First In Series - Ivpi Q&a #1

[Greg Bell]

So Countrywide sells 80% of Landsafe and retains 20% , nothing changes 20% is plenty to run the show..

 

[Kevin Mc]

Exactly.

So Countrywide sells 80% of Landsafe and retains 20% , nothing changes 20% is plenty to run the show..

More smoke,more mirrors,more press conferences by politicians,same old game. I actually think that the end result a year or two from now will be quite interesting. 95% of all GSE appraisals will be performed by the fastest,cheapest bottomfeeders out there. Throw in the cesspool of loans currently being run through the FHA and Andrew Cuomo will be off running for the US Senate or some other office. His campaign coffers will be filled with Lender owned AMC money. Get serious folks, when was the last time a politician legitimately did something for the greater welfare of our state when it wasn't self-serving?

 

[Mike Kennedy]

So Countrywide sells 80% of Landsafe and retains 20% , nothing changes 20% is plenty to run the show..

"Shuffling the Cards, same players, same game".

:icon_idea: Without RADICAL change to the appraisal ordering & processing system...... (see IVPI proposal)........

Rome continues to Burn.............

 

[timd354]

The IVPI proposal will essentially have to compete with the AMCs for business. I cannot see the GSE's giving all of its business exclusively to IVPI.
The selling pitch for the IVPI proposal to the GSE's is obvious but I question its real viability without some type of preferential treatment by the GSE's. Why? because the AMCs will still be out there selling their speed while the IVPI appraisers will likely take longer turn times. I think quality is still going to be a hard sell even in these times. The only other selling point fir the IVPI is to try to undercut its total fee to the users. In other words let's say the typical AMC fee to a user is $500 of which $350 goes to the appraiser and $150 to them. The IVPI is going to have be able to operate on something significantly less than the $500 fee that the AMCs are charging, especially since the AMCs will likely offer faster turnaround times.

Sandy, read the IVPI proposal carefully, if adopted as written the IVPI will not have to compete with anybody, because the IVPI will be the only source allowed to prcoure appraisals for GSE loans. Some people are okay with this, others, including myself, do not think that this is a very good idea since monoploies never work very well. But, whether you are for or against the proposal, please take the time to know what exactly you are for or against.

 

[timd354]

timd,

Do you see an alternative that would meet the goals of enforcing lender accountability for appraisal management?

I bumped up a thread I started titled, "One Way ...."

I'd be interested in what you think about it.

Yes, several other appraisers and myself are working very hard on another plan that would do this and which will actually have a realistic chance of being adopted. Once we have a working draft, which should be this week sometime, we will post it in this forum and ask for input, comments and support for the proposal before it is submitted to anybody.

I have not looked at the thread to which you are referring but will do so and let you know what I think.

 

[San Diego]

Sandy, read the IVPI proposal carefully, if adopted as written the IVPI will not have to compete with anybody, because the IVPI will be the only source allowed to prcoure appraisals for GSE loans. Some people are okay with this, others, including myself, do not think that this is a very good idea since monoploies never work very well. But, whether you are for or against the proposal, please take the time to know what exactly you are for or against.

Hi - Hmmm...seems to me that the IVPI proposal allows lenders to order from an AMC as long as they don't have more than 20% interest in the company?? Geez! this stuff is clouding my head.

 

[TJSum]

More smoke,more mirrors,more press conferences by politicians,same old game. I actually think that the end result a year or two from now will be quite interesting. 95% of all GSE appraisals will be performed by the fastest,cheapest bottomfeeders out there. Throw in the cesspool of loans currently being run through the FHA and Andrew Cuomo will be off running for the US Senate or some other office. His campaign coffers will be filled with Lender owned AMC money. Get serious folks, when was the last time a politician legitimately did something for the greater welfare of our state when it wasn't self-serving?

I just heard on the news, Hillary's campaign manager, Maggie Williams, sat on the board of Delta Mortgage, a subprime lender that bit the dust, they said her income was around $175,000 for just being a member of the board..... and the beat goes on.

 

[PropertyEconomics]

So Countrywide sells 80% of Landsafe and retains 20% , nothing changes 20% is plenty to run the show..

Countrywide will most probably not survive the current melt down either via sale to BofA or through bankruptcy, but your premise is correct.

 

[Chad Atwood]

I read the Q & A, I have some mixed feelings on it, but I do believe that in the long run it will bring some level of fairness to this business. Let's face it this has been a business where often times the cheapest and fastest get the work, and this in a business where attention to detail is important. I think that this will help with the weed out of the bad appraiser's.

 

[timd354]

Hi - Hmmm...seems to me that the IVPI proposal allows lenders to order from an AMC as long as they don't have more than 20% interest in the company?? Geez! this stuff is clouding my head.

you are confusing the IVPI proposal with HVCC which is already a part of the settlement agreement. Perhaps Mike Kennedy, who is on the IVPI Orgnaizatial Committee, would care to clear up this matter...

Mike Kennedy, please answer the following question yes or no followed by any explantion:
If the IVPI proposal is adopted as currently written, will all GSE appraisals have to be ordered through the IVPI?

This is a very simple question, so please give a simple and straight forward answer.