S 2860 IS Fair Value and Independent Appraisal Act

[moh malekpour]

Bill 2860 introduced to senate on April 15, 2008 by Senator Robert Casey. It is the newst bill on appraisers which supports most of HVCC clauses regarding appraiers independent.
http://thomas.loc.gov/cgi-bin/query/z?c110:S.2860:

 

[Greg Bell]

So no lending with a 2055 Drive By???Interior inspection is required???

 

[Karl]

sorry folks it's just another "feel Better" bill we already have plenty of them!!!How about we all get together on the same page & demand ENFORCEMENT of what we already have?? We can see now why there is NO enforcement because City, County, State & Federal elected officials have been getting "DEALS" Lets work on getting John Q Public on our side.

We going down the same road we had before, only diffence is FHA is going to be the Sub Prime lender. & folks that IS yours & my money!!

Nothing has changed just going to be worded differently. Per HUD in California today 6/16/08 at 1 PM AZ time. No need to have a executed contract. Now revert back to the FHA seminar a few weeks ago in Phoenix AZ. Appraiser MUST analayze the contract. Seems we been down this road before.

 

[moh malekpour]

So no lending with a 2055 Drive By???Interior inspection is required???

If it passed, it is going to be a law and no body can go around it. Senator Casey seems to be a very good person and I hope appraisers from Pennsylvania send him encouragement emails. This is stronger than HVCC because it is going to be a law not an agreement between NY AG and GSEs.

 

[Karl]

If it passed, it is going to be a law and no body can go around it. Senator Casey seems to be a very good person and I hope appraisers from Pennsylvania send him encouragement emails. This is stronger than HVCC because it is going to be a law not an agreement between NY AG and GSEs.

MOH!! Ive always admired you BUT!!! Really cause it's a LAW no one can go around it!!!. MOH what has happened they got you didn't they??

 

[athome77]

Reform is needed and at least this is an attempt that will not force those of us who do mostly lender work to lose their client base to the AMCs. Enforcement, as always, will be the sticky part, but I do not see anything that is nearly as anti-competitive as the HVCC. The fact that bills like this are even being suggested appears to be a baby step in the right direction. It will be interesting to see who the biggest opponents wil be.

 

[moh malekpour]

MOH!! Ive always admired you BUT!!! Really cause it's a LAW no one can go around it!!!. MOH what has happened they got you didn't they??

Karl,
I am for enforecement too but there has to be a law to be enforced. If there was a law requiring interior inspections for all mortgage appraisals , FNMAE wouldn't dare to create drive by forms for lenders to use. This crazy drive by appraisal was the way of going around a real appraisal which was created by Fnnea and approval of TAF.

 

[Riick]

"It will be interesting to see who the biggest opponents wil be."
Opponents:
AVM Vendors
Lenders
Mtg. Brokers
AMCs -- expected to be on their customer's side

Supporters:
Appraisers
Telephone "Tape-Recording" Manufacturers (( Guess why ))
.

 

[Bama Bayou]

Sometimes after hearing John Lennon's "Imagine" I think that I would have liked to have written it.

I think the same thing about this bill. Simple, with teeth, and no new agency to enforce it.

It basically says "use a real person who actually sees the interior of the property, pay them promptly, leave them alone to do their job, don't even attempt to influence the value, or pay a big fine".

No more dialing for dollars. I would have also gotten rid of comp checks, but this would probably kill them anyway.

 

[Bama Bayou]

So no lending with a 2055 Drive By???Interior inspection is required???

With FNMA, FHMC, and FHA being the only ones left to provide liquidity to the housing market I think they owe it to the taxpayers who will be left holding the bag, as usual.