HVCCSOCKS: (November 09, 2009 9:52pm)

Appraisers need to contact their Senators, and tell them to vote to dumb HVCC, when the Consumer Finance Bill reaches the senate. The time for complaining is over folks. We may only get one shot at this. Tell them how lender pressuring has shifted from the lenders to the appraisal management company. Tell them how the greedy appraisal management companies are stealing our profits, and putting every decent and ethical appraiser out of business, ran out by those who would set up illegal sweat shops full of unlicensed individuals. Anyone who knows someone running an appraisal sweat shop needs to turn them in to their state regulators. The time to fight back is now, write or call your senator today!

HVCCSOCKS: (November 09, 2009 9:51pm)

Appraisers need to contact their Senators, and tell them to vote to dumb HVCC, when the Consumer Finance Bill reaches the senate. The time for complaining is over folks. We may only get one shot at this. Tell them how lender pressuring has shifted from the lenders to the appraisal management company. Tell them how the greedy appraisal management companies are stealing our profits, and putting every decent and ethical appraiser out of business, ran out by those who would set up illegal sweat shops full of unlicensed individuals. Anyone who knows someone running an appraisal sweat shop needs to turn them in to their state regulators. The time to fight back is now, write or call your senator today!

ProActive Realtor: (November 09, 2009 6:30pm)

MTG Guy and anyone else having appraisal problems. As a Realtor, I can talk to the appraisers and you betcha I do! If I think I may have a problem I am the one they have to meet to open up and I bring my own comps.Talk to the listing agent and see if you can't get them to do so. I'm not pushy, just hand them what I found. I kinda sorta manage to get that contract price known too. I'm not going to sit on my duff and watch everyone's deal get slammed down the tube. It happened once to me and it's not going to happen again.

Kris Anderson: (November 09, 2009 4:09pm)

I will be at NAMB/West

Valuequestor: (November 09, 2009 2:32pm)

App: I really like "Banksters". What a great moniker. I'd like to see somebody with some skills put together a Banksta Rap Video with "bullet points" in it that educate. It would go a long way to making the public wake up to what's happening to america. They have been my #1 villain for years.

App: (November 09, 2009 2:09pm)

Mtg guy, Contact your state - there's problems. This is almost guaranteed to be a "skippy" appraiser that the amc's love to use for loose and fast valuations. I mean, it's hard to confuse above grade and below grade unless it's intentional misrepresentation. These are the amc's that are using only the skippies that lend more credibility to their avm models. The world is upside down. The guilty banksters are being rewarded and they turn around and fully employ the least qualified appraisers! Appraisers that are like them - crooks. Then they act as if they're the best appraisers out there. Banksters have learned to turn things upside down to get their way and the government never punishes that problem child. Anybody think the $40 billion in bonuses at GS is our money? I do. ***Crazee

Valuequestor: (November 09, 2009 1:52pm)

Cont......Requires payments in excess of the minimum to be applied first to the credit card balance with the highest rate of interest; · Prohibits issuers from setting early morning deadlines for credit card payments; · Prohibits interest charges on debt paid on time (double-cycle billing ban); · Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended; · Requires penalty fees to be reasonable and proportional to the omission or violation. · Requires that creditors periodically review all interest rate increases since January 2009 and reduce rates when a review indicates that a reduction is warranted. .................A small victory....yeah!

brian tbws: (November 09, 2009 1:50pm)

I've received a number of email concerning the early morning inappropriate blogs. First, we are putting a system in place where bloggers will have to register. We're pretty much figuring that will clean up the obscenities. In the mean time, we our monitoring the posts pretty closely. Listen, we give posters a pretty long leash and will continue that policy. But lets keep it within the realm of decency or industry related. Thanks again everyone.

Valuequestor: (November 09, 2009 1:49pm)

Frank & Brian.....They SCORE!! Hey I don't know if its ONLY because of TBWS featuring it last week, but Barney and the boys at the FSC passed a quick resolution to make the credit card issuers stop charging those outrageous interest rates effective on approval. They don't get to screw us through Feb.2010. It's H.R.3639 and The bill now goes to the Senate, where Sen. Mark Udall (D-CO) has introduced companion legislation (S. 1833) and Sen. Christopher Dodd (D-CT), Chair of the Senate Banking Committee, has introduced an immediate moratorium on retroactive rate increases (S. 1927). The provisions which will take effect immediately upon enactment include: · Prohibits arbitrary interest rate increases and universal default on existing balances; · Prohibits issuers from charging over-limit fees unless the cardholder elects to allow the issuer to complete over-limit transactions, and also limits over-limit fees on electing cardholders; ·

Lender Who Knows Better: (November 09, 2009 12:16pm)

How do you get around the equity/reserve requirements on conventional financing and even FHA financing, if people don't have equity? FHA does not allow a 2nd FHA financed home unless it is a relocation.

Frank Garay: (November 09, 2009 12:11pm)

Clulessdad - call me at 707-695-6313

Valuequestor: (November 09, 2009 12:07pm)

Hello Mtg Guy: As I'm sure JoeC will agree, its very hard to consult about your situation with out all of the available data on sales, listings and trends in your subject's true market area. On the surface it sounds like your appraiser had limited sales data in their hands. Like they did not have access to the local mls?? They then tried to make the subject "fit" their limited data. Maybe a REAL case of geographic incompetence compounded by not asking for local assistance. Most appraisers will use the best comps IF they are aware of them and they actually inspected the subject. Sorry for your bad experience. If you proceed with a complaint try look into where and how they got their data. Good Luck.

Socal Appraisal Gal: (November 09, 2009 12:02pm)

Mtg Guy, what state was the appraisal done in? You really should address this with the state lic. office for appraiser's in your state.

MortgageInMurphys: (November 09, 2009 11:53am)

Freddie Mac knows he made his payments and Cenlar fixed their computers and updated FLMC's too but evidently it's a problem for all TBW files, they just don't know how to fix it. Frustrating for us, I'd like the closing and the borrower can't get his 6.625 rate down to 4.875%...

Loan Officer: (November 09, 2009 11:46am)

yes viewable on iphone

Clulessdad: (November 09, 2009 11:01am)

MortgageinMurphys-I dont think there is a way around, unless you get all the bank statements, cancelled checks from the borrower and make a formal request to a supervisor/manager at Freddie. Computers and their databases rule the world, so you have to get it right inside their computers. It will probably take another 30 calls to figure out who can help you. Good luck.

GerryS: (November 09, 2009 10:28am)

Guys I've had that NAHB site as part of my email signature since the first tax credit was approved in 2008. That site has been around for a long time , but they obviously did just update it for the "repeat" buyer credit

Mtg Guy: (November 09, 2009 10:15am)

Joecolorado - Thanks I am going to look into what can be done. I find it unbelievable that the response was geared only to the tax value and cost approach. I specifically did not dispute value only quality of work done. Thanks for your insight.

joecolorado: (November 09, 2009 10:06am)

MTGGuy-The appraiser appears to have considered the word "comparable" as a loose interpretation of what it actually means.The gross & net adjustments appear to be very high BUT may be within the limits permitted by that particuar investor.The calc of GLA appears engineered to suit,even tho' the below grade can be looked at 2 ways,IF S/He treates ALL of the comps the same way,the error is mitigated somewhat(not justified but mitigated)the appraiser appears to have a skewed view of the values for above and below grade living space.Is there licensing in your state?if so it may behoove you to ask the State to look at the interpretation of the data in the report.send them a copy.Sorry to hear that there is another appraiser that has little concept of appraising,unfortunately it seems to be getting more and more common.

MortgageInMurphys: (November 09, 2009 9:59am)

OK - Does anyone have ANY clues here? I have a borrower for the Freddie Open Relief Refi with LTV 93% -- qualifies no problem. Existing loan was a Taylor Bean & Whittaker file that got transfer to Cenlar in August/Sept. The August payment was lost in the shuffle and was subsequently found and applied about 60 days later. this after the borrower made a replacement payment over the phone -- he is now paid foward a month and there was no late payment reported. However, Freddies computer shows the loan as defaulted and it won't go through the LP system unless it's coded as "current". After about 30 phone calls to Freddie, and Cenlar, they can't figure out how to fix this. I've already had to extend my initial 30 day lock at 4.875 with NO POINTs... now cost borrower 3/4 point - on $417,000 loan. I can't get anywhere with this, any clues??

Mtg Guy: (November 09, 2009 9:50am)

The appraiser’s comments on the dispute claims has been uploaded into ******. Tax assessed values are considered by the appraiser, however for lending purposes they are not deemed more accurate than an appraisal done using the sales comparison approach. The tax assessor does not do an appraisal, they merely provide an estimate for taxing purposes. Your dispute has been declined and was determined not to be eligible for additional review. This was based on one or all of the following: data shows value is within tolerable limits and conforms to predominate neighborhood values, loan is not eligible for dispute given loan characteristics, disputed value variance is within an acceptable tolerance level. That's it Nice Huh?

Belinda: (November 09, 2009 9:49am)

Jb1960, mine screen freezes up everyday I watch this. Not sure why, but it must be their system since there's plenty of us stating this.

Mtg Guy: (November 09, 2009 9:47am)

There are concerns that I have with the manner in which this appraisal was constructed and they are as follows: 1. Comparable #1 4668 S Bonner Circle; The appraiser has this property listed as a two story when it is in fact a split level, the appraiser has adjusted using 2926 sq. ft. above grade, whereas the county record shows the split level with 1526 sq. ft. on the main floor and 1400 basement with 1300 sq. ft. as the finished basement area. The adjustment should be made for above and below grade. The appraisers photo of the comparable shows windows for the basement at grade and I have attached the assessor’s information showing the sq. footage for each level. 2. Comparable #3 in the appraisal has net and gross adjustments of 17.6% and 26.9% respectively; there is also an above grade square footage difference of this comparable to the subject property of 1623.00 which exceeds square footage adjustment allowances. There are also no acreage adjustments for the comp. with the subject at .32 and the comp at .23. I also noticed the appraiser gave more adjustment for basement at $22.00 per sq. ft. vs. above grade at $20.00 per sq. ft. 3. Comparable #4 is 1270.00 sq. ft. smaller than the subject property and located 1.26 miles away 4. The appraiser has the indicated value by cost approach at $302,138.00 and the SL County Tax Assessors office has 2009’s tax value at $296,200.00. I have attached the assessor information for your review on comp 1 (as previously mentioned). I have also attached for your review 4 additional comps that are of similar design, square footage, within the 6 months time frame and all within .75 miles of the subject. I have also attached the Tax valuation.

Dog'n the simpleton: (November 09, 2009 9:47am)

The reason these guys believe values are an issue is because they deal with a junior percentage of the market. Mtg Brokers are bottom of the barrel feeders. Meanwhile us real business people deal with markets where borrowers are 720+ credit score and sitting on anywhere from 100% to 40% equity positions. You jackals keep chasing the rabbits while we feed on the big game. Brokers. HAH !!! Perpetuating feeble conduct. Soon my little BROKE R's, you won't have to worry. YOU WON'T HAVE JOBS !!! Can't wait for the day.

Mtg Guy: (November 09, 2009 9:45am)

Frank and Brian, I have a current horrific HVAC story for you. I will post my dispute and the following reply in two different posts, I hope it will fit. If there is a better place to post it, please let me know. I would also like comments from your appraisal community if they would care to. I cannot upload the appraisal or my documentation supporting the dispute, so again if there is a more appropriate place, please let me know. The result of this appraisal cost the borrower thousands of dollars and me .25% and since I was only charging 1.25% total it hurts.

Brady@floridaishome.com: (November 09, 2009 9:36am)

Does the move up buyer have to prove they sold their other property? In other words, can a second home or investment buyer get the credit, or can a person rent out their current home and then buy another primary residence?

TJS, CMC: (November 09, 2009 8:54am)

When will TBWS be available for Blackberry?

BillS: (November 09, 2009 8:51am)

I LOVE the Rate Alert commercial! That's thinking BIG and outside the box! Very nice!

TBWS Support: (November 09, 2009 8:25am)

TheFyouSay, Just open Safari on your iPhone and go to http://www.tbwsdaily.com or get the email on your iPhone and click the "Watch Video" link. Click the screen image in the upper left and the video will start playing. Best to view with a WiFi connection, but it does work well if you have a good 3G connection.

MrWog: (November 09, 2009 8:16am)

MortgageInMurphys I'm pretty sure they will have to use the move up.

Enquiring Mind: (November 09, 2009 8:09am)

One of the "official" links I was going to before the vote said the Tax Credit was an EXTENSION but the other "official" link said the NEW Tax credit began on Jan. 1. Enquiring minds would like to know. I'd like to have a good December as well.

MortgageBrokerGal: (November 09, 2009 8:06am)

Cluless: Took the S.A.F.E test a couple of weeks ago. We were told we had to have them completed by November 1, but that could have been our company policy, so we could all get our licensing submitted this month. It wasn't super tough if you're up on your regs, but I hope you studied for it!!! Got my certificate last Thursday. Just something else to hang on my wall???

Kawzx6rr: (November 09, 2009 8:04am)

The link provided by the show says that the first time homebuyers tax credit starts Jan 1 and the move up starts Nov 6th. So what about December for the first timers? Or is this just a miss print? If so where is there information to the contrary?

luvmtgbiz: (November 09, 2009 8:03am)

clulessdad, took and passed the National SAFE test last week. Good luck today.

GODLIKE: (November 09, 2009 7:58am)

MortgageinMurphys as I read it then they qualify only for the move up tax credit.

MortgageInMurphys: (November 09, 2009 7:56am)

Anyone know the answer here? I have a couple married one year. Wife owns home but has rented it now to be with husband who has never owned a home. She qualifies as a "move up", he qualifies as a "first time buyer".. law says both spouses will be tested... which tax credit do they qualify for? If I'm reading it correctly, NEITHER.

TheFyouSay: (November 09, 2009 7:53am)

How do I get the show on the iPhoine? Are you posting to youTube now?

Frank Garay: (November 09, 2009 7:49am)

Right.. but the info on the new credit is fresh. Thanks.

Gdenizard: (November 09, 2009 7:45am)

Hey Guys, The Tax Credit Web site has been up since the initial credit was established...not just since Friday...

GODLIKE: (November 09, 2009 7:24am)

Contract by April 30 and close by June 30th - anyone see any potential for fraud here? The conspiracy theorist in me sees them building in a reason, or would that be an excuse, to never ever have a tax credit again. I mean if you look at the tax fraud cases supposedly on the books now, filing for sales that never happened or didn't happen in the right time period. Why not just say close by June 30th and let the contract date fall where it may. No, this is a way to ensure they have something to talk about later when they need the ammo to serve another purpose.

GODLIKE: (November 09, 2009 7:21am)

Best sales tip yet. Better than re-readings those lame sales books.

ALL KNOWING: (November 09, 2009 7:18am)

FNMA bad policy? No, it was the Dems picking on the wrong entity to try to stir up issues so they could get some votes. Had they picked on FHA which had almost 3 times the foreclosure rate and most importantly, no private investors to get scared and run which would drive stock prices down then things would be a lot different than they are now. They can get credit by breaking the system then get credit for patching the system.

dkro15 broke appraiser: (November 09, 2009 7:16am)

Its not just you this happens alot frank do some thing to fix it

GOING UP!: (November 09, 2009 7:14am)

No equity? Not around here, prices are still going up, just not as fast as before the Great Obam, but still going up!

Jb1960: (November 09, 2009 6:59am)

Is it just me or is this video freezing up?

Frank Garay: (November 09, 2009 6:48am)

Working Blind - Not sure what happened to it. When tech gets in I'll point it out. Thanks!

Clulessdad: (November 09, 2009 6:48am)

Going to take the National SAFE test this morning. Anyone else take it yet?

Frank Garay: (November 09, 2009 6:47am)

Common Sense, you're probably right on that one. I'm sure there will be plenty of people who can take advantage of the credit. I think Brian was just pointing out there there are a whole lot who can't. Thanks for the feedback!

ski grl: (November 09, 2009 6:47am)

I love watching you guys but don't be such downers.

Clulessdad: (November 09, 2009 6:46am)

A couple of thoughts about the moveup buyer. I don't think that equity is going to be the problem. If you have owned your house for 5+ years, you probably have some equity, as you got in the market before the big rise and fall. There are three forces that will hinder that sector and they are 1) It is winter the holiday season and fewer people concentrate on making any mortgage or home changes til maybe mid Jan. Even then, when most of the country is pelted with snow and cold, they will worry more about getting out of your driveway than geting out of your house. 2)even more important, people are scared of losing their jobs. Without the confidence of knowing that you may not get laid off, why would any rationale person do it now? For $6500? 3) And where will the financing come from? Is any broker out there having a hard time getting even the best qualified buyers loans? The secondary market, if you haven't noticed, is drying up. They are all out of money.

working blind: (November 09, 2009 6:38am)

what happened to the alternate viewer? I downloaded the newest adobe flash player and can't view. The alternate viewer link was working for me until you removed it.

Common Sense.: (November 09, 2009 6:36am)

Guys,I'd like to take issue with your statement that "no one has any equity". Last I checked there were only seven major markets that had significant losses of equity. Those markets are large enough to skew the numbers. Here in Texas we are sitting at a positive 1% last I checked. that's not saying that some areas of the state aren't hurting, but many others are doing fine property value wise. This is true of most of the country. Look it up.

Clulessdad: (November 09, 2009 6:28am)

Frank-Let me know if you want to do something with your HVCC petition with Gary Miller. I am more than willing to help and even go to WA to meet with him.

St Pauly Girl: (November 09, 2009 6:07am)

WARNING ON THE TAX CREDIT EXTENSION!!! I'm sending a blast email out to the Realtors I work with to make sure before they extend any purchase contracts for the move up buyers; that those buyers confirm with their mortgage professionals on any rate lock extension fees, etc. It'd be a real shame to gain $6500 in tax credit for a 1/4% rate increase that will cost you $25K in higher payments. Pass it along!

Frank Garay: (November 09, 2009 5:42am)

December is covered.

Frank Garay: (November 09, 2009 5:42am)

There will definitely be benefit to a bunch of buyers and sales people with the new extension. Go get 'em. Make those calls... trust me, you'll dig up some leads!

FlaRay: (November 09, 2009 5:38am)

This might be a silly observation, but, I can't find clarification that the credit extension covers the month of December, 2009. The old credit expires Nov. 30th, and the new starts January 1st. Anyone know if December is out? Can't be, right? So, assuming it is included, is the income limits the only change for December? Thanks

Sleepless in Fishkill: (November 09, 2009 5:29am)

You failed to realized that close to 50% of all real estate is owned free and clear. I own 11 of them. So all of this B**Sh*t about the lack of equity only matters to those who want to carelessly move up when they don't have the capacity to. That is what got us into trouble to begin with!

NJDLMKR: (November 09, 2009 5:04am)

Wow! According to that link ... http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WMi80uQQ ... a buyer could keep his current residence as a rental ... that opens up a lot of possibilities!

Steve: (November 09, 2009 4:38am)

President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples: Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WMi80uQQ

NJDLMKR: (November 09, 2009 4:35am)

For the $6,500 repeat buyer credit ... does the buyer have to sell their existing home? Can they keep it and rent it?

NimaLoans.com: (November 09, 2009 4:28am)

Just forwarded the new website to everyone that I know! Thanks guys!

jillsells: (November 09, 2009 4:12am)

Filter is on the fritz again