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

AZBroker For Now: (October 28, 2009 9:54pm)

Keyser Söze reference was pure genius. Could be the best clip ever - keep up the good work. Why do I feel like I have a David Patrick Kelly quote "Warriors...come out and playyaayy!" coming in my future?!

velshirley: (October 28, 2009 9:37pm)

Senators Agree To Extend Homebuyer Tax Credit And a reduced credit to repeat buyers of 6,500

Marana, AZ Realtor: (October 28, 2009 5:07pm)

Ditto ! Buyers in Tucson, AZ are waiting for the rest of foreclosures to hit before they buy. I resent the fact that banks are not working with people to keep them in their homes, they are foreclosing after 90 days and using our TARP funds to maintain the property until they feel like releasing them back on the market. This has only stalled our market. Let's get this overwith.

FREE MARKETS: (October 28, 2009 5:23am)

TAX CREDIT SHOULD BE ABOLISHED AND SHOULD NEVER HAVE BEEN ENACTED. IT ARTIFICIALLY STABLIZES/INFLATES MARKETPLACE. LET FORECLOSURES HAPPEN, LET BANKS FAIL, CLEAN OUT THE SYSTEM AND WE WILL RECOVER MUCH QUICKER.

ReverseMortgageGal: (October 27, 2009 6:19pm)

Ancient Appraiser: (October 27, 2009 10:57am) "Just wanted to point out the market is pushing for lower values; underwriters, appraisers and loan officers have to fight back to allow the market to recover." EVERY single day as a LO, doing loans all over California, the value fight rages on. Example: an "appraisal review" guy from a large "America Bank" drove by the subject property & reports he is going to slash the fee appraisal value by 50k which in effect is a loan denial as the loan would therefore be short to close. The fee appraiser (we still do not have to use AMC's for FHA/HUD reverse mortgages, hope and pray we see HVCC end before have to)is fighting back with a written jusitifcatiopn stating that the comps used by the "appraisal review" guy are out of range and not relevant. At least, so we don't look like total idiots to the borrower I may need to explain all this to, couldn't the bank appraisal review guy at least pretend he cares and actually go inside the house?

Rob in AZ: (October 27, 2009 5:59pm)

Bono Vox: right on! I wonder what school you consider yourself as an Economist? I think a major part of the problem now is the Keynesians (who were proven 100% wrong by the fact the 1970s existed) are back in power now.

Valuequestor: (October 27, 2009 4:57pm)

Hey, I've been busy working for a change and was reading yesterdays stuff. I had to have the last word.....to my surprise Bono Vox the guy that jumped you was still in the alley. The convo is what I copied and pasted below. We are all so angry.

Valuequestor: (October 27, 2009 4:51pm)

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. Wow! All this is on yesterday's TBWS

Mr. Mortgage: (October 27, 2009 3:17pm)

can anyone out there refer me to a hard money lender for a $400k loan (40%) on a vacant residential 2 acre parcel on the north shore of Lloyd Harbor in the Long Island area of NY?

Bono Vox: (October 27, 2009 3:08pm)

This tax credit is fools' gold and it will hurt us in the long run. 1) The Gov is buying 80% of all MBS. When that ends with Q1, we're going to need more investors. 2) The USA just borrowed $1.4T to fund a deficit ($12T Debt). 2010 Def is est to be at $1T without the tax credit. If you're an investor, are you buying US T-bills or MBS? What rate will have to be paid on MBS to get you to buy? Rates are going to 7 next year. If we have to finance this tax give away, rates may push it to 8. Would love to hear a fact base objection to that logic.

Bono Vox: (October 27, 2009 3:04pm)

I need to log in more often. Someone jumped me for blaming the system. I'm an economist by training - I follow the incentive. JoeCo - it's rare to find an appraiser who will both stand up to pressure from brokers, but also discuss value questions without getting defensive. You're a good man.

Just the Facts; No Spin: (October 27, 2009 1:52pm)

Ancient Appraiser. We need more solid citizens like you in the housing finance industry. The industry is collapsing under the Central Planning govt to remove consumer choice & control. Type of autos, finance, house, health care... they are just getting their egos fired up. Their march will not end until they have the majority of our country addicted to government care. That is the objective of Central Planning govt. Just look to our inner cities to understand the relationship between Central Planning govt and the citizens' confidence and self responsibility. Keep sticking with this Central Planning govt, you can see your future. The inner cities were once proud people contributing their greatness to our country. We have a community activist president determined to continue his proud tradition of keeping people down. He is using regulations to achieve his goals. Abuse of regulations, trumping the citizens' choice & control. Bernanke in tow;ready to cut your income.

joecolorado: (October 27, 2009 1:51pm)

I gotta go work out or something I need to get this anger out of my system, afternoon all.

joecolorado: (October 27, 2009 1:48pm)

The problem with the AVM its a statistical analysis tool which relies on the information entered into the current system, info obtained mainly from assessor's office poobahs and US(AMC's sell the data we collect). The asses office here used to have the front desk do the entry when they were busy during tax time, the front desk didn't know or care about the accuracy of the data to be entered, they just blindly entered it.AVMs now rely on that data.The computer spits out a number and all of a sudden its correct,just because it came out of a box...it MUST be right.Unfortunately the investors r using AVM's as they r quicker, less expensive and available 24/7.The error/ foreclosure factor is calculated and assessed and the whole job takes less time than a human appraiser takes getting the file together. Its ALL about money...we have a piece of their pie and the bankers dont like someone else taking a bite. Not to worry they will get bailed out if they are wrong.

Just the Facts: No Spin: (October 27, 2009 1:39pm)

Mad at Wall Street(WS). Right on. The only correction, the Central Planning fed govt that is laying all the blame with their off the wall regulations. WS was just responding to President Clinton's repel of Glass-Steagall Act that prevented banks from investing their customer's deposits in high risk investments (including home loans). Once the door was open, WS was happy to create the "bad credit no money down" loans that the fed govt then forced the banks to offer. Washington politicians threaten banks with Equal Credit Opportunity Act (ECOA) thru Justice Dept & Community Reinvestment Act (CRA) thru community activist protests at banks. Once this is acknowledged, we can then get back to sound lending, not creating needless regs. We had non HVCC appraisals and loan program disclosures for many decades and the housing market worked. Responsible citizens bought homes and investors in loans received solid returns. It was not lack of regs, it was abusive regs that caused crisis.

D: (October 27, 2009 1:36pm)

There is an article on CNBC.com concerning the homebuyer credit. Sen Dodd says a deal is in place and it will be extended. Anticipate a vote Tuesday evening

Ancient Appraiser : (October 27, 2009 1:25pm)

Clueless Dad - I could almost guarantee that even with the explanation of all the sales or work to the extent that James the Appraiser did --- at the end the UW would want more comps. But you're right about the AVM - it probably showed a lot lower. My main point is I think sometimes appraisers tend to take the easy way out, to avoid all the recalls and explanations, and use the lower sales because that's what the lender wants in the first place. That is not how to help the business and get this market back on it's feet ! We professionals have to take our businesses back and not leave it to form fillers and box checkers.

Mad at Wall Street: (October 27, 2009 1:13pm)

What you guys need to figure out is that Bank of America, (you know the Bank that we tax payers bailed out) they have so many properties that they are holding onto and won't release in California, that we have no homes to sell in California anyway. The statement that Bank of America stated 5 years ago to their Managers and employees, that they were going to be the only Mortgage lender and servicer in America, seems to be coming true. That is the true problem in America, Wall Street made available the subprime loans to make more money off of the housing market and now we bailed Wall Street out. This is what I am mad about. None of you are realizing the bigger picture. The big boys of Wall Street knew exactly what they were doing. They took the money and ran to Switzerland(at least the smart ones did). Wall Street trys to blame everyone else for the subprime meltdown, but they were the people that started it in the first place. Have a great life, we've been screwed again by big money.

joecolorado: (October 27, 2009 1:11pm)

Didnt lose the client, but had blood pressure problems for a week. After that I decided that if you do a good job the first time, there's no reason why you need to justify your figures for a non appraiser. If they dont like your figure, thats their prerogative.But dont tell me I am wrong because someone else has different figures, that's asinine. That U/W asserted that because the ass's office had measured it first, any measurement that came after was to be similar to that! So the authority was to be the Ass's office(well named by the way)even if their measuring was incorrect. Zillow strikes again.

joecolorado: (October 27, 2009 1:05pm)

Worst U/W request. I valued a home built 1925+/-, good/fair with updating. The ass's office had the Sq.Ft.at 1100,I measured on site and it was 1215 Sq.Ft! U/W needed to know why the difference? I told him that I wasn't there when the Ass's office measured bldg so I dont know how they measured it, but mine was measured by me on site at the time of the apprasial, I went back & remeasured the building in case I was wrong.I was not.U/W required copies of any planning consent, verification there was NO unlawful additions to the property, copies of the building permits for the home. appraiser to assert any addition done to code! and the wanted to close in two days.. I gave them the number of the planning authority, the ass's office and local sect.for permits etc. as this is outside the scope of the appraisal.It didnt close,I nearly lost a client over it.

James the Appraiser: (October 27, 2009 12:38pm)

joecolorado - got to agree with you. I did an appraisal and stated the conditon in each room to be average, fair or poor, man bedroom #3 and the family room were poor. Also the front wood porch was poor. The lender came back and asked me to make a list of any items that were below average for each room. I told them that it was a contractors job, but I would act as a consultant and comment on each room for $75. Think they will come back and ask me to do it?

joecolorado: (October 27, 2009 12:32pm)

The U/W can make a decision to reduce the value if S/He decides. It is an option open to them. If they dont like the value, then my argument is dont use it, get one of your own, but pay me for the one you asked me to get for you as you commissioned me. I will give the U/W's as many additional comps as they want, I just inform them that they are $75 or $100 apiece,how many do you want?

James the Appraiser: (October 27, 2009 12:23pm)

Ancient appraiser and Clulessdad, I just did that. The 1004MC had 16 sales over the pst 6 months as possible comparables. I used 6 arms length sales, 1 pending and 2 listings. They are shown on a map. Then I made a second map showing the other 10 sales, all Short Sales, REOs and 1 Estate sale. I pointed out in the report that these are the other 10 sales over that past 6 months and I also show a BAR chart with sales prices and colored to mated the SS, REo and Estate sale. Sent it in on Monday and spent the weekend doing all this stuff. I will let you know what the UW has to say.

Clulessdad: (October 27, 2009 12:16pm)

Ancient appraiser-personally I would like to see a portion of the appraisal which gives every sale in a particular neighborhood/time period. The appraiser could quickly cite why that sale was excluded. You would never have the argument about other comps or why you didn't use this comp. And it would tell the uw not to believe the avm, which does take all sales into account, but doesn't know why they sold for lower prices. The AVM is looking at the entire market, while the appraisers are looking at selected sales. I believe that is where the lack of appraisal confidence has arisen. Not from fraud, but appraisers looking at selected comps, rather than the whole marketplace. To me that would be the answer to the HVCC problem.

Clulessdad: (October 27, 2009 12:07pm)

Ancient appaiser-I wonder if the lender ran an avm at a lower value and had to justify why the appraiser gave a higher value. It seems that the lenders are placing more stock on the avm's than on your appraisals. I have seen it on some of my loans. I understand that you can't sell the loan to the GSE's if they vary a lot.

SimpleSolution: (October 27, 2009 11:41am)

I agree with you HVCC fence on the hold out. Appraisers should not be accepting anything less than $300 from AMC's. It will put us out of business at that rate...

qbsack: (October 27, 2009 11:37am)

The problem is that there isn't an appraisal organization that most appraisers belong to to coordinate this kind of boycott effort.

So Simple: (October 27, 2009 11:33am)

Again, FHA should do 100% loans. No Tax Dollars Used. The guidelines are stricter and lenders should be required to use ever data source available before closing to avoid fraud. FHA is still the only part of government sustaining themselves. FHA should take out "The purpose of FHA is to help the underserved" from their handbook. In the olden days when FHA told us underwriters to make every loan possible and not call people liers, FHA made tons of money. With technology, they should just spend more time for fraud audits to eliminate and heavily fine any person or enity that is a party to fraud. This is so simple, to keep honest people in business and continue the growth of FHA.

hvcc fence: (October 27, 2009 11:18am)

all it would take is a couple weeks of appraiser "hold outs" and their value would come to the surface.

hvcc fence: (October 27, 2009 11:17am)

There are a few $300 dinero co's out there. Very few and far between, and every time they will take lower if they can get it. All of my AMC work is 300 or more, with plenty of work, but the hvcc has to go. Unless of course, appraisers stuck together and started demanding 500/amc appraisal. I guarantee you would never hear an appraiser complaint again.

Ancient Appraiser: (October 27, 2009 10:57am)

Appraisal problems are not all AMC's. Just completed a FHA for a new lender (Virgin) that reviewed my appraisal several times over a two month period (yes two)during which time I had to write a reason for not selecting sales (six) they thought I should have. It was simply that they were not comparable but it took several pages of itemized explanation to show them why! After three months, when they were finally ready to close they asked me to change the date of the report, so they wouldn't look bad. I explained how that would have been a major violation and render the original report all but moot. The short is they wanted the value lower; but I was correct in my market value estimate and proved it. However, one end result is no more work for me, from them. Just wanted to point out the market is pushing for lower values; underwriters, appraisers and loan officers have to fight back to allow the market to recover.

Rob in AZ: (October 27, 2009 10:50am)

OOPS--just re-read my last post--by "not sure it's the best available answer" I meant I'm not convinced about the $8000, not that I'm not convinced about SD's answer. DUH.

Rob in AZ: (October 27, 2009 10:48am)

SD Broker: thank you for the very helpful answer. I knew there had to be something I was missing, but couldn't pinpoint it. Still not convinced it's the best available answer, but at least I understand the motivation behind it.

Chris- NY: (October 27, 2009 10:31am)

I wonder if "apprasier" would have even spelled H.V.C.C correctly if it was not already spelled out for him

Clulessdad: (October 27, 2009 10:02am)

Daniel-keep reading the FHA Mortgagee letter. I don't think they have figured out a plan to eliminate a non-value added provider (the AMC's) or reduce their for profit motives. And don't forget, you can't get a case number without an appraiser name. How will that work? Every lender is so busy right now that they haven't even thought about how to implement this issue.

Daniel - Interactive Financial: (October 27, 2009 9:53am)

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov September 18, 2009 MORTGAGEE LETTER 2009-28 TO: ALL APPROVED MORTGAGEES ALL FHA ROSTER APPRAISERS SUBJECT: Appraiser Independence This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured mortgages. Hey Frank, is this for real? Goes into effect January 1st, 2010. And here we are trying to eliminate HVCC. Looks like FHA is trying to do similar behind our backs? COMMENTS PLEASE. THANK YOU BOTH.

**IMPORTANT**: (October 27, 2009 9:43am)

How to spot an AMC comment on this blog- They spell appraiser wrong, they want to vote to keep the HVCC system, they ususally end up using foul language. As for the video today, the book on selling seems to be in favor of the AMC's. If the price is the only thing to negotiate with a client to make a sale, then we should all bend over for the AMC's and start dropping our prices until we are broke and out of buisness. Next time pick a book which doesn't destroy the free market guys. Love the show but I thought it was a bit ironic.

Clulessdad: (October 27, 2009 9:35am)

Happy BDay Katie. You need to talk your dad on getting you some more airtime. My daughter would know how to manipulate me. Bat your eyelids a lot. Dad's can't say "No" to that, especially Clueless ones. LOL

Clulessdad: (October 27, 2009 9:30am)

Frank-No problem. Did you get that line from one of my underwriters? My uw's standard line is "I received your file, but I want you to know that even though I haven't reviewed it, I have moved it from the left side of my desk to the right side." LOL

joecolorado: (October 27, 2009 9:22am)

UH OH!

joecolorado: (October 27, 2009 9:21am)

FRANK, c'mon. they say he first thing to go is the memory......I dont know who said that, but I sure someone did.

joecolorado: (October 27, 2009 9:19am)

happy birthday Katie

Katie- TBWS : (October 27, 2009 9:17am)

Dang Frank/DAD! You forgot two days in a row now! Your daughter turned 25!! Where's my shout out? hellooooo!!! Happy Birthday to ME!

SimpleSolution: (October 27, 2009 9:14am)

LOL....Bigg in Colorado...yes please go away appraiser(October 27, 2009 5:20am). Maybe you should be able to tell the LO's that were pushing you NO and then you won't have that problem. You do have the right to say no in case you didn't know that.

Frank @ TBWS: (October 27, 2009 8:58am)

Cluless - got your email.. honestly haven't had a chance to review it. I will have you know that I did move it out of the inbox and over to a folder that I keep stuff I need to get to. Sorry I haven't gotten to you yet on it. I will! Frank

Clulessdad: (October 27, 2009 8:49am)

Ex full time-that is the first time I have ever heard of a client getting a denial for the type of loan they did in a prior life. It doesn't make any sense. Sounds like a retail LO that is either telling a story or doesn't know what they are doing. It would be like telling an ex-subprime borrower that he can't get an FHA loan????

Clulessdad: (October 27, 2009 8:44am)

Rob-whatever they do, they need to target the moveup buyer. That market is dead. In the end though, it could be that this tax credit could turn to be the same as the cash for clunkers. The tax credit is an artificial prop for the housing market. It won't stabilize on its own til prices stabilize. And that won't happen til the inventory stabilizes. And that won't happen til foreclosures subside. And that won't happen til people stop losing jobs. It has always has been about jobs.

SD Broker: (October 27, 2009 8:44am)

Rob in AZ: My pool of tax credit hungry clients are all FHA buyers who aren't getting their offers accepted due to the huge amount of all-cash investors buying up the homes in my San Diego market. Many have made dozens of offers well over asking price. Extending the tax credit gives them a little more time to hopefully get an offer accepted. Bring on the extension so I can fund my pool of eager buyers!

brian tbws: (October 27, 2009 8:43am)

Anonymous Ill either post that or get that to you.

Anonymous: (October 27, 2009 8:43am)

Does anyone have a site with bullet points for HR 3126?

Ex full time Realtor in Florida: (October 27, 2009 8:42am)

I am in one of the hardest hit counties in Florida and would love the tax credit to cover everybody!! The homes here in the first time home buyer price range are getting snapped up by investors and flippers, with little movement in the $100K-$300K price range. This would truly help the move up market. Question for you mtg brokers - one of my neighbors was told by B of A she could not refinance, the system bumped her because she did a no doc loan. Is this because of this insurance pool? We are in a Ryland community where they did no docs on everybody, even if you qualified. I'd like to see somebody sue the builders, their mtg co's and the appraisers that met the numbers that they wanted. I know an appraiser that refused to do the higher option loaded homes because he couldn't comp them! The builders used these mtg co's to pad their profits with thousands in points, it was disgusting!!

Rob in AZ: (October 27, 2009 8:34am)

I've given a lot of thought to the $8000 credit, and I wonder: how many people do you really think it will affect? Here's what I mean: haven't the vast majority of people who would qualify for the thing already taken advantage of it? My guess is there would be a small impact (people whose closings were delayed and people who don't qualify today but would qualify later due to income or credit issues). But haven't everybody who could do this already done it? Thoughts?

Clulessdad: (October 27, 2009 8:26am)

Changes-HVCC in its current form is bad, well at least 90% of us think it is bad. But the process will not go back to the way it was before 5/1. But I have yet to hear about a decent alternative to HVCC. I had an idea and i sent it to Frank, but he never responded, so I can only assume that he thought it sucked. No problem, my ego isn't bruised. But we should be talking about what is the best way to have appraiser independence, rely on USPAP, have appraisal portability, giving the broker a sense if a deal can get done, giving back appraisers their own ability to earn a living, getting rid of the for-profit non-value added entities(like AMC's), giving a RESPA compliant process for the Borrower, and creating a process that doesn't screw the borrower. We are all harping on the same issues everyday. We all know the problems. But what is the solution that fits ALL the above? Eliminating HVCC without an alternative is just like getting rid of Saddam Hussein without a future plan for Iraq

Emerald: (October 27, 2009 8:25am)

Tax Credit-I already have buyers pulling out of deals on the belief the tax credit will be extended and they will be able to purchase a home cheaper in the winter months. Video Question-I'm on a laptop, AT&T aircard. Since the new upgrade am not able to watch the videos. I've upgraded Adobe Flash and JAVA. Any suggestions? I used to have to play it through once and then replay, which worked for me.

socalappraisalgal: (October 27, 2009 8:13am)

The tax credit should not go away yet. Based on the appraisals and reviews I have done it has certainly help the hard hit Inland Empire of Southern California. Builders have been able to sell off most if not all of their inventory.It has been helpfull in the stabilization of overall market trends in many areas. It would be a shame for many new home owners who are at the mercy of lender approval to miss out on what is really helping and motivating them into the purchase of a home. We are not out of the woods yet and this is one program that is actually helping our industry. Hopefully they will make the right decision and extend the tax credit.

Changes: (October 27, 2009 8:02am)

Clulessdad - Thanks for your refreshing post that had nothing to do with appraisals! OMG.. the show is about FHLMC and Tax Credits, and BAM, we're back on HVCC again.. I can't wait for it to either live or die so we can move on. Anyway... I agree 100% with you. I like Isakson's approach, plus the fact that he only want's it through June of 2010. Anyone else have any "non-HVCC-appraiser" constructive comments to add to the blog?

Paul Van Wart: (October 27, 2009 7:56am)

In response to the Open Access Freddie Mac Relief program. Be CAREFUL...I had a client who waited 2 years for my nvestor to offer it only to fnd out unbeknownst to me or them that the investor put "pool Insiurance" on their loan that was packaged and sold to FreddieMac. Freddie wll not do the Open Access for any borrowers whose loan has pool insurance. This was done without my or the borrowers knowledge and now they are stuck with a higher rate and can't save over $200 a month. So check the file by running LP 1st before you do an appraisal. The slimmy investors do thsi as they are paid a better pield when bulk selling loans that have pool insurance.

Clulessdad: (October 27, 2009 7:42am)

I know that the tax credit is important to the real estate market, but when is anyone going to recognize that the FTHB market is on fire with that program but the moveup market is dead? The tax credit has done nothing to the middle and higher end real estate market. Making it available for anyone may do a little good, but the fear of losing your job rates higher on someones' priority list than a few thousand bucks. If I am fearful of losing my job, why would I go out on a limb and incur a higher monthly house payment? When will someone wake up in Wash and stop killing jobs ( eg HVCC) and start giving the small business owner some help? (Where 60% of jobs are created)

AMC = Absent Minded Crooks: (October 27, 2009 7:38am)

Please: You happy Appraisers with AMC's are just creating a debate in spite. You know as well as I do that 90% of your fellow colleagues think and know the system is junk. If you are into this to just debate to hear yourself talk, than go blog over on CNN. For every so called happy Appraser now, there are 90 or so un happy and probably unemployed Appraisers. And before you guys get on your soap boxes again just because you found a away to make lemonade out of lemons, look for your soul, if you have one and put down your CA smoke pipe and realize that it has hampered the industry as a whole. I know when you are stoned its hard to take the step back and examine things from a 36,000 foot view.

James the Appraiser: (October 27, 2009 7:28am)

DON'T GET ME WRONG, I still had much more work and made lots more money without the AMCs and I HATE THEM. Like other good appraiser I spent years building contacts with LO and Brokers and all that other than David and his FHA deals is gone. I stay in contact as a consultant providing value ranges for them so they don't spend weeks on deals that just can't make it and I do property research on problem properties for them, but it is not he same

James the Appraiser: (October 27, 2009 7:22am)

To piont this out, AMSA paid me $350 and I got that check and 2 others in the mail Monday. The other 2 checks were for $325 and $225. The $225 was 3 blocks from my house and for a good client through thier AMC, no drive and I sure know the area

James the Appraiser: (October 27, 2009 7:19am)

MAN- u all start before I get coffee, YES there are AMCs that pay $300 and I just did one for $325. Most would like you to do them for $200 or $250, but I tell them when I get the order the fee is $325 and some times they counter with $300 or $275 and other times they call some one else. $350 is the highest fee I have seen in over 6 months other that my $425 I get from David for his FHA deals. Mna, I need a re-fill

Starving Appraiser: (October 27, 2009 6:48am)

I agree, best to ignore than to get caught up in negative hipe. Anyone have any idea how/where we can monitor HR 3126 as it moves thru the steps? Cspan is too boring & segmented, constantly moving from 1 item to the next making it almost impossible for me to keep up since I can't watch non-stop. HR 3126 is 290+ pages & I haven't made it through it yet, but I am concerned as well regarding it's long reaching effects. Heard something about an exemption for auto makers was included originally, but struck down. Suggestions anyone???

GODLIKE: (October 27, 2009 6:41am)

Once upon a time in a a land far away there was a bill introduced to keep Builders from offering financing incentives tied just to their overpriced company owned mortgage companies. If they offered an incentive they had to offer it for all mortgage companies. That bill was passed and then it was put on hold. Does anyone know the status of the hold? Has it actually gone into effect yet?

JEP: (October 27, 2009 6:36am)

Here we pay over $400 to the state for licensing and they regulate by doing fines of $20,000 or more. Three things we need. 1. The licensing board should be helping us not screwing us. There are plenty of brothels in Nevada that are much less expensive. 2. USPAP should be summarized into intelleigent statements. 3. License fees lower than $100 (like the realtors etc.).

GODLIKE: (October 27, 2009 6:36am)

Appraiser's the same AI canoe that keeps posting periodically under a variety of names. I can't believe you guys let him get to you. I can't believe anyone still responds to him.

Not hating the HVCC: (October 27, 2009 6:35am)

I agree with "appraiser" I am quite happy doing reports for AMC's. Let me know were to sign that petition, I am in!!

Appraiser (is that better?): (October 27, 2009 6:33am)

There are actually several AMC's that pay $300 or more, Try to get on with Solidifi, they pay over $300.00. Do your homework before you say I am lying, if you don't even research AMC's I wonder what your reports look like.

Appraiser (is that better?): (October 27, 2009 6:26am)

If you know an appraiser who is doing assignments for $150 a report then they are the problem, they have cheapened our profession, if you as an appraiser will do work for pennies then you need to find another job, you are not doing anyone any favors by working for nothing, if that was the only fee I could get I would no longer appraise. This is suppose to be a profession and by selling out you have screwed yourself and every other appraiser out there.

St Pauly Girl: (October 27, 2009 6:26am)

Anyone interested in discussing something other than HVCC & appraisals? I am... Do the petition & get in touch with your local legislaters. Anyone have advise on the Freddie Mac Open Access program? Easy? Tough?

JohnTheHeckler: (October 27, 2009 6:23am)

"Apprasier" is that French? You are UNAMERICAN !

Appraiser Mtge Broker R.E. Agent: (October 27, 2009 6:22am)

Everyone should ignore the retard that refers to himself as an appraiser. I don't think he is. And I think his comments are simply lies. He is not getting $300 an appraisal. I only know of one company that has an agreement with one bank to pay $300 an appraisal for new loans on purchases. And I get one a month with a 99.9% ranking with this AMC. Which is the highest ranking they have. AMC's are not paying $300 for appraisals. And I haven’t heard of a shortage of appraisers seeking work anywhere in the U.S. This guy is only trying to get people worked up because he wants some attention and he thinks he cute. No appraiser that WAS smart enough and skilled enough to generate his own work likes or wants the HVCC. I did work for AMC's before HVCC and the AMC's paid the same as everyone else. There was no problem until corporate scum with assistants of government officials took away my right, in essence, to generate my own work. Federally related transactions make up for approximately 80% to

Starving Appraiser: (October 27, 2009 6:22am)

Good morning folks. Think I'm a lil' suspicious of 'APPRASIER'. Bringing up something that was hashed out thoroughly last week resulting in a big increase in post/posters for several days. Think someone may be trying to play us & get us riled up this morning. Next 5 post are in response to his. And LENDER, he's most likely making a minimum of $25-$50 LESS per assgnmnt, but doesn't have to provide quality work so it's easier. Your other points, SPOT ON!!!

Just the Facts: No Spin: (October 27, 2009 6:21am)

Please stop your celebrating that we have unfortunately tied the eliminating of HVCC to the a bill that will strangle the mortgage industry. The Consumer Protection Agency Act will be another out of control HUGE government regulatory bureaucracy. They will certainly use the HVCC supporters as a facade for their anti consumer Choice & Control along with their anti small business constraints. Stop support for the Central Planning government Consumer Protection Agency Act. Put HVCC on its own merits. This is another example of poor leadership at NAMB, which has been unable to articulate any issue without stabbing mortgage brokers in the heart through more regulatory constraints. Wake Up!! The HVCC being tied to CPAA is BAD for the consumer and small businesses.

St Pauly Girl: (October 27, 2009 6:19am)

Perhaps "Appraiser" is doing a good job and providing a valuable service to the industry- I don't know. And WOW..Appraiser $300/report...AMAZING. All the appraisers I used to work with (educated, talented, seasoned professionals) have been luck to eeek out $150/report. They are at risk for going out of business. What I do know is that HVCC has cost my clients considerable in higher fees, NO service (timeframes avg 3weeks), and poor product (I've contested several appraisals based on ridiculous comp distance, style, net/gross adjustments & then my client must suffer paying another appraisal fee when the initial appraisal was poor & the AMC should never have hit the send button on it; but since they are not regulated in any way our clients must pay for the AMC incompetence). HVCC is preventing a true market recovery as these substandard reports are used for benchmarking values.

joecolorado: (October 27, 2009 6:19am)

I have lost all of my appraisers,not due to HVCC 'cos we worked to a high standard,but to the AMC's greediness.All of my CR's were experienced in excess of 10 yrs.If any pressure came from outside,I cut them off as clients.I protected my appraisers in that respect,it was my office, my clients, and my standards.NO one told me how to run my office and NO one told my appraisers what value they must get.My office ran smooth, had no problems with values,had no problem with amount of work,we discussed everything.If there was a problem,the appraiser brought it to me.I had to deal with it, my clients,my rules.I lost clients, sure,but the ones that ordered,knew they had a good product for the money.All I did was learn how to say NO.Its not that difficult.Just dont be afraid, there are other clients, other sources of income.Your name gets associated with honesty and quality,they will come to you....word gets around.

Mr.Mortgage: (October 27, 2009 6:18am)

Unless I am originating outside my "nornal" area, I always used 1 or 2 appraisers that I trust will perform professionally and not cause trouble in Underwriting. Valuation depends upon the market. The Market price depends upon what Buyers will pay. While credit was cheap and EASY, Buyers as a whole were willing to pay more. The run-up in Home Valuation has little to do with appraisers or appraisals - same for the drop in prices. HVCC is a joke. It's slap in the face to supposedly Professional Appraisers nationwide - in essence HVCC assumes appraisers are too weak to perform professionally.

Appraiser (is that better?): (October 27, 2009 6:17am)

So you guys are saying that you are in support of the HVCC? Cool, lets do that petition! Hey, I would like to stay and play but I have to go out and work stress free!

Big Mac: (October 27, 2009 6:16am)

To Appraiser - What planet are you on? HVCC is convoluted, inefficient and adds layers of cost and delay. There are other ways to eliminnate the untowrd pressure on you, without the HVCC nightmare. Notably the same type of system used by VA as mentioned here a few days ago. The kinds of guys and gals who are trying to inappropriatelly influence value don't understand their own long term best interests, they don't get it and are building their own and insustry failure if we allow it to continue. That being said, it is not necessary to sustain layers of cost and delays. It is good for you to share your problems, together we can fashion win win solutions.

PA Joe: (October 27, 2009 6:06am)

One more comment, although HVCC hasn't affected me personally, I HATE to see great guys like my one appraiser John go out of business because he just doesn't have enough biz. That's after 20 + years of delivering quality service at a great price. That plain old STINKS!

PA Joe: (October 27, 2009 6:03am)

I have to say while HVCC has affected me very little due to 90% of my business being FHA, the new MDIA is killing my turn times on everything. Why hasn't a petition started on this. Am I missing something. Does anyone else feel the effects of MDIA? Bottom line is you either ride the wave of change or get crushed by it.

Deedie: (October 27, 2009 6:00am)

"Apprasier" - are you working for an AMC? You can't even spell "Appraiser". You are on the wrong blog. You can't possibly expect for anyone to take you seriously.

joecolorado: (October 27, 2009 5:49am)

Appraisier(sic)-boy are you on the wrong site. You may need to look at why you are happy with your current fees and acceptance by your current and future clients. WHY are you worried about getting accepted? your job is not to please the broker, your job is to ensure that the investors money is safe(as much as it can be)If you do your job, you dont need to be worried about acceptance.You are not in a popularity contest, you are there to provide a service to the INVESTOR, and leave Frank and Brian alone, they do a great job, thats why THEY are accepted. If you need to bash someone, go and look at the "clients" that have made you so cynical.I generally dont like to bash opinions, but c'mon.......

"Morgage Brkoer": (October 27, 2009 5:49am)

How can "Apprasier" be taken seriously when he can't even spell the name of his profession? How can we "except" him to do good "apprasials" when he can't handle simple spelling? I'd hate to see what his "apprasials" look like. He is proof that HVCC needs to be killed so that we can use appraisers who dot their "I's" and cross their "T's" and bring in accurate market value.

Lender: (October 27, 2009 5:48am)

Dear Appraiser, IF in fact this gravy train ride that you have been on has worked out so swimmingly as you state in your post, you are certainly not the norm. I would venture to guess your inexperience and inability to get you own customer base, and deal w/ the challenges that come along w/ being a PROFESSIONAL appraiser. Has led you to believe that suffering real-estate values are ok only because it seems to be helping you earn a few more bucks and you don't have to answer to anyone that can actually argue that your appraisal is a piece of garbage. If you cared as much about America and our loss of equity around this country as you do about the extra 25-50.00 your making on an appraisal you might have an understanding of why this comment you made about keeping HVCC is totally out of touch w/ the reality that HVCC has created. Keep up the crusade Brian and Frank ! Contrary to what this "appraiser" says we love ya !

Bigg in Colorado: (October 27, 2009 5:46am)

Apprasier - When you learn how to spell maybe we will take you seriously. You can't even spell Appraiser correctly. Until then, shut up.

Apprasier: (October 27, 2009 5:20am)

I would like to start a petition to keep the HVCC, I am now getting paid $300.00 per appraisal and that is worth not having to deal with lenders who except me to get value on every appraisal I do. These two guys are only pushing to get rid of the HVCC so they can get their appraisers back who they can shop and who hit value and artificially increase values. KEEP THE HVCC!! Lets start a petition of our own!

BIG KEV IN NOLA: (October 27, 2009 5:04am)

KEEP THE TAX CREDIT FLOWING !!!!

transparency??: (October 27, 2009 4:49am)

I do not think this administration, the fed bureaucrats, or our current congress even know the definition of the word 'transparency'. I guess it was a good thing people in Washington were exposed for not paying taxes, but not enforcing the laws on those particular people it seems as if the more things 'changed', the more they stayed the same.

Steel kicking appraiser: (October 27, 2009 4:25am)

:I don't seem to get your lovely video and haven't for a while! Does anyone know why?