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

[Claude From NY]

I agree with Hovious and Kevin. If this proposal pans out it will only help to bolster certain AMCs as the independent fee appraiser gets squashed. What about the good MBs and client relationships that have been forged over the years? Are we to stand by while the vultures swoop in to pick up the pieces?

 

[TC]

I just hope the government takes control of every aspect of real estate, real estate financing, and real estate appraising. The world will be much better off.

TC

 

[3 Putt]

Being one of the crowd who was doing appraisals, prior to licensing and certification, I am of the opinion that government intervention has not helped our profession in the least.

This seems like a few bad apples have spoiled the whole bushel.

 

[Lloyd Bonafide]

I have received calls from all of my broker clients (the ethical and honest ones). They are VERY upset with this! How will my broker clients know, if this proposal goes into effect, that their clients' properties are being appraised via a competent and ethical appraiser?

They won't know - I'm sure they will be pleased when their clients' properties are appraised by the lowest bidder. I also have clients like that, (no sub-prime loans, no neg-am loans, etc.), that I have worked with since the late 1980's - (pre-licensing). It will be quite interesting to see how this works out.

 

[jakeboeger]

Why not allow the government to assign us all the same amount of appraisal requests per month?

That way we can all live in the same exact house, drive the same exact car & eat the same amount of food.

This method could also be applied to other industries.

 

[Kevin Mc]

Ditto.

Being one of the crowd who was doing appraisals, prior to licensing and certification, I am of the opinion that government intervention has not helped our profession in the least.

I'll go a far as to say it has (or is in the process of) destroying it. All of a sudden the idea of running a skippy mill sounds OK with me. Hire a few trainees, send em out, pay em peanuts. Who cares?...apparently NO ONE.

 

[Kevin Mc]

NYS Attorney General Cuomo.

All comments can be sent to Mr. Cuomo via this portal. I think the new agreement with FNMA/Freddie is going to be a disaster. I sent him an e-mail stating as much. If you agree make sure you let his office know.


http://www.oag.state.ny.us/online_forms/email_ag.jsp

 

[Atlanta CG]

Wife had an interview yesterday which I attended with a major player who also has a mortgage company under the same ownership people. They said since they have a different LLC for the mortgage company they are free from the new rules & regulations. They also indicated they were not worried as they can change their legal status to circumvent any direct association between the two entities, despite having the same owners on record. It will not end, at least, peacefully.

 

[Mike Kennedy]

An alert to Pams' thread was emailed to his top staffers(who are AF silent members) yesterday morning.

 

[Willie]

With a few exceptions I am suprised at the lack of those who I consider the appraiser "intellectual giants" participation in this thread. That said, some of them don't have a dog in this fight as they are mostly doing things outside of residential appraising. They could at least humor us though.

Brad Ellis made an excellent point that we should fear this, because of the unknowns. In 2006(or 05 I've lost track) the OCC put a letter out that highly encouraged many of my clients to rotate appraisers in terms of assignments. Now not only did a large portion of business vanish, I can barely even speak to the loan officers that I've had long term business relationships with. This has hurt me and is sad in terms of my small business. I can barely talk to my clients and old relationships have been damaged or have slowly become stale. I understand that there were problems with some client/appraiser relationships in many areas, but not with me and my clients, so it hurt me. Governmental interference is rarely good. These things better be looked at with a suspicious and wide eye because of the law of unintended consequences, and we are the ones who will be on the front line an affected immediately by these consequences or events.