Joe Birrell (NY)
Member
- Joined
- Jan 16, 2002
Ok folks here's the answer to our problems:
1). At the time a mortage application is made, the buyer provides the
lender with an appraisal done by a federal licensed and certified appraiser (no other type of "appraiser" is acceptable - no brokers, no re agents, whatever).
Buyer says here's the property I want to buy, and this is the value. Period the end. The seller may want their own appraisal, but that's all worked out PRIOR to the contract signing. Both parties can use their own appraisals to negotiate the deal. In fact, a contract of sale cannot be signed until an appraisal is completed.
2). Lender has NOTHING to say or do with the appraisal. It is automatically a document in the loan package. In fact, the lender isn't even allowed to speak to the appraiser. There are no more UW's, LO's, AMC's, etc.
3). Provide a mandatory prison sentence for buyers, sellers, brokers, re agents, and appraisers if a fraudulent appraisal report is done, in fact, it's
aganist the law to pressure and/or interfer with an appraiser.
4). Dismantle FIRREA, the Appraisal Foundation, and all current appraisal organizations, plus all fed/state regs that apply to appraisals. Create one single national association of appraisers - (mandatory membership required, with low membership dues). Let's call it AAREA - American Association of Real Estate Appraisers (no other type of appraisers allowed). All members operate under one code of ethics. There is no such thing as USPAP. Since the license is now federal, all the states are eliminated from the process and all state boards are disolved. The requirements to get a license are increased, and there is no such thing as CE courses.
Yea, I know....dream on. Wouldn't it be great though, no more AMCs, UW's, LO's, useless CE courses, fly by night schools, pressure to make the deal, state boards, sleeze appraisers, etc. Just doing our job without any interference, what a concept -not to mention all the business this would generate, and tax dollars saved. The unemployment rate would jump, but I'm sure most people eliminated could get jobs as used car salespersons, especially the LO's.
1). At the time a mortage application is made, the buyer provides the
lender with an appraisal done by a federal licensed and certified appraiser (no other type of "appraiser" is acceptable - no brokers, no re agents, whatever).
Buyer says here's the property I want to buy, and this is the value. Period the end. The seller may want their own appraisal, but that's all worked out PRIOR to the contract signing. Both parties can use their own appraisals to negotiate the deal. In fact, a contract of sale cannot be signed until an appraisal is completed.
2). Lender has NOTHING to say or do with the appraisal. It is automatically a document in the loan package. In fact, the lender isn't even allowed to speak to the appraiser. There are no more UW's, LO's, AMC's, etc.
3). Provide a mandatory prison sentence for buyers, sellers, brokers, re agents, and appraisers if a fraudulent appraisal report is done, in fact, it's
aganist the law to pressure and/or interfer with an appraiser.
4). Dismantle FIRREA, the Appraisal Foundation, and all current appraisal organizations, plus all fed/state regs that apply to appraisals. Create one single national association of appraisers - (mandatory membership required, with low membership dues). Let's call it AAREA - American Association of Real Estate Appraisers (no other type of appraisers allowed). All members operate under one code of ethics. There is no such thing as USPAP. Since the license is now federal, all the states are eliminated from the process and all state boards are disolved. The requirements to get a license are increased, and there is no such thing as CE courses.
Yea, I know....dream on. Wouldn't it be great though, no more AMCs, UW's, LO's, useless CE courses, fly by night schools, pressure to make the deal, state boards, sleeze appraisers, etc. Just doing our job without any interference, what a concept -not to mention all the business this would generate, and tax dollars saved. The unemployment rate would jump, but I'm sure most people eliminated could get jobs as used car salespersons, especially the LO's.
