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September 24th: Feds Will Not Cut Rates

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Tim Hicks (Texas)

Elite Member
Jan 15, 2002
Professional Status
Certified Residential Appraiser
I don't see a need for a rate cut. It does not seem to be spurring the economy. All it appears to be doing is enticing the refi and home equity market. I see too many home equity loans to just pay bills, not pay off the bills. The only people benfitting from the low rates are mortgage companies, title companies and appraisers. I worry that the borrowers are getting in over their heads and mortgage officers are not worried about their borrowers. The loan officers I know are too worried about their commissions, too worried about that appraised value to keep the borrower from having to pay out of pocket, and too determined to get the deal done even if it takes a second lein for the borrower. I really think that putting the American public further into debt is no way to spur the economy.

One last question, why are mortage companies so worried about appraisal fees,when they never cut the origination fees or other hidden fees no matter how many times they have done the same loan? Just because the borrower pays the appraisal fees out of pocket! They use us as a selling tool to line their pockets just by demanding a lower fee to appraise the same house we appraised before. And, don't get me started on demanding higher values in a flat market less than two years since the last time I appraised the property.
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