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

[robert higgins]

Jeff where did you find that info??

 

[Jeff Newsom]

http://www.mortgagebankers.org/NewsandMedia/IndustryNews/60463.htm

My snip had more info than this, that I can't find in a quick scan of the page attached here. Source was the same. Like I said, take it with a grain of salt.
Jeff

 

[Tony Lehn]

I saw some info that led me to believe this may only be a two-year program, ending in 2008. Not sure how "official" the source is, so take this with a grain of salt.
SNIP>>
Independent Valuation Protection Institute: The GSEs also agreed to provide $12 million apiece over a 5-year period to fund an “Independent Valuation Protection Institute.” A separate and independent organization, the institute would provide an appraisal complaint process, mediation of appraisal disputes, and mortgage fraud reporting.

The agreement terminates 28 months from the date of execution (i.e. July 2010). MBA staff are actively engaged in this issue and will provide comments regarding the code to the relevant regulatory agencies when the comment period opens.
<< SNIP

QUOTE]

And social security will always be voluntary, right? That is how it set up anyway, and look at how that is going. Have you ever seen the govt. enact something, then remove it?

 

[Lawrence R.]

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.

As far as FIRREA goes, you are sooo right. Now it stands for :

Frankly I'm Reconsidering Real Estate Appraisal.

This is not the appraisers get rich bill, this may end up being the appraisers get theirs bill. This all remains to be seen, but I think it is intended to be a step in the right direction. You may see AMC's thrive, and they may go extinct. This deal has the potential for either. The questions to ask are all about the Independent Valuation Institute...Who Where, by Whom, and how much...keep your eye on the ball here...the rest will actually expire in 28 months without renewal, but the Institute is here to stay.

 

[Joker]

And social security will always be voluntary, right? That is how it set up anyway, and look at how that is going. Have you ever seen the govt. enact something, then remove it?

Yes. Tax cuts.

 

[c w d]

Yes, And what is this going to mean for E-appraise It? Are they finished as
a provider of appraisals.

Are the appraisal divisions going to be sold off to some other company?
Anything less would seem to violate the spirit of the agreement.

Must be some late night meetings going on at the AMC's with lawyers.

According to an email we received from Homefocus, BOA's AMC, they are shifting all there business to eAppraiseIT. So what OSU Beavers said may very well be the case. Then again it may be too early to tell.

 

[Urbanz]

AMC's are not the cure, they can push value as bad as anyone else, see my new thread with details. Its really sad.

http://appraisersforum.com/showthread.php?p=1556367#post1556367