Senate Passes Housing Bill--Does it have the Dodd Bond?

[ghrousseau]

It just did happen and W will sign in into law early next week. It's a done deal. Keep in mind that this only applies to FHA.

Which is about 80% of the residential market at this time.

 

[Mike Phillips]

This is an interesting section. Other's have already noted it implies one must be state certified OR national organization certified.

Looks like the feds have formally circumvented the states in this regard. This may be clearing the way for appraisers who can appraise any property from any location without need of reciprocacity.

The game just got even MORE competitive.

I would not be surprised if we see a consolidation in the appraisal field in the not too far off future. A move away from independents and a move towards national companies.

Please expand on that. Sincerely. I don't have a clue regarding what you are saying.

 

[JSmith43]

Is the effective date called out in the legislation as October 1?

Does this bill match the House bill or is it going to be morphed in conference?

 

[Mike Phillips]

I don't know if they will be removed from the roster, but if you are not certified don't expect to get many calls from lenders to do FHA appraisals.

That is why I think the NRAO provision is meaningless. The lenders pick the appraisers, and it will just be to easy to go with the certified appraisers.

Don't know about that. (1) Lenders will figure this out pretty quickly, who they can use and who they can't use. (2) If they consider it to be in their best interest to select an appraiser who is Licensed, they will do so, if they may. (3) I doubt very seriously if Licensed appraisers already on the roster will get the boot - grandfathered in is more likely. (4) I'll buy the argument you must be Certified to get on the roster in the future - a small step in the right direction.

Think about it. You have thousands and thousands of Licensed appraisers who don't meet the qualifications to become Certified and can't meet those qualifications in the short-run (say next 2-3 years). Does anyone really think those appraisers won't scream like mashed cats?

BUT...here is the rub. This is significant legislation as it is the first to exclude the Licensed appraiser and specify a requirement for the Certified appraiser, not to mention a designated appraiser (which is what I think they mean, as it applies to national appraisal organizations). I'm not talking about the "complex assignment" BS that has existed in the past.

Don't mean squat in Florida. We only have about 70 Licensed appraiser here. Appears to me that a whole bunch of CA appraisers have a real problem.

 

[Michigan CG]

I would think most designated appraisers would be certified as well.

You cannot get an SRA without being certified as far as I know. But I do not like that language in the bill.

 

[Michael Tipton]

You cannot get an SRA without being certified as far as I know. But I do not like that language in the bill.

http://www.appraisalinstitute.org/designations/Mai_Sra_sum.aspx#SRA


http://www.naifa.com/education/designations.cfm

 

[moh malekpour]

Is the effective date called out in the legislation as October 1?

Does this bill match the House bill or is it going to be morphed in conference?

Yes the bill will start as early as Oct. 1, but it must terminate on Sept. 30, 2011. The bill was initiated and passed by the house and went to the senate and passed overwhelmingly by the senate and now is on its way to president desk which is expected to be signed next week and then it is going to be the law. According to some historian economists, the bill is the biggest government intervention in housing market since the great depression and it may not be a silver bullet.

 

[Frederick]

RE: Licensed v. Certified

I think people are parsing this too narrowly and getting worked up over nothing.

 

[Conservative in Virginia]

RE: Lic v Certified
Licensed who have been on roster especially for some time (as I have) will rear up like ugly monsters if we are booted. Hell, I have 'evidence' of acceptability to FHA standards for enough years here. Skippy newly licensed trainees busted *** to get the ed requirements last year.. have two (or less years) under their belt and THEY got certified last December. Does that make them more competant or ethical than us poor still JUST licensed guys?

(don't rail me... I too finished all ed and hours..just been too way laid with all this carnage and the portal thing here in VA to take the test - but I will!)

MORE INTERESTING to me is the funding part of the bill. Any speculation or thoughts how this will work? Is this 'more money to lend?' If so I do not feel we will see appraisal orders as a result.... hell the majority of homeowners are upside down now... what is the purpose.. OH WAIT...they can order an AVM. and charge 400 for an appraisal - an expanding profit center for the Lenders!

 

[Dwayne Drummond]

Anybody see if the provision for physical inspection of property stayed in?
This might save Christmas once the refi's start flowing in.