Housing Bill; what does this mean to appraisers?

[Renee Borne]

Now that the bill has been past what does this mean for appraising? will we start seeing a lot of FHA work? How is the re-financing going to work for the homeowner. Keep getting bits and pieces from the news, could someone clarify or direct to website.

thanks

 

[moh malekpour]

Now that the bill has been past what does this mean for appraising? will we start seeing a lot of FHA work? How is the re-financing going to work for the homeowner. Keep getting bits and pieces from the news, could someone clarify or direct to website.

thanks

http://appraisersforum.com/showthread.php?t=142436

 

[Renee Borne]

thanks. any predicition on if this will be a boom for appraisers?

 

[timd354]

thanks. any predicition on if this will be a boom for appraisers?

Who knows, it is always next to impossible to predict how these things will play out...heck, HUD has already said that there is no way that they can posibly have the systems in place, including new underwriting guidelines, etc., to make these loans happen iin time for the Oct. 1 effective date of this legislation...HUD said it is much more likely that they won't be ready to start this program until the middle of next year.

 

[Frederick]

Who knows, it is always next to impossible to predict how these things will play out...heck, HUD has already said that there is no way that they can posibly have the systems in place, including new underwriting guidelines, etc., to make these loans happen iin time for the Oct. 1 effective date of this legislation...HUD said it is much more likely that they won't be ready to start this program until the middle of next year.

I think the psychology of this is important as well as the reality. People have been waiting on the sidelines reading horror story after horror story about real estate home values, foreclosures and the mortgage meltdown. Perhaps this will signal to them that a corner has been turned and its time to grab a bargain while they are still available.

Most agents in my area will tell you the public's perception and fear is their greatest problem for them right now.

 

[Dwayne Drummond]

Is the HVCC, and other reform, dead with this legislation? I had ask about certain provisions of HVCC in another thread, and evidently I am confused. Although it addresses MB's and Appraiser Licensing, is the current "Hope" bill only the "Bail out" ?

 

[Mztk1]

The FHA thing doesn't seem to be a highlight in agent's minds and LO's minds here in my area. They really like the $7,500 tax credit to first time buyers. They think this is going to be what sparks the market because a lot of the foreclosure properties in my area are priced at first-time buyer levels, and once you get those off the market, the market can rebound.

 

[Mark to market]

In the interests of expediency the problems at Fan and Fred have not been addressed. They still have the same board members making the same decisions that helped to create this mess. They are still allowed to donate money to the people that make their rules. They are still allowed to buy securities for their own portfolios, a practice that does little to lower mortgage rates, and creates potentially huge liabilities for the American taxpayer. Instead these pro AVM entities have been given a blank check.

The Fan & Fred bailout was designed to bring some short-term stability to the markets. To that extent it may work well. The long-term fallout of not correcting their systemic problems may be more then we care for.

 

[stefan olafson]

Did you happen to notice that when refinancing into these new loans the feds are asking for a share of the appreciation if you sell within a certain time frame? Are you appraising something less than fee simple?????

 

[Mike Boyd]

Did you happen to notice that when refinancing into these new loans the feds are asking for a share of the appreciation if you sell within a certain time frame? Are you appraising something less than fee simple?????

No. We are appraising the real property, not how title will be held or how any funds are distributed in the event of a sale.