Treasury Department Recommendations

[Non Sequitur]

Have yet to see the study documenting the added speed benefit attributable to the AMC. With all those emails, pesty phone calls and website updates, one might wonder about a net loss in speed on top of quality to the lender and borrower.

I get your point but where would the documentation come from? I wouldn’t expect any lender or AMC to give up that info.

 

[Renee Healion]

I get your point but where would the documentation come from? I wouldn’t expect any lender or AMC to give up that info.

Being outnumbered and outgunned never stopped us before!

 

[Tim The Enchanter]

Being outnumbered and outgunned never stopped us before!

It has me. I have not found a hill I want to die on.

 

[Dale Floyd]

I won’t deny it - This whole thing causes me concern. Too many guns aimed at our profession these days.

 

[Eli]

Focus on liability. Your client may change.

 

[Evincere]

The VaCAP survey isn't worth anything, here's the fatal flaw: They have no way to know when the borrower gave it to the lender, so the assumption is the contract is handed to the lender the day it's signed and the survey takes that date as the date the lender should order the appraisal. They didn't factor in that borrowers shop lenders, many times borrowers write contracts over holidays and weekends then give it to the lender days later, some contracts have clauses/contingencies that have to be fulfilled before the appraisal is ordered, and I know it's hard to believe but some borrowers are just plain slow and take days or weeks to move forward.

I'm not defending those who blame appraisers for delays, but the way the survey was conducted shows a lack of understanding of the process on the front end.

Regardless. None of what you outline is on the appraiser. It’s the front end that’s broken and which ASA’s letter was addressing. We can’t be responsible for a lender or borrowers lack of due dilligence

 

[Evincere]

I won’t deny it - This whole thing causes me concern. Too many guns aimed at our profession these days.

I say, it’s a conspiracy.

 

[Joe Flacco]

Overall, the average time between contract and contract getting to the lender should be the same. Any difference in time would occur after that.

 

[Evincere]

Overall, the average time between contract and contract getting to the lender should be the same. Any difference in time would occur after that.

Contracts usually state the terms in time (days) as to when buyer needs to apply for financing and I’ve yet to see a date extend beyond 10

 

[Rick Stillman]

The behind the scenes motive is the banks want to wrest control and have no restrictions or checks and balances on their work. If they fail, which had devastating national effects last time, there is no worry - everything will be covered by a bailout - again.

To promote the need for their total control they bring up an appraisal taking a few more days than what they consider optimum time? Really? This is the "inherent fault" of appraising that warrants its elimination? With waived appraisals the market can then steam forward and be so much more profitable and efficient? How weak! And this is so utterly stupid it is insulting!

Who the hell is behind these insipid and absurd reports? The treasury? Oh, those guys. The ones raping FNMA and FMCC profits? (In 2012, Congress directed both government-sponsored enterprises to send quarterly profits to the U.S. Treasury, ultimately reducing their capital to zero by the end of last year.) Don't they have enough on their plate already, which they're not doing correctly anyway? (Not to mention that in February, Fannie reported a net loss of 6.5 billion. And these are the GOOD times. Not the recession.)

Incompetence. It is the government modus operandi so nobody is surprised anymore. We have grown so accustomed to it that we just tolerate our idiots in charge.

Don't buy into this weak "appraisals cause delays" and thus hinder the loan process line of CRAP. If you do, I have a great big bridge to sell you - cheap. Squirrel! (for those that get an inside joke of how stupid people can be!) We even have a letter from a JD from ASA defending appraisal turn times? Drink the Kool-Aid boys!

We should not be defending or justifying the appraisal process, but be outraged at the gross incompetence on display yet AGAIN! How did that work out in the last recession?