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

[Riick]

The DEAL IS OFF

OK folks -- as-of NOW -- The DEAL IS OFF <-Link

Which only means that there is still time for YOU... to make your voice heard. ​

Come on People -- Call Your Congress Critters
(( Does your Congressman even KNOW about this deal??))

If you belong to AI, NAIFA, ASA -- call your Chapter President!
(( Does your Chapter President KNOW about this deal??))

Send mail to Executive Officers!

AI: http://www.appraisalinstitute.org/about/contact.asp

NAIFA: http://www.naifa.com/about/board.cfm

ASA: http://www.appraisers.org/staff/

 

[Green Hornet]

Riick,

Thanks for the links.

 

[moe cohen]

The proposals of Cuomo and Schumer (impacting YSP) will result in greater concentration in the mortgage industry. It will benefit the big institutions at the expense of small buisness. Independent appraisers and mortgage brokers are likely to be driven out of business.
Couple of legal consequences that come to mind are:
1) AMC status as employers and payment of employment taxes.
2)The role of GSEs in negatively impacting the viability of small business

 

[Elliott]

Riick said, Which only means that there is still time for YOU... to make your voice heard.

How much does it cost to have my voice heard?

 

[jnordquist]

Well I've been thinking about this all day

What we know is Cuomo is investigating lenders and AMCs, we need to remind him of this so no deal is cut to use them as a tool for the new National Appraisal Clearinghouse. That will just drive the whole appraisal industry to the lowest bidder that disreguards quality and due diligence, and only looks at volume and turntime.

The fact of the matter is Fannie and Freddie don't want nor will they accept broker originated appraisals, this most likely will not change. We need to team up with an established organization or form one to assist in this new process, why let the AMCs pick up the majority market share and run every aspect of our buisness.

Now assuming that the powerful bloodsucking AMCs will not take this laying down and do get involved in the process, we need to voice our opposition and have them regulated just like everyone else in the real estate buisness. Some of these fly by night that are popping up are just as bad as the brokers.

 

[Riick]

Riick said, Which only means that there is still time for YOU... to make your voice heard.

How much does it cost to have my voice heard?

The quick simple answer is that if you can post here, you have already paid for the ability to make your voice heard.
Now will you take some valuable time to do so?
-- Cost then will be how much you value that time.

-- On other hand, if you as an individual, or by way of being part of a large group, can sway things so that we all benefit, you will not have a COST involved, instead you'll profit.


EDIT:
Paraphrase: - If you don't have a seat at the table - you're part of the meal.
You can help make a difference, or stay passive, and become another tasty tidbit.

Remember -- Appraisers could have been NATIONALLY licensed/certified, and could have been a NATIONAL pressure group.
-- But no one seemed to care.
Remember -- When appraisers were the one's who Fannie & Freddie worked closely with in developing the URAR.
-- Now remember the 2005 URAR Fiasco.

.Nuff said?

 

[Pamela Crowley (Florida)]

I am putting together a proposal for them. They are interested in what I will be presenting. Outline is being worked on now.

 

[lostinthezone]

Obviously I'm late on this but I was on vacation last week and just found this forum so please cut me some slack.

I've been a staff appraiser at a regional bank for 14 years and have never received any pressure or mandate from my employer to "hit values" or "make the deal work" as a condition of my employment, which is one of the main reasons I've stayed there. We use a combination of staff and "known" fee appraisers. Our loss ratio is significantly lower than the industry average and the notion that eliminating "in house" staff from any reputable lender will reduce losses is ridiculous. The solution is not to eliminate the staff appraisers but to hold the less reputable institutions accountable by making them take back loans where fraud or negligence is found. If the appraisal is found to be the cause, go after the appraiser. I've had the opportunity to do a fair amount of field reviews through our wholesale division and let me tell you, there's a lot of bad work out there. Cutting out staff appraisers will only make things worse. Otoh, if I don't get laid off, I assume that field reviews will be all that I do, so maybe that will mean more work....

 

[Marcia Langley]

lost,

Welcome to the forum. we can always use some fresh voices around here.


It's true that the negotiators at the lofty political levels are always looking for a fast fix and may make proposals that punish the banks that have been handling their appraisals properly. good luck to you and your bank, I hope you (and all the other market participants) end up with a fair deal.

 

[Workbox]

I am putting together a proposal for them. They are interested in what I will be presenting. Outline is being worked on now.

I will do what it takes to be there with you.