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ritabradley01
4945 Posts |
 Posted - 07/06/2009 : 12:50:47 PM
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I think they're running out of lenders. There are probably only a handful of viable ones left from what I'm reading on these boards. Mostly the big guys, most of which own AMCs.
quote:
Originally posted by Hopland
Why don't brokers just say no? Refuse to do business with banks that use AMC's.
Just like appraisers who can say no to brokers who want comp checks or a "heads up" or want the photos removed.
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Hopland
4126 Posts |
Posted - 07/06/2009 : 12:53:32 PM
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| Rita... it wasn't a real question. |
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Adept Appraisal
1623 Posts |
Posted - 07/06/2009 : 12:55:17 PM
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| ADD to a literalist. You two are made for each other. |
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ritabradley01
4945 Posts |
Posted - 07/06/2009 : 1:10:08 PM
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You sound like a jilted lover Dave. Geez.
quote:
Originally posted by Adept Appraisal
ADD to a literalist. You two are made for each other.
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ritabradley01
4945 Posts |
Posted - 07/06/2009 : 1:12:47 PM
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quote:
Originally posted by Hopland
Rita... it wasn't a real question.
Oops, I think I forgot to read the 2nd sentence. I sure need to get some work done. This is so much more interesting though.
It's so very true Greg. It's only slightly easier for LOs to stay in business only using lenders that don't own amcs as it was for appraiser to stay in business only working for honest LOs.
You might even be able to make a case that LOs who knowingly use lenders that are soliciting "low" appraisals through AMCs might be harming their potential clients. How about it brokers, why keep using "bad" lenders? Are there lenders out there who are worth working with who don't insist that you use a crappy AMC? Let's get their names out there so others can use them too. |
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Adept Appraisal
1623 Posts |
Posted - 07/06/2009 : 1:19:56 PM
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| "Lover?" Nope. "Whores" don't get emotionally involved, Rita. |
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ritabradley01
4945 Posts |
Posted - 07/06/2009 : 1:24:30 PM
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quote:
Originally posted by Adept Appraisal
"Lover?" Nope. "Whores" don't get emotionally involved, Rita.
Ha ha! That was awesome! Very funny.
I don't remember calling you a whore though, did I? I've really been trying not to do the name calling thing. |
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Adept Appraisal
1623 Posts |
Posted - 07/06/2009 : 4:39:22 PM
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And for the last time today...
They are catching on, all people involved, as to what's happening. It's only a matter of time. This is from today:
HUD Eyeing Appraisal Management Cos.
National Mortgage News | Monday, July 6, 2009
The Department of Housing and Urban Development is revising appraisal policies to address concerns that have been raised about appraisal management companies, an agency spokesman said.
Appraisers have complained that HUD's restrictions on their fees and lenders' increasing reliance on management companies are discouraging experienced appraisers from taking assignments for loans insured by the Federal Housing Administration, a part of HUD.
"The loss of these seasoned professionals is adding unnecessary and substantial risk to the FHA program," four appraisal trade groups wrote in a July 1 letter to HUD Secretary Shaun Donovan.
The HUD spokesman said the department is working on a letter to lenders "addressing this issue." |
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bonafide
57 Posts |
Posted - 07/06/2009 : 8:42:51 PM
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A bill to Suspend HVCC is currently in the House Financial Services Committee awaiting a vote. Below is a link of all the congressmen/women in the committee. Please click the link, and if you live in one of the districts the congressmen/women represent call, email and notify them if they don’t pass the bill they will loose your support and vote in the upcoming election.
Don’t brush this aside and hope your neighbor will pick up your slack, they won’t. We all hate HVCC and now is our one and only opportunity to fight back!
http://www.govtrack.us/congress/committee.xpd?id=HSBA
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rf99k
122 Posts |
Posted - 07/07/2009 : 09:04:05 AM
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quote:
Originally posted by Hopland
One, two, three.
Now answer my questin: "How is the government involved?"
OPEN YOUR EYES HOPLAND!
Check Andrew M. Cuomo and his cronies' bank accounts and then you will see how the government is involved! |
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Adept Appraisal
1623 Posts |
Posted - 07/07/2009 : 10:36:10 AM
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Rita said:
"I don't remember calling you a whore though, did I? I've really been trying not to do the name calling thing."
Silence is consent. You remain remarkably silent when all but I say certain things, and my words are considerably less ugly by comparison.
Dave... |
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Annemieke Roell
1097 Posts |
Posted - 07/07/2009 : 10:47:15 AM
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quote:
Originally posted by rf99k
quote:
Originally posted by Hopland
One, two, three.
Now answer my questin: "How is the government involved?"
OPEN YOUR EYES HOPLAND!
Check Andrew M. Cuomo and his cronies' bank accounts and then you will see how the government is involved!
Can you back that statement up with evidence? |
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ShamWow
171 Posts |
Posted - 07/07/2009 : 11:28:01 AM
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quote:
Originally posted by Annemieke Roell
quote:
Originally posted by rf99k
quote:
Originally posted by Hopland
One, two, three.
Now answer my questin: "How is the government involved?"
OPEN YOUR EYES HOPLAND!
Check Andrew M. Cuomo and his cronies' bank accounts and then you will see how the government is involved!
Can you back that statement up with evidence?
Does not get any clearer than this:
Cuomo, the former head of the U.S. Department of Housing and Urban Development, in 2004 joined the advisory board of Amco, a Mayfield Heights, Ohio-based company that orders appraisals on behalf of lenders.
Think it was odd Cuomo drafted HVCC then sold his interest in AMCO?
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AlbertSmythe48
466 Posts |
Posted - 07/07/2009 : 11:51:04 AM
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quote:
Originally posted by ZF
Imagine this? I wonder what Hopland, Ann, Rita all would say to this, I know they think its right and there was no interest for Cuomo. Like I said, the appraisers today, made a deal with the lenders to screw consumers.
If done properly, the consumers didn't get screwed as per your contention. They got an honest opinion from an "expert" (put in quotations as I am sure you will disagree) as to what the true value of their home is. Not some value based on an AVM to agree with what some noname underwriter thinks it should be. |
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AlbertSmythe48
466 Posts |
Posted - 07/07/2009 : 12:58:05 PM
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I can't control what an underwriter will do. You can however check with each company and see what their guidelines are and what is best for your company. If you feel going with an AVM is the right thing to do then go for it. If you feel an appraisal will help you find one that uses appraisals. My job is to provide you with the best value for the home. That doesn't mean the highest or the lowest, but what I feel best served in todays market.
As I read somewhere else, the problem isn't the appraisal any more, it's determining whether the borrower can really pay the loan back or what exactly their intentions are. |
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AlbertSmythe48
466 Posts |
Posted - 07/07/2009 : 1:24:31 PM
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quote:
Originally posted by ZF
Albert.
In this day, it would seem anyone could take a hit and not be able to pay back there loan. If this is the case, where all in mucho trouble. Tell me Albert, what is your thoughts for Alt-A market coming up, with a ratio of 6-1 over sub-prime. This should interest you, because 58* are behind on there] mortgages now.
Three spelling errors but who is counting...LOL
there = their 58* = 58% there = their
Anyway back to your question. Back in 2000 I predicted to a friend that the market in Las Vegas was going to crash. I told him to watch prices that would soon soar to outrageous prices, then within 2 years you would run out of buyers (values beyond what people could afford) and prices would start dropping. He had lived there all his life and said it would never happen. Guess what I was right! OOPS! Now with what you are saying about the Alt-A market being true, we could be in for a whale of a ride. As one put it, the subprime failure was the tip of the iceberg. With the high number of foreclosures, REO's and short sales on the market your Alt-A market can only add fuel to the fire of declining values and thus producing more and more "low-ball" appraisals. The end is nowhere in sight. People need to remember, when they get a "GREAT" deal on a home buying it for under the current market prices, they are not actually getting a great deal, but they have just lowered the bar for values in their neighborhood.
I agree that HVCC was not the way to go and personally I would have set it up another way. But let's not get into that here...LOL |
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bonafide
57 Posts |
Posted - 07/17/2009 : 09:47:34 AM
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