Hybrid

[timd354]

TimD has a lot of bias for Fannie. He writes their forms and the pitiful 1004mc. How much did they compensate you for that work?

I never worked for Fannie Mae and the 1004MC and the current versions of the appraisal forms were published long before I worked for Freddie Mac, beginning in 2009. I was well compensated for my work at Freddie Mac as well I should have been and I am much more well compensated now, thanks for asking.

 

[timd354]

That's like saying car makers and energy utility companies aren't regulated.

When did I ever say that the GSE's are not regulated?

 

[Terrel L. Shields]

We bail out GM, we bail out FNMA... Taxpayers pay for the risks of CEOs...funny how that works. No #SITG. You take the hide off the taxpayer instead.

 

[djd09]

I never worked for Fannie Mae and the 1004MC and the current versions of the appraisal forms were published long before I worked for Freddie Mac, beginning in 2009. I was well compensated for my work at Freddie Mac as well I should have been and I am much more well compensated now, thanks for asking.

You bias shows everyday.

 

[timd354]

You bias shows everyday.

Thank you. I do not apologize to having a bias against ignorance.

 

[djd09]

I was one of the people who worked on creating the UAD (djd can thank me later)

You see he didn't work for fannie but help create the uad. any difference.

 

[timd354]

You see he didn't work for fannie but help create the uad. any difference.

I make no apologies for the fact that I helped to create the UAD while I was employed at Freddie Mac. In fact, I take pride in the role I played in its creation as the UAD has allowed lenders and secondary market participants to aggregate appraisal data in order to better evaluate collateral risk.

 

[djd09]

The former director of community development at the National Community Stabilization Trust, a national nonprofit that works to stabilize communities affected by the foreclosure crisis, is among seven people indicted last month for allegedly participating in a conspiracy to profiteer off of foreclosures.

According to the U.S. Attorney’s Office for the District of Nevada, Sergio Barajas allegedly accepted bribes from a number of individuals with other nonprofit organizations and used his role as director of community development at the NCST to funnel foreclosures to those companies through NCST’s First Look program.

The nonprofits and individuals in question then turned around and sold those foreclosures for a significant profit, according to the indictment, which was unsealed last week.

Through the First Look program, which started in 2010 as a partnership between the Department of Housing and Urban Development and the NCST, financial institutions like Bank of America, Citibank, Chase Bank and others made their foreclosures available to NCST-approved nonprofits on a “First Look” basis.

The nonprofits then had the opportunity to buy the properties at a discounted price before they were made available to owner-occupiers or investors.

In his role as NCST’s director of community development, Barajas was involved in approving which nonprofits took part in the First Look program, and was also involved in determining which nonprofit was awarded the foreclosed property.

The indictment alleges that several individuals paid Barajas under the table to get preferential treatment in the program.

When contacted by HousingWire, Rob Grossinger, the president of the NCST, noted that Barajas left the company in September 2015 and said the company was not aware of any of the alleged conduct until it was contacted last year by the Office of the Inspector General of the Department of Housing and Urban Development in the course of its investigation.

“We’re really disappointed to learn about all of this. All of this financial activity alleged occurred outside of NCST,” Grossinger told HousingWire. “We didn’t learn about it until the HUD-OIG contacted us. We’ve been cooperating with the authorities since they first contacted us in July of 2016.”

After leaving the NCST, Barajas went to work for Freddie Mac, where he currently serves as manager of housing outreach, within the company’s single family affordable lending and access to credit division.

When contacted by HousingWire about Barajas’ indictment, a Freddie Mac spokesperson said that the company placed Barajas on administrative leave in the wake of the indictment becoming public.

“We very recently learned of an indictment against a current employee based on actions he allegedly took prior to joining Freddie Mac,” the company said in a statement. “The employee named in the indictment has been put on administrative leave. Since this is an active case, we are unable to comment further.”

The indictment also charges several individuals with making the alleged payments to Barajas and provides details on their alleged conduct.

https://www.housingwire.com/article...among-7-indicted-for-foreclosure-profiteering

Apples do not fall far from the tree.

 

[Carnivore]

All this discussion over saving a drop in the bucket when it comes to fees on a closing statement. And a fee the borrower even pays, not the client. Makes me believe there is another motive. I would suggest the usual suspect - greed.

Chad your actually on to something here that really has not been discussed at all. Many services have been eliminated such as surveys, termite inspections, etc They hate it when repairs are called for(delays getting their easy cash). I could be wrong here because I have not seen a settlement statement in forever. but I do believe they have never moved either way on their origination fee. I think it is still one percent(1%). I know the AMC's negotiate a standard fee or fixed cost for certain services with the clients. AMC provide flood certs(from another party), title services, all kinds of stuff. Probably have some sort of standard fee for any appraisal type. Actually I see storms on the horizon for AMC's. The AMC wont go away, but the numbers of AMC's will drop dramatically. Large ones most likely see this coming sooner than later and are probably automating their processes where possible even now. Smaller ones will die on the vine. I think we have about 78-80 AMC's in NC.

So yes, this is about fee's to be competitive with each other, plus SPEED! The speed part is a little confusing to me, because these lenders(large number) refuse to allow a trainee to inspect alone, BUT they are all A-OK with letting Harry the Aluminum Can Collector do a drive by inspection. Go figure! Something does not add up!

 

[J Grant]

Regardless of whether we approve or disapprove, who here among us thinks this isn't going to happen; one way or another? The "how" is very nearly irrelevant to the "what".

This is why I want appraisers to give some serious consideration to how they're going to handle the changes to our business environment that will occur when a certain percentage of assignments go in that direction.

If it's going to rain, telling you guys to consider in advance what steps you want to take to stay dry doesn't amount to a form of advocacy for the rain. But rather, should be interpreted as a form of advocacy for you staying dry.

Might see a certain amount of frantic last minute rush 1004 orders where the bifurcated went off the rails or was late because an inspector dropped the ball . Appraisers ..each will find a way depending on how much of the orders goes to bifurcated or what kind of work/ areas appraisers are in.

I'll be more interested to see which lenders will use bifurcated when they have a choice, or what other services or products they might use, will FHA stay the same etc. Lenders are vulnerable to changes as well....their competition with each other and the online services is brutal now. How do they differentiate themselves from their competition...maybe some banks and lenders will develop boutique products or services. I hope those lenders that have integrity thrive.. Informed consumers still recognize it or have loyalty to a company they've had good experience with.