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RGK2394
1213 Posts |
 Posted - 08/26/2008 : 1:49:27 PM
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After he stopped in to introduce himself, and get to know everyone. I will feel bad for guys like this and all the others I've built relationships with over the years if the new appraisal guidelines are enacted....
Dear Loan Originators at XXX:
I want to thank you for the few minutes I spent toady at the XXX office.
I’ve been an appraiser for 7 years and I opened my company 5 months ago.
Some of the highlights of the benefits of doing business with All-Star Appraisals LLC are as follows:
• FREE Comp Checks
• 12 County coverage (see page 2 of the marketing packet attached to this e-mail)
• GUARANTEE 24 hours turnaround on appraisal reports.
• FHA APPROVED
• Ability to speak Spanish (for your Spanish speaking clients)
Please feel free to e-mail or pass this information among your peers at XXX.
Just call us or e-mail the property address and owner’s name and let us do the rest.
Just think, in a few short months....this guy will have no ability to generate new business for himself, client/customer service will not matter, and he will be collecting smaller fees for every inspection he does........
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 2:32:34 PM
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12 counties? There's a good chance he is in violation of USPAP if he is personally appraising in 12 counties.
USPAP requires geographical competency and it is virtually impossible to be geographically competent in 12 counties.
Guaranteed 24 hour turn time? Sounds like in some cases you will get a very low quality report. Do you really want your loan held up while the appraiser tries to find more comps to make his report credible?
Covers 12 counties and still has time to do free comp checks. What a pro-must be very busy.
I can't believe you would want this guy to work for you? |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 2:37:24 PM
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| All-Star Appraisals LLC is in Virginia. He came all the way to your state to solicit business or did he spam email you? |
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Scrooge McDuck
8753 Posts |
Posted - 08/26/2008 : 2:38:23 PM
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| if he spammed you, you should sue him for sure. definately. |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 2:39:26 PM
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quote:
Originally posted by RGK2394
After he stopped in to introduce himself, and get to know everyone. I will feel bad for guys like this and all the others I've built relationships with over the years if the new appraisal guidelines are enacted....
Dear Loan Originators at XXX:
I want to thank you for the few minutes I spent toady at the XXX office.
I’ve been an appraiser for 7 years and I opened my company 5 months ago.
Some of the highlights of the benefits of doing business with All-Star Appraisals LLC are as follows:
• FREE Comp Checks
• 12 County coverage (see page 2 of the marketing packet attached to this e-mail)
• GUARANTEE 24 hours turnaround on appraisal reports.
• FHA APPROVED
• Ability to speak Spanish (for your Spanish speaking clients)
Please feel free to e-mail or pass this information among your peers at XXX.
Just call us or e-mail the property address and owner’s name and let us do the rest.
Why is he calling you Toady? |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 2:40:39 PM
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quote:
Originally posted by Scrooge McDuck
if he spammed you, you should sue him for sure. definately.
An indication of character or lack thereof.
Also show that OP was lying about the guy coming by his office. More BO BS. |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 2:46:22 PM
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quote:
Originally posted by ritabradley01
12 counties? There's a good chance he is in violation of USPAP if he is personally appraising in 12 counties.
USPAP requires geographical competency and it is virtually impossible to be geographically competent in 12 counties.
Guaranteed 24 hour turn time? Sounds like in some cases you will get a very low quality report. Do you really want your loan held up while the appraiser tries to find more comps to make his report credible?
Covers 12 counties and still has time to do free comp checks. What a pro-must be very busy.
I can't believe you would want this guy to work for you?
Well, as you saw in the email, his company is new, less than 5 mos old. So I'm sorry that you couldn't find it, even tho you thought it was important enough to try and look him up- why, I'm not sure, but whatever.
As for 12 county coverage, give me a break, in violation os USPAP- I know of many appraiser's that cover the whole state. Is it a violation of USPAP to have an appraisal management company say they cover a whole state, or cover the whole United States for that matter?
And yes, I get the 24 hour turn time may not be sustainable, but as a new company I give him credit for making a commitment to that, and only time will tell if he can live up to it. That's the benefit of being able to choose who you want to do the appraisal, or your mortgage, or any type of business transaction.
And no he didn't spam me, he took the time to come in the office, introduce himself to my staff, and then follow up within an hour with an email to all of us thanking us for the opportunity to meet & potentially do business with us. I thought he was a stand up guy and give him credit for coming in, following up, and doing what it takes to earn our business, just as my LO's and I do for our clients.
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 2:54:16 PM
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May I have his name and phone number? He sounds GREAT!
Maybe he should get a website. |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 2:54:57 PM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by Scrooge McDuck
if he spammed you, you should sue him for sure. definately.
An indication of character or lack thereof.
Also show that OP was lying about the guy coming by his office. More BO BS.
What are you even talking about? I lied about him coming in??? You've come to that conclusion how exactly? Why are you taking this so seriously Rita? I know you used to be an appraiser but couldn't cut it, so you decided you try mortgages, but why are you holding your failures against this guy who is actually taking the extra time and effort to introduce himself and make new long term relationships? |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 2:58:48 PM
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[/quote]
Is it a violation of USPAP to have an appraisal management company say they cover a whole state, or cover the whole United States for that matter?
[/quote]
I don't believe it is a violation because the AMC should be able to hire Geo-competent appraisers. It is up to the appraiser to turn down assignments where he is not competent or to find a way to get competent and document it in the report.
An AMC is not an appraiser and is not currently subject to USPAP. |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 3:02:47 PM
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quote:
Originally posted by RGK2394
quote:
Originally posted by ritabradley01
quote:
Originally posted by Scrooge McDuck
if he spammed you, you should sue him for sure. definately.
An indication of character or lack thereof.
Also show that OP was lying about the guy coming by his office. More BO BS.
What are you even talking about? I lied about him coming in??? You've come to that conclusion how exactly? Why are you taking this so seriously Rita? I know you used to be an appraiser but couldn't cut it, so you decided you try mortgages, but why are you holding your failures against this guy who is actually taking the extra time and effort to introduce himself and make new long term relationships?
Sweetie-I'm working on a foreclosure appraisal right now, in between posting. I take it seriously because I care about the US economy that has been almost destroyed by the mortgage industry. I also care about all the homeowners who have been taken advantage of by some in the industry. That's why I take it seriously. |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 3:03:19 PM
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quote:
Originally posted by ritabradley01
Is it a violation of USPAP to have an appraisal management company say they cover a whole state, or cover the whole United States for that matter?
[/quote]
I don't believe it is a violation because the AMC should be able to hire Geo-competent appraisers. It is up to the appraiser to turn down assignments where he is not competent or to find a way to get competent and document it in the report.
An AMC is not an appraiser and is not currently subject to USPAP.
[/quote]
Well Rita, thank you very much for your interpretation.
But all you've done is made an assumption as to the man's competence by stating he cannot competently cover a 12 county coverage area. Would you not have to be at least somewhat familiar with the counties covered to make such an assumption? |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 3:03:49 PM
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| If he's in your state, prove it by posting his name and phone number. Thanks. |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 3:04:22 PM
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quote:
Originally posted by RGK2394
quote:
Originally posted by ritabradley01
Is it a violation of USPAP to have an appraisal management company say they cover a whole state, or cover the whole United States for that matter?
I don't believe it is a violation because the AMC should be able to hire Geo-competent appraisers. It is up to the appraiser to turn down assignments where he is not competent or to find a way to get competent and document it in the report.
An AMC is not an appraiser and is not currently subject to USPAP.
[/quote]
Well Rita, thank you very much for your interpretation.
But all you've done is made an assumption as to the man's competence by stating he cannot competently cover a 12 county coverage area. Would you not have to be at least somewhat familiar with the counties covered to make such an assumption?
[/quote]
What counties is he covering? |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 3:05:29 PM
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quote:
Originally posted by ritabradley01
If he's in your state, prove it by posting his name and phone number. Thanks.
Nah- don't need people like you spoiling a good thing.
the original purpose of the post was to focus on what's at stake for all of us going forward, appraiser's and MB's alike. NOT for someone such as yourself with a Vendetta against decent, hardworking appraisers hungry for business. |
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MARKJOLLIFF
393 Posts |
Posted - 08/26/2008 : 3:28:47 PM
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| I will say this about that. I have alot of respect for people in any business who are willing to go out and hit the bricks to drum up business. Too many people want things to come to them. 12 counties is an awful lot to be geographically competent in but who knows maybe he is that good. free comp checks are legal if done right and are a personal business decision. 24 hr turn time? I had that for a long time but I'm a workaholic freak who can get by on 3 hours sleep a night indefinately. Guys like this will suffer under the new rules if they take effect but as an industry brokers and appraisers in general have blown it so bad that now we have to take our medicine. |
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hoangad
2929 Posts |
Posted - 08/26/2008 : 3:32:22 PM
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| RITA IS A HATER. |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 3:38:05 PM
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quote:
Originally posted by MARKJOLLIFF
I will say this about that. I have alot of respect for people in any business who are willing to go out and hit the bricks to drum up business. Too many people want things to come to them. 12 counties is an awful lot to be geographically competent in but who knows maybe he is that good. free comp checks are legal if done right and are a personal business decision. 24 hr turn time? I had that for a long time but I'm a workaholic freak who can get by on 3 hours sleep a night indefinately. Guys like this will suffer under the new rules if they take effect but as an industry brokers and appraisers in general have blown it so bad that now we have to take our medicine.
THANKS Mark & hoangard, I thought for sure you guys were going to light me up.....
I agree, I don't know if 24 hr turn times are sustainable, but like I said previously, we'll see how it goes. the guy was hungry for biz and came in to meet us. the whole point of this thread is that in a few short months, that won't even be an option for anyone any longer.... |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 3:38:56 PM
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I don't hate anyone.
The system is broken and now there are people trying to fix it. I hope it works. |
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hoangad
2929 Posts |
Posted - 08/26/2008 : 3:45:54 PM
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whats a FREE legal neighborhood research?
lol |
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hoangad
2929 Posts |
Posted - 08/26/2008 : 3:45:59 PM
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whats a FREE legal neighborhood research?
lol |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 4:01:47 PM
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| figure it out. |
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SHABONE
356 Posts |
Posted - 08/26/2008 : 4:08:23 PM
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| Rita "C U Next Tuesday" Bradley |
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SolarMTG
386 Posts |
Posted - 08/26/2008 : 4:13:01 PM
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| The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting. |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 5:07:43 PM
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quote:
Originally posted by SolarMTG
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
A lot of people believe FHA will follow suit if Fannie Mae implements the changes. |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 5:08:44 PM
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quote:
Originally posted by SHABONE
Rita "C U Next Tuesday" Bradley
Why do you think that about me Shabone? I never did anything to you.
Is Thomas Shea your real name? Are you really from Georgia? |
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bestbet123
1577 Posts |
Posted - 08/26/2008 : 5:16:48 PM
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Hey asswipe,Rita's a nice person and is doing her best to be a positive influence on BO.shovel that S#%T somewhere else.
quote:
Originally posted by SHABONE
Rita "C U Next Tuesday" Bradley
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 5:19:18 PM
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| Thank you Alex. You're my hero. |
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SolarMTG
386 Posts |
Posted - 08/26/2008 : 5:25:15 PM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by SolarMTG
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
A lot of people believe FHA will follow suit if Fannie Mae implements the changes.
what people? like who?
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bestbet123
1577 Posts |
Posted - 08/26/2008 : 5:25:41 PM
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LOL....Hey Rita,don't take any crap from that loser.Just another half assed LO that aint gonna make it.
quote:
Originally posted by ritabradley01
Thank you Alex. You're my hero.
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Annemieke Roell
674 Posts |
Posted - 08/26/2008 : 5:25:56 PM
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quote:
Originally posted by ritabradley01
12 counties? There's a good chance he is in violation of USPAP if he is personally appraising in 12 counties.
USPAP requires geographical competency and it is virtually impossible to be geographically competent in 12 counties.
Guaranteed 24 hour turn time? Sounds like in some cases you will get a very low quality report. Do you really want your loan held up while the appraiser tries to find more comps to make his report credible?
Covers 12 counties and still has time to do free comp checks. What a pro-must be very busy.
I can't believe you would want this guy to work for you?
It is perfectly possible to be geographically competent in 12 counties. Or more.
The rest of your post .... right on!! |
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Mandyvilla
3405 Posts |
Posted - 08/26/2008 : 5:40:36 PM
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I am surprised the 12 counties was even challenged. I have noticed the latest technique is for an appraisal shop to subcontract out an order outside of their area.
As long as the person doing the inspection is qualified and the appraiser that received the order is reviewing and signing off, it's working in many areas. And, they aren't paying AMC pricing.
We have a couple of large appraisal groups that make the rounds to mortgage offices. They are some of the most successful. |
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bestbet123
1577 Posts |
Posted - 08/26/2008 : 5:45:08 PM
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I've tried that route but the qaulity and turn times were rediculous.Stick to who you know unless it's absolutely the only option.12 counties is not unheard of though.
quote:
Originally posted by Mandyvilla
I am surprised the 12 counties was even challenged. I have noticed the latest technique is for an appraisal shop to subcontract out an order outside of their area.
As long as the person doing the inspection is qualified and the appraiser that received the order is reviewing and signing off, it's working in many areas. And, they aren't paying AMC pricing.
We have a couple of large appraisal groups that make the rounds to mortgage offices. They are some of the most successful.
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dnuex2
2987 Posts |
Posted - 08/26/2008 : 5:47:45 PM
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I think Rita surmises that all counties are the size of counties in so cal. On the other extreme there are counties in GA that are so small you could pack 12 or more in the size of LA county alone.
http://www.myonlinemaps.com/images/georgia-counties.gif |
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bestbet123
1577 Posts |
Posted - 08/26/2008 : 5:53:31 PM
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Very true,it would be easy to service 12 counties in PA.
quote:
Originally posted by dnuex2
I think Rita surmises that all counties are the size of counties in so cal. On the other extreme there are counties in GA that are so small you could pack 12 or more in the size of LA county alone.
http://www.myonlinemaps.com/images/georgia-counties.gif
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powwow
385 Posts |
Posted - 08/26/2008 : 5:54:13 PM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by SHABONE
Rita "C U Next Tuesday" Bradley
Why do you think that about me Shabone? I never did anything to you.
Is Thomas Shea your real name? Are you really from Georgia?
Yes, he's from Georgia. I know of him. That's all I'm going to say. |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 5:55:57 PM
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| I may be wrong about the 12 county thing. I've been known to be wrong before.... :) |
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powwow
385 Posts |
Posted - 08/26/2008 : 6:01:37 PM
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| I appraise in Metro Atlanta and slightly beyond. I am competent in roughly 20 counties. I'm not trying to toot my own horn, I just don't think that 12 is unrealistic. The comp check is crap, and the 24 hour thing is untrue. A USPAP compliant comp check could barely be done in half a day (but obviously he's not doing that), because then he wouldn't be starting on the actual appraisal until that was done. 24 hours is unrealistic. And because the actual appraisal was contingent on the outcome of the comp check, he is in violation of USPAP. 2nd rule of selling: promise less, deliver more. |
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mganovsky
2049 Posts |
Posted - 08/26/2008 : 6:08:08 PM
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The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
I think the lenders will do it across the board for all mortgage loans. FHA does not have a min fico but most lenders do, so your reasoning does not hold water. FHA just sets the min standards and guidelines for an FHA insured loan. |
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powwow
385 Posts |
Posted - 08/26/2008 : 6:18:32 PM
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quote:
Originally posted by mganovsky
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
I think the lenders will do it across the board for all mortgage loans. FHA does not have a min fico but most lenders do, so your reasoning does not hold water. FHA just sets the min standards and guidelines for an FHA insured loan.
I agree. IMHO, HVCC will never apply to FHA loans. |
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SolarMTG
386 Posts |
Posted - 08/26/2008 : 6:32:55 PM
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quote:
Originally posted by mganovsky
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
I think the lenders will do it across the board for all mortgage loans. FHA does not have a min fico but most lenders do, so your reasoning does not hold water. FHA just sets the min standards and guidelines for an FHA insured loan.
Your reasoning does not hold water, no offense. Ginnie Mae insures the FHA and VA mortgage just as Fannie Mae and Freddie Mac insure conventional. FHA and VA are better known as Ginnie Mae. The VA already requires the use of their own system. If FHA wanted to implement one, they could. But I highly doubt it since there is strict approval requirements. The broker is on the hook for these loans and they have the net worth to back it up. These loans are audited all the time and will not be insured if there are problems. If they find problems with an FHA appraisal, chances are the appraiser will no longer be FHA Approved, not the broker. I highly doubt that this will apply to FHA. After all, is it called FHA Approved Broker or Approved FHA Lender? What is your FHA Broker ID? Or do you mean FHA Lender ID? |
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HMDApproved
694 Posts |
Posted - 08/26/2008 : 6:33:58 PM
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You people just don't get it do you?
Newsflash, Attention Loan Officers, fighting with appraisers on this site will get you no where. they do not make you money, they do not help your business, they do not do anything for you. Why do you all insist on going back and forth with them? |
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mganovsky
2049 Posts |
Posted - 08/26/2008 : 6:34:31 PM
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yeah you are right powwow, and we never thought that lenders would place a min fico on FHA loans, or get out of wholesale because it was so lucrative, or Bear Stearns a Wallstreet giant almost callapse, or MI companies would stop doing NOO occ properties and MI companies placing LTV restrictions on loans in destressed counties and entire States where the appraiser lied and inflated the values.
And we in the Mortgage industry believed the opinion of the appraiser as being correct.
You like to make comments on the mortgage industry when you have no knowledge what so ever.
I hope for your sake you do not really believe that, and you have aligned yourself with a couple of lenders or AMC's. Or you will be history my friend. |
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LeeLansford
148 Posts |
Posted - 08/26/2008 : 8:22:15 PM
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quote:
Originally posted by RGK2394
After he stopped in to introduce himself, and get to know everyone. I will feel bad for guys like this and all the others I've built relationships with over the years if the new appraisal guidelines are enacted....
Dear Loan Originators at XXX:
I want to thank you for the few minutes I spent toady at the XXX office.
I’ve been an appraiser for 7 years and I opened my company 5 months ago.
Some of the highlights of the benefits of doing business with All-Star Appraisals LLC are as follows:
• FREE Comp Checks
• 12 County coverage (see page 2 of the marketing packet attached to this e-mail)
• GUARANTEE 24 hours turnaround on appraisal reports.
• FHA APPROVED
• Ability to speak Spanish (for your Spanish speaking clients)
Please feel free to e-mail or pass this information among your peers at XXX.
Just call us or e-mail the property address and owner’s name and let us do the rest.
Just think, in a few short months....this guy will have no ability to generate new business for himself, client/customer service will not matter, and he will be collecting smaller fees for every inspection he does........
"24 hours turnaround"...and "guaranteed". Well, I suppose if he (she?) is appraising "cookie cutters" in a few tract-type subdivisions, such is very possible. Otherwise, why do I suspect unacceptable "shortcuts" are more the rule than the exception?
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 8:49:09 PM
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quote:
Originally posted by HMDApproved
You people just don't get it do you?
Newsflash, Attention Loan Officers, fighting with appraisers on this site will get you no where. they do not make you money, they do not help your business, they do not do anything for you. Why do you all insist on going back and forth with them?
Cuz it's fun. :) |
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ritabradley01
3158 Posts |
Posted - 08/26/2008 : 9:04:55 PM
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quote:
Originally posted by SolarMTG
quote:
Originally posted by ritabradley01
quote:
Originally posted by SolarMTG
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
A lot of people believe FHA will follow suit if Fannie Mae implements the changes.
what people? like who?
I'm sorry I looked all over the internet to try to find where I had read that some people thought FHA might follow suit but couldn't find them. They were just speculating anyway, probably nothing to worry about. |
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powwow
385 Posts |
Posted - 08/26/2008 : 10:55:46 PM
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quote:
Originally posted by mganovsky
yeah you are right powwow, and we never thought that lenders would place a min fico on FHA loans, or get out of wholesale because it was so lucrative, or Bear Stearns a Wallstreet giant almost callapse, or MI companies would stop doing NOO occ properties and MI companies placing LTV restrictions on loans in destressed counties and entire States where the appraiser lied and inflated the values.
And we in the Mortgage industry believed the opinion of the appraiser as being correct.
You like to make comments on the mortgage industry when you have no knowledge what so ever.
I hope for your sake you do not really believe that, and you have aligned yourself with a couple of lenders or AMC's. Or you will be history my friend.
I'm in good shape. Thanks. The fact remains FHA loans do not go to FNMA or FHLMC. They go to GNMA. GNMA has not entered into any agreement. I have a lot of experience in the mortgage business. Maybe even more than you. If it makes you feel better somehow to think I don't know anything about mortgage matters thats ok with me. |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 11:06:06 PM
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quote:
Originally posted by SolarMTG
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
Sure, but if a lender is going to make a major change for conforming, they'll apply said change to FHA as well, mark my words... |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 11:12:43 PM
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quote:
Originally posted by powwow
I appraise in Metro Atlanta and slightly beyond. I am competent in roughly 20 counties. I'm not trying to toot my own horn, I just don't think that 12 is unrealistic. The comp check is crap, and the 24 hour thing is untrue. A USPAP compliant comp check could barely be done in half a day (but obviously he's not doing that), because then he wouldn't be starting on the actual appraisal until that was done. 24 hours is unrealistic. And because the actual appraisal was contingent on the outcome of the comp check, he is in violation of USPAP. 2nd rule of selling: promise less, deliver more.
Why do you make the leap of an order being contingent on the outcome of the comp? He didn't say he would "be sure to hit a certain value"...did he?
Why can't some people just see this for what it is? A guy trying to generate new biz for his co., and build a new relationship. With the limited information provided in the email I included in my original post, it is COMICAL to see the assumptions, and completely off base accusations some of you have made. I guess some people, however unfounded, will always assume the worst. Must be a tough way to live and get by. |
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powwow
385 Posts |
Posted - 08/26/2008 : 11:15:02 PM
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quote:
Originally posted by RGK2394
quote:
Originally posted by SolarMTG
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
Sure, but if a lender is going to make a major change for conforming, they'll apply said change to FHA as well, mark my words...
I realize I have no knowledge of mortgage issues but I have two clients (largish regional banks) that moved their appraisal ordering for conventional loans to AppraisalPort over a year ago. Both give their LO's the option of ordering their FHA loans directly with the appraiser or through AppraisalPort. |
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RGK2394
1213 Posts |
Posted - 08/26/2008 : 11:21:28 PM
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quote:
Originally posted by powwow
quote:
Originally posted by RGK2394
quote:
Originally posted by SolarMTG
The new appraisal ordering system is for Fannie and Freddie loans... not FHA. This is not going to affect the appraiser as long as they are FHA Approved. The broker's and appraisers who are not FHA Approved will be the ones hurting.
Sure, but if a lender is going to make a major change for conforming, they'll apply said change to FHA as well, mark my words...
I realize I have no knowledge of mortgage issues but I have two clients (largish regional banks) that moved their appraisal ordering for conventional loans to AppraisalPort over a year ago. Both give their LO's the option of ordering their FHA loans directly with the appraiser or through AppraisalPort.
But this is a required change for all- not voluntary. I can't see C-Wide or others not just implementing one new system for everything going forward. They're too retarded to have multiple ways of doing things...
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