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Mortgage Broker Rule Making

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Ariba

Thread Starter
Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
Mortgage Broker Rule Making Task Force

January 22, 2008
10:15 - 10:50 a.m Coercing or Intimidating of a Real Estate Appraiser:icon_idea:
DRE 9th floor conference room
Colorado Division of Real Estate
1590 Broadway, Suite 925
Denver, CO 80202

Discussion: What constitutes indirect influence?
a. Should mortgage brokers be allowed to shop value? m2:
b. Should mortgage brokers be allowed to ask for a specific value on refinance transactions? m2:

I guess they need a USPAP lesson. Any volunteers. :shrug:
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Edit merely as to say.....

I should have gone first to the Div. website, too, before an earlier reply. The agenda of the total meeting is offered there, as well as the names of the 12 members of the Task Force. I only recognize 2 of the 12 names on first glance. One is in AG's office and the other is the head of the MB program and oversight within the Div.

While Ron does share that specific 35-minute time interval from the agenda he might also have pointed out.....that there is a 10-minute slot of time immediately after, from 10:50 to 11:00am, for Public Commentary. That's right, ten minutes.

In the agenda there is some offered text relating to likely format option for discussion there that day. Ron's offers some of those lines in his post above. There appear to be two letters in one word that should be reconsiderd, perhaps. That word is "indirect" and relates to.....influence. Would it be any more significant if that word were "direct" instead of what appears there ? Is it not evidence of DIRECT influence that would be of interest to the Task Force ? Is 10 minutes enough time.......
 
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Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Given the complaint I recently filed and the letter from the State I recently received...and the State's reasoning behind the decision...

(head shaking and middle finger pointed in the air)

I won't hold my breath as to any real progress.

Is there any food or drink being served?...If so...is it free?

I see no reason to go as nothing will come of it...even if food and drink are served and it is free....JMHO
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I will very happily supply lots of Colorado examples for this!!!!!

Please tell me lots of forum members will be there!
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
ARrrrrgh!
I'm already booked to be at a convention that day, so I can't go.

If anyone can get more details, I'll do what I can from a distance.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I can bet Ron will be there! I have a 7 hour USPAP class in the Springs on the 23rd.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
For those of us who posted in this thread.....

Have you perhaps gone to the DORA site >> Scheduled Meetings >> M B Rules Making Task Force >> Minutes of Jan. 22nd ?

Read input on pages 4 and 5, the 10:15 to 10:50 slot, and the 10 minutes to follow until 11:00am. What was the outcome ?.....Nothing more than a clear revelation that there may be a movement to allow the fox to guard the henhouse....at least as to any profound "Rules" that might regard "coercion or intimidating of a real estate appraiser".

Of the 9 names you might see in those minutes let me point out a few :
Cary Whitaker - Overseer of the MB reg./lic. program
Jan Zavislan -- he is Dep. Att. Gen. for Consumer Protection
Zachary Urban -- one of the current state Apprs. Board members

The other six names you will notice -- if I have found the correct one due to nicknames being shown for some here....all six are Lic. MB's in Denver-metro. Only one, Anita Padilla, showed the guts to cast a "vote" on prohibiting MB's from "providing a value". I would very much like to know how the group defined "providing" ! The WHEN part....would be critical to their discussion.

I have printed pages 4/5 and scribbled info and remarks upon it and along the margins. I have underlined several key words and short phrasing in those minutes that absolutely show.....that there are misunderstandings about 1)general standards for us, 2) about the concept of truly being INdependant to go about our process, 3) about no bias meaning --we do NOT need to have any "value provided", 4) about the fact that a MB and their homeowner/borrower CAN DISCUSS value before any appraiser is contracted to provide an UNbiased opinion, and 5) about the fact that there are MANY sources of free valuation insight, calculations and projections that ARE AVAILABLE for MB and h/o to access.

What clearly seems to lack is their group's understanding of the expected and appropriate mechanism and protocol by which, and through which, an appraiser might receive a request to independantly provide an unbiased opinion of value.......withOUT receiving "help".

Here, we have a member of the AG's office intent on fully "protecting the public" and he abstains from "voting". Likewise, our representative from the Apprs. Board DID express a proper vote, along with 1-of-6 MB's there.....but such a profound imbalance of total opinion makes one wonder whether there was a lost opportunity for the APPRAISAL BOARD member.....to tell those other brokers the "way it is supposed to be" !

I doubt that contracted, paid-for, and fully-USPAP-compliant Desktop Reports were ever described as one alternative way for MB's to approach their needs for a value hunch.

I WILL BE sending photocopies of pages 4/5 with my notes written upon them to Mr. Urban on the Apprs. Board, as well as to Mr. Zavislan. Both should have before the next Apprs. Board meeting......and the next MB Rules Task Force pow-wow in the following week. (Mike, I think Gary E. may have told me that Mr. Zavislan was one of our speakers in March. (?) )

You have MB's "casting votes" about the possible rules that define how they do business, rather than the AG, Ms.Toll and the App. Brd. Chairman.....stating what the rules are going to be ! When do WE get to make up our own rules.....that might trump USPAP, so long as we perfrom our services within the boundaries of the state ?
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
$200.00 to license all those MB's for 3 years.

Mine was $285 for 3 years...enough said.
 
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3 Putt

Member
Joined
Aug 18, 2005
Professional Status
Certified General Appraiser
State
Ohio
Our state passed a similar law that went into effect about a year ago. At first it took a while to get the message out, however, things have improved considerably over the past year.

If they do pass it be sure there is a stiff fine for violators. Found guilty in our state is considered a felony and backed up with jail time.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
There has been a progression of actions here in Colorado. It was the appraiser's first as we were an easy target. More recently it's been the real estate agents and brokers. Next it will be the mortgage brokers. Remember, in a matter of just two years, they have gone from no regulation to registered and now to licensed. The wheels of fairness sometimes turn slowly...but they are turning!

Patti...also remember those MBs are also required to post a bond.
 
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