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NAMB not happy about the Fannie/Freddie thing.

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Workbox

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Mar 2, 2005
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There goes their skippy.
 

Tom Woolford

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I don't see why a ethical broker would object. The only ones running scared are the ones with appraisers in their pockets.
 

Randolph Kinney

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Actually, I believe NAMB has a legal point and I believe they can prevail.

These agreements amount to a de facto regulatory action by OFHEO which avoids the appropriate process. The law provides for a process to implement regulatory and policy changes such as those contemplated and specified in these agreements. These agreements will increase costs to consumers by removing thousands of small business competitors from the marketplace. They will create a severe disadvantage to small business mortgage brokers, and prevent them from engaging competitively in the mortgage marketplace.
 

Lawrence R.

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Actually, I believe NAMB has a legal point and I believe they can prevail.


I think that it is clear that the parties involved didn't want to get too much input from namby pamby.

There is a reason for that. They can try to block this, but it will just come from some other angle.

The golden rule applies, and FNMA and Freddie have the gold, at least about 70 percent of it.
 

Randolph Kinney

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I think that it is clear that the parties involved didn't want to get too much input from namby pamby.

There is a reason for that. They can try to block this, but it will just come from some other angle.

The golden rule applies, and FNMA and Freddie have the gold, at least about 70 percent of it.
I think it is clear that no one involved wanted the appraisers (as represented by Pam) to give an input.

Of course, we appraisers are branded as part of the problem, not as a part of any solution. :(
 

CANative

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Jun 18, 2003
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Retired Appraiser
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California
These agreements amount to a de facto regulatory action by OFHEO which avoids the appropriate process. The law provides for a process to implement regulatory and policy changes such as those contemplated and specified in these agreements. These agreements will increase costs to consumers by removing thousands of small business competitors from the marketplace. They will create a severe disadvantage to small business mortgage brokers, and prevent them from engaging competitively in the mortgage marketplace.

brokers on the "other forum" are arguing exactly the opposite. They state that appraisers will be hurt more than brokers because they will be forced to accept low fee assignments from AMC's.
 

Kevin Mc

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Certified Residential Appraiser
State
New York
That says it all.

I think it is clear that no one involved wanted the appraisers (as represented by Pam) to give an input.

Of course, we appraisers are branded as part of the problem, not as a part of any solution. :(


Scary. The solution(s) have been flying around this forum for months but God forbid anyone searches them out. I have personally been e-mailing all the powers that be for months(including Cuomo's office) too many times to count. I have not gotten so much as one return e-mail with the exception of one reporter.
 

Abzntminded

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Nov 21, 2007
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Licensed Appraiser
State
California
"These agreements amount to a de facto regulatory action by OFHEO which avoids the appropriate process."

NAMB doesn't believe in government regulation. After all, the lending industry has been working so beautifully without it...

If they hadn't killed the goose that lays the golden eggs these last few years there wouldn't be any threat of regulation.
 

Hamlet

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Aug 14, 2006
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Certified Residential Appraiser
State
Ohio
brokers on the "other forum" are arguing exactly the opposite. They state that appraisers will be hurt more than brokers because they will be forced to accept low fee assignments from AMC's.

I think that is bravado on their part. The didn't seem to be aware of this until an AF member posted it for their erudition.

I think the NAMB argument is a little weak in light of the subprime crisis. How can they claim that they consumer is going to be hurt by this proposal?

Of course they are getting it from all sides. This was issued today regarding HUD changes to the mortgage process.

4. All fees paid to mortgage brokers by a lender in connection with the interest rate charged to the consumer must now be disclosed and listed on the Good Faith Estimate as a "credit to the borrower." Brokers are likely to oppose this strenuously, arguing that competing loan originators -- such as retail bank personnel -- are not required to disclose fees they receive in connection with higher note rates.

Times are a changing....
 
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