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New Law?

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troyatfandm

Thread Starter
Sophomore Member
Joined
Jun 27, 2007
Professional Status
Certified Residential Appraiser
State
Indiana
I heard a rumor that soon ALL lender will have to order through a third party. No one will be allowed to send an order directly to an appraiser. Any one heard this? All fees are going to be less and who takes the hit, us.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Never heard of it.








Unless you are talking about the 15 other topics regarding this and the 2,000 posts already made about Fannie and Freddie's new guidelines effective 01/01/2009.
 

troyatfandm

Thread Starter
Sophomore Member
Joined
Jun 27, 2007
Professional Status
Certified Residential Appraiser
State
Indiana
New law

Hopefully, just a rumor.

thanks
 

Annelle

Junior Member
Joined
Jan 26, 2004
Professional Status
Certified General Appraiser
State
Arizona
Troy, do a search on this forum. That will probably bring you up to speed. It is all a little confusing now, and lot's of speculation of what the impact will be. I see that you are new here, and may not know your way around the site yet.
 

troyatfandm

Thread Starter
Sophomore Member
Joined
Jun 27, 2007
Professional Status
Certified Residential Appraiser
State
Indiana
New law

Annelle,

I am fairly new with the site. I dont always have a lot of time, but I do try to post and reply onve in a while. So you are saying you have heard of this. I think it is FNMA and Freddie? I will see what else I can find.

Tony,

No I was not kidding. Of course the big concern is AMC's will pay $150. for a full report and we will have to do it or the next person will.

thanks to all!
 
Last edited:

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
troy check your private messages
 

troyatfandm

Thread Starter
Sophomore Member
Joined
Jun 27, 2007
Professional Status
Certified Residential Appraiser
State
Indiana
Private Messages

Thanks Mike,

I have saved NVS.org so I can check it out. It appears I need to register. I do believe in the cause. These AMC's are killing all of us (appraisers that do AMC work) on fees. A freind of Mine doing appraisals in Chicago stated FISERV called and wanted him to do 1004's for $150. and they had plenty other appraisers doing them for that.
 

Rose in CT

Sophomore Member
Joined
Mar 2, 2008
Professional Status
Certified Residential Appraiser
State
Connecticut
Yes, I have heard of this and its for Fannie Mae & Fredie Mac, but that means all appraisals done for mortgages, correct?
It sounds confusing. "They" think it would stop the pressure on appraisers to come up to value. What they need to do is license and regulate the mortgage companies. As with "us" appraisers we have USPAP the brokers need something simalair. If they enforce the 3rd party deal, most independent appraisers will be out of the picture and the big companies win.
 

troyatfandm

Thread Starter
Sophomore Member
Joined
Jun 27, 2007
Professional Status
Certified Residential Appraiser
State
Indiana
Has this been passed

I have learned more about this, however, from what I am hearing, it will never be passed. Does anyone know the process for approval? I understand the New York Attourney General has intiated it. How much further does it have to go? What do you think the chances are?

Just concerned about AMC's ruling the world.
 
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