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Reinvented Appraiser Watch a reality

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Larry Lyke

Senior Member
Joined
Feb 2, 2002
BarbaraNJ offers the best argument for the real reality of relatavism regarding HUD.

Something akin to 'you do have to believe in the system to believe that it really works; or could be made to work.'

Remember, something equally meritorious, or depending on your POV, not so: HUD is one huge gov't department that is not going to let itself be done away with by a whim. How many thousands of careers are vested solely in that department. But it still has to be seen as morphing into something better...

The latter can be an illusiotn, WHICH is just as good as doing something real.
 

BenLuby

Senior Member
Joined
May 28, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Barbara,
No home will make value if an honest appraiser does it? Actually, then all would make value... Real Value, not the values that remind me of a balloon, full of air, looking good and real, then along comes a needle, (defaults) and pop... it's nothing like it was. The only way for Freddie and Fannie to cover their Fannies is to start making LO's carry Loan insurance. If they loan money on a piece of property, and it doesn't sell if defaulted within X days, then their insurance has to pay up. Bet that would really cut down on the number of crap appraisals and lender pressures being dealt with.
One of the benifits would be that then the loan originators really would want to know fair market value. Then, set a rule up for FHA appraisals. You order one, it gets assigned, you can't get another case number on it for thirty days. Then, if you do re-order the number, the lender has to send a copy of the appraisal they received (if they say they never got it, one simple phone call to the appraiser from FHA could verify that), so that the FHA can decide if the new case number should be issued. Or, on any appraisal which is given a case number twice, review both appraisals.
The LO's are (finally!) accountable for what they should be, which is giving loans out beyond an applicants financial level, the appraisers are still accountable for their value estimates, and the lender pressure would be severely curtailed. Dang. Now I have to wake up and end my nice little dream where ethics and morals are more than just words, they are things to live by. Well, lets see what the fonts of wisdom say about this.
Find out if I sound like a lobotmized pumkin or just wishing real hard. Maybe we should all just petition the politicians as a gang? They tend to get nutty election year... actually listen once in a while.
 
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