FNMA Property Data Collectors Program Violates WV Law

[glenn walker]

In a lot of state laws, working under a license you don’t hold turns it into a misdemeanor or a in some cases a felony. Try operating on someone in your kitchen without a medical license.

Yes if a license is required to operate a certain business or profession. BUT there are no States I know of that have licenses to take photos or measure homes and Realtors have licenses that allow them to access the same data as appraisers and they dont do appraisals, they can do evaluations like CMA Comparative Market Analysis, but it does not have a single point of value and is not under USPAP.

 

[Overimprovement]

One thing to remember (I know personally), is that WV is a VERY consumer-friendly state. It is against banks in general, so interesting how this would play out, as banks want this, but so do consumers (most of them just want the loan to close, screw the value--which, ironically, is exactly the REASON to have a full appraisal).

If the regulators there think it will hurt consumers, they will attack it. Else, language will quickly be crafted to permit it.

 

[chad hampton]

Yes if a license is required to operate a certain business or profession. BUT there are no States I know of that have licenses to take photos or measure homes and Realtors have licenses that allow them to access the same data as appraisers and they dont do appraisals, they can do evaluations like CMA Comparative Market Analysis, but it does not have a single point of value and is not under USPAP.

Absolutely correct. As long as those photos and drawings aren’t being used for the sole purpose for the developing and reporting of an appraisal. Then it becomes appraisal work. And significant.

I realize the snake oil folks don’t like that. I’m

 

[glenn walker]

Absolutely correct. As long as those photos and drawings aren’t being used for the sole purpose for the developing and reporting of an appraisal. Then it becomes appraisal work. And significant.

I realize the snake oil folks don’t like that. I’m

Fannie-Freddie-The Money Center Banks have hundreds of attorneys , I guarantee you they know exactly what they want and what they are doing, All they have to do is change the name from data inspectors to Field Inspectors ,or some other name. They are already covered in Dodd -Frank Federal law and so small under funded State Board is going to stop them. I am sorry they went this way but its done.

 

[John Hassler]

Because in most States unless you are opining a "Value" measuring homes and taking photos is not something that requires a license. What differentiates an appraisal from a Evaluation or BPO or measuring a home or taking photos is not a USPAP requirement. Nothing becomes an appraisal until someone give an opinion of value. Most things we assume require licensing do not its just e are used to having lenders require certain things to be done by appraisers.

Now thats changing the Lenders, GSEs and other Agencies are saying no we do not require the appraiser to do the physical inspection or take photos. The FACT IS USPAP has never required physical inspections or photos or measuring to be taken by appraisers - Again those were just what Lenders and the GSEs asked for but not State or Federal Laws.

What you stated was:
“How do you take a license when someone doesnt have one ? I think Fannie would beat them in a Court Case all day long .”
And I stated that if the activity required a license that the state could, in all likelihood, take action. Nothing more, nothing less. I’ll give you the same advice I give my teenager, “focus”.

 

[glenn walker]

What you stated was:
“How do you take a license when someone doesnt have one ? I think Fannie would beat them in a Court Case all day long .”
And I stated that if the activity required a license that the state could, in all likelihood, take action. Nothing more, nothing less. I’ll give you the same advice I give my teenager, “focus”.

There is not much left to focus on the Program is now passed and its being implemented . Now will there be a few road blocks yes, but none Fannie Maes attorneys have not already planned on tackling. Every time we have these thing happen some small State Board try's to play hardball. We saw this with Louisiana when they fought the AMC fee models. The problem is The Money Center Banks are the biggest donars to campaigns and its just impossible to beat them and Fannie & Freddie are giant machines.

 

[chad hampton]

I’m sure state governments have lawyers too. Although I would prefer to fight this battle to the death in the streets.

 

[Tiffany Gibbons]

In a lot of state laws, working under a license you don’t hold turns it into a misdemeanor or a in some cases a felony. Try operating on someone in your kitchen without a medical license.

Or doing nails or hair without a license, lol, make the big bucks and be a mortician without a license, hold funerals in backyards. Fannie and Freddie are above all laws, I guess.

 

[chad hampton]

Maybe a few state boards will revoke an AMC license for not following the law they are required to as a state license holder.

I’ll hold my breath. 10-15 years ago maybe.

 

[OSU Beavers]

And 20 years ago Oregon outlawed BPOs for loans, but Realtors still did them.