New Guy with a question

[Brendon Dayton]

Hi Everyone

My name is Brendon Dayton and I'm a registered trainee hoping to have my license in the next couple of months. I'm based out of Utah County.

I have a question regarding Fannie Mae's agreement with the New York Attorney General's office. Apparently there will be new requirements for appraisal selection. One of my friends who is a loan officer went so far as to say that Fannie Mae will no longer allow mortgage brokers to order appraisals as they'll just order them themselves on some sort of rotating basis. I didn't get that from the article on CNN (link below) but I don't know.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23488273.htm

Anyone have any insight on this issue?

Thanks

 

[Zapper7246]

From what it sounds like, everything is going to be going through managment companies. Loan officers will not be able to specificy who is doing their appraisals, or even speak with the appraiser. That will be nice, for the fact that there won't be any pressure for values and payment should be very quick. However, on the downside appraisal fee's are probably going to be cut and you'll have management companies calling you every 5 mins for an update. Plus all the work we have done marketing and building a client base in the past will seem to all be in vein at this point. Does feel like being self employeed anymore if you ask me....

 

[Chris Harrison]

This may help you understand the changes proposed. Nothing is written in stone yet and you do have the chance to comment. Not going to take effect until January of '09. I expect there will be many that will try to make self serving language adjustments and a dash to be the AMC of dominance.

Lots of good and bad in the proposal for the fee appraiser profession.

http://www.ofheo.gov/newsroom.aspx?ID=417&q1=1&q2=None

 

[Sid Pachter]

From a marketing persepective, if I were a fee appraiser, besides working with AMC/s, I'd solicit attorney's that specialize in family law, (will, trusts, divorce) and accountants..these proefessionals will need the services of a real estate appraiser for thier clients and should not need to adhere to the home value protection program.