S 2452, Is this the Governments Answer to Skippy?

[Diego Lopez]

Additionally, if you put a cost on appraisers work of that magnitude you make it REAL easy for BPO/AVM + A mortgage insurance product to crown out all the appraiser's work.

Hence my earlier comment, it's time to start looking for other business oportunities outside of appraising.

 

[Bama Bayou]

My senior senator, Richard Shelby is the ranking minority member of this committee. I'm going to call, write, and email him about this section of the bill.

Sometimes the best thing to do if you want to eliminate a section to a proposed bill is to suggest alternatives.

Any suggestions?

 

[Mr Rex]

Lenders are required to have bonds equal to 100% of their loans.
LO and MBs are required to have bonds equivalent to their gross proceeds on the loan.

 

[Otis Key]

Lenders are required to have bonds equal to 100% of their loans.
LO and MBs are required to have bonds equivalent to their gross proceeds on the loan.

Emphasis added

Not in all states.

 

[ghrousseau]

This poc was put up and pushed by the trial lawyers who are looking for another money making racket and moving target to hit.

I know AI is pushing hard against this one.

 

[Em Tee]

Duplicate of a duplicate of a duplicate

Ok, there's now about 12 threads on this same topic.
:new_all_coholic:

 

[Greg Bell]

Who does the reviews to show 10% off of value...can we get in on this gravy train.A new vocation is in order..

 

[Bama Bayou]

Lenders are required to have bonds equal to 100% of their loans.
LO and MBs are required to have bonds equivalent to their gross proceeds on the loan.

Not in my state. All you have to do is register. Easy as getting a car tag, except you don't have to stand in line.

 

[JENIFFERW]

I e-mailed my Senator. I explained that this won't be affordable for me personally, considering it is based on values, and values are much higher in my area than in other parts of the country. I suggested that I know their main concern is to protect the home owner, but so it mine. Kinda like help me help them. I don't know how much good it will do. I hope eveyone else is contacting their Senators as well, and not just complaining on the Forum.

 

[Brad Ellis]

Folks,


The bonding isue is pretty important but please please do your own research.

This was brought up in an MBA project I worked on and the AI was involved and made the same claim on costs. However, the chair of that committee ( a highly respected attorney) checked and found that the prices were nowhere like what the AI had suggested- at least for residential folks.

I have not checked this myself. However, I do note that many on this forum disagree with the AI on many issues- so why just accept what they have to say on this issue?

Get the prices for yourself. I have only second had info from one person who did and they told me the bonding price was based upon the prior year's aggregate appraised value total (not on the future ones since no one knows what that amount would be) and that it was not all that expensive. But, again, I have not tried to price this out myself.

I'd be interested in hearing from any who have actually done this pricing.

Brad