First In Series - Ivpi Q&a #1

[timd354]

Which day will it be posted? A union? A co-op? Just another AMC? A corporation? I'm sure no wants to miss it. Please advise - Fee Structure? Minimum qualifications? What approach will be used when "members"?? violate the USPAP?

Please answer the direct questions, thank you.

Here are the straight forward answers to your questions Mike:

I do not know what day that our alternative proposal will be posted, it is not ready yet and we are trying to finish it and post it as soon as possible, I am hopeful that it will be this week. The alternative proposal is not a co-op, a union, an AMC, or a corporation. The alternative proposal will not set any fee structure and does not contemplate telling lenders and the GSE's what qualifications they should use in selecting the appraisers to go onto whatever appraiser panels are used. We are still formulating the details of the best methods to catch those who violate USPAP and what penalties, etc are to imposed on the violators. Once the details are decided and the first draft of a plan is finalized, we will present it and request input, comments, suggestions, proposed changes, etc. before the proposal is submitted to Cuomo or anyone else.

 

[Mike Kennedy]

Here are the straight forward answers to your questions Mike:

I do not know what day that our alternative proposal will be posted, it is not ready yet and we are trying to finish it and post it as soon as possible, I am hopeful that it will be this week. The alternative proposal is not a co-op, a union, an AMC, or a corporation. The alternative proposal will not set any fee structure and does not contemplate telling lenders and the GSE's what qualifications they should use in selecting the appraisers to go onto whatever appraiser panels are used. We are still formulating the details of the best methods to catch those who violate USPAP and what penalties, etc are to imposed on the violators. Once the details are decided and the first draft of a plan is finalized, we will present it and request input, comments, suggestions, proposed changes, etc. before the proposal is submitted to Cuomo or anyone else.

Is the core of your proposal based on the attachment???? If not please explain why not? Thanks.

 

[Jonsey]

Once the details are decided and the first draft of a plan is finalized, we will present it and request input, comments, suggestions, proposed changes, etc. before the proposal is submitted to Cuomo or anyone else.

Goody. I look forward to seeing who comprises your committee members.

 

[Lobo Fan]

I may have missed this, but the IVPI would only apply to GSE secure loans? FHA and private money loans would be free to order apprisals from anyone they choose?

 

[George Hatch]

I would ask everyone to show Tim and his proposal the same level of respect that our proposal has already been given by many of our peers. We have asked appraisers to keep an open mind - in my mind that wasn't an unreasonable request to begin with and it isn't an unreasonable request now.

If you found it offensive when our credibility was questioned then I trust you'll apply the same level of decorum that you have demanded of others when they step forward with their proposals.


There is nothing to say that an appraisal-centric solution can't contain elements of more than one proposal, or that one proposal must prevail at the expense of another. The goal is not to build constituencies, but to seek the solution that can consistently result in the best appraisals.

If for some reason our proposal is rejected I would prefer that another appraiser-centric solution be accepted rather than have to deal with a for-profit AMC solution.

 

[Mike Kennedy]

I may have missed this, but the IVPI would only apply to GSE secure loans? FHA and private money loans would be free to order apprisals from anyone they choose?

Yes Lobo, you are correct.

 

[Marcia Langley]

That's right, Lobo. The HVCC and thus the IVPI only applies to Fannie and Freddie securitized loans.

 

[Workbox]

I may have missed this, but the IVPI would only apply to GSE secure loans? FHA and private money loans would be free to order apprisals from anyone they choose?

That is why I am not as worried as others. One bank that uses their own money is beginning to pick up on my end.

 

[Mike Kennedy]

Respect earned, respect given, respect returned.

 

[Ken B]

ARe you and Timd acting like babies?

Please Mark the BOX with an "X" on "YES" or "NO"...........

You guys are getting ridiculous.

I guess you can call me ridiculous also. Wonder how many ridiculous people are lurking around out there?