have these things called computers with an appraisal attached to every loan file? Can't they determine if certain appraisers are causing inordinate losses on foreclosed properties?

and his office is probably sick of hearing from me, your turn.

PS: it is Mario's son Andrew.


http://www.oag.state.ny.us/images/finalheader19.gif

 

[xmtpedprl]

That whole FHA change is a trip, to say the least. That's yer next sub-prime meltdown, and with your tax dollars boys and girls.

Dave...

 

[Bama Bayou]

Right, Andrew not Mario, not much difference.

 

[Workbox]

That whole FHA change is a trip, to say the least. That's yer next sub-prime meltdown, and with your tax dollars boys and girls.

Dave...

Time to get out if you can.