Why we need an HVCC

[Mike Phillips]

In this market, appraiser's should get everything COD, especially FL. <snip>

No s***.

Also not a bad idea to advise the client in such circumstances that the opinion of value might change. Just common sense.

MP

 

[Diego Lopez]

Right...

Kinda...sorta...sounds like a friend of mine who said "I used to love to tell jokes about attorneys...until I needed one."

MP

In my comments of th HVCC I recommended that a government entity should be formed which would handle the appraisal ordering for th lenders. Not that it will ever happen.

 

[ockyappraiser]

Why does everyone turn to the government and want more government in their lives? Why not the Colorado solution. . .$5000 fines to MB's who put pressure on appraisals.

 

[Diego Lopez]

Why does everyone turn to the government and want more government in their lives? Why not the Colorado solution. . .$5000 fines to MB's who put pressure on appraisals.

Are appraiser's really going to turn in their client who might be sending them appraisals on a regular basis because they pressure him/her on one appraisal here and there? Most likely not.

I would prefer to have a government (non profit) entity ordering the appraisals rather than an AMC (for profit) who will take huge chunks of our fees.

 

[c w d]

Are appraiser's really going to turn in their client who might be sending them appraisals on a regular basis because they pressure him/her on one appraisal here and there? Most likely not.

I would prefer to have a government (non profit) entity ordering the appraisals rather than an AMC (for profit) who will take huge chunks of our fees.

That is the conundrum. I don't believe for a minute an appraiser is going to report a paying client. Why? Because along with losing income the appraiser's reputation among other potential clients will be worthless when word gets out. And it will. Turning in a client is career suicide. I saw it happen here in town to one firm that reported a client. They closed up shop due to lack of business.

The idealistic capitalists in this forum can say what they want. Self-regulation amounts to little more than collusion between businesses that depend upon each other. The fact is, it is unreasonable to expect an appraiser to turn in a client due to the potential repercussions.

The only reason government regulation doesn't work is because any power and authority the regulating authorities have is quickly eroded rendering them impotent or is designed from the beginning to fail miserably (hvcc). And that is due to the influence big business has with our legislature.

 

[ockyappraiser]

Perhaps there is another solution all ready being employed by some:

all loans with LTV's over 75% require a review appraisal.

If the original appraiser knew that the wholesale lender would be ordering a review of his/her appraisal, many would get religion quickly.

 

[Mike Kennedy]

http://appraisersforum.com/showthread.php?t=138939

 

[Diego Lopez]

Perhaps there is another solution all ready being employed by some:

all loans with LTV's over 75% require a review appraisal.

If the original appraiser knew that the wholesale lender would be ordering a review of his/her appraisal, many would get religion quickly.

That was another of my sugestions to FNMA, Cuomo regarding HVCC. Have all loans require two appraisals. That will keep many in check.

 

[c w d]

Perhaps there is another solution all ready being employed by some:

all loans with LTV's over 75% require a review appraisal.

If the original appraiser knew that the wholesale lender would be ordering a review of his/her appraisal, many would get religion quickly.

Unless we're willing to do it for free I seriously doubt that would get adopted. You know big business....the profiteering stops with them.

 

[ockyappraiser]

Its all ready happening with FHA. All deals higher than 80% LTV are getting reviewed. If credit scores are lower, its a field review.

The point is that there is no issue with "pushed values" by LO's on low LTV deals. If the appraisers and LO's knew that the lender would be ordering a review appraisal on every appraisal on deals over 80% it would change things dramatically.

We would then be in effect policing ourselves. . .and wouldn't need another huge government agency.