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

[JENIFFERW]

nyag.pressoffice@oag.state.ny.us. Just got off the phone. This is the press office. There are many many e-mail addresses though.

 

[Green Hornet]

"Home appraisals would have to come from assessors that do not have formal ties with a lender or mortgage broker, according to sources familiar with negotiations over a deal that could be finalized as soon as Tuesday.

Two items -

- The term "assessors" not appraisers? Is this on purpose to cover BPOs, AVMS, Zaio or is it a loop hole?

- Formal Ties - If I am on a fee panel for a lender is that a formal tie? If so, then only appraisers signed up with independent AMCs can be used.

Seems to me that this give a big boost to the AMC control of appraisers

 

[Mike Seward]

You can get the complete article at americanbanker.com,
the third article.

 

[Marcia Langley]

It needs to be an APPRAISER driven clearinghouse not lender.

William, good point.

 

[Walter Kirk]

Wait until someone figures out how to make appraisers pay for the clearing house.

 

[Ms. Janet]

How does that affect eApp? Are they owned by a lender? WAMU has dropped their in-house, who else still has it? World doesn't sell to Fannie do they? Seems like it affects Landsafe the most unless I'm reading it wrong.

 

[Kevin A. Spellman]

Just In from American Banker "Cuomo"

American Banker reported today that Fannie Mae has issued a memo to lenders concerning significant changes to its appraisal policy in an effort to strike a deal with New York Attorney General, Andrew Cuomo. According to the American Banker article, “The government-sponsored enterprise [Fannie Mae] has told lenders that, as of Sept. 1, it will not buy loans from originators that use in-house appraisers to value properties. Fannie also said it will forbid lenders to rely on any appraisal obtained by a broker and will create a clearinghouse of appraiser information, conduct, and activity.”

 

[Tony Lehn]

"Fannie also said it will forbid lenders to rely on any appraisal obtained by a broker"

What exactly does that mean? I only have a couple of clients left and both are brokers. Above board brokers, by the way. Am I out of business as of Sept. 1 if I do not find new work?

 

[Proactive]

http://online.wsj.com/article/SB120399695172392953.html?mod=googlenews_wsj

Another link that doesn't require registration.

Fannie and Freddie would prohibit lenders they work with from hand-picking or using in-house appraisers, to curb potential conflicts of interest. The two also would agree not to buy loans from lenders who used appraisals by wholly owned subsidiaries, according to a person familiar with the matter.

As Letterman would say, "Is this anything?"

Edit: Duplicate thread, started earlier by Pam, here http://appraisersforum.com/showthread.php?t=134676

 

[Kevin A. Spellman]

I hate that when some beats me to a story.

I yield to Pam her post is more informative.

Thank you Steve H. & for all those potatoes!