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LOs can't pick appraiser?

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FBN2007

Thread Starter
Sophomore Member
Joined
Mar 26, 2007
Professional Status
Licensed Appraiser
State
Maryland
I just came back from the yearly convention of the Maryland Association of Mortgage Brokers. An attorney spoke there on Federal and state changes that are coming in the industry. He spoke briefly about Fannie and Freddie as of January 2009 will no longer allow the lender to choose the appraiser and that lenders will need to divest themselves from any ownership interest in appraisal companies or management companies. He believes this regulation will spread throughout the industry for all loans. If this comes to pass has anyone heard how we will get business in the future? Am I going to have to wait on the phone for some management company to call me for an order? Does this mean I can no longer solicit potential clients for business? A lot of appraisers will be out of business if that happens, I am signed up with several management companies and I get an order every 6 months.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I just came back from the yearly convention of the Maryland Association of Mortgage Brokers. An attorney spoke there on Federal and state changes that are coming in the industry. He spoke briefly about Fannie and Freddie as of January 2009 will no longer allow the lender to choose the appraiser and that lenders will need to divest themselves from any ownership interest in appraisal companies or management companies. He believes this regulation will spread throughout the industry for all loans. If this comes to pass has anyone heard how we will get business in the future? Am I going to have to wait on the phone for some management company to call me for an order? Does this mean I can no longer solicit potential clients for business? A lot of appraisers will be out of business if that happens, I am signed up with several management companies and I get an order every 6 months.

There have only been about 10 threads and 2,000 posts regarding this in the past two weeks. Yes, it is true. But, who knows if it will really happen? What will happen to our fees? etc,etc...
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Never fear, lenders will be ordering appraisals. Just a new glitch in the ordering process. Once it is understood of the mechanics, I am sure it will be business as usual.

Remember, no one makes any money if the loan does not go through. m2:
 
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