July 2008 ASC Q&a- Wink Wink Comp Comp

[SANDY]

Sandy:

Mr Hatch is anything but happy with the way things are. I know that he is ready for change, however you seem to not know what you are talking about. If i were you I would just sit along the sidelines and wait and see.

I will gladly sit along the sidelnes---right next to you and TAF and all the other regulators. Just tell them other folks here to quit asking me to come up with the perfect solution. Seems like that shouldn't be in the job description of a trainee.

 

[SANDY]

Can you come up with an example or two?

George,
You ever hear the one that goes - what do you call 50,000 lawyers at the bottom of the ocean?

Well George, I am entitled to my opinion. I think "Concepts and Principles of USPAP" is fairly superficial treatment of the issue of appraisal standards.

Don't eat any of the brown sand.

Ok Wells Fargo lacky!!! At least you a legitimate excuse for doing nothing since you are already on the sidelines... ie.. not active

 

[Fred]

George:

I appreciate the fact that you at least try not to talk to people like they are idiots. Elitism is dangerous, .

He doesn't call them lender lap dogs either.

I don't want an arguement, but a solution.

Maybe when they finally stop MB's from ordering the appraisals.

 

[Offshore]

I apologize for not replying earlier, it is a weekend and my kids run my life, when they shout beach I comply. So anyone who is adamantly opposed to comp checks automatically is presumed to be one who survives only on mortgage broker handouts? I would have expected something deeper from the embedded narcissists with 40,00 combined posts

 

[Hamlet]

I will gladly sit along the sidelnes---right next to you and TAF and all the other regulators. Just tell them other folks here to quit asking me to come up with the perfect solution. Seems like that shouldn't be in the job description of a trainee.

I don't believe that anyone was laying the heavy burden of coming up with a “perfect solution” on your "lowly trainee" shoulders. I do believe that was your challenge to TAF and the two “smartest” here on the AF, refusing to recognize that neither holds any authority over the real problems, which are the MBs.

 

[Mike Garrett RAA]

Glad I wasn't included in the two smartest...way too hard to live up to that.

 

[Lee Lansford]

...
TAF, being the good ol boys club, will do nothing that would in any way interefere with the interests of the lenders. It is (so they think) in the interests of the lenders and their strong-arm men, the loan officers and mortgage brokers, to get free appraisals (which is exactly what a comp check is). Expect no help from TAF. Not going to happen. They are not going to come out with any policy that interferes with lenders - they will not bite the hand the feeds them...

Bearslide, "What?"

Lee

 

[Lee Lansford]

...

In order to sincerely think that the ASBs Q&A provides any type of boost or advantage to the idiots, a person has to completely ignore the existing prohibitions on improper assignment conditions, including the ASBs explicit reminder about that prohibition in the Q&A itself AND the certifications in every Fannie report. It requires a serious deficit of reading comprehension, one which is way beyond the reach of the ASB in any case.

Amen.

I've been following this string with a mix of amusement and bewilderment.

 

[Stone]

I will gladly sit along the sidelnes---right next to you and TAF and all the other regulators. Just tell them other folks here to quit asking me to come up with the perfect solution. Seems like that shouldn't be in the job description of a trainee.

I just love it when you repeatedly attack people, demand CHANGE!!!! and then throw the "I'm just a lowly trainee" card on the table when asked what exactly that change could be.

Just perfect.

 

[George Hatch]

There is A suggestion that several people have already mentioned and which I believe would cut down on the horseplay tremendously - namely cutting the mortgage brokers out of the appraisal engagement loop for all appraisals used to underwrite mortgages.

I would even go so far as to suggest that the MBs could be allowed to submit their own (desktop?) appraisal if that helps them sell the package - but require the direct lender to directly engage and review a seperate mortgage appraisal of their own and make them fully responsible for accepting and using that appraisal.

That's one concrete suggestion that addresses the problem rather than the symptom and doesn't involve creating another hoop for appraisers to jump through. However, although simple, it wouldn't be easy. The problem is that whenever that suggestion comes up it meets a lot of opposition from all sides - including some very reasonable appraisers. That's the thing about this whole discussion: otherwise reasonable people disagree and each side has some legitimate reasons for doing so.

I think everyone on this board can agree that it would have been a lot cheaper for our society to have spent a couple hundred million dollars (at most) on actively enforcing the existing mortgage banking regulations than this $300,000,000,000 partial bailout is going to cost. Good appraisals are very much the ounce of prevention.