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

[jgordond]

I see that in exactly opposite direction.
Zaio not owned by any lender I know of.... ?? am I uninformed ??
and they recently bought Kirchmeyer - an AMC.

I agree with Riick. :new_2gunsfiring_v1: Zaio has had the foresight (or inside info) to position themselves well for the future as sick as that makse me feel!

 

[Elliott]

So last week Zaio asked if I would be interested in 'buying' a zone,
I interpret Zaio's business model to be, appraiser buys zone, Zaio
through their AMCs will provide zoners with business. I don't see
any independence between that business relationship.

Zaio Inc. offers appraisers like you a way to build value in your business – by creating as asset with an income stream based on your knowledge of your market. Do you have reliable income from both appraisal and non-appraisal clients coming in to your business today? What could you sell your business for today? If you were to retire, would there be value in your business to sustain you in retirement? Zaio is building a business model that offers positive answers to these questions.

 

[Tim The Enchanter]

The part that makes no sense to me is banning staff appraisers.

The former World Savings appraisal Dept, now part of Wachovia has a lot of top notch people, and great training for staff. The only value pressure is to get the right real value. Government in action again. m2:

Just mho.

 

[JENIFFERW]

World is a portfolio lender, and will not be subject to these new regulations (because they are concerned with the collateral).

 

[JENIFFERW]

Maybe the Cuomo deal ought to make the appraiser's name a part of public records when the deal closes? That way, when we have been asked to do something unethical and pass or get "fired", but somebody else does it, we know who to turn in.

 

[JFulmer]

A few questions for those that know in's and out's of this "deal" already.

I do work for the following:

AMC's
Banks
Credit Unions
Brokers

Currently the Bank and CU clients have "rotations" (banks through AMC's and CU through in house mandated).

It would appear the AMC work will increase and broker work will cease in 09. Does anyone know what the Banks and CU's will have to do?

 

[Michael Tipton]

World/Wachovia staff appraisers are still completing their portfolio appraisals and reviewing salable appraisals completed by WICs. The only recent appraisal requests I have received from World/Wachovia have been from their salable operation center.

 

[Michael Tipton]

The agreements apply to loans purchased by FNMA and FHLMC. Portfolio lenders will still determine how they assign appraisals within their specific regulations (banking, credit union, etc).

 

[3 Putt]

Many years ago when FIRREA came into being, appraisers thought it stood for "Finally I'm A Rich Real Estate Appraiser". All it did was lower standards in our profession. My fear is that this govt intervention, will do the same.

3 Big lies in life...

1) Checks in the mail.
2) I'll respect you in the morning.
3) We are from the government and we are here to help.

 

[Greg Bell]

Portfolio lenders will most likely conform to FNMA guidelines anyway due to the probability they may NEED to sell to FNMA at some time in the future.So goes FNMA ,so goes the appraisal business..