What verbiage do you use when invoking Tidewater?

[McPheeters]

The add-on Coercive Requirement: "You have two days to provide any info that might change my opinion" - is Collusion. Pure and Simple.


It's the VA. They can always cite Jurisdictional Exception....or better yet: "because we say so". m2:

 

[nicholz12]

Cindy is right on with her wording.

That's right Cindy... 'contract price' not sales price.

 

[nicholz12]

The negative postings regarding TI suggest incomplete understanding of the process, which prevents lengthy reconsideration request hassles and delays to the veteran's loan application process. It ensures parties to the transaction believe all relevant sales data is considered. Why wouldn't an appraiser share that interest? The long-and-short is appraisers generally consider the best available market evidence. The invitation is to provide sales which support a contract price in a format demonstrating the reason they support the price. The invitation generally results either in no sales provided, sales provided as listings only and not in the prescribed format, or sales which are not comparable. In my experience, I've not yet once received better or additional sales than already considered. The VA's additional sales data requirements make it fast and easy to sort through data and briefly summarize the "point of contact's" response to the TI invitation.

Really? Well, it should b used industry wide, all lenders...FHA etc...
why only for VA?

 

[Don Clark]

Really? Well, it should used industry wide, all lenders...FHA etc...
why only for VA?

Why not ask them? FHA and Fannie could easily choose to use the same concept if they wanted to.

 

[nicholz12]

Why not ask them? FHA and Fannie could easily choose to use the same concept if they wanted to.

First off... Why should I have to ask 'them'... FHA, F&F etc....
They have all degrees, education etc.
It seems logical and reasonable that the powers that be are educated people why wouldn't they reasonably adopt such an initiative that would bring about clarity.

 

[TN Pro]

I concur, the process actually is a benefit to the appraiser in that it does away with a lengthy reconsideration. I don't have very many notifications but then our market has been pretty strong the last couple of years. The POC should be the SAR and not the real estate agent or loan officer, but...often that isn't the case.

Most of the time, little information is provided that would cause me to change my opinion. It does happen once in awhile and mostly because an agent incorrectly entered sales data on MLS. I recall one where there was an absolutely perfect comp I didn't find. Why? Because the agent incorrectly identified the property as to style and it didn't come up in my search. It did support a value change.

The very reason why I search by style first then do a kind of free for all. In my market agents often don't enter data correctly

 

[Don Clark]

First off... Why should I have to ask 'them'... FHA, F&F etc....
They have all degrees, education etc.
It seems logical and reasonable that the powers that be are educated people why wouldn't they reasonably adopt such an initiative that would bring about clarity.

Guess it then gives you an excuse to ***** and cry about it then

Another reason VA can do what it does do, is that VA Guarantee's the loan. FHA insures the loan, and conventional lenders require purchase of MIP. VA also has seperate governmental authority that is different from FHA.

 

[nicholz12]

Guess it then gives you an excuse to ***** and cry about it then

Another reason VA can do what it does do, is that VA Guarantee's the loan. FHA insures the loan, and conventional lenders require purchase of MIP. VA also has seperate governmental authority that is different from FHA. [/QUOTE

Thanks for that professional response.

 

[Mike Kennedy]

First off... Why should I have to ask 'them'... FHA, F&F etc....
They have all degrees, education etc. It seems logical and reasonable that the powers that be are educated people why wouldn't they reasonably adopt such an initiative that would bring about clarity.

The Answer:

It's illegal for "they" (the GSEs, FHA, or any other similar party) to do so - except for the VA.

A. [PRIOR TO DELIVERY OF A COMPLETED APPRAISAL REPORT]:

"DODD-FRANK FINANCIAL REFORM & RECOVERY ACT 2010
TITL SEC. 1472. APPRAISAL INDEPENDENCE REQUIREMENTS.
(a) IN GENERAL.—Chapter 2 of the Truth in Lending Act (15
U.S.C. 1631 et seq.) is amended by inserting after section 129D
(as added by section 1461(a)) the following new section:

‘‘§ 129E. Appraisal independence requirements
‘‘(a) IN GENERAL.—It shall be unlawful, in extending credit or in providing any services for a consumer credit transaction secured by the principal dwelling of the consumer, to engage in
any act or practice that violates appraisal independence as described in or pursuant to regulations prescribed under this section.

‘‘(b) APPRAISAL INDEPENDENCE.—For purposes of subsection (a), acts or practices that violate appraisal independence shall include—
‘‘(1) any appraisal of a property offered as security for repayment of the consumer credit transaction that is conducted in connection with such transaction in which a person with
an interest in the underlying transaction compensates, coerces, extorts, colludes, instructs, induces, bribes, or intimidates a person, appraisal management company, firm, or other entity
conducting or involved in an appraisal, or attempts, to compensate, coerce, extort, collude, instruct, induce, bribe, or intimidate such a person, for the purpose of causing the appraised
value assigned, under the appraisal, to the property to be based on any factor other than the independent judgment of the appraiser;
‘‘(2) mischaracterizing, or suborning any mischaracterization of, the appraised value of the property securing the extension of the credit;
‘‘(3) seeking to influence an appraiser or otherwise to encourage a targeted value in order to facilitate the making or pricing of the transaction; and
H. R. 4173—813
‘‘(4) withholding or threatening to withhold timely payment for an appraisal report or for appraisal services rendered when the appraisal report or services are provided for in accordance with the contract between the parties ".
________________________________________________________________________

B. [ AFTER DELIVERY OF A COMPLETED APPRAISAL REPORT]
A.K.A. Reconsideration of Value

‘‘(c) EXCEPTIONS.—The requirements of subsection (b) shall not be construed as prohibiting a mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, consumer, or any other person with an interest in a real estate transaction from asking an appraiser to undertake 1 or more of the following:
‘‘(1) Consider additional, appropriate property information, including the consideration of additional comparable properties to make or support an appraisal.
‘‘(2) Provide further detail, substantiation, or explanation for the appraiser’s value conclusion.
‘‘(3) Correct errors in the appraisal report."

P.S. Coercion and Collusion in the appraisal process have been illegal since (and prior to) FIRREA of 1989.

 

[nicholz12]

Guess it then gives you an excuse to ***** and cry about it then

Another reason VA can do what it does do, is that VA Guarantee's the loan. FHA insures the loan, and conventional lenders require purchase of MIP. VA also has seperate governmental authority that is different from FHA.

Also, think it s/be *PMI* not MIP.