TBWS - Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

bekind: (October 19, 2009 7:17am)

Did the Government forget about those people who no longer are receiving unemployment benefits BUT are still unemployed? I think so! WE are not keeping track of the important ones, now living in tent sities, under bridges, in cars and any other place they can find if they have no more benefits and no money! Government wake up we are NOT out of the recession.

dd: (October 17, 2009 8:00am)

Don't have discussions sent to your in box? How do you turn it off!?

dd: (October 17, 2009 7:59am)

Don't have discussions sent to your in box? How do you turn it off!?

EdC: (October 17, 2009 12:19am)

We got less than 2 years left before avm's replace us and the illusion of economic growth and $7 gasoline is bandied about with 20% unemployment. The banks are all about PROFIT. I'm not here to spread fear, we've got to stop it now before this monster gets entrenched in the public onsciousness. These are weird times and thieves are in control. I stole a candy bar when I was 8 and got caught. Next time I didn't

EdC: (October 17, 2009 12:13am)

After it closes of course

EdC - 20 yrs appraising: (October 17, 2009 12:09am)

I think we can. First thought in my mind is, do a terrible appraisal and turn yourself in so your state board has to investigate. Your out is you did it to expose amc corruption. If you think I'm kidding I'll sign up and do just that. All this union talk and quitting working for them isn't going to change anythig unless the thieves are exposed for what they are. Dare me

EdC - 20 yrs appraising: (October 16, 2009 11:45pm)

No honor among thieves. Can we beat them at their own game?

EdC: (October 16, 2009 10:52pm)

They mine our data so they don't have to pay for the MLS. How cheap can you get? A whole industry has grown up around ripping our data so they don't have to pay for MLS access!! Is there honor among theives? My theives yes, these theives know no honor. Send them MLS copywrited data at your own risk. No joke. They'd push us in the way of the oncoming 100 mph run-away bus to save their ass if they lost their balance trying to jump out of the way. Ohh, wait. They don't need to lose their balance

Valuequestor: (October 16, 2009 9:23pm)

suit not suite. Its Friday. There are probably other goobers in there.

Valuequestor: (October 16, 2009 9:20pm)

Hey, I saw EDc's post about re-printing mls data. Ed is right. Most mls data is copyright material. The three I have been a member of will allow available listings to be reprinted or sent out to customers/clients. Closed sales and pending no K/O are VERBOTEN. LSI, and the others can jump. I've had several clients that make this request all the time. I have a nice little piece of boilerplate I insert in the addenda explaining why they need to join the mls to receive that information. FOR MEMBERS ONLY. Do not make it easier for them to data mine. Do not set yourself up for a law suite by handing out that which is not yours to give. I'm still mad at Frank....and Brian. Oh the shame.

Atlanta LO: (October 16, 2009 7:59pm)

To: Neappraiser: The singer was Israel Kamakawiwoole of Hawaii - Died in June of 1997 videohttp://www.youtube.com /watch?v=rvDThCQFbUAWITH

James the Appraiser: (October 16, 2009 6:33pm)

WOW - last post at 2:35 and it is now 6:33, looks like you pissed of all the appraisers and now no one is left to post, this was a good day for me to spend in the yard

SoCalAppraiser: (October 16, 2009 2:35pm)

Clulessdad-I know. I am in denial I guess. Dreading having to sign up with the AMC's.

real appraiser: (October 16, 2009 2:07pm)

ALL appraiser looking for the HVCC Agreement. It is at http://www.oag.state.ny.us/media_center/2008/mar/Fannie%20Final%203-3.pdf directly from cuomos sight, read #12 and interpret for yourself .PASS IT ON

Bono Vox: (October 16, 2009 1:32pm)

EdC - If equity really is the driver in the "should I stay or should I go" decision made by homeowners, then we don't want to flood the market with REOs and crash prices any further. Plus, even current mark to market rules would require further write downs and here we go again. It's not necessarily bad for the market to hold on to them for awhile. REOs - sometimes you can find deals. Go to Countrywide.com (for real), click on "Purchase" at the center ofthe screen, then click "REO Properties" on the left hand side. Explore all of the CHL/BofA foreclosures and get a bid in. Every listing agent they use in the US is right there. APPRAISER RE AGENT - I went to Dallas (inner circle) and Houston (sitting in stands) - thinking about Europe next year. GREAT BAND- especially in dark times. Good for the soul.

Clulessdad: (October 16, 2009 1:30pm)

Hey SoCal-you may want to get involved with the AMC's quickly-FHA is going HVCC starting 1/1/2010. There are no specifics yet, but it is only 2 months away.

Bob in San Rafael: (October 16, 2009 1:29pm)

About your strident "reasoning" on mortgage brokers "shopping" appraisers for value "opinions" prior to assigning an order, other appraisers have already weighed in here with well-supported objections. But for you boys to be unaware of the illegality in California of this practice really throws your opinion on any subject into serious question. http://www.orea.ca.gov/html/sb223links.shtml Shoot from the hip, fast and loose worked for a time at the OK Corral, but not in this business climate. Get it right.

You have to Watch this clip on the Fed!: (October 16, 2009 1:25pm)

Everyone on here needs to watch the "the creature from Jekyll island" http://www.youtube.com/watch?v=7auQEXTWomA ..it discusses why and how the Federal Reserve was founded. The reason why the banking cartel get away with everything is becuase no one tries to educate themselves on how this sytem works..here we are, all in the financial services world and 98% of you do not even know how it really operates..watch this video and lets start a real discussion. The wheels have not fallen off this wagon yet, but they will and when they do the world will see this gov't and country for how it really is! by the way i am a top producing mortgage professioanl doing 8-10 deals a month, so this is not a nother pissed off little cry baby on here stirring up the pot wishing it was 2006!

Clulessdad: (October 16, 2009 1:23pm)

EDC-From what I have heard, there are three ways. 1) Be part of a massive volume buy from the banks. I understand if you buy in bulk from the banks ($15-20MM) you will get a 30% reduction in price. 2) be the lucky cash buyer at an auction 3)Be "in the know" and get a trashed out property at discount, get your crew in there and with $10,000, fix it up and sell it for $50-60K profit. You need two things, a lot of cash and you have to know someone. I have neither. There is too much money to be made and they are only letting in their "club" members. I also hear that there is a lot of Asian dollars involved. That would make sense, as they have most of the dollars now anyway. I also heard that there is a lot of Asian money being poured into our Stock Market. They want to get rid of dollars so they are buying US assets, stocks, or homes.

SoCalAppraiser: (October 16, 2009 1:22pm)

Wow....sorry to hear that. I have not ventured into the AMC world yet. Keeping to FHA's. After what I have been reading on the posts don't think I will. So who is regulating the AMC's?

Appraiser R.E. Agent Mortgage Broker:: (October 16, 2009 1:21pm)

yes it is an AMC. The same people that take 5 to 7 days to review a report and send it to the bank, but I have 24 hours to do it or I will be off the approved list...isn't life wonderful

Appraiser R.E. Agent Mortgage Broker:: (October 16, 2009 1:17pm)

Barney Fag is in....oops. I mean, Barney Frank blows in Massachusetts's 4th district. Sorry, I hated it when that happens. I think he's friends and neighbors with late Ted Kennedy. Figures.... Wish those two went for a long drive on a bridge over a river.

SoCalAppraiser: (October 16, 2009 1:15pm)

Appraiser R.E. Agent Mortgge Broker-You have got to be kiddding me. Can you even do a quadro plex on a 2055 period??? Hmmm somebody doesn't know how to order an appraisal...let me guess AMC...Correct me if I am wrong but doesn't the HVCC only for SFR's?

CaRedi: (October 16, 2009 1:13pm)

Great report. Nice tribute at end. Last picture of Leo looked like he was putting good face on things...his wife/girl...not so much. It's in the eyes.... Keep up the good work.

The Puncher : (October 16, 2009 1:07pm)

I am looking to find and punch Barney Frank in his fat donkey looking face ..can anyone tell me where to find him?

EdC: (October 16, 2009 1:05pm)

Cluelessdad : How would one get into flipping? Just call the bank on homes you're interested in or do you have to know someone? It'd be something to do during this slump. Only so many times I can fix up the house till it's overkill lol

Appraiser R.E. Agent Mortgage Broker: : (October 16, 2009 1:05pm)

Guess what I was asked to do today. A drive-by 2055 form for a quadro plex no income approach. How funny, can they use that form for a cash out refi? Oh !!!! $175 24 hour turn around time and Saturdays count. Aren't they sweet...luv them too.

Appraiser R.E. Agent Mortgage Broker: (October 16, 2009 12:56pm)

Bono Vox, Saw U-2 in Tampa Stadium last Friday night, Excellent Show!!!! Lots of fun & beer...

SoCalAppraiser: (October 16, 2009 12:38pm)

It is pretty bad and that is exactly what is going on. I haven't seen any flipping going on yet. Mostly what I have seen is the investors buying the properties and then renting. Lots of investment properties for rent out here also.

Clulessdad: (October 16, 2009 12:34pm)

wornout and socal-how bad is the REO/flip market in Riverside/ Temecula? Half of all properties are flips, 10-30 offers on everyone. Cash only purchases, followed by conv. 20% plus, not even looking at FHA. FTHB can't get a cheap house, only cash investors can and are then reselling them at a profit of $50-70k apiece. It is very bad out there.

EdC: (October 16, 2009 12:33pm)

Same here in Washington State. A lawyer told me about a town west of here that has about 10-20% of the town that walked away from their mortgages and the homes have been sitting vacant for almost a year. They're afraid to market value these assets by hiring appraisers, so they hold them back - so their (cooked) books can look good (notice how much the big 4 are trading at?). Illusion. This will just stretch this pain over years - not smart. They have carrying costs every month they're sitting vacant. Will they list and sell them when the carrying costs exceed the value lost? Who knows. They don't, because they refuse to have them valued. They're destroying property values by letting all those homes sit vacant. Are they deepening their toxic cesspool? My guess is yes. Exec mentality is keep the bonuses rolling in at all costs - not caring about the costs to the consumers and the economy. We bailed them out and this is the thanks we get. Bunch of psychopaths imo.

SoCalAppraiser: (October 16, 2009 12:32pm)

Cluelessdad-I see....thanks for the info. I have been curious about the reasoning for awhile.

SoCalAppraiser: (October 16, 2009 12:28pm)

Hit the nail on the head with that one Bono Vox. When we read the term updated kitchen that is exactly what we expect it to be. A remodeled kitchen and if there aren't any pictures we have to believe what the agent states and make that adjustment.

Clulessdad: (October 16, 2009 12:28pm)

wornout and socal-I spoke with a BofA guy who told me that the banks are being told by Obamanation NOT to release the REO's til maybe Feb. the problem is that there will be many more REO's by then, making the problem even bigger. The "shadow inventory" is gonna cause a major issue next year. I guess that the banks don't have to post the loss til the property is sold. Qtr ends all contribute to this.

BBullGator: (October 16, 2009 12:26pm)

Extra nice video today guys. Your friend was obviously a good guy to garner such a tribute, including the blood drive. That is a classy way to honor him. Can you tell us who was involved in the NY frau? Tell it was a group of mortgage bankers, not brokers!

Bono Vox: (October 16, 2009 12:23pm)

Every time I speak to a group of Realtors I explain to them the the #1 thing crushing values is MLS descriptions. If a new fridge is listed as "updated kitchen" the appraiser is treating it as a $40,000 renovation. That makes your comp look great. Realtors need to know their neighborhoods and let the appraisers know about problems like this when they meet the Realtor to let him in (take your properties off of Supra when you have a contract! Lenders - no more drivebys!)

SoCalAppraiser: (October 16, 2009 12:23pm)

Bono Vox-Could be any of those who knows. All I know is there are a ton of vacant homes not being listed here in SoCal for whatever reason. Sometimes I drive through neighborhoods and it is as if I driven into a housing graveyard....

SoCalAppraiser: (October 16, 2009 12:18pm)

Yep and then the agents want us to of course bring the value in a the listed price and want to argue with us as to why they think we should with what they think are comps...and the borrowers aren't comming up with the additional down payment so the so called bidding wars that are going are aren't legit...

Bono Vox: (October 16, 2009 12:17pm)

How about these theories: 1) they are backlogged 2) There is political pressure to NOT foreclose on people who are behind 3) There is pressure to let the houses sit rather than crashing values by releasing them all at once.

WornOutAppraiser: (October 16, 2009 12:15pm)

socal - that's a fact - i think it is to artificially inflate values --agents are telling me they are getting multiple offers. sorry bout the 3 posts - the capcha thing is jacked today

SoCalAppraiser: (October 16, 2009 12:13pm)

Yep....I think they are holding on to the properties to creat yet another false market. They need to just let it run it's course already. They may just be back logged in the paperwork to get the properties listed who knows but one thing I do know is there is a hell of a lot more properties that can be sold than what the MLS is listing.

WornOutAppraiser: (October 16, 2009 12:12pm)

socal - i am in socal too - don't u think this is a bad idea by the banks? we will never get out of this market funk with this going on!

WornOutAppraiser: (October 16, 2009 12:11pm)

socal - i am in socal too - don't u think this is a bad idea by the banks? we will never get out of this market funk with this going on!

WornOutAppraiser: (October 16, 2009 12:10pm)

socal - i am in socal too - don't u think this is a bad idea by the banks? we will never get out of this market funk with this going on!

SoCalAppraiser: (October 16, 2009 12:08pm)

WornOutAppraiser-Yep...got the same issue her in SoCal.

WornOutAppraiser: (October 16, 2009 12:08pm)

...(cont)won't transfer title until a new quarter begins - i guess to try and keep it off the books (i have seen an enormous amount of title transfers on 10/01/09 - the first day of 4th quarter) - meanwhile vacant homes are strewn about like dead bodies on a battlefield, neighborhood appeal is at an all time low - these practices are only going to prolong our recovery - get the inventory out there and sell it -low if necessary, just get it moving! let me know if anyone else has noticed these things in their areas - thanks.

WornOutAppraiser: (October 16, 2009 12:04pm)

Here is something I have noticed in my area - would like to find out if anyone else has come across this - active listings area dwindling at an alarming rate, however as an appraiser i am doing as many reo inspections as ever - so where are all the bank owned properties? I drove through a neighborhood to take a listing photo and look around at general area and notice on one street where my listing was (the only one on mls) there were 12 homes on a cul-de-sac - 1 active listing,however only 2 appeared to be occupied all the others appeared vacant, some with lockboxes but no liting signs - not on mls. so i looked up some of these properties and all were bank owned but not listed. it appears banks are holding inventory off the market and slowly trickling it out - my guess is to falsely change the supply and demand so they can get more for the ones they do list - i nalso noticed on properties i appraised for banks a few months ago that they sometimes -see next post out of space here...

Clulessdad: (October 16, 2009 11:57am)

I just went outside and it is 82, blue skies and the air is clean for a change. i think I am gonna "smell the roses today." Well maybe some yardwork. LOL

D: (October 16, 2009 11:43am)

I'll agree that sometimes AUS is too loose. Sometimes it is too tight. Take this - 713 score, 75 LTV R&T - customer cannot get conforming 15 year refi due to BK less than 4 years. He is perfect on his existing mortgage. How insane is that?

TheFyouSay: (October 16, 2009 11:34am)

@EdC.. Im there with you, the whole thing is crap. Our entire system is a house of cards built on NO foundation at this point and its all controlled by the government. The Fed is loaning money at 0% to Banks so they can pay back the money that they loaned them at 10 to 14% (TARP)its all a fundraiser for big brother. Feddie, Fannie and FHA are all government at this point. They own our market and money.

EdC: (October 16, 2009 11:13am)

Look up IVPI and it's history starting in the Ct legislation - The Dodd/Crowley proposal. IVPI stands for Imaginary Valuation Protection Institue (a joke), since it's not instituted like it was supposed to be, along with the HAVOCC. Ms Doty at Fannie said the IVPI should be rolling out in Nov. However, she told me 5 months ago it would be out soon, so, I'll believe it when I see it.

Clulessdad: (October 16, 2009 11:11am)

The moral hazard of the bailing of big banks and allowing loan mods to people who aren't making their mortgage payments is just a big slap in the face for all of us that do. They are rewarding failure. How do you explain that to your kids? Let me file a BK and then go down and try to get a loan. LOL Why has no one gone after all the people that made a lot of money doing these CDO's etc? If someone lost money (ie the world) someone had to make it. Nobody except Madoff, and that was by accident. Why doesn't Cuomo go after those idiots? I bet all of you lock your doors at night. Think about it, while all the criminals run free, we have to lock ourselves up in the prison that is called your house. All the criminals are still free and no one cares. That is the real scary part. I for one have a gun. Thank God for the NRA!

real appraiser: (October 16, 2009 11:08am)

matza, I do not know, the HVCC agreement i have may be an original and not the final. Cuomo removed the HVCC agreement from his web site "Home Valuation Code of Conduct" (HVCC)". a repository would need new DATA constantly, how they get it, from appraisers or MLS that seems to be going nationwide soon. I dont know, but I think the people would revolt, but I am not seeing it. Everyone is scared and angry but nothing happens. I think the parties (rep and dems) got us hating each other so much we are not seeing things happen right in front of us. An independent party needs support that will not listen to laywers, lobbyists and Big busines( well all extremists)

EdC: (October 16, 2009 11:08am)

Lets see. The Fed is printing money and loaning it to the banks at 0%. Instant money for the banks and they can loan it at a premium. Then the banks invest in real estate through their own amc's. The GSE's and FHA then buy whatever the amc's can write up - all of it. The money goes back to the Fed to pay for the original loan and borrow more and the process goes round and round. This is a bank only fueled limited economy - it's not real. Add mark to market and the banks shadow inventory and we're in a lot deeper than they're letting on. Look out when reality hits and this artificial bubble bursts. JMHO

Tom Winand SLC UT: (October 16, 2009 10:57am)

Thanks for the tribute to your friend and now our friend.

matza: (October 16, 2009 10:57am)

real appraiser-isn't there a provision somewhere in the HVCC that will place every appraisal in some sort of repository? I can only dream of what they can do with that data. More info for their AVM model, I guess. They will have access to every appraisal ever done on a property. My guess is that a---Snipp..... Its to save the data for 5 years of something.. nothing else

EdC: (October 16, 2009 10:55am)

Imagine a bank run world. Too big to fail is definitely suggesting that. Wars fought with bank L.E.D advertising on the troops. This is so absurd I can't believe it. The banks are making the economy by buying their own services at inflated rates and selling them back to themselves ast any price they want. Incestuous. Birth of the amc's, born from fraud and incest - a monster imo. Too big to fail is a monster.

Lender: (October 16, 2009 10:54am)

Clulessdad....I agree with your pessimism. It is what the banks want. Using our tax dollars for bailout funds to in turn screw us all over with it. We could have survived without B of A, other banks would have grown into larger banks, now they can't and B of A is Big Brother. It's not good, it's not pessimism, it's reality in my book

real appraiser: (October 16, 2009 10:46am)

Can you say "Welcome to Bank of Walmart Financial Real Estate Property Sales, Valuation and Lending Services" your one stop shop for all your real estate services. If your a client we will also notarize for free. I am fitting for a smock right now, geez...

Clulessdad: (October 16, 2009 10:41am)

As you can tell, my imagination is running rampant today. I guess I am bored with taking today off from the normal grind. Sorry about all the pessimism.

Clulessdad: (October 16, 2009 10:38am)

When the banks own all the property from all the foreclosures, why wouldn't they hire their own agents to sell the properties? 3% to the banks and.5% to the agent. They will have their own listing database. They can advertise that they have the best deals.Buyers will go directly to the banks for property. Why not? Everyone knows you can get a better deal on a foreclosure. When more buyers go into banks, sellers of property ca now list with the banks. Why wouldn't you go thru an entity that is guaranteed to get clients. I am very scared on the future and the way it looks it is all about "the banks are too big to fail, so let the little guy fall."

Starving Appraiser: (October 16, 2009 10:37am)

Clue, they won't tell us that today. Want us to tune in again next week. It is video mrkting and they R good at it...even if we don't always agree w/them. Wonder if that Chinese DW came from WalMart????

real appraiser: (October 16, 2009 10:28am)

Clulessdad: I think everyone forgets that a few years back, maybe 2 years, the banks were trying to get in to the realestate sales end, the NAR fought and won. I think they are now going in the back door, first appraisers, Mtg brokers, then back to Realtors who would be made weak by the damage done in the prior year. You are right. The one stop shop, bank lists, sells, values, finances all by one girl at her desk, Pretty scary, no competition whatsover, unless walmart starts doing it too, DAMN what a nightmare...

Clulessdad: (October 16, 2009 10:24am)

Frank & Brian-what is the idea that you have that can take the place of HVCC? post it so we can argue the pros and cons.

Clulessdad: (October 16, 2009 10:20am)

Automated credit (FICO scores), AUS, AVM's, future access to every asset account, future access to IRS returns (already there, just need to interface it with an origination program) and the country will rid itself of all appraisers and loan originators. You want a refi? Just walk in to your local bank and fill out a form. The order taker inputs all the data, and it will spit out an approval/rejection. A quick search of title and walla. Loan docs get printed, signed right there and 3 days later you have your refi. Monies are all transferred electronically. Done deal. Since banks will own all the real estate, they will hire their own sales people. Realtors? The banks will see that 6% commission as a big fat new revenue stream. At that point the real estate market will be owned by the govt. Look for big brother to use eminent domain to acquire real property and then lease it back to the tenant. The lease payments will be needed to pay for the trillions in defecit. Seem far fetched? Scary

Starving Appraiser: (October 16, 2009 10:18am)

AVMs=very bad!!! Part of what got us here & isn't that like the lender doing their own apprsl? They should have to be licensed apprsr to do that, although I know it's happening. My AVM exprnc, apprsd a duplex, invstr prchs prc @$40K...had 7 ' ceilings & being converted to a SF. Invstr had used Inet to comp it to original SF houses 3-4 mi away & 20 yrs newer. Thought my value was 1/2 of what it should have been...but when all was sd & done, it was still a convrtd duplex w/7' ceilngs. Call a duck a duck...m r ducks... m r not... yes m r!!!

BoKnowsClosingsATL: (October 16, 2009 10:08am)

I can agree that the tax credit is not a very 'free market' solution but you have to admit it got a lot of people moving when all we heard in the media was how crappy the economy was--remember all this slowdown started in the Fall of 2006 when all you heard was 'real estate bubble' and EVERYONE pulled back and the freefall began (no, it wasn't the ONLY reason we're in this mess, but look back, that's when it started). Regardless, to truly pump up the current resale market, this credit needs to be extended (1st step) to ALL homebuyers (2nd step). Why? Sellers have given up on 'move up' homes unless their home was in the $150-299K range (metro ATL) that a 1st-timer picked up. If the $300-400K market had some movement we'd be in much better shape. Again, my 2 cents

Appraiser Barb: (October 16, 2009 10:06am)

LOVE your tribe to Leo Schrupp, guys! Wonderful

Clulessdad: (October 16, 2009 10:05am)

real appraiser-yes, USPAP doesn't specify which sales to use as comps. Unfortunately that may not be a snapshot of the entire marketplace in a neighborhood. The lenders, from my talsk with uw's and AE's, want a complete neighborhood snapshot, not just selected sales. AVM's give the entire marketplace, not selected sales, regardless of the quality of the home, location, etc., etc., etc. Unfortunately, they don't see the view, location, amenities, condition, and numerous other things that are really needed to properly evaulate the value. But because the appraisal only uses "selected sales," the lenders are wanting a complete market overview of the hosuing market. AVM's give this albeit a flawed reconciliation. It could be why they are asking for every MLS sheet from every sale, which was reported on a prior post.

EdC: (October 16, 2009 10:04am)

You guys need to be careful. This amc could be asking you to break copywrite laws by including mls data in your reports. They don't care, it's not their ass on the line - it's your. BTW, there is no such thing as a self-contained report - it would be the size of a full set of encyclopedias. Support HR1728 and the Kanjorski Amendment. It makes the banks retain 5% liability for the loans they write. If there's a chance of them buying back the loans, they'll demand quality and avm's will take the back seat (for now). It could potentially get rid of greedy amc's - I guess taht would be all of them hahaa. I just heard on CNBC that Frank is backing the 5% retention of liability by the banks. Wow, you mean they're actually getting it ??!! I hope this increased downpayment for FHA doesn't fly. It would be just another example of the banks avoiding risk by placing it on the consumer. They need to accept liability for their actions!! Arggg

Old Timer: (October 16, 2009 10:04am)

I know of a guy who works hourly for a national AMC who does nothing but appraisal review. His coverage area is "anything East of the Mississippi River", and he resides in Florida and works from home. How could he possibly be doing a quality review???, yet he is the one the AMC goes to for review and he, as an hourly AMC employee completing 15-20 reviews a day, feels he does a better job than the locals.

Starving Appraiser: (October 16, 2009 10:03am)

O contrare(sp)...My UWs have/do call me, re: details, not value. I know it's not the norm, but good busn practices encourage this communication. I'm not 1 of the "holier than tho" apprsrs who thinks he's sh!t doesn't stink (NOT that I'm saying others here are)...I'm human and make mistakes just like ALL humans. Try to keep em 2 a min., but they do happen. HVCC will NOT stop me from communicating w/my clients. I'll take it 2 court if it comes to that. Interest only MODs...isn't that the opposite of the intended use of $$$ allocated for mods? REAL APPRSR-thanks for the reply...am trying to lay my hands on the HVCC print out but no luck yet... guess I need to re-evaluate my admin person/wife... just kidding!!! She can be mean & that helps w/collections. Glad to C 4 the most part, keeping it LITE 2day.

joecolorado: (October 16, 2009 10:02am)

AI has its own agenda...and believe me, if you are not a member, it doesn't include you.

Old Timer: (October 16, 2009 9:54am)

cluelessdad - The reason that reviewers (and therefore UW's) are requesting all of this extra stuff is that they are sitting at a desk, 1,000's of miles away from where the property is located, and don't have the data sources to cover the entire planet.... so they are asking the appraiser to do their job for them, so they can degrade the appraiser.... Plain and simple, out of the area and don't have the capabilities to do their due-diligence, yet making the decision on the quality of the local persons work.

Clulessdad: (October 16, 2009 9:53am)

real appraiser-isn't there a provision somewhere in the HVCC that will place every appraisal in some sort of repository? I can only dream of what they can do with that data. More info for their AVM model, I guess. They will have access to every appraisal ever done on a property. My guess is that any "off quality" appraisal will be mixed in with other "better quality" appraisals. I can only imagine the ramifications of that database. What is AI doing about this? What about property valuations then? You get a lowball appraisal and that is what EVERY lender will see. OMG

ConfusedAppraiser: (October 16, 2009 9:53am)

Real Appraiser-That is so true. On more than one occasion I have seen a reveiw appraiser use my picutes from my origional report and pretty much copy all of my data.

real appraiser: (October 16, 2009 9:44am)

Tobby, Not to get into it here, but with HVCC and USPAP can you actually speak to a UW without violating confident. I know they are part of the client, but how do you really know who you are talking to. I wait for it to come in writing from who ever placed the order. Only way to be sure. and as for what does the HVCC agreement end mean, Who knows, its dated 03/03/2008 and dies after 28 months. But can it be made permanent, either way alot of damage will be done and cluelesdad, they will still need appraisers to steal our data for the AVM's, which by rule is illegal as they are processors of the appraisal and using any data without consent is illegal. I heard of a case where one appraiser sued based on copyright violations and won, his data was his and no one elses to use. the final estimate of value is fair game to the client and intended users. The problem is, they steal our data behind closed doors, someone within would have to spill on what the AMS truly do.

joecolorado: (October 16, 2009 9:29am)

The writing has been on the wall for several years. I told my appraisers to enjoy it while you can as its going to end. The job can be done faster, cheaper and acceptably accurate for government work by statistics.( I dont like that either but thats 2 bad)default %'s are calculated and risk assumed on a model, made by a computer with information given to these guys by US. the only saving grace is the AVM's will put AMC's out of business. but it's almost too late for us. sorry about the doom and gloom, but we can adapt to the situation. I am trying new tacks in my operation, that may work, who knows?. I've lost all of my appraisers now, so I am going down solo. 39 Yrs experience.....may be gone.

real appraiser: (October 16, 2009 9:29am)

Clulessdad: USPAP does not indicate which comps to use. Its clear on things like misleading the reader(fraud), predetermined values and gross negligence(lack of knowledge). However an appraiser should not use distress sales and should only use arms length sales. no foreclosure sales, unless they are driving the market. The AVM problem is not governed by USPAP so if lenders choses to rely on it, its for a reason, the use of all sales will push values down to their benefit. Appraisers must select the best comparable sales, most reliable indicators of value (hence different comps, difference of opinion in value. Some push to outlaw the AVM should have been addressed when values were increasing, kinda of like zillow. Now its driving prices down, so who is going to complain- the banks, they now have less risk and more equity. Truth is, use of AVM is not illegal, but it should be. I would not want one on my home.

Clulessdad: (October 16, 2009 9:26am)

Toby-UW's never have nor ever will call you, the appraiser. It has to do with the rule that your report is owned by the person who ordered and paid for the appraisal, in other words the broker, or now the AMC. USPAP and its rules always prevented them, or so their managements interpreted, that they could never talk to the appraiser directly.

socal appraiser: (October 16, 2009 9:25am)

The Banks doing something "Good" for the underwater borrowers.....NO Way.... Bank profits first...borrowers 2nd or just another "Good Guy Promo" we are here for you I received an e/mail yesterday that HR3126 Consumer financial Protection Agency Act 2009, was going to be marked up & consider additional amendments.... Call/write your Rep's so we can get some additional support to add an HVCC amendment.. go to https://writerep.house.gov/writerrep/welcome.shtml for links to your reps....

Clulessdad: (October 16, 2009 9:21am)

Read the HVCC again in detail and you will see that AVM's are where they are going. There is the ultimate appraisal independence. IMHO the future will show that the appraiser will be a glorified photographer and site inspector for the GSE's. Your "opinion" will be just that. The final value will come from the AVM and your report will highlight some of the differences in the market. But make no mistake, the AVM will be the final say for value. It already is.........

joecolorado: (October 16, 2009 9:19am)

article in denver post today, homeowner dropped by insurance Co. due 2 Chinese drywall problems in a new home built in FL & wont cover the cost 2 strip & re-build interior. No other insrnce co's will pick up due 2 liability, he is suing the builder, probably wont get anything there. Insurance argument is claiming justification, go figure. have not seen that problem in CO yet, but I am waiting.

ConfusedAppraiser: (October 16, 2009 9:18am)

Real Appraiser-I am confused. Does that mean the HVCC itself terminates in 28 months or does it mean whatever agreement that we have with an AMC terminates in 28months?

Tobby: (October 16, 2009 9:17am)

Cluelessdad, USPAP has nothing to do with AVMs. AVMs are not regulated other than to say that they can not be represented as appraisals. As for talking to underwriters, my phone number is on the appraisal. They only need to call. Still waiting for a call...

Clulessdad: (October 16, 2009 9:12am)

Just a note to all the appraisers-You guys need to speak with UW's nowadays. If you had any idea why they are asking for more info, just go to FNMA, FHLMC, and HUD and find they are all underwater. They don't want to buy loans that have ANY risk, i's not dotted and t's crossed. One lender told me that a rep from Freddie came to their shop and screamed at them,"You are not appraisers, so why are you even commenting on the appraisal reports? Leave it to the appraisal reviewers." Folks it is not the uw's anymore, it is your own brethren that are putting in some of these new requests. That and more usage and belief on AVM's than on your own appraisal. Your appraisals are not being used as you think they once were. AVM's are omnipotent in the eyes of the lenders, or soon will be. The AVM uses the entire market for sales, whereas an appraisal uses only a select few. I just had a solid appraisal cut by the AVM, which used sales which required $40K of work! What does USPAP say about this?

sk8np8n: (October 16, 2009 9:07am)

Here's a new one, at least to me. As an LO for more than 15 years, I ordered an appraisal through the AMC of a wholesale lender. Duplex, n/o/o etc. Two weeks of emailing back and forth...appraiser has refused order...new appraiser assigned...appraisal being reviewed...appraisal changes requested from appraiser...order released. In addition to costing my client $700, NOW the lender tells me the appraisal has to go into review with them because Corelogic says so. I have to contact the AMC and enter the request. Gonna cost my client (or me) more $$$. I told the lender, it's your AMC, I'm not allowed to even talk to the appraiser. What is going on here. Can you believe how screwed up this is?

real appraiser: (October 16, 2009 9:04am)

starving appraiser, see #12 in the HVCC agreement it says -12. The parties agree that the requirements in this Agreement, except for the provisions relating to the Institute, terminate 28 months from the execution of the Agreement. I hope its that easy

Starving Appraiser: (October 16, 2009 9:00am)

200+ pg reports...WHEW... I don't provide MLS printouts with my reports, clients don't require it as they know they can trust me to NOT make up data (not to imply any1 is). Sounds like a lender CYA thing.

Starving Appraiser: (October 16, 2009 8:57am)

have seen couple of post referencing HVCC life of only 28 months &/or ending in 07/2010. Anyone have any concrete info on this??? Not in the HVCC print out I have.

Starving Appraiser: (October 16, 2009 8:50am)

BIG MAC - @ VA, just got approved & training next week. I asked yesterday if there were any VA appraisers here and what kind of volume they were seeing. Didn't get a response...maybe that means VA apprsrs are busy. What part of the country r u in & if you don't mind sharing, what's the VA volume?....that is if you're a VA apprsr. Glad to see no references to violence today, only a couple of name calling post, which again, is childish & counterproductive. If u r an adult, please post like 1. Chinese DW was in the news months ago & just now getting attn., our tax $s @ work once again. Oh YEA, heard story of possible interest free small business loans in the near future, that is if the banks will lend.

CAHighDesertAppraiser: (October 16, 2009 8:48am)

CAAppraiser....sounds like an LSI order??

Drkryptonite: (October 16, 2009 8:48am)

MN-LO & Stillarecession Here, Lame and deperate attempts! I am embarrased for you. Some people can find a way to ruin just about anything good. I am sorry that I had to see that here in a place where I come for information about our industry...

CAHighDesertAppraiser: (October 16, 2009 8:46am)

StillRecessionHere......arent there enough websites out there for your T&A fetish? what an idiot...

First Time Caller: (October 16, 2009 8:45am)

To all that made comments about the females at the end, way to miss the point! It is no wonder that you are the same people that seem to miss the point on the daily discussions. If you aren't part of the solution, you are part of the problem.

Bigg in Colorado: (October 16, 2009 8:29am)

Way to honor your friend guys. Very cool.

G Money: (October 16, 2009 8:28am)

Has anyone seen this... I'm sure many of you have. Hysterical! ...And oh so true http://www.youtube.com/watch?v=SM7oWKgCVo4

MortgageBrokerGal: (October 16, 2009 8:28am)

RegalFlush: The new requirement for using your borrowers credit card to order appraisals is called "Red Flag Warning". It is a class to instruct your employees in the proper use of the credit card, and they will have to be certified by January 1, 2010 when their licenses are renewed. At least, that's the way it is in the State of Washington.

Mortgage BrokerGal: (October 16, 2009 8:19am)

StillaRecession Here: Remember the old term MCP? You definitely fit that model. With those kinds of comments, you would never become employed at my firm!! Keep those comments off this site.

USF Appraisals, LLC: (October 16, 2009 8:16am)

RIP Leo... After USF lost last night to Cinci, I thought I might be joining you in the Upper Room.

RegalFlush: (October 16, 2009 8:12am)

Does anyone else have a problem collecting their client's credit card information for the valuation companies? We are not supposed to involved with that transaction, why are we collecting the payment information. I don't think the credit card servicer would want the information being collected by a third party. I have seen to many clients deal with identity theft, and I don't want my loan officers or my company collecting that private information. Wait and see, there will be a problem with someone abusing that information and once again we will all be painted as scum..

joecolorado: (October 16, 2009 8:00am)

Still recession...hopefully that question and statement about the young lady was not thought out before you wrote that comment........... you REALLY need to apologize to her and to the ladies that read this blog.

Chuck: (October 16, 2009 7:50am)

To MtgPro I couldn't have said it better myself. What a Pig

Appraiser out of work, for the most part: (October 16, 2009 7:48am)

To Too for the MtgPro, he got it right. This day was not about kicking up a fire storm, have some decency all

Haha: (October 16, 2009 7:44am)

Old Timer - I never said I get mine done in 24 hours, but do you include all that data, MLS printouts from every sale over 6 months and the like. The new requirements from this lender are funny, but I will do them all if they are willing to pay

TheFyouSay: (October 16, 2009 7:40am)

Is there any rule that they have slapped on us in the past 2 years that is not a complete train wreck? The jobless numbers are pure B.S. what about all of the Loan officers, realtors, processors and appraisers that are doing a third of what the did before. These "self employed" people don't sign up on some list for being under employed or not closing any deals for a few months in a row.

Old Timer: (October 16, 2009 7:37am)

appraiser... my completed reports RARELY require anything additional from underwriting as they are thorough and concise in the first place..... oh, and they do happen to take more than 24 hours to complete.

James the Appraiser: (October 16, 2009 7:35am)

Well guys it has been fun, but off to work now

MtgPro: (October 16, 2009 7:34am)

To Still Recession here. The video was about honoring their friend who died of cancer. You need more than a job, how about a transfusion of decency.

James the Appraiser: (October 16, 2009 7:33am)

UNDERWRITER CALL - I am not sure most can even use a phone to make a call, unless mommy made then a check list first, I can see it now, 1 - turn phone on, 2 - make sure you have bars ...

Appraiser for fun: (October 16, 2009 7:27am)

Come on James, underwriters live to read all the data you can include in your report, that is why they are the final say and get the big bucks. Maybe all reports should be 200+ pages. Then the underwriter would have some thing to do other than look to see if all the boxes are checked according to his check list. It would also reduce your work as an appraiser. How? The underwriter would never need to ask for more sales, he would have them and all he would need to do is use one you have in the report that you for one reason or another did not use, the underwriters call

davwan: (October 16, 2009 7:25am)

does anyone know the form to send to a servicer requesting (demanding) the (lending institution) holder of the note

MsMarathon: (October 16, 2009 7:19am)

I agree with LancoMtge. AUS systems and FICO scores took the common sense out of loan decisions. I've been in the biz since 1975 and have experienced all types of economies. Our main problem today and I think most will agree is there is no common sense being applied. I see some FICO's and think why so low? I see some AUS decisions and think how in the world could this be approved? When was the last time guys you saw a machine with common sense? As a loan officer I say...put underwriting back into the hands of real people and "guidelines" that are just that "guidelines"...not some strict cut-off do or die point. Real Life does not fit into the perfect computer model

Old Timer: (October 16, 2009 7:19am)

MISSION... I was speaking to a home inspector the other day and he told me that the chinese drywall is seldom on the ceiling, mostly on the walls in 1/2 inch. He said that there is markings on the back to specify (but I'm not skinny enough to squeeze between the walls to see), but, he said he checks at the wall outlets for condensation and/or mold and that is a pretty good indication (not sure how, but he knows more than me I'm sure).

Caps4StanleyCup2010: (October 16, 2009 7:15am)

Cheap Chinese drywall is actually very easy to spot... when you break it open there is a fortune cookie inside.

Still Recession Here: (October 16, 2009 7:14am)

The chicks were hot at the end of that video. Nice rack on the chick in the white shirt. If they work for you guys I need a job.

MISSION IMPOSSIBLE: (October 16, 2009 7:11am)

How do you tell if a house has that cheap Chinese drywall? How would an insurance company tell if a house had that cheap Chinese drywall?

James the Appraiser: (October 16, 2009 7:09am)

CAAppraiser - Better think those numbers again. I just completed a report with 7 sales, 2 Pendings and 2 Listings. But the possible comps over the past 6 months were 97. So you you have to include an MLS print out for all 97 and 2 pages to explain the ones you picked and the reasons for not picking the rest you are around 100 pages just for this. A typical report adds about 25 to 30 more pages and I have not started on on the other requirements for a self contained report. In the end you will be closer to 200 pages and spend most of a week. I would have made the fee around $1,800 and if the home is an upper end home may be even $2,100. WHO IS GOING TO READ THROUGH ALL THIS STUFF< THE UNDERWRITER - Let me know what loan company is asking for all this great data.

MN-LO: (October 16, 2009 7:08am)

OK screw the mortgage business who is the HOT brunette in the blood drive! Please help me out with a connection TBWS!

just my thoughts: (October 16, 2009 7:07am)

wow... did everyone on Wall St forget that the neg-am's, no doc, interest only, 100%'ers is what got us here in the first place??? Why in the world would anyone choose to stay in a house when they owe more than it's worth and they have no personal investment in it???...so funny.... At least wait until I have a few more dollars in my wallet before you ask me to give it to the banks to "help them survive". (and pay bonuses)

CAAppraiser: (October 16, 2009 6:53am)

HOOO - got a request last night for a report, lucky me I went over the Lendres new requirements. They are asking for just a bit of data less than a self-contained report. Even want a pairs anal. in the report. I did a quick search and I see this report being about 140 pages with an MLS printout for each comp used and not used and a page explaining why they were used or not plus a public records print out for all used to show doc numbers and the like. Then talk about the time it will take to print and convert this data so it will go into the report. Botton end I gave them a fee for they new standards of $1,400, gee think they will have me do this or will they back down on this new set of company requirements? Who writes this stuff for them anyway, some appraiser that could not do his job?

The Loan aRanger: (October 16, 2009 6:50am)

Your video transitions on your book plug remind me of new users of Powerpoint...a little overdone.

yankeeboy: (October 16, 2009 6:45am)

Now I am not the smartest man in the room but I think the recession will be over when the want ads have more then two columns in the Providence Journal during the week and say 15 pages in the Sunday paper. I know people do not read the paper like they used but still..... I think if they want to help the modification business- have the lenders do an appraisal and if underwater do 100% at say 4% for 20 years and up to $50,000 interest fee but require 2% payment. Do the math after 5 years with hopefully some but nott much apprecitation you would actually be close to break even. Balance would be $163,847 plus $44,000. Imagine if somebody actually could have equity again. Anything over $50k would require a check from Obama or Dodd or even Rangel! or charge it off what is the differentce?Nice to see the banks sticking to the customers and kicking them when they are down. Imagine good customers who pay thier mortgage but do not fit in the skinny box to refi what they do with $$ saved!

JohnTheHeckler: (October 16, 2009 6:42am)

More Cowbell. I mean Jaw Harp.

Many Galloneer: (October 16, 2009 6:29am)

Giving today. Platelets, blood, and plasma. Have donated nearly 20 gallons of various products over the years. Giving blood is the easiest way to save a life.

ne appraiser: (October 16, 2009 6:22am)

txappraiser: ----Thank you... I play the guitar and its hard to find a uke that doesnt sound like a cat getting gutted

txappraiser: (October 16, 2009 6:10am)

neappraiser - Just google "IZ" for the version of Over The Rainbow and you'll find it.

LANCOMTG: (October 16, 2009 6:07am)

No one should have ever been put into a loan with a 55% back end! But, because AU approved it and they had the " score " it removed accountability. The underwriter only had to check items off a checklist and didnt have to make the decision. 55% based on GROSS! After taxes they would be lucky to have gas money let alone eat. How many thousands of those loans got made?

Nuke 'em 'til they Glow: (October 16, 2009 6:07am)

Over the rainbow tribute great but it just doesn't have the same impact as Judy Garland

Jay: (October 16, 2009 6:06am)

As a libertarian I really think you guys are doing a great job encouragaing people to take responsibility for themselves. However, I think promoting the 8000 tax credit is a little leftist for people pushing for "free markets". Also understand frustration with junk appraisals from HVCC but I understand the appraisers who are taking offence to your "comp check or else" approach. Don't you just HATE when a borrower calls and says, "what's the rate"? Well, Mr Jones, I need to get a better understanding of your credit, your income, your assets and the property type and value to determine Loan To Value. Once I have that information then I can put together a good faith estimate which will complete a fuller picture. So, much like "getting shopped", if we have high fees or rate and not a compelling reason to work with us, the buyer walks. If your appraiser does a bad job on a particular property, send your next order somewhere else. Comp Check = Rate Quote...no gaurantees...

B in Vegas: (October 16, 2009 6:05am)

Interest Only mods is an AWESOME IDEA! With values in the basement, what good is paying on the principal right now anyway? The bank gets the principal and the homeowner is still stuck with mortgage that is swallowing the house.

Neappraiser: (October 16, 2009 5:58am)

Hi can you tell the name of who did the over the rainbow ?

ne appraiser: (October 16, 2009 5:53am)

#2.... #2... Its going to be the next fix.. muuuhhaaa

Fletch: (October 16, 2009 5:53am)

Regardging putting the PRO back into professional everything you are siting below are used as guidelines for our profession. There is common sense for those that are professionals. I lost a lot of business because I wouldn't put someone into a housing payment that stretched them to 55% but some else would. We have always had a fiduciary responsibilty in the mortgage industry to do what is best for our clients we made entry into the industry very easy and as the old adage goes GREED is GOOD, which is not, a lot of very well deserving families with savings for a 10% or even 15% downpayment were ripped of by unscupulous people in our industry that are no longer in it. We are where we are right now, accept it, embrace it and figure out how you can stay ahead of it. I'm frustrated with all the changes like the rest of us but guess what until the politicians can say they've cleaned up our industry, which we already have, it is going to continue so they can be re-elected. God Bless America!

DallasLoanGuy: (October 16, 2009 5:43am)

I just gave..... Double Red Cells!!

LANCOMTG: (October 16, 2009 5:36am)

I love the work you are doing on HVCC. Another Issue I wish you would tackle is CREDIT SCORING AND AUTOMATED UNDERWRITING! I think this is the root of most of our problems as a profession. Think about it, credit scoring led to automated underwriting which led to stated this and stated that. Now,,, if you dont have a score you are penalized, regardless of the reason, ( Your fault or not ) How many people have you had to turn away or penalize because of falsley reported or explainable credit issues. HOW MUCH WOULD THOSE PURCHASES HELP OUR ECONOMY RIGHT NOW? Automated underwriting has taken the PRO out of our profession. It has removed common sense! Credit scoring ought to be illegal. We need to put real people and accountability back into the decision making process and ditch AU and credit scoring! HELP US OUT GUYS!

TD Hawk: (October 16, 2009 5:32am)

A panel of real estate attorneys gave our realtor association a presentation Wed updating on the latest hassles doing shorts and REOs in our neck of the woods, among the travails, B of A was tabbed THE worst at losing docs. The attorneys advised to be prepared to send things in THRICE or more. They claim to "lose" files but it's probably laziness and they simply want to be re-sent docs so they don't have to search a huge stack of files (i.e. top of file).

Big Mac: (October 16, 2009 5:01am)

What do you guys think of the system used for VA appraisals? Achieves the same goals as HVCC without extra layers of delay and cost. It seems to have worked ok for decades. BTW, we give blood every 8 weeks. You can too. Save a life today!

Jersey Girl: (October 16, 2009 4:51am)

Mark L.: I agree...and there should be some way for people to rebuttle an appraisal or get a second if they choose. There are good and bad appraisers out there, just like any industry. I saw 2 pretty bad ones last month. Comps were awful and value came in $20-30K less than what it should have. At that point the borrower was so frustrated, she decided to not go through with the loan...and already paid for the appraisal. Ugh.

Mark L.: (October 16, 2009 4:29am)

One of the problems with HVCC is that they only accept the 1st appraisers opinion of value. All the complaining appraisers who voice their opinion here seem to be pissed off because they dont what to give an opinion of value, up front, for free. I dont blame them. However, if my client was willing to pay for an additional appraisal, then why couldnt we use it? After all, as everyone noted, the appraisal is just one persons opinion of value. Suppose that first one did a bad job. Then the whole deal is dead.

dd: (October 16, 2009 3:48am)

By knowing the physical characteristics of a property, size, bedrooms, baths, size of site, age of improvements, you can give a ball park idea of value, unless of course you don't know the area, in which case you are violating USPAP to value the property in the first place. Desk top valuations and drivebys do it all the time...and then there is Zillow...

Greg D: (October 16, 2009 3:00am)

Its not that I mind you shopping my appraisal. But, how can I give you an opinion of value without completing the assignment?

Look in the Mirror: (October 16, 2009 12:28am)

Can't resist being the first post. These videos go out way early. Just want you to know I love Mabel the most of all the characters. And thanks for bringing back the TBWS song at the end.