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Just got off the phone with my State Senators Office and look what I found out about:

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just got off the phone with my State Senators Office and look what I found out about:

Loan originators, Loan processors, Loan Officers and Mortgage Brokers as well as banks are required to be licensed that do business with in the state. They are also required to take CE in the state every year.

How many do you think are from out of state? When was the last time you ask for a copy of there license? When did you ask the AMC for a Copy of there license, after all are they not a processor of loans by being the middleman for the Appraisal part of the process?

What does your state require of them?????

Can we start filing complaints now about non-payment, cut rate fees, requesting non-compliant USPAP appraisals?

How many appraisers are willing to stand up and do this????

What do you say, should we be asking for license?

The senators office felt that if we were working with none compliant people we could loose our Appraiser license for working with and for these people.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Arkansas has long regulated Mortgage brokers. You have to check the website to see if they properly registered and thus posted the $50,000 bond. If they have, file with the Securities Agency (which regulates the Mortgage brokers) and they will take your fee from the bond and send them a nasty notice....not to mention we have an Appraisers lien law.

GET IT PASSED...and the collection problem goes away.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina

Rice Brewer

Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
Arkansas has long regulated Mortgage brokers. You have to check the website to see if they properly registered and thus posted the $50,000 bond. If they have, file with the Securities Agency (which regulates the Mortgage brokers) and they will take your fee from the bond and send them a nasty notice....not to mention we have an Appraisers lien law.

GET IT PASSED...and the collection problem goes away.

My experience is a bit different. I notified the the Securities Agency about a payment problem and they sent me a copy of the company's Surety Bond. It was up to ME to make a claim against said bond.

Hartford Insurance paid promptly after I included a copy of the HUD-1 showing that they had collected my fee. Not sure how it would have gone had I not had the HUD-1.
 
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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I bet Hartford bounced 'em for it....
 

David Beasley

Senior Member
Joined
Dec 12, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
By the way.....our Banking Commission does a GREAT JOB. No comparison between the hacks at the appraisal board and the professionals at the NCCOB. Day and night difference.

Check out these actions at the NCCOB:

https://www.nccob.org/Online/MLS/CommissionOrderListing.aspx?Source=Mortgage

and

https://www.nccob.org/Online/Shared/CommissionOrderListing.aspx?Source=Mortgage


Yes, our Banking Commission does good "now" and did good a while back, but there was a period in the early 2000s where they didn't seem that interested in it. Even told me a couple of times over the phone that there was simply "nothing they could do" for me.

So long as they stay consistent from here on in, I agree. They are a great ally for slow/no paying lenders here in NC. As for the NCAB? "No comment."
 

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Ray:

What office or department in Madison did your state senator tell you to contact regarding complaints against "
Loan originators, Loan processors, Loan Officers and Mortgage Brokers."?

Those entities do not appear to be regulated by the WDRL.

 
Joined
Nov 7, 2005
Professional Status
Certified Residential Appraiser
State
Florida
In FL, there is a push for AMCs to be regulated. At this point, there is no regulation of them (Frank G was leading the way on this one, don't know where it stands now).
Mortgage brokers have to be licensed, but i don't see much enforecment.
 
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