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anthonyt2325
1324 Posts |
 Posted - 03/04/2008 : 09:09:13 AM
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Statement from the National Association of Mortgage Brokers:
“These agreements amount to a de facto regulatory action by OFHEO which avoids the appropriate process. The law provides for a process to implement regulatory and policy changes such as those contemplated and specified in these agreements. These agreements will increase costs to consumers by removing thousands of small business competitors from the marketplace. They will create a severe disadvantage to small business mortgage brokers, and prevent them from engaging competitively in the mortgage marketplace. NAMB is committed to serving the public and promoting the interests of consumers. As always, we are ready to work with these agencies to achieve the objective of eliminating appraisal fraud without disrupting the marketplace or hurting consumers. As it stands now, the National Association of Mortgage Brokers intends to consult with our legal advisors and to take appropriate legal action if necessary.”
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CoralSnake
10298 Posts |
Posted - 03/04/2008 : 09:14:02 AM
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| I wonder what the appraisers response is. |
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Carlsbadd
743 Posts |
Posted - 03/04/2008 : 09:16:13 AM
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| I hope they grow a set for a change and take some action. |
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Scrooge McDuck
7512 Posts |
Posted - 03/04/2008 : 09:23:47 AM
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the appraisers have to realize how horrible this is for their business too. this is an impressively bad move over all, and i cant imagine it will stick. but we will see. i hope the namb actually gets some traction on this.
dont you love how the world works. one of the largest mortgage companies, and one of the largest appraisal companies does one of the biggest no nos ever, and so they dump on the little guys. this wont effect the big guys at all. |
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servicefirst
3416 Posts |
Posted - 03/04/2008 : 09:35:25 AM
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| I'm sorry, but didn't I say "LAWSUIT"?? |
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kmikkola
725 Posts |
Posted - 03/04/2008 : 10:08:36 AM
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| Well, Nehemiah won already, so maybe there will be another victory... |
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Originate_This
320 Posts |
Posted - 03/04/2008 : 10:47:08 AM
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| The GSE's have a right to determine the criteria of the loans which they purchase. What would this lawsuit allege? What laws are being broken? |
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mganovsky
1686 Posts |
Posted - 03/04/2008 : 11:01:34 AM
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| I do not have a problem with the upcomming changes, the only problem I see is: the laon will be further along in the approval process before you find out you have a valuation problem. Also I don't know how the appraisors are going to fight this because they do not have a political action commitee. |
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kmikkola
725 Posts |
Posted - 03/04/2008 : 11:52:04 AM
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quote:
Originally posted by mganovsky
I do not have a problem with the upcomming changes, the only problem I see is: the laon will be further along in the approval process before you find out you have a valuation problem. Also I don't know how the appraisors are going to fight this because they do not have a political action commitee.
One good point someone had brought up... if the lender orders the appraisal, who pays? If the customer pays and then doesn't qualify, will the appraisal be released so you could bring the borrower to another lender without requiring them to pay for another one? |
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