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I can not believe I am suggesting this.

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jturner01

Thread Starter
Junior Member
Joined
May 13, 2008
Professional Status
Certified Residential Appraiser
State
Florida
I have been racking my brains about this problem that has plagued our industry and I am not the smartest guy in the world, so I could be wrong on sooo many levels with this, but here it goes anyway.

Why not instead of having a government run system that hands out the appraisals, have a government systems that runs the underwriting? I know I do not like the idea of more government either, (I am neither Republican nor Democrat) but they (we) are the ones who are ultimately responsible for the loans anyway.

There would be no new taxes, there are fees already written into closing statements. It could streamline the process, they could also be responsible for the doc stamps. The sketchy loans and questionable appraisals can have an additional appraisal done on it. I like what someone else brought up of 80% LTV, needs another appraisal.

Again, I am just thinking out loud. I am not claiming to be the brightest in the world, this may not work, but I thought I would bring it up. Feel free to blast me, add to it, We may come up with something that will help our industry. Also please do not revert to political bashing as I have already said I not a democrat or republican, and bigger government does not really appeal to me. I just wanted some feedback and to throw it out there.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I have been racking my brains about this problem that has plagued our industry and I am not the smartest guy in the world, so I could be wrong on sooo many levels with this, but here it goes anyway.

Why not instead of having a government run system that hands out the appraisals, have a government systems that runs the underwriting? I know I do not like the idea of more government either, (I am neither Republican nor Democrat) but they (we) are the ones who are ultimately responsible for the loans anyway.

There would be no new taxes, there are fees already written into closing statements. It could streamline the process, they could also be responsible for the doc stamps. The sketchy loans and questionable appraisals can have an additional appraisal done on it. I like what someone else brought up of 80% LTV, needs another appraisal.

Again, I am just thinking out loud. I am not claiming to be the brightest in the world, this may not work, but I thought I would bring it up. Feel free to blast me, add to it, We may come up with something that will help our industry. Also please do not revert to political bashing as I have already said I not a democrat or republican, and bigger government does not really appeal to me. I just wanted some feedback and to throw it out there.


If you read documents from the IndyMac thread, you will find that underwriters are also under a tremendous amount of pressure. Realize, the government controls banking and hows that working for us?
As long as their are people with no morals, no ethics, who covet the all mighty dollar more than the human beings they hurt, all the government regulation in the world wont help.
Only you and I see a problem. They look around, say this is how its done, and thats the way its done.
The destruction of the American Family, of public education, and of ethics among our people is nearly complete.

Welcome to the new world. Not a fun place is it?
 

jturner01

Thread Starter
Junior Member
Joined
May 13, 2008
Professional Status
Certified Residential Appraiser
State
Florida
I hear what you are saying. I am trying to hold out hope that all is not lost and stay positive, and maybe effect a change for the better(tough these days).

I am not a big advocate for more government at all, actually it frightens me, but in this instance it may actually work out for the better. The reason I believe this is in part because of the pressure that has been placed on the underwriters in the past.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Might not be a bad idea. The Government inspects our food to keep us safe; why not the financing that secures our most valuable asset.
 

GCJim

Senior Member
Joined
Dec 11, 2007
Professional Status
Certified General Appraiser
State
New Jersey
JT,
Makes some good sense. The government, in effect, is buying the loans anyway, why not kill 2 birds and have FNMA / FHLMC underwriters do the underwritin'? Seems like underwriters may need some protection from overly 'aggressive' lenders and their management, as well as appraisers.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
I do like the idea of a central underwriting. Not sure exactly how it would work, but it would match up well with a central registry of appraisals.
 

Deadbusiness

Sophomore Member
Joined
Oct 29, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
More government

I can't really think of a program that government runs better than the private sector. Should we hand more power to the govenment that has brought you programs such as Medicaid, Social security, Homeland Security, No child left behind etc. I don't know about you but I wouldn't trust them to run a lemonade aid stand.:Eyecrazy:
 

jturner01

Thread Starter
Junior Member
Joined
May 13, 2008
Professional Status
Certified Residential Appraiser
State
Florida
I can't really think of a program that government runs better than the private sector. Should we hand more power to the govenment that has brought you programs such as Medicaid, Social security, Homeland Security, No child left behind etc. I don't know about you but I wouldn't trust them to run a lemonade aid stand.:Eyecrazy:


Adam, I know what you are saying and I agree with you, I do not want more government, but in this instance They are the ones who are backing the loans anyway, why not make them responsible for it? If it is broken it needs to be fixed.

Don't get me started on some of those other bogus programs.m2:
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
What makes you think the government UWs wouldn't be pressured? Given the current economic climate and the RE industry in the ditch, I can just imagine the gov't UWs waving the green flag as the loans go whizzing by. No thanks, I'll wait for the next bus.
 

panappr

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
I hear what you are saying. I am trying to hold out hope that all is not lost and stay positive, and maybe effect a change for the better(tough these days).

I am not a big advocate for more government at all, actually it frightens me, but in this instance it may actually work out for the better. The reason I believe this is in part because of the pressure that has been placed on the underwriters in the past.
I think you maybe on to something here, Interesting perspective. But that would leave the government at fault, and we have that.
 
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