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

keeka: (October 28, 2009 4:44am)

to joecolorado: definitely send your letters and voice your concern to the senators in your beautiful sate about HR1728 eliminating commissions and YSP to lenders. Alot of good people will definitely exit the industry and go into another commission based line of work, then who will we be left with?then what other industry will the gov't start to limit their income? BTW, the Appraisal associations are in FAVOR of HR1728 so definitely write to your associations too!

keeka: (October 28, 2009 4:36am)

Ancient Appraiser, is oh so accurate. Couldn't have said it more perfectly myself!

Valuequestor: (October 27, 2009 4:46pm)

I guess I stand corrected. Why would you call somebody "old" if they hold an opinion different from yours. You don't need to attack Bono Vox as out of touch after he has made a valid point. Maybe you don't agree with it. Thats fine....but I agree with him that the system has not been working all that well. If it had, we would not have this huge mess and the prolifferation of "Skippy form filler" appraisers. Its been broken for quite a while.

Concerned "Professional" Appraiser: (October 27, 2009 3:20pm)

This youngster's only 55 yo and has plenty of spunk. And I guarantee you, oh wise one, that there's no lack of inexperience here. So blow off.

Valuequestor: (October 27, 2009 3:09pm)

Great.....another youngster that knows a "better" way. How long have you been a "Profesional" Appraiser sonny. Just leave "old" out of it or we might start throwing inexperienced and ignorant around and see where it sticks.

Concerned "Professional" Appraiser: (October 27, 2009 6:28am)

My God, the trouble we are in and some clown is worried about an apostrophe! Amazing. And Bono, if you're one that continues to blame the system then you're out of touch, or too old to give a s--t.

rib: (October 27, 2009 6:10am)

FYI-It is not necessary to add an apostrophe to AMCs. Thank you.

EdC: (October 27, 2009 1:07am)

fed interference in making the banks promote a home for everyone. Noble in ideals, derelict in execution, so we pay

Ancient Appraiser: (October 26, 2009 4:39pm)

Freddie Mac and Fannie Mae were the culprit in the downfall of this industry and the bureaucracy somehow always manages to turn the blame to others. The rating system sold class A paper filled with sub-prime loans and the Freddie and Fannie execs got large bonuses and kept on rolling. The corruption started at the top in this case and the fault lies there. If a appraiser supported what appeared to be a high value, because the comparable were there, in most cases it was reviewed, approved and sold on the secondary market to somebody unaware of the risk. When you want the thieves look to who made the money !

chitownmike: (October 26, 2009 4:04pm)

MIKEimg: What if she does have a HELOC?

joecolorado: (October 26, 2009 4:01pm)

Bono-I am an appraiser and have been for 39 yrs. I dont like this either, but appraisers that have been yes men/women have put us all in a jam, from which we may not survive. The idiots that did this are now probably not even in the profession. BUT they were mentored by someone and that someone needs to be taught the value of saying NO. Its not always about the fees, its not always about the value.I have really enjoyed this fantastic job for many yrs, and now its been sullied by some idiots that dont give a crap about whether the value stated is reliable or defensible. Those are the morons that need to be addressed by the State.

joecolorado: (October 26, 2009 3:53pm)

Answer..I have a copy of HVCC in front of me...If you could state where I am incorrect perhaps I could re-read the HVCC and update my blog.

Bono Vox: (October 26, 2009 3:50pm)

JoeCO - it's harsh to blame appraisers for this. It's the system. The Realtor, Lender and Appraiser are all straight commission. If the appraiser misses value, the know nothing Lender fires him. If the Lender knows his stuff and sticks up for the appraiser, the know nothing Realtor fires the Lender. That's a system that doesn't value honesty. I agree with a previous comment that a VA system would be better - and cut down on fraud by teams of Lenders, Realtors and Appraisers.

mikeIMG: (October 26, 2009 3:32pm)

Chitownmike - As long as your client does not have any other liens on the property (second mtg or a heloc) the lender will allow them for a small fee (usually about $350) to have their loan reset for the next 23 years based on the Freddie Mac or Fannie Mae 60 day rate plus a half a point . I believe the borrower can request the loan adjustment 45 days prior to the end of the seven years and it is the 45 day mark that the index is used.

Answer to joecolorado: (October 26, 2009 3:28pm)

Joe you are uninformed and don't really understand HVCC. I would recommend you read some more and talk to appraisers before offering you crap!

Rob in AZ: (October 26, 2009 2:08pm)

Chitown, did you already check her balloon rider? It is possible they wrote it as an "extendable" balloon. As I recall, the extendable balloons just get rolled over at current market rates, similar in nature to a 7-year ARM but without rate caps--no requalification necessary.

FinanceLogic: (October 26, 2009 2:02pm)

chitown, your borrower qualifies for HAMP. They will use current banks statements to document income but nothing in it for you.

joecolorado: (October 26, 2009 1:44pm)

I am not a proponent of HVCC,far from it.But lets put the blamehere it belongs, on us. The removal of HVCC will create further problems, We need to make our States enforce our laws regarding appraisal conduct. MAKE them listen to the remaining appraisers by bitching to them about their involvement in this fiasco,and lack of mentoring lax penalties and lack of monitoring. They only seem to be hanging around when there is revenue to collect from us. They are a total waste of space currently,a drain,and a fee every three years that has to be paid. talk about a job that has no worries!AND HAS BENEFITS!!!!

joecolorado: (October 26, 2009 1:36pm)

look,if appraisers had obeyed the USPAP regs in the first place,we wouldnt be in this position. THATS the problem.Its not whether there are AMC's or HVCC or not,it doesnt matter WHO is asking for an appraisal or how much they are willing to pay, if the root of the problem IS the unethical appraiser.We need to clean out the riff-raff appraisers before we can complain about the way we are getting appraisal commissions, getting rid of HVCC is a goal, as is dumping AMC's, but HVCC has ZERO to do with forcing the use of AMC's on lenders.(In fact,in HVCC it states that lenders are allowed to use in house staff to order appraisals).The HVCC code reiterates basically the USPAP recommendations. Things which we should have been doing ANYWAY. Stop selling yourself short, stop saying yes to everything, gets a set of NADS and say NO to pressure.Kick unethical people in our industry to the sidelines, lets get our profession back.

SimpleSolution: (October 26, 2009 1:25pm)

Chitownmike-They will work with her but not until she stops paying from what I have heard. I would adviser her to try to call them and let them know she can't pay it.

HVCC yes AMC no: (October 26, 2009 1:13pm)

You guy shave it wrong...its not the HVCC, its the Appraisal Management Companies that are the problem. The HBCC does what it is supposed to do, prevent collusion. The problem is that most are misinformed about what they can do and can't do, and think they have to go through an AMC.

Chitownmike: (October 26, 2009 1:00pm)

I have a borrower in a 7 year balloon which is due in June of 2010. She is self-employed and will not qualify for a fully documented loan. She has 800 credit scores and (obviously) a perfect mortgage history. Her servicer is Chase. Do any of you have any recent experience with Chase regarding balloons? Are they likely to offer to roll her loan into a fixed or adjustable rate without income qualifyiong her? That would seem to make sense as otherwise, they will likely be in a position of foreclosing on someone who has never been late on a payment. Any ideas?

Rob in AZ: (October 26, 2009 12:51pm)

Unfortunately "common sense" is right on about the main Bill--creating yet another layer of gov't bureacracy won't solve the problem. And if the new agency has as much leeway as current agencies like FHFA and Federal Reserve, look out! I don't know if there is a way to have your Congressman sponsor separate the amendment into a stand-alone Bill?

Clulessdad: (October 26, 2009 12:42pm)

CAMB Member-NAR makes every real estate person sign up with dues to be able to represent them as Realtors. They are not a voluntary organization like NAMB. Make NAMB mandatory and our numbers would skyrocket. Or have the NAR create a separate division for brokers. I would join in a second, if there was some way I could represent myself as a "brother" to a Realtor.

Britt: (October 26, 2009 12:31pm)

Make the Down Payment tax deductible. Not sexy but it would be stimulative. I'm sure Congress would need to cap the $ amount.

CAMB Member: (October 26, 2009 12:24pm)

If you consider yourself a professional why would you not be a member of your professional association? CAMB and NAMB are the only professional associations abvailable to the mortgage brokerage community. NAR has over 1,000,000 dues paying members. That's why no one f's with them. With out numbers and dues the government will continue to run ripshod over the mortgage broker. At it peak NAMB had just north of 25,000 dues paying members. Not sure of NMBA numbers. Pathetic participation none the less. As you know lobbiest cost money. You can't afford not to join your professional assoiciation or you will be out of a job/profession. Representation cost. Sad but true

Common Sense: (October 26, 2009 12:20pm)

Brian and Frank. I applaud your efforts to end HVCC, but guys, this is just wrong. This any means to reach an end thinking is what got us where we are today. 3126 is a horrible piece of legislation that will make the HVCC look like a annoying seat-belt law. This bill creates ANOTHER agency to regulate our industry. This amendment was a way to gain industry support for a very unpopular bill. Look out!

Mr. Mortgage: (October 26, 2009 11:58am)

Hey Brian..Michael Milken worked for Drexel Burnham Lambert (a Wall Street investment banking firm) and had nothing to do with the savings and loan debacle in the late '80's..love your show but get your facts straight...

TBWS Support: (October 26, 2009 11:56am)

If you're still having trouble viewing the videos and the Alt Viewer didn't help, please ask your IT department if they are blocking streaming video that uses the RTMP protocol. Many financial institutions have resorted to blocking all streaming video regardless of source, however you may be able to persuade them to allow it from our domain name.

SimpleSolution: (October 26, 2009 11:51am)

ILL Appraiser-I don't get it either. That should have been Fannie/Freddie's answer to Cuomo instead of running with their tail in between their legs. Thanks for the info. I guess in regards to CHUMS the old saying goes. If it ain't broke don't fix it.

Starving Appraiser: (October 26, 2009 11:49am)

ALT Viewer didn't work for me, in IE or Firefox, still getting delays every few seconds. But thanks for trying.

Arizona Mortgage Man: (October 26, 2009 11:30am)

INSTEAD OF SELLER FUNDED DPA; HUD should make available to resale home buyers the same sales program they make available to buyers of HUD owned homes. $100 down payment & $1,000 sales bonus terms to the HUD REO home buyer. You would not need to bump a sales price to accomadate a seller funded down payment which alleviates that concern. Possibly use a tighter DTI and increase the MIP on transactions with the $100 down option. In my opinion, these types of terms would sell more homes then the tax credit and our government would not have to keep adding to the deficit which would be another benefit. HUD allows this for their own properties, why not make it available to all home buyers?

ILL Appraiser: (October 26, 2009 11:18am)

Simple Solution - FHA did have a system in place until the late 80's. It was called CHUMS and it worked well but it was decided by the powers that be that lenders should be able to chose the appraisers because they would do the right thing and chose only the best. Little did anyone know, except for some of us appraisers, that lenders were not that forthright and would then start applying pressure. I'm certain in this day and age of technology that a program similar to the VA program, and old CHUMS system, could be set up in a matter of days so appraisers would be assigned randomly. Why it hasn't been done already is beyond me....

EdC: (October 26, 2009 11:06am)

Concerned : EVERYONE agrees that the HAVOCC was unnecessary as there are already regulations to prevent appraiser coercion - they just need to be enforced. That statement came from 4 of 5 banking regulators that didn't want the hvcc enacted. Just look at your state board. Anybody getting more than a slap on the wrist for fraud? My state board says they refer complaints to the AG but they laugh as there are no funds for investigation. Lack of enforcement = lack of funds. The government put the onus on the states for enforcement but gave them no funds for same. Governments way, act like you're doing something but make it ineffective. IVPI should have been enacted with the HVCC, where is it? If the government were really concerned about the consumer the IVPI would have been in place. No one to complain to that can do anything about it is where we are.

Starving Appraiser: (October 26, 2009 10:59am)

Dear GOD - excellent post. You hit the nail on the head.

EdC: (October 26, 2009 10:57am)

Concerned, they appreciate me??!! LOL!! Haven't worked for an amc (eapp) since Feb and then I only did 2 for them. The aggravation was too much. LSI said last year that my usual fee of $400 would no longer work. If I wanted work I'd have to change my fee to $180. I kept it at $400 on my profile with them. Appraisalport called me up and wanted to update me on how to work with them. I told them to go rot in he!! and everyone associated with them. I'm a nice guy, why aren't they calling me?

Enlightened: (October 26, 2009 10:43am)

You mean some people still use IE? How 90's

SimpleSolution: (October 26, 2009 10:43am)

GOD-Exactly thank you. Why FHA, Fannie and Freddie don't adopt the same system is beyond me....it works...

TBWS Support: (October 26, 2009 10:42am)

For those having trouble viewing the video in Internet Explorer, please reload the Daily page and click "Alt Video Viewer" below the Rating stars. There will be a slight pause however the video should play within a few seconds.

GOD: (October 26, 2009 10:41am)

Simple Solution yes brokers and all lenders get to communicate with the appraiser, we just don't get to pick which one is coming out. They seem to be the appraisers most likely to ask questions and seem to be the ones most wanting to get it right the first time - it's the standards VA holds them to and the risk of being thrown off the approved list that makes them want to do a good job. Oh and doing a good job doesn't mean always meeting sales price. It's communicating well with all parties to the transaction about the issues they run into and doing a good job of explaining why the price they came up with was appropriate.

SimpleSolution: (October 26, 2009 10:40am)

e-homeappraiser-I am there with you. I never have and never will work for AMC's. I have taken a part time job in another profession to suppliment my conv. appraisal income. I would rather punch a clock.

joecolorado: (October 26, 2009 10:40am)

we are going to have a bad % in every bunch, but We allowed this to happen so WE should be allowed fix the problem. The demise of the HVCC may be imminent but NOT GUARANTEED. Keep at it, harass your state reps. I know when this is over I will be looking to see how my reps voted..I will be voting with the same regard when they need to be re-elected and I have told them that fact. They are there to protect MY Colorado, not the other way round. Brokers need to be protected from losing YSP as they are also a major part of our business. We as appraisers need to ensure that they are not lostor devalued as cients. WE NEED them to help our business prosper. Where do we go to sign up for the vote against YSP removal?

The Irishman: (October 26, 2009 10:35am)

Cheers Brian and Frank for all your help with HVCC, you guys have a done a tremendous job. Next time i see a crappy comment on here from somone questioning your expertise in all of this, i am going to have Shane Mc Gowan stick his rat infested front teeth in the neck of the culprit. Cheers

e-homeappraiser: (October 26, 2009 10:33am)

Concerned "Professional" Appraiser,Edc and jrAppraisal comments are right on.With 37yrs in appraisal and real estate,I have never seen anything like what has happened in the appraisal profession the last 3 years.APPRAISERS!!! refuse to work for discount fees.IS THAT ALL YOUR WORTH?Rid the industry of HVCC and AMC's.We can take appraisal requests directly from mortgage brokers,direct lenders or anyone else,but complete them with required time and to our standards,you know "USPAP". No comp checks,no prelim.values,etc...just good solid well written and documented reports with supportable values.I have not and will not work for AMC's and discount fees,and neither should you.Start running your business like a professional licensed or certified appraiser.That's all for now!

SimpleSolution: (October 26, 2009 10:28am)

Thanks EdC-Appreciate the feedback. Will check into joing NAR..

Concerned "Professional" Appraiser: (October 26, 2009 10:24am)

EdC - Lack of enforcement, my ass. It's a lack of ethics on the part of the professional who agreed to obey laws governing his or her profession. But you continue to make the AMCs happy. I'm sure they really appreciate you.

EdC: (October 26, 2009 10:23am)

Brian and Frank. I'm not getting post (discussion)updates and I had to add you to my favorites as the usual morning e-mail of your daily blog isn't showing up. Some things are easier to navigate and my posts aren't disappearing like before. Still some kinks ehhhh. Still laughing about that cockpit skit lol. 20 minutes is enough time for a nap or a ...... lol

EdC - 20 yrs appraising: (October 26, 2009 10:18am)

Because we're in a crisis. VA works but they're ignoring that system because of the welfare state disguised as housing market we've got - have to get those loans through at any cost to the taxpayer. It's killing me that we bailed the banks out and they're using my taxpayer funds to destroy my business and support "too big to fail". NAR has my vote. I like their appraisal designation and it doesn't cost much to join. Powerful and they get my vote hands down. AI and all the others pale in comparison for clout. I've also joined the AGA (appraisers guild of america) but haven't heard much lately. AFL/CIO behind them. We appraisers have the power but it's mispent and too diluted by financial concerns and and trying to make more than skippy. Ick

SimpleSolution: (October 26, 2009 10:10am)

BTW-FHA already has it's own panel what would be so hard in assigning appraisers as VA does. Correct me if I am wrong but brokers do VA loans and don't get to communicate with the appraiser then either.....

SimpleSolution: (October 26, 2009 10:08am)

Can someone tell me why FHA, Freddie and Fannie don't just follow what VA does with it's VA pannel? Is it because it would be too costly for them to maintain the panel?

NAMB 0 - NAR 7: (October 26, 2009 10:04am)

To the poll question to the right of the screen, " Has the passing of the HVCC amendment to 3126 changed your mind about joining associations?" Not really. I may join NAR since once they started working on it that's when it changed. NAMB And the Apppraisal associations have been working against HVCC for over a year, and once the NAR got involved, within 90 days it was killed. By my count that puts NAR up by a touchdown at least. But i did a search for HVCC over the weekend and saw where the NAMB came out in "support of the HVCC" once the lawsuit the

EdC - 20 yrs appraising: (October 26, 2009 10:03am)

As far as #4 on the petition, they're just saying enforce the rules that are already in place. Can you say a lack of enforcement has us here? I can

EdC - 20 yrs appraising: (October 26, 2009 9:58am)

Psss off a broker, you lose 1 client. Psss off an amc you lose 50 clients.

EdC - 20 yrs appraising: (October 26, 2009 9:57am)

Concerned, they were building up volume with the no business sense appraisers for years at lower fees. You know, the lazy, incompetent ones that had no business being in an independent profession. The parasitic ones that we refused to tutor but some other parasite did. Suppose you were drowning and there were 2 lifepreservers thrown to you. One from an amc that said "grab our lifepreserver and we'll save you, but you'll be our economic slave for the rest of your days." The MB's throw you a lifepreserver and say "grab ours and we'll save you, but you'll have to put up with us pressuring you for value for the rest of your days". I'd grab the MB's lifepreserver in a second. When the banks are forced to do proper underwriting for their risk, stretching values will be caught (from my experience), so that pressure for value thing is limited. I welcome any organization that gives me a choice to run my business unfettered. NAR, NAMB any. Appraisers can't seem to save themselves from drowning.

brian tbws: (October 26, 2009 9:52am)

Hey guys a few of you are having problems with the video. we are working on a "work-around" for you that should be up soon. If your having problems outside of this you can contact me at brianstevens@lendscape.com

NorCalLender: (October 26, 2009 9:44am)

To Dallas, make your rules all you want but demand those rules to the companies that buy your products and you'll quickly find yourself the industry equivalent of an 8-track player.

DALLAS COWBOYS RULE: (October 26, 2009 9:39am)

YES YOUR ALL CORRECT, Banks/Lenders make the rules because they say we are the lenders and you all follow them. Remember we APPRAISERS already have rules and regulations its called USPAP. PERIOD.

DALLAS COWBOYS RULE: (October 26, 2009 9:39am)

YES YOUR ALL CORRECT, Banks/Lenders make the rules because they say we are the lenders and you all follow them. Remember we APPRAISERS already have rules and regulations its called USPAP. PERIOD.

Realtor 1: (October 26, 2009 9:38am)

yes you are right. I am a Realtor and after viewing your videos everyday I always procrastinated on signing the petition. Well NOT TODAY! ;-)

Concerned "Professional" Appraiser: (October 26, 2009 9:33am)

And the other problem I see in this is every appraiser, not one, not two, every, every appraiser, has allowed this to happen. We had the ability to all say NO to these companies. We had the control. WE did not exercise that control. Some flunky appraiser trying to capture some business agreed to this crap of low fees. The entity that forced this on us was our very own profession and those so-called "professionals" taking low fees to get work. You know, the ones who have no business sense...the ones who have no clue as to how to operate a business. That's who caused this mess. And until we stop blaming the HVCC, Cuomo, lenders, and get our own profession in order, it will never change. This is up to appraisers to fix. Not the NAMB, and not the NAR.

FHA Next: (October 26, 2009 9:29am)

Now how do we get HUD to kill the HVCC style appraisal restrictions?

Starving Appraiser: (October 26, 2009 9:26am)

BEN - Yea, it's treated like "LAW", even tho there was never a vote, but that's what it's taking to have it repealed. Makes no sense. Been folowing this blogs a couple of months & 1 topic/observation (IMO) is that apprsrs struggle to create some type of unified organization that truely works for the best interest of apprsrs/apprsl industry & not a for profit organization that's focused on membership numbers/$$$. Weekend poster suggested F & B start an apprsrs orgnztn, I think it's a good idea. With the Inet, bloggs & boards, video conferencing, etc. we could unit nationwide. Sounds good to me.

Concerned "Professional" Appraiser: (October 26, 2009 9:24am)

#4 of the petition is outrageous. It emphasizing making appraisers abide by standards. The emphasis should be making lenders abide by standards. Even if the HVCC is reversed lenders will continue to use management companies as they have too much vested interest in them. It's up to appraisers to stand up and refuse to work for these companies for the ridiculous fees they offer. Once lenders stop receiving appraisals, then they will be forced to change the way they operate. This ill-written petition will not change the current system. Management companies are data-mining reports and using that data to forego an appraisal in many cases. Fannie continues to undermind the appraisal process by not requiring appraisals for borrowers where LTV ratios are satisfactory based on AVM's. HR 1728 will stop this. Urge your reps to support HR 1728. Rewrite the petition so it has some teeth. As written, it does nothing for anyone.

SimpleSolution: (October 26, 2009 9:20am)

Ben Franklin- I am there with you on the appraiser lawsuit. I have lost over half of my business because I didn't want to bend over for the AMC's and I have had to take a part time job to supplement my income. I would love to get some of that loss back....

ron: (October 26, 2009 9:10am)

michael milken was the junk bond king, not any bank failure.

EdC - 20 yrs appraising: (October 26, 2009 9:09am)

Hilarious skit guys. They had to be asleep lol. Overshooting by 150 miles at 450 mph means they missed the airport by 20 minutes!! Guys, you need to update the HVCC petition. It's no longer that the amc's take up to 40%, it's up to 70%. The legality of the HAVOCC IS challenged. Violations of APA and RFA. "Although the HVCC was issued in part by an administrative agency of the federal government, it did not go through the Administrative Procedures Act (APA) or the Regulatory Flexibility Act (RFA) as required of rules issued by administrative agencies of the federal government. Reps. Childers (D-MS), Manzullo (R-IL), and Bachmann (R-MN) joined Congressman Gary Miller in offering the amendment. I hope some lawyers are reading and listening to what these fine Congressmen have said. The amc's should be issued cease and desist orders - yesterday!!

Clulessdad: (October 26, 2009 9:08am)

Sems to me that we should all be part of a Real Estate Industry group, including NAR, NAMB, apraisers, escrows, processors, wholesale lenders, title co's, and lawyers. The banks feel they have too much leverage on the rest of the real estate industry and we need to show them that they need us just as much as we need them. I think that is thinking BIG.

Clulessdad: (October 26, 2009 9:03am)

Mad Mortgage Broker-Thank you-I found that site and the initial bill and the initial amendments. But in reading it, the HVCC amendment was not included, or at least what I read was not included. Is it in there?

Mad Mortgage Broker: (October 26, 2009 8:58am)

Link to 3126 = http://www.govtrack.us/congress/bill.xpd?bill=h111-3126

Ben Franklin: (October 26, 2009 8:49am)

Agreed starving appraiser! what really makes me sick is that this wasn't even voted on or passed in the form of a bill. It was forced on the Fannie and Freddie. What about a collective law suit from appraisers? We sit by and let realtors and brokers fight the fight. I feel we need to do more, much more. We need to be much more proative and punch HVCC in the mouth!

Starving Appraiser: (October 26, 2009 8:44am)

BEN - What Free Enterprise??? HVCC killed indpndt apprsrs right to Free Enterprise (conduct busn without govn interference). I just can't wrap my mind @ the fact that this originated from nothing short of blackmail. If Fred & Fan had/has something to hid, they should be investigated and not allowed a "do it my way & I'll keep my mouth shut, 'cause I'm NY AG AC" agreement to control their mode of operation resulting in a major negative impact on the entire RE industry. AN AMERICAN DISGRACE. >> JN << please post any resolution to video viewing probs you discover, if you do. I've tried everything suggested, & then some, nothing worked yet. But still open to suggestions.

Seriously Speaking: (October 26, 2009 8:34am)

LMAO! That is some funny sh*t!! Nice job piloting the plane!

jrcappraisal: (October 26, 2009 8:30am)

The HVCC has allowed management companies to ruin our business and also take a chunk of our fees. I always fee that direct communication is best as you need sales contract, plans and specs, description of materials, leases, rent roll, and occasionally need to talk with the loan officer. I get ununsual properties occasionally that have an extra unit or a small shop. It is good to tell the lender what you have and ask how they want this handled instead of calling some management company and asking them this information. Low fees and quick turn times do not produce the best results and may times I need to sleep on an appraisal to think about the value. I lost 20+ years of client base due to this stupid law. The government always overreacts to problems. Lending has problems about every 15-20 years and there is always some way to beat the system.

JN: (October 26, 2009 8:19am)

Starving Appraiser-I will get a response, I hate to say this but if I don't the FTC will.

Ben Franklin: (October 26, 2009 8:16am)

Great work the HVCC guys! The biggest thing i feel as an appraiser that is not being talked about enough is impact HVCC has on an appraiser running their own business. We can no longer go out knock on doors and drum up business. Free Enterprise anyone? Can you imagine a contractor or electrician waiting around for someone to send them work and then tell them how much they are going to do it for? This has to change!

Starving Appraiser: (October 26, 2009 8:03am)

CLUE - Me too. Weekend poster to Fri's video had some comment from it but I couldn't tell where the quote ended & the poster's remarks started, or if it was even both. Would like to read it myself. >>> JN <<< - @ the same here. Have contacted support three times w/one response. They're saying it's on my end, but didn't have any prob until tbws server/eqpmnt upgrade. I don't even try to watch the video anymore, too time consuming & frustrating, just gather what I can from the fellow posters. Good luck & share if you get resolution...I will!!!

DALLAS COWBOYS RULE: (October 26, 2009 8:00am)

THERE NO EXCUSE FOR THE NORTHWEST PLANE TO FLY 150 MILES PAST THE AIRPORT. THEY SHOULD BE FIRED AND THERE LICENSE TAKEN AWAY AND NEVER FLY PASSENGERS AGAIN. PERIOD. NO EXCUSES PLEASE. THE CONTROL TOWER TRIED FOR AN HOUR TO REACH THE PLANE.

Frank @ TBWS: (October 26, 2009 7:56am)

If you want a copy of the amendment email me: frank@thinkbigworksmall.com

Clulessdad: (October 26, 2009 7:55am)

The banks run the government. The banks have a lot of foreclosures that will start hitting the market in Feb 2010. They will need buyers. Buyers will need some incentive to buy, as rates start to creep up. We will need another tax credit to help the banks unload homes. They won't announce it til after 12/1/2009 though. IMHO

JN: (October 26, 2009 7:51am)

I am a paying subcriber to TBWS. I have been waiting for a return call from your "support" team for a few days. I tried your opt out and received 17 emails on the same day. My initals JN will be in the subject line.

Clulessdad: (October 26, 2009 7:48am)

Does anyone have a link to the actual amendment to 3126? I tried all weekend to find it.

Just another welfare program, whats the problem?: (October 26, 2009 7:46am)

CHAD: You mean it's similar to the thousands of people who steal and pilfer off of the welfare system? The many who deal drugs, work part time jobs, under the table jobs, lie, cheat and rob the Welfare System? Or are you saying the Tax Credit is the only broken system that hands out money to the under priveledged, low income, minorities???????

Chad: (October 26, 2009 7:17am)

The tax credit has a down side. An article last week from Marketwatch reported that the IRS had doled out $620 million to ineligible taxpayers including a four year old.

Britt: (October 26, 2009 7:14am)

Changes - Pass it on, I am writing my local Congressman with the suggestion.

Motown Rob: (October 26, 2009 7:12am)

Milken wasn't the poster child of the S & L scandal, he was the poster child of the "junk" bond scandal. Charles Keating (Lincoln S & L) and the Keating 5 were the poster children of the S & L crisis. Just want to get the facts straight.

St Pauly Girl: (October 26, 2009 7:10am)

The "B" in NAMB stands for Broker. NAMB is advocating for the brokerage business model and aksing for all others (banking, correspondence, wholesale, etc.) to be held to the same rigid disclosure positions as we are as brokerages. We need to keep up the pressure...continue reaching out to your local legislature.

Changes: (October 26, 2009 6:59am)

Britt - That's actually a really good idea...

Britt: (October 26, 2009 6:56am)

How about an idea that I saw from a Realtor? Make all downpayments tax deductible up to a certain $ amount of course. This would expand the present Tax Credit to the rest of the market (not just 1st time buyers) and continue to provide a shot in the arm for the real estate market.

Is NAMB Crazy?: (October 26, 2009 6:37am)

Hey Anonymous - Why would the National Association of Mortgage Brokers attach an amendment to a bill that could kill brokerage? That makes no sense. Can you please site the sections of 3126 as it stands with all it's amendments, where it is a threat to the mortgage brokerage business? We'd seriously appreciate it. But I have to believe that NAMB wouldn't have us supporting a bill that's going it kill us.. right? Anyone?

NWA: (October 26, 2009 6:32am)

yeah... they missed the runway by 150 miles... they were going to scramble jet fighters and everything..

Anonymous: (October 26, 2009 6:30am)

Have you ever heard "Be careful what you wish for?" The new CFPA will be writing the "new" HVCC protocol and I hope we don't end up wishing we had the old HVCC. Haven't we learned anything over the last couple of years? The government wants wholesale gone completely. It's not our money, so what if we found the client, we don't service the loan, etc...

GOD: (October 26, 2009 6:27am)

So what's the deal with NWA? I'm guessing sometime somewhere some pilots fell asleep at the wheel and took a plane way out of the way?

Contact Everyone You Know!: (October 26, 2009 6:25am)

Please send the HVCC petion VIDEO to everyone on your client list. It has been the most effective tool to educate Realtors and Consumers I have found!

dc: (October 26, 2009 6:21am)

thank you, we have to get rid of hvcc it is killing all refinance business.

Anonymous: (October 26, 2009 6:20am)

Who are these idiots

Jersey Girl: (October 26, 2009 4:52am)

Woo Hoo Brian & Frank! Thanks for all of your help with fighting the HVCC...this is great news! I know we have a long way to go, but appreciate all you've done so far. Let's get those sigs! :)