Virgina REAB and Portal Petition

[Mr Rex]

Who is going to pay for it?

Hint: Look in the mirror.

Fannie and Freddie have already set aside a few 10s of millions. AMCs are making millions. The lenders are going to lose in the Trillions based on the status quo or if the HVCC continues As-Is. A mere pittance in the scheme of things, and should be easily recognized as a cost of doing business in the new world of mortgage lending.

 

[TJSum]

Who is going to pay for it?

Hint: Look in the mirror.

Appraisers are already forced to pay Appraisal Port a $7 fee for transmission of each report. Given a choice, I think a vast majority would rather submit this fee to a system that protects against ID thief, report alterations, and shines a light on the serial number hitters so they can be flushed from the system.

 

[Ken B]

Fannie and Freddie have already set aside a few millions. AMCs are making millions. The lenders are going to lose in the Trillions based on the status quo or if the HVCC continues As-Is. A mere pittance in the scheme of things, and should be easily recognized as a cost of doing business in the new world of mortgage lending.

FNMA et al, under duress, agreed to set aside a chunk of change for an HVCC and IVPI. You think a "Vault" is going to see any of that? Unless, of course, what is really being proposed is an IVPI with all its proposed functions.

The smoke is clearing.

AMCs make millions from those appraisers that serve them. Right now, AMC servitude is optional. Under a Vault, it will be mandatory. And since no one is proposing a "Vault" for just FNMA and FHLMC work, it is kind of reasonable to assume the Vault proponents are envisioning something even more encompassing. Who is going to pay? Why, every single one of us!

Oh, the excitement of the empire building process.

Lenders?

No one is getting dime of their money unless someone holds a gun to their head. And even that is no guarantee.

I have enough people with their hand in my pocket telling me how they think I should be conducting myself. Now we want to create a system that just takes my whole wallet and is to be run by brown coats with greater self-professed knowledge than any other entity?

Vault? See ya.

 

[CANative]

I hate lighthouse and fired it and anyone who demanded it years ago. Then a client that I really wanted demanded it and I tried it again. I don't like what it spits out but if I craft my reports knowing that lighthouse will be needed I can manipulate the format enough in advance to get something acceptable out the other end.

 

[Mr Rex]

KB, I hate the thought of more gov't but the fact is that the system as is is so unfairly tilted against the appraisal end that the only way to truly level the playing field is to start to put some teeth into the existing enforcement laws.

IMHO, this will lead to additional enforcement of the folks trying to pimp us all (appraisers) out. It's time to go after both the prostitutes and the johns. My idea is an easy way to accomplish this, and look, no rotational panel.:new_smile-l:

 

[Couch Potato]

I hate lighthouse and fired it and anyone who demanded it years ago. Then a client that I really wanted demanded it and I tried it again. I don't like what it spits out but if I craft my reports knowing that lighthouse will be needed I can manipulate the format enough in advance to get something acceptable out the other end.

That is a logical reaction to the quirks of software. If one is going to use a program, one should design the report with the program in mind. :icon_idea:

 

[Mr Rex]

That is a logical reaction to the quirks of software. If one is going to use a program, one should design the report with the program in mind. :icon_idea:

That's fine until every Tom Dick and Hairless decides they want to create their own delivery standard and expects the appraisers to succumb as the low man on the totem pole. I'm with Greg B, I gave up Lighthouse clients because of the changes it made to the report. I pay good money to provide appraisals with a top notch software program. It produces the beloved Fannie forms with the required addenda etc that USPAP requires fro me to produce a credible opinion of value that is not misleading. If the users of this product want to chunk it into more palatable bites for their machine, I don't have a problem with it, but don't require me to produce the report as I intended and as the forms are laid out, then make me responsible for machine changes to the report afterwards. Fannie has gone to AI Ready for REO stuff. Why doesn't Fannie simply come up with a form that doesn't require conversion? PDFs are easy to break, why can't they be easily scanned and data extracted? Its a cop out that ACI seems most willing to accommodate.

 

[Jonsey]

I don't think there is a snowball's chance in he** that lenders will agree to all use a single vault system, and I see no reason for law makers to mandate it.

The twilight zone has passed. Hell has already arrived. Would you care to receive a direct link to Lenders that have imploded and those remaining who are on the verge of the abyss.

You’ve been quick to outline on more than one occasion why a central, secured vault system is not feasible - essentially, its been repeated again. Lenders will be adverse to compliance based upon the financial logistics of adhering to a new system.

Current economic conditions within the Lending Industry does not speak well for how Lenders have managed their affairs. One word. Irresponsible The situation is dire and deplorable. Implosion is rampant. As a result of their irrational exuberance more stringent oversight is already taking place in Congress.

The secured appraisal vault proposal being discussed should be forwarded to the appropriate House banking committe hearings underway, to all state boards and AG's.

 

[TJSum]

FNMA et al, under duress, agreed to set aside a chunk of change for an HVCC and IVPI. You think a "Vault" is going to see any of that? Unless, of course, what is really being proposed is an IVPI with all its proposed functions.

The smoke is clearing.

AMCs make millions from those appraisers that serve them. Right now, AMC servitude is optional. Under a Vault, it will be mandatory. And since no one is proposing a "Vault" for just FNMA and FHLMC work, it is kind of reasonable to assume the Vault proponents are envisioning something even more encompassing. Who is going to pay? Why, every single one of us!

Oh, the excitement of the empire building process.

Lenders?

No one is getting dime of their money unless someone holds a gun to their head. And even that is no guarantee.

I have enough people with their hand in my pocket telling me how they think I should be conducting myself. Now we want to create a system that just takes my whole wallet and is to be run by brown coats with greater self-professed knowledge than any other entity?

Vault? See ya.

Before I address this, ditto to the various posts that Greg and Rex have posted recently. I have the same experiences as them with the conversion programs.

Now to the above, how on earth does the vault promote usage of an AMC? In fact it clips their wings somewhat, because many AMC's are the ones demanding usage of conversion programs, such as Lighthouse.

I am as much of a Libertarian as anyone out there, but IMO, there always has to be some form of government, just enough to make sure the free market functions properly, and IMHO, this vault is the best way for the government to oversee the process without overbearing it and is the most cost effective.

 

[DWiley]

The irony in the vault concept is poetic, I have to give it props for that. Lenders ask appraisers to use portals and software that some appraisers don't like. Appraisers respond by promoting a system requiring lenders to do the same thing. I am sure that lenders will be much more open to switching their technology than appraisers have been - NOT.

I agree that many lenders are in bad shape right now. However, I don't attribute very much of that condition to altered appraisal reports. I have seen a few cases, but that is not the big problem.

I do attribute a lot of their condition to the fact so many appraisers have been/are willing to hit the "magic number" that altering reports hasn't typically been necessary. I have seen a lot of these cases.