S 2860 IS Fair Value and Independent Appraisal Act

[Bama Bayou]

"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 ))
.

My bold. :new_multi:

The mass emails and dialing for dollars would stop immediately.

 

[koiky]

I hope there is more support for this. Starving in Illinois because of AMC.

 

[Diego Lopez]

`(1) IN GENERAL- A creditor may not extend credit in the form of a mortgage referred to in section 103(aa) to any consumer, without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with the requirements of this subsection.

`(5) VIOLATIONS- In addition to any other liability to any person under this title, a creditor found to have willfully failed to obtain an appraisal as required in this subsection shall be liable to the consumer for the sum of $2,000.'.

`(1) FIRST VIOLATION- In addition to the enforcement provisions referred to in section 130, each person who violates this section shall forfeit and pay a civil penalty of not more than $10,000 for each day during which any such violation continues.


I LIKE THIS MUCH BETTER THAN THE HVCC.

 

[Joshua Fookes]

http://www.washingtonwatch.com/bills/show/110_SN_2860.html

Go to this site and vote for the bill. I think it is worth getting more voices behind it. After reading the bill, it is simple and seems to do what we all want.

Get the Appraiser PAID for their services, let them do their job independently, and don't be misleading to the borrower about it in the process.

I like the bill. I hope it passes.

Sure it's "another law". But at least its a law NOT pointing at appraisers. It looks like it could shield us and give us some guns to fight back with. Right now we're just a bunch of cats with now claws. We can scream like all get out, but few really listen. This would put some teeth and claws back into our hands.

my .02

Josh

 

[Mike Kennedy]

Vocally support this Bill - loudly!!!!!!!!!!!! Spread the Word....NOW!@@@@

(m) Property Appraisal Requirements-

• • `(1) IN GENERAL- A creditor may not extend credit in the form of a mortgage referred to in section 103(aa) to any consumer, without first obtaining a WRITTEN APPRAISAL of the property to be mortgaged, prepared in accordance with the requirements of this subsection.

• • `(2) APPRAISAL REQUIREMENTS-

• • • `(A) PHYSICAL PROPERTY VISIT- An appraisal of property to be secured by a mortgage referred to in section 103(aa) does not meet the requirements of this subsection unless it is performed by a QUALIFIED APPRAISER who conducts a physical property visit of the INTERIOR of the mortgaged property.

• • • `(C) QUALIFIED APPRAISER DEFINED- For purposes of this subsection, the term `qualified appraiser' means a person who--

• • • • `(i) is certified or licensed by the State in which the property to be appraised is located; and

• • • • `(ii) performs each appraisal in conformity with the Uniform Standards of Professional Appraisal Practice and title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the regulations prescribed under such title, as in effect on the date of the appraisal.

 

[Riick]

THERE is a link on the page Joshua posted that gets you to the email of your Senators
Just "voting" on that page will get you nowhere.

Send email ......and email OFTEN

 

[Mike Kennedy]

U.S. SENATOR EMAIL DIRECTORY .........SEARCH BY STATE.



http://www.senate.gov/general/contact_information/senators_cfm.cfm?State=NY

 

[jnordquist]

An appraisal world with no BPO's, or AVMs, kinda hard to believe, but would be a really great thing. If I understand the bill right this only applies to transactions with prior sales prices within 180 days

 

[Dutchman]

no apparent de minimus

 

[jturner01]

An appraisal world with no BPO's, or AVMs, kinda hard to believe, but would be a really great thing. If I understand the bill right this only applies to transactions with prior sales prices within 180 days

This would require a 2nd appraisal of the property:

) IN GENERAL- If the purpose of a mortgage referred to in section 103(aa) is to finance the purchase or acquisition of the mortgaged property from a person within 180 days of the date of purchase or acquisition of such property by that person at a price that was lower than the current sale price of the property, the creditor shall obtain a second appraisal from a different qualified appraiser. The second appraisal shall include an analysis of the difference in sale prices, changes in market conditions, and any improvements made to the property between the date of the previous sale and the current sale.