Form 2075 Vs. 2055

[Will43]

Originally posted by Andrew Picarsic@Jan 23 2004, 07:44 AM
Please dont tell us that the total fee is less than 100 clams. If you worked for one hour at Mickey D's(in my area) you would receive about $9.00 gross income, health care, 401K, SS contribution by employee, workmens comp insurance and vacation time.

There are probably appraisers doing these for $50. In my area everyone fights for $50 drawls. It’s hard to compete with the retirees and trainees. However, It is not worth starting your car for under $200.

 

[John Henry]

I have read several of the post in this thread. I hope you folks realize it was FNMA or Freddie Mac that decided that only a 2075 was necessary. They both use an automated underwriting system that determines what form of valuation is needed. I am sure you have all notice a tremendous slow down in work. FNMA made the statement several months back that the beginning of 2004 that they would be using AVM's to evaluate 80% of the A paper loans. Someone asked where they got this data, they got this data from us the appraisers. Whenever an appraisal is submitted they pull the data to use in their AVM system. So all you folks that are complaining about the subprime brokers I would suggest you make nice with them as they are going to be ordering the majority of the appraisals. One gentleman made the comment that it is easy money. I have seen appraisers charage a fraction of what they would charge for a full appraisal. I personally charge as much as I do for a driveby. If I am going to help put myself out of business I am damn sure going to be compensated for it. If there were no de minimus a full appraisal would be needed on all loans being secured by real estate. Those of you that are a member of an appraisal organization I would suggest that you pressure them to address this issue. Those of us that are not need to insist that Congress get it right this time. The next S&L crisis is on the way.

 

[V. Nightshade]

thanks everyone. Regarding LeAnn's reply:

QUOTE"...OR this particular lender has wisely decided that it is worth ahving a human being walk though the place just to be sure there is an interior to the property, and fill in a few demographic blanks for them."

Are you supposed to go inside the property? I thought it was a driveby and that you didn't need to inspect...

Trudy

(P.S., I haven't figured out how to reply to a part of the thread and use quotes yet...)

 

[Carnivore]

John Henry,

A Question. What would be your reaction if someone told you that there is actionable cause to receive compensation for stolen intellectual property specifically as it pertains to appraisals?

I hope that makes sense.

 

[John Henry]

Andrew

I am not sure I get your meaning, if you are referring to FNMA and Freddie pulling data to develop AVM's as illegal I would tend to agree but I am sure that they have teams of lawyers that argue otherwise. Like I said I am not sure I get your meaning, please clarify. I think FNMA believes as they own the appraisal that they are free to use the data. I do not agree with this. Like I keep stating if there was no $250,000 deminimus there would be no AVM's More legitimate work appraisers would be able to stand up to unscruptulous practices of some of the Brokers.

 

[Carnivore]

John Henry,

you got it right. The truth is in the details. Read the statement of limiting conditions for a fannie 1004 and read the 2055 statement. Some may think its a parsing fo words. I say it is a monumental difference.

Would you join an action if given a chance?

 

[John Henry]

Andrew yes I would

 

[Bill Wintermyer]

Trudy, look at your clients order form, if nothing is mentioned as to an exterior only or an interior/exterior make a call and get it right the 1st time. The form can be done both ways just like the 2055 form...

 

[Bill Wintermyer]

Andrew and John, this intellectual property theory will go nowhere, and why you think to yourself? You used intellectual property from county records, MLS and other secondhand data sources to support your intellectual property that has become the intellectual property of the client/user(s).....

 

[Farm Gal]

Trudy:

Ditto the 'check with your client to confirm their intent'. And DO read ALL the pages of the form CAREFULLY. Do you have access to one of the AI or HArry Harrison books on how to fill out the 'short' forms? I strongly recommend acquiring one.

Originally posted by John Henry+Jan 23 2004, 10:39 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (John Henry @ Jan 23 2004, 10:39 AM)</td></tr><tr><td id='QUOTE'>I hope you folks realize it was FNMA or Freddie Mac that decided that only a 2075 was necessary. [/b]

John: Lenders can at any time overwrite the automated processing to request a higher level of inspection, hence my comment to that effect!

Greater depth, specification of a qualitative analysis or going deeper qualitative analysis, it IS their call. The scale runs from: nothing at all, County Tax Assessor Market Value, Exterior only not-appraisal, Interior/Exterior not-appraisal, Exterior Appraisal, Interior Inspection and Appraisal, etc. The lender can CHOOSE to do whatever they think necessary to protect their collateral and business investment.

Given the number of loan processing firms (not old fashioned BANKS.. who immediately package and sell the loans to the Mac/Mae crowd) I agree that it is unlikely that they will be requesting more than minimum requirements as pushed out by the assessment system. Some will ALWAYS go minimum to stay competitive, some will require more on the basis of desiring NOT to get caught too deep in your predicted banking crisis. Guess who I am seeking as clients.

They will be among the minority.

Neither will I bank with a firm which doesn't take reasonable care of MY money...

<!--QuoteBegin-John Henry@Jan 23 2004, 10:39 AM
The next S&L crisis is on the way.[/quote] Banking and financial... won't be limited to the S&L's... actually most of the S&Ls will probably be peripherally damaged: suffering when the major financial institutions rock and some values fall.

surficial

:redface: for the inquiring minds wanting to know what I really meant... the word can also be appropriately used to indicate 'surface only' condition/appearance. So sayeth the fat Webster dictionary. and the fumble fingered distracted typist.