First In Series - Ivpi Q&a #1

[Mike Kennedy]

In markets where there are a lot of jumbos, then IVPI may not be the answer. Unless they raise the minimum to $2 million or something. Whoever would have thought that FHA would be helping people into $750,000 homes. You can still buy a real nice house for $750,000 in Albuquerque. Appraisers working with private money lenders are free to go there own way. It looks like the IVPI is designed for those of us that appraise homes under FNMA amounts.

Yes it is - GSE - only.

 

[Ken B]

I daresay that if we were planning on doing to you what the AMCs will do to you if they prevail then you'd have a really good reason for being concerned.

Think about this - in most areas, appraisers will practically kill themselves to get on the VA panels. I don't hear those appraisers complaining about fees or the good being pulled down by the bad, even though the panel has plenty of both.

You didn't read my little self-interview where I discussed the advantages and disadvantages of being a VA appraiser, did you?

I am a former VA fee panel appraiser and was one before they opened up the panel to practically anyone with a pulse. I know exactly what happens to appraisers when they no longer have to compete with other appraisers. I also know exactly what happens when there is an oversupply of appraisers on such a panel.

Unintended consequences are very, very real.

 

[Mike Kennedy]

You didn't read my little self-interview where I discussed the advantages and disadvantages of being a VA appraiser, did you?

I am a former VA fee panel appraiser and was one before they opened up the panel to practically anyone with a pulse. I know exactly what happens to appraisers when they no longer have to compete with other appraisers. I also know exactly what happens when there is an oversupply of appraisers on such a panel.

Unintended consequences are very, very real.

IVPI Q&A #1, page 2, Question #3.

The IVPI Fee Appraisal Panel affords ALL Appraisers that meet the requirements on page 10 section 2 of the Proposal the opportunity to apply for Membership, ​

but not all will meet the Panel’s on-going Review Criteria.​

This creates a level playing field where quality, competency, and service are the prerequisites instead of low cost and speed.

Q&A #2, Page 3 Question #5.

" It is the Committees conclusion that all Ethical, Competent, Appraisers affiliated with IVPI must not be forced to compete with Incompetent and Unethical Appraisers who have been rewarded under the current “status quo” and will be if ONLY minor, cosmetic changes are made under the HVPA.

As stated in the HVPA, significant changes must be made, new policies must be established, and reforms must be implemented. Transparency and reporting of IVPI review and compliance activates is essential.​

 

[SANDY]

Sorry about that fee split example-I was hoping that the IVPI split would be something along the lines of $350 to the appraiser and $150 to IVPI and not the reverse as it is now with AMCs.
But now I am confused about whether all GSE appraisals will have to go through IVPI or not--if that is the proposal I do not see why or how the GSEs will go for it!!! I had thought that this IVPI was going to have to compete with other AMCs.
Maybe George can explain what's in it for the GSES that they would agree to it-if the concept is so good for them why wouldn't they just form their own similar entity and run it themselves-after all they have all of the power and authority so why would they give it up to another entity. I don't get it.

 

[SANDY]

Has the IVPI proposal even been submitted to any of the GSEs yet? If so have they commented on it yet? If indeed, the proposal requires all GSE backed loans to have only IVPI appraisals behind them, I don't see this thing getting off of square one.

Can anyone tell me why they would go for that. Especially in light of their HVPA-they are more likely to say that the problem is solved with the actions taken in the HVPA. I dealt with some of the Fannie Mae policy makers on the old manufactured homes checklist(s) fiasco right before they finally stepped up and changed their hands off policy and I can tell you that most of what they told me went something like--- Well you know, the lenders are our clients and we have to respond to their needs etc etc.... So I cannot see the GSEs falling all over themselves for this IVPI proposal when the lenders are going to be all over them not to do it.

 

[TJSum]

Sandy is correct IMO. Does anyone actually think they are going to turn the entire appraisal process over to the appraisers, giving the appraisers total control. Oh, even better, the lenders are also going to pay all of our expenses. Lets get real. The only way I see anything like the IVPI being accepted is if it is turned into a government department under the wing of HUD, with the aggenda being set by the politicans, not any group of appraisers. All this back fighting between ourselves is rather foolish until we get some feedback from the powers that be. There are several FED announcements forthcoming this week, they may reshuffle the deck in an entirely new way all over again over-riding the Cuomo agreement...

 

[Natalie Smith]

Question for the IVPI people...Before I and others knew or heard of the IVPI proposal I signed up for Pams National Valuation Service. I just checked and the website there connects it with the IVPI as a gathering list in conjunction with it. Thats not what I signed up for......I thought the National Valuation Service was an AMC by Pam, an alternative...simple as that...not part of a proposal to present to Cuomo as a plan to be the exclusive GSE appraisers etc. My question is, my name wasnt on any list attached to the proposal was it?? or maybe originally this was the websites intent and now its grown into a different use and the people who signed on, have nothing to do with the IVPI but the website is used for that now???? Please let me know ~

 

[sbb04]

So if this is just a proposal, what are the chances this passes and when is this decision suppose to happen?

Probably slim and none. I mean how seriously can a bureaucrat take a bunch of ethical appraisers making suggestions about the appraisal profession?

 

[Otis Key]

Question for the IVPI people...Before I and others knew or heard of the IVPI proposal I signed up for Pams National Valuation Service. I just checked and the website there connects it with the IVPI as a gathering list in conjunction with it. Thats not what I signed up for......I thought the National Valuation Service was an AMC by Pam, an alternative...simple as that...not part of a proposal to present to Cuomo as a plan to be the exclusive GSE appraisers etc. My question is, my name wasnt on any list attached to the proposal was it?? or maybe originally this was the websites intent and now its grown into a different use and the people who signed on, have nothing to do with the IVPI but the website is used for that now???? Please let me know ~

Natalie, I can't speak for the IVPI committee (that's only Kennedy at this time, and maybe George Hatch), but I can say I signed up there too. I'm not too worried about the thing.

There isn't any list, to my knowledge, attached to the proposal. NVS is the abbreviation for an AMC out of California (I think they're still in operation) and it stands for Nations Valuation Service/s(?) (it's been too long since I did any work for them).

I think you might be hearing Karl's Black Helicopters and wearing Mr Rex's Tin Foil hats.

 

[Natalie Smith]

I know there's also one in California but Pam named her company that as well... www.nationalvaluationservice.org