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

[Greg Bell]

Bama,
Then the appraisers that are not certified would have to do so(become certified) or be recognized by a professional appraisal org. Also the ones that got a free ride to be placed on the FHA/HUD roster the past few months need to take the test and pass it. I took the test and passed it a couple years back and so should they!!!

Ther is still no test , so what does all This mickey mouse bull do anyway???

 

[Bama Bayou]

So Oct 1st all licensed appraisers will be knocked off the FHA roster???Wanna bet.....

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.

 

[Greg Bell]

yea , It's time to get rid of those lazy no good licensed appraisers , Certified Generals should be the only ones to do FHA...

 

[Mike Kennedy]

Devils' Advocate: Are there really Licensed Appraisers who were unaware of the UPGRADE requirements clearly WELL-publicized for MORE THAN 1 year? Are there really Licensed Appraisers who neglected to read REPETITIVE warnings, admonitions, articles in EVERY major appraisal publication, opinions, comments, suggestions, hints, and STATEMENTS from OTHER Experienced Appraisers on AF, and EVERY other appraiser board ADVISING them to GET CERTIFIED ????

Please say it isn't so. Thanks.

 

[Mike Kennedy]

If i'm correct by my above comment I'll be smileing from ear to ear because the State of Connecticut passed a law that went into affect July 1, 2008 which makes asking for comp checks, value checks or a predetermined value illegal with a fine up to $1,000 per occurance and or suspension or loss of license.

TJ got a link??????????????? :new_multi:

 

[Michigan CG]

........ Certified Generals should be the only ones to do FHA...

Sounds good to me.

 

[tjcou812]

Mike, here is the link, the language is more geared to sales than refis. Sec. 14 & Sec. 15 of the law.

http://www.cga.ct.gov/2008/TOB/H/2008HB-05577-R00-HB.htm

 

[Mike Kennedy]

thanks A LOT T
_______________

Sec. 14. (NEW) (Effective July 1, 2008) (a) A mortgage broker is prohibited from influencing residential real estate appraisals. For the purposes of this section, "influencing residential real estate appraisals" includes, but is not limited to: (1) Refusal, or intentional failure, to pay an appraiser for an appraisal made that reflects a fair market value estimate that is less than the sale contract price; or (2) refusal, or intentional failure, to utilize, or encouraging other mortgage brokers not to utilize, an appraiser based solely on the fact that the appraiser provided an appraisal reflecting a fair market value estimate that was less than the sale contract price.

(b) Any person who violates the provisions of subsection (a) of this section shall, upon a verified complaint in writing of any person, provided such complaint, or such complaint together with evidence, documentary or otherwise, presented in connection therewith, make out a prima facie case, to the commissioner, who shall investigate the actions of any mortgage broker. The commissioner shall have the power temporarily to suspend or permanently to revoke any license issued under the provisions of chapter 668 of the general statutes after notice and hearing in accordance with section 36a-24 and chapter 54 of the general statutes. In addition to or in lieu of such suspension or revocation, the commissioner may impose a civil penalty of not more than one thousand dollars for any violation of the provisions of subsection (a) of this section.

Sec. 15. (NEW) (Effective July 1, 2008) (a) A real estate broker or real estate salesperson licensed under chapter 392 of the general statutes is prohibited from influencing residential real estate appraisals. For the purposes of this section, "influencing residential real estate appraisals" includes, but is not limited to, refusal or intentional failure to refer a homebuyer, or encouraging other real estate brokers or real estate agents not to refer a homebuyer, to a mortgage broker or lender based solely on the fact that the mortgage broker or lender is using an appraiser who has provided an appraisal reflecting a fair market value estimate that was less than the sale contract price.

(b) Any person who violates the provisions of subsection (a) of this section shall upon a verified complaint in writing of any person, provided such complaint, or such complaint together with evidence, documentary or otherwise, presented in connection therewith, make out a prima facie case, to the Commissioner of Consumer Protection, who shall investigate the actions of any real estate broker or real estate sales person. The commissioner shall have the power temporarily to suspend or permanently to revoke any license issued under the provisions of chapter 392 of the general statutes after notice and hearing in accordance with chapters 392 and 54 of the general statutes. In addition to or in lieu of such suspension or revocation, the commissioner may impose a civil penalty of not more than one thousand dollars for each offense for any violation of the provisions of subsection (a) of this section.


---------- IT'S A START. section 14 needs further clarification re: mandatory COERCIVE comp checks prior to PLACING an order and refusal to UTILIZE an Appraiser who refuses to grab ankles to get the order.

 

[c w d]

Oh , wait a minute all I have to do is pay graft money to the appraisal institute , a weasel clause..see below..

) by the State in which the property to be appraised is located; or
‘‘(ii) by a nationally recognized professional appraisal organization;

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.

 

[TJSum]

How many licensed appraisers are out there that also hold a designation? I would think most designated appraisers would be certified as well.

CWD brings up a good question, if one holds a designation approved by FHA, could they do FHA appraisals anywhere, or just the states in which they also hold a license/certification?