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

[Elliott]

What's skippy going to do now? The major lenders will require
MBs to use an AMC. So AMCs will have more power to push
fees down.

Its a good first step, but doesn't necessarily assure quality.
Maybe it will reduce 'pressure' to hit values.

 

[Pamela Crowley (Florida)]

Why would the AI be upset when it appears that most of the AMCs and AVMers involve their designated members and FNC appears to be a 'partner' ???

 

[Bigrock]

Good point Pamela..good point

 

[William K]

What's skippy going to do now? The major lenders will require
MBs to use an AMC. So AMCs will have more power to push
fees down.

Its a good first step, but doesn't necessarily assure quality.
Maybe it will reduce 'pressure' to hit values.

Skippy is going to be just fine with this. LENDERS are the ones submitting the info to the Clearinghouse!
They will just wait till they get the value they want and submit that appraisal.
Major lenders will not make the MB's use anyone they don't already use. They will ask the MB "what appraiser do you want us to order this from?" and the MB will tell them my buddy "SKIPPY" of course.

Do you actually believe the lenders are surprised by this! Like they are now saying " Oh MY! I didn't know MB ( who brings me 350 loans a year) was using these numbers hitting appraisers!" PUlease!:new_2gunsfiring_v1:

They knew exactly what they were getting from these MBROKERS and they didn't care because they were making money!

It's only when the SUNLIGHT HITS THE ROACHES AND THEY START SCATTERING that made the press and politicians say whats this I see?! That the Lenders are now trying to back peddle and say " I had no KNOWLEDGE OF THAT , how could this happen?

 

[Lawrence R.]

I don't think that giving AMC's a greater market share is going to do a THING to reduce pressure on appraisers.

But, at least we will only have one front to fight on.

 

[William K]

Why would the AI be upset when it appears that most of the AMCs and AVMers involve their designated members and FNC appears to be a 'partner' ???

Exactly !

So whats the over / under in days before we see or hear

Thanks to the co-operation and input of "Appraisal Organization A, B or C", we as appraisers have now been heard...blah, blah, blah, yada, yada, yada

 

[Carnivore]

William K


Bingo!!!


What Fannie Mae needs is a place for appraisiers to report they had to turn down an appraisal request because of Value pressure and/or did not get paid for an appraisal because they would not hit value.

Something like that.

Fannie Mae, Freddie Mac, FHA and VA have the power to clean this up.

If fannie mae/Freddie Mac came out with a Case Number system similar to FHA things would turn around overnight!!!

 

[JonGalt]

So does this mean all appraisals are going to be ordered through some type of AMC?

Can't wait to score my $150.00 fee for a 1004!

This may solve the LO's ordering from skippy but I think it will drive down offered fees even more since we know the only thing that matters is the lowest fee possible.

 

[Kevin Mc]

Lot of truth to that.

Major lenders will not make the MB's use anyone they don't already use. They will ask the MB "what appraiser do you want us to order this from?" and the MB will tell them my buddy "SKIPPY" of course.

They knew exactly what they were getting from these MBROKERS and they didn't care because they were making money!

I doubt highly that all the big boy lenders are going to shut down their wholesale divisions. Also, lest we forget, some lenders do not sell to FNMA and FREDDY. I can't help thinking that all this legislation is going to benefit AMCs and lenders in the long run and screw us along the way.

 

[Mike Kennedy]

William K


Bingo!!!


What Fannie Mae needs is a place for appraisiers to report they had to turn down an appraisal request because of Value pressure and/or did not get paid for an appraisal because they would not hit value.

Something like that.

Fannie Mae, Freddie Mac, FHA and VA have the power to clean this up.

If fannie mae/Freddie Mac came out with a Case Number system similar to FHA things would turn around overnight!!!

the same way FHA now accepts so-called "appraisal reports" from people who cannot appraise their left shoe ??????? :mellow:

Doubtful at best Carn.