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ssfranny: (February 12, 2010 2:36am)

Who is Cuomos opponent? Rick Lazio? I think every appraiser, realtor and broker needs to donate $10 to his campaign. Its not like it will change anything that money really should go to lobbying congress about repealing HVCC. Besides, Cuomo will probably lose anyway even with all his donations. Hes got some shady donations and I think something will come out before elections.

G-Appraiser: (February 11, 2010 11:09pm)

5pence....It has been almost a year. Get the ball rolling how? Uniting is our only hope now. No one else seems to get the whole HVCC thing, certainly not the general public or the politicians. We do need a voice with a reputable name to go with it. That IS how we can make our own way at this point beacause "Our way" is going away, real quick. We are all waiting on a plan and the best person to trust in taking the wheel.We are all desperate to DO something but no one knows just what to do? We have signed petitions, called every government official,waited for FHA to take a stand (not going to happen)Now waiting on HR4173. How long can we wait for that? I plan on donating to Cuomos opponent, maybe we can set up 1 separate fund for that on behalf of all the appraisers whose business's have been all but destroyed by Andrew Cuomo and his AMC boys club. I am in for whatever. I am tired of talking about it.

G-Appraiser: (February 11, 2010 10:42pm)

I just signed it and made a small donation. At least someone is doing something. Hope it does something to help end this nightmare. Many appraisers are ready for a fight especially now with the new FHA/HVCC taking effect on 2/15. Confirmed true. We all need to unite and also donate when and where we can to fight this. This is the beginning of the end if we don't act now. I have lost my appraiser independence behing HVCC. Go Steve and High Powered Attorney!!!!

G-Appraiser: (February 11, 2010 10:41pm)

I just signed it and made a small donation. At least someone is doing something. Hope it does something to help end this nightmare. Many appraisers are ready for a fight especially now with the new FHA/HVCC taking effect on 2/15. Confirmed true. We all need to unite and also donate when and where we can to fight this. This is the beginning of the end if we don't act now. I have lost my appraiser independence behing HVCC. Go Steve and High Powered Attorney!!!!

KILLHVCC: (February 11, 2010 9:48pm)

sorry about the mis-post on the petition. here is what i meant to tell you to go , i accidentally gave steve t's email address, sorry steve. the place to sign the new petition is http://www/ipetitions.com/petition/kill_hvcc/ there is a legal fund being put together for our lawyer that handles things on the federal level which is also available at the petition site. sorry again for the mix-up. go to the site and spread the word so all can be a part of the movement.

AmyJones: (February 11, 2010 8:24pm)

Hey Guys! Thanks for featuring my Blog Post on ActiveRain! If we all yell loud enough maybe someone will listen?

Freedom: (February 11, 2010 7:36pm)

I approach my conventional appraisals in the same manner I did FHA's. Appraisals are appraisals no matter who your doing them for. Why should a conventional appraisal fee be any less than an FHA. If you do a conventional appraisal right, it should contain and disclose any thing an FHA appraisal would have. The reality is both type of appraisals contain extensive work and hundreds of things an appraiser has to think of and pay for. Appraisals should be making depending on the terrain and distance $450 to $500. Everyone else gets pay raises, why should we take a 50% to 60% decrease.

5pence: (February 11, 2010 7:35pm)

Sorry, I'm going to go now. People seem to shut up after I post and I don't know why. Have good night all

5pence: (February 11, 2010 7:33pm)

Something I saw that's just unbelieveable. The documents of the AIG bailout have been sealed until 2018. What??!! Is this the Kennedy assasination that we have to wait years to find out what happened? Never did anyway imo. But it ranks right up there with an assasination as super secret?? What are we stupid? They think so. Notice that the only ones they listen to are economists with their theories. Ones that know nothing about real life. G-Appraiser - we don't need a figure head with a name to lead. We are the people - we make our own way. The democratic way. The way it's always been. The leaders on our side will make themselves known. We just need to get the ball rolling. Don't you guys see the advantages of outting Cuomo?

5pence: (February 11, 2010 7:22pm)

ssfranny: They were hedged/insured, they didn't lose that money. Even if everyone defaulted they still made money. This could be the biggest scam of all time. They could shut things down if things don't go their way & that's just what they did-or threatened to do. There doesn't have to be a loss for things to not go their way. Until we can have a look at their books we'll never know. No one will let anybody see their books. I think it's bullchit & they pled help because they knew that they couldn't stay as large as they've gotten without taxpayer funds that were no doubt promised. I mean really, how do we know what would have happened if we let them fail. They might have said, sorry-we forgot about our hedging & PMI so, sorry-false alarm. Or, do you think the smaller banks with the funds the too big to fails got couldn't have taken up the slack? Defaulting because they're bonus happy & not transparent. How can we believe anything if there's no transparency?? Cover up ain't cutting it.

ssfranny: (February 11, 2010 7:22pm)

I'm not a proponent of unions but in the case of appraiser I think its long overdue!! If their national assocation does nothing to protect them then they need to do something to protect themselves and their livelihood!

FL MTG BRKR: (February 11, 2010 7:03pm)

ssfranny: I have thought the same thing many times. Where are all the premiums from PMI? On another note...I had to order an HVCC Appraisal today through the lender I am doing a loan through...they are charging $310 to the buyer.....I wonder how much that poor appraiser will get out of that $310....

G-Appraiser: (February 11, 2010 6:40pm)

I am willing to donate a certain amount of hours per week to CALL (not email) EVERY SINGLE Appraiser in my city, county, whatever... to get a Union up and going. I am sure in every city there is someone like me ready to do whatever it takes to save our profession from the banksters and "the Cuomo". How can 1 man take down the entire appraisal profession? If we got together and personally got a committment and or pledge from most other appraisers we could at least have some strength in our unity and do something with it. I want my dignity, my independence and my profession back. It's now or never. Who could lead us and help make this happen? I don't have much money but I have time. There has got to be a big brain with a big name to spearhead such a movement. Who? Any ideas, call me at 805 444-7667

ssfranny: (February 11, 2010 6:12pm)

Also, you think the Fed is not making any money?? They made over $50 billion last year one of the best years in history. You don't think they're making any money of the bonds?? its not off the almost 0% discount rate

ssfranny: (February 11, 2010 6:09pm)

Heres a question a liberal friend of mine posed to me last night as I was meeting with him to do a refi. If the PMI companies were collecting all these premiums over the years to insure a default, where did the money go? I mean you have to be looking at tens of billions they've collected over the years wasn't that supposed to protect lenders on defaults? I mean Fannie/Freddie are at what 10% default rate...same as unemployment rate? Never thought about the PMI insurance premiums.

5pence: (February 11, 2010 6:09pm)

As long as they're buying any and every HVCC appraisal for the next 3 years from the GSE's, we're out of business. Unless FHA comes through and does the right thing. I'm not going to hold my breath. We've got to go after Cuomo. There is no other chink in the armor of what's against us. Oh wow, it's beer-thirty - later

5pence: (February 11, 2010 5:57pm)

Hey, I was wrong - looks like it $8 trillion. Geithner threw some in too: Fannie, Freddie and Gold On Christmas Eve of 2009, the Treasury decided to lift the caps on how much bailout money failed mortgage giants Fannie Mae and Freddie Mac would receive to stay in business. The caps represented a maximum taxpayer exposure of $400 billion for both companies. Now, taxpayers will be on the hook for an “unlimited” amount for, at least, the next three years. How much is “unlimited?” Well, for starters, Fannie and Freddie guarantee more than $5 trillion in mortgage backed securities. Add that to the combined debt of nearly $3 trillion for both companies, and you get $8 trillion of taxpayer liability. When I first heard that the caps would be lifted for just three years, I asked myself “Why three years?” http://usawatchdog.com/fannie-freddie-and-gold/

5pence: (February 11, 2010 5:49pm)

I'm just totally amazed that all our taxpayer funds are buying MBS's that nobody in the world wants. That's a great use of our money ehhh? Stock up on things nobody wants and maybe someday they will? China and Germany will not buy them. Why do they exist? So the banks can keep up the profit margins they had in the boom. I absolutely know they didn't lose all the money that they say they did. They were shorting the securities they were writing so they had no real downside - they were hedged. Blankfein of MS said that they were shorting them. They couldn't have lost what they said they lost. They just didn't gain as much as they were used to is my guess and that to them is a loss. Prop em up and keep em fat and growing bigger than sane.

5pence: (February 11, 2010 5:41pm)

ssfranny : The Fed left $4 trillion with the Treasury to keep buying MBS's on Christmas Eve so no one could complain. Sneaky basturds. The Fed not buying anymore MBS's is a bait and switch - are they really done when they leave that kind of money behind? It's all for appearances, you know, the end of the recession and all. Funny thing and a sign of the economy. I'm getting more and more calls in the last few months on people wanting me to appraise their dishes, silver and gold coins, pottery, artwork, etc. I never got calls like that before. I wonder if I can move into appraising personal property. Hmmm. Since we're out of the recession, home prices are rising and the governments buying more jobs and everything is hunky dory like they say - it might not be a good idea. They wouldn't lie to us, right? {heavy sarcasm}

ssfranny: (February 11, 2010 5:19pm)

I see the combination of HVCC,increased MIP fee and monthly MI increase for FHA, expiration of the Homebuyer Tax Credit and Fed not buying anymore Fannie/Freddie debt could be catastrophic for housing this spring and summer. There something bigger going on with this WH and the banks. Obama doesn't want economy to recover until he knows if Repubs take back House and Senate. Banks are getting bailed out and pushing DC politicans around like the nerds in school.

5pence: (February 11, 2010 4:42pm)

Yep, they're all living the dream. Bubble Ben Bernacke's jobless recovery. I wonder when the banks will get tired of rewarding themselves for destroying the economy?

5pence: (February 11, 2010 4:29pm)

JUST IN: As indicated in the industry email of December 22, 2009, enactment of ML 2009-28 (Appraiser Independence) WILL be implemented February 15, 2010. ML 2009-28 (originally planned for a January 1, 2010 implementation) has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection. The effective date for both sections of this guidance will take effect for all case numbers assigned on or after February 15, 2010. This extension has allowed FHA and lenders additional time to adjust systems to accommodate the changes. Detailed instructions on changes to FHA Connection will be issued in a new mortgagee letter, which was delayed due to federal offices being shut down the week of February the 8th and will be released the week of February 15th. DO YOU LIKE THE WAY THEY CALL GOING TO AN AMC "APPRAISER INDEPENDENCE"? WHAT A JOKE! CRAP. EVERYONE IS DELUSIONAL. IT MUST BE NICE THERE IN DREAMLAND.

Appraiser 4 Life: (February 11, 2010 4:05pm)

The appraisal fees should always be paid up front. You don't have a home inspector come out and say "Hey, I will pay you for your work if our loan goes through". An appraiser is a specialized home inspector who is called upon to derive a market value for a home. Agents can list a property at any value and can change their value at any time, an appraisal is a legal document that needs to stand up in court. I didn't spend 4 years in college and 2 years in the field training for a license to not get paid. Now as a Certified appraiser I am sure not going to work for free. The AMCs are already taking too much money for no service, but atleast they will pay for the report.

5pence: (February 11, 2010 3:47pm)

Don't be offended by my comments guys - I like your passion. But, it seems like some of you just woke up. Everything you've mentioned has been broguht up and worked on since before the HVCC last May. No results yet. They refuse to listen as they know our days are numbered if things keep going the way they planned. It is planned. Banks can't be wrong so it must be the appraisers and the brokers. Next it'll be the realtors. We need something new, 100's maybe thousands are trying to work on things that have been brought up here. I've liked the idea of a work stoppage but we could never find skippies that would join. It won't work. We're near the end so unless we make a loud enough statement, we'll just disappear quietly. Anybody see any different? I'm holding out hope that FHA will do the right thing and see that we get full pay and that only the best are used - but how much of a chance do we have with that? ssfranny and I say kick Cuomo where it hurts and don't stop till HVCC is gone.

GODLIKE: (February 11, 2010 3:44pm)

The SAFE Act mentioned today in the video is all about EVERYONE being licensed so I guess that means the SAFE Act trumps HVCC

Valuequestor: (February 11, 2010 3:29pm)

I'll have to check back through my HUD Letters but I believe there is language that states to the affect that,"HUD will not refuse an appraisal ordered by a LICENSED loan officer or broker". Anybody remember that? I can't believe that the Big Five Banksters are the only operations with Licensed LOs? More lenders need to set up their own appraisal ordering depts. and approved appraiser lists. Its not perfect but its WAY better than relinquishing control to an AMC...for everybody involved. Don't you LOs, brokers have any say in these things? Have you tried??

ssfranny: (February 11, 2010 3:28pm)

Well if you had every appraiser in the country donate $100 to his opponent what would that give him $10 million??? Kick Cuomo where it hurts the pocketbook.

5pence: (February 11, 2010 3:24pm)

I don't hang with inexperienced appraisers so I don't even know who's doing this AMC work. If we don't know who they are, how can we stop them from accepting $150 1004's? Look, we've learned though the years to be at each others throats thanks to the banks controlling who gets work. They know this. The think we can never unite as long as they hold the purse-strings and can keep us at each others throats for work. A great show of unity that would get a lot of positive attention would be an anti-Cuomo for governor crusade. Nothing, and that means nothing, is going to work fast enough for us to save this profession except a show of unity against the schmuck that did this. Nothing. There's already at least 5 lawsuits going on - no results. Talking, writing, e-mailing and meeting reps - no results. They aren't listening and the consider us disposable. The only new thing we can do is strike the dark knight where it hurts him most - his political ambition.

ssfranny: (February 11, 2010 3:03pm)

The other thing the HVCC and new FHA rule will do is virtually stop refinance market in its tracks! In 14 years of being in business I have rarely charged borrower upfront for an appraisal on a refi. People are not going to pay for a $450 appraisal that they have no idea what its going to come in at and its not transferrable which was with HVCC. I think FHA rule its transferrable. If someone owes over 90% of what they think the value is on house they won't pay appraisal upfront for a refi...just my opinion.

ssfranny: (February 11, 2010 2:58pm)

EXACTLY! I was telling this to a real good buddy of mine whos an appraiser that all the FHA licensed apprraisers in the Omaha area all need to get together and tell the AMCs you won't do an appraisal for $350. I don't know if this would be considered "price fixing" per Sherman Anti Trust act but I would think theres a strong argument to making an entire industry cut their income by 50% Gotta stand up to the AMCs or get the DC lobby involved.....or start own AMC. I really don;t see how lenders will repeal this even if HVCC is sunsetted.

vtxmaninatx: (February 11, 2010 2:50pm)

ATTENTION APPRAISERS: Its getting time to put up or shut up. We can end this HVCC nightmare dead in its tracks. We are the only ones who have the power to stop this madness and take back control of our industry. It's not rocket science. We need to get organized, all of us, quit the back biting, and stand up to the parasites and no one take any assignments from them. Everyone who has been affected by this BS, lock your doors, go on vacation for two weeks, leave a message on your phones that we are all on vacation until we get our full fee, and agreements with the AMC's to give us a drop dead date on the assignments and leave us a alone. In other words send the order, tell us when it needs to be delivered and leave us alone. It seemed to work for me for twenty years, with no problems. Let them know that you will set the fee not them. Jeez, what is it going to take? Quit your whining and stand up.

joecolorado: (February 11, 2010 2:33pm)

just got some Girl Scout cookies....samoas and thin mints...mmmm...mmmm...good.BUT I think that they are in cahoots with the medical profession as they are full of things that are not very good for cholesterol,blood pressure,etc.etc.etc.

joecolorado: (February 11, 2010 2:29pm)

But if you know ypur worth,then tell the amcs to take a flying jump at a galloping goose.

brokerdude: (February 11, 2010 2:29pm)

YSP is already eliminated as we know it.... it goes to the borrower

5pence: (February 11, 2010 2:28pm)

I don't know about ysp ssfranny - I'm an appraiser. The brokers here should know. As far as appraiser FHA fees, we'll have to see but I don't expect a fee change with the banksters in control. I still hope though :^) . In reality the usual and typical fee in this market is what the AMC charges. $600. I'd be happy with that

joecolorado: (February 11, 2010 2:27pm)

ssfranny-full fee as described as typical by the amc's not by the fee you normally charge.The method of determining ANY fee scale has been removed from ap88rs. You get paid what they tell you,not what you know you are worth.

ssfranny: (February 11, 2010 2:23pm)

5pence: Is HR 4173 trying to eliminate YSP as well?

ssfranny: (February 11, 2010 2:22pm)

I saw the article at www.mortgagegrapevine.com Either way if its accurate it means HVCC is mostly ineffective. SO this FHA law going into effect will the FHA appraisers still collect full fee??

5pence: (February 11, 2010 2:07pm)

ssfranny - how do they know appraisal fraud is up 46%? Prosecutions? No. It's from comparing it to AVM's as the "gold standard" of appraisals. I'd say AVM fraud is up 100% with that statement.

5pence: (February 11, 2010 2:05pm)

ssfranny - it's being included in the HR 4173 bill that they're still trying to work out with Dodd and some new Republican. Consumer protection agency. In it is sunsetting the HVCC. Lets hope it happens before appraisers are sunsetted.

ssfranny: (February 11, 2010 2:01pm)

Receny study on valuation fraud from 3Q 2008 to 3Q 2009 and fraud was up 46% in that 12 month period. So it means 2 things: HVCC is a joke! And the brokers have no responsibility for it since we haven't ordered appraisals since 5/1/08

5pence: (February 11, 2010 2:01pm)

If we put Cuomo and his HVCC in the spotlight for all the world to see, they'll see he's a criminal running a scam for his bankster cronys. Again, this is NY so I doubt whatever we do will affect his nomination but getting this dark dealing with the HVCC out in the spotlight might make him change his tune about making it legal or give his opponent some serious ammunition. Cuomo actually thinks the HVCC is going well!! And so does everybody else since no one is listening to us! He's deluded. Buffoon. Mini-me to Big Fat Bastard hilarious joe. I think it's spot on. He's a tyrant that works outside of the law for his bankster friends that are giving him huge contributions for his run. Skunk him like he skunked us

ssfranny: (February 11, 2010 1:58pm)

Why isn;t the HR legislation being passed to put 18 month moratorium on HVCC theres 124 co-sponsors of bill about 80 Repubs and 40 Dems thats more co sponsors than any other financial reform bill. So why is it not being brought to a vote???

kim: (February 11, 2010 1:54pm)

killhvcc- where do you go to sign

kim: (February 11, 2010 1:53pm)

killhvcc- where do you go to sign

brokerdude: (February 11, 2010 1:49pm)

I have been following this issue all day.. Most of my banks notified me today I can no longer order appraisals . I think this train left the station s,,, both banks and brokers will learn to live with this,,, and apparisers will have to find other source of income or sign up with AMC's for less money... I really do not see this going back...( I will sign and support the efforts but the deal mis done I think!)

KILLHVCC: (February 11, 2010 1:45pm)

go to [email protected] and sign the new petition, we are gearing up to handle this situation the way it needs to be, through legal action on a federal level with appropriate representation.

joecolorado: (February 11, 2010 1:43pm)

squeezed-look at the damage he caused in his current position, imagine the damage he could do with more power!like going from Mini Me to fat Bastard.

SqueezedAppraiser: (February 11, 2010 1:37pm)

Will it matter what he is up to once he is no longer AG? He has already done his damage. Of course it would be great to see him go down in flames, even if he runs for city dog catcher.

SqueezedAppraiser: (February 11, 2010 1:33pm)

Isn't Cuomo running for governor, and not the AG?

5pence: (February 11, 2010 1:28pm)

I really doubt we can affect who wins or loses in Cuomo's run for governor. The main thing is showing absolute disgust with his HVCC and how he won't make it legal. A lawyer that has no respect for the law! I think us having a pledge site will definitely open up free press for us big time to express our concerns and educate the masses. I think the press will love it ! I really don't think no matter what we do we can affect the outcome. It's a NY race. We can let off some steam trying tho

jim: (February 11, 2010 12:59pm)

watch this ad youtube and go to Big Bank Bailout.wmv - what is going on with hvcc

Retired Ancient Appraiser: (February 11, 2010 12:54pm)

When Stevens took over FHA he was under investigation in his private practise and before that was a shill working for FNMA. Did it really surpise anybody he went the way of HVCC? When he first said he wasn't going to make FHA go the way of AMC's those that know him knew he would eventually. He must have finally got his check!

real appraiser: (February 11, 2010 12:51pm)

Any more thought about researching Cuomo's competition and seeing where this guy might stand on HVCC and such, I would like to see Cuomo get kicked where it would really hurt him, in the polls. Or is this a dead issue?

5pence: (February 11, 2010 12:46pm)

Appraisal fraud is not industry wide as Cuomo would like everyone to believe. It's individual cases that need to be prosecuted individually. The guys a putz. We should picket and sponser a website to take pledges to beat Cuomo in his run for Governor. I really don't care about the stances of his opponent. Beating him is #1 imo. It would get us a lot of free press for our cause. Thain is a psycho and psycho's hire him. It's called "proprietary trading" when psycho's are doing the deals. "Proprietary trading" means to me hiring stock board posters to knock stocks and support the companies short positions. I'd bet that almost 100% of this "proprietary trading" is crooked and rigging of the markets. It's easier to tear down than to build up. Anybody having trouble staying on TBWS today? It's like access is fading in and out. This page will disappear if refreshed and then trying another page to get in it says the site can't be accessed and then minutes later it can. Is it just me? lol

jp: (February 11, 2010 12:38pm)

hey brian and frank - do you have any new news on the hvcc

Sheraldia: (February 11, 2010 11:47am)

The state boards never investigated to begin with.....part of the reason why we are here to begin with. Had that happened the appraisers that caught Cuomos eye would have been kicked out of the profession long ago and we might still be able to make a living. Now those same appraisers sent their license, E&O & resume in to the AMC's and PRESTO they continue to work

5pence: (February 11, 2010 11:44am)

Old dog - you're exactly right about the employee status of AMC appraisers. They don't fit the rule for appraisers being contractors. You can file form SS-8 with the IRS and let them determine if you are an employee or not. I mentioned this to the Guild months ago but haven't heard if this is a tactic they're going to pursue. I think it is. The states will line up for their cut and back taxes. It would KILL the AMC's! lol. There's a girl on an appraisers forum that got fired from her AMC and she has some law experience, fought back and won employee status! She even got unemployment benefits! It's a simple form that you can fill out honestly and let the IRS decide what status you really are. It's to your benefit to actually file this if you work for an AMC and you can file it at any time. IRS Form SS-8. Some might say, no way - Fed-Ex with its independent contractors were ruled contractors and not employees. They have a Union, that's why.

real appraiser: (February 11, 2010 11:39am)

Old Dog:The reason i ask is USPAP is clear, a report cant mislead the reader and if the scope of work for an assignment is so limited that it can not produce a credible result, the appraiser must turn it down. I cant see a desk top for fitty bucks resulting in something that is credible or not misleading. I would have to see the form, but most forms are fann/freddy compliant. Are the AMC'S now producing the forms for appraisers, gotta believe the slippery slope just got steeper and slicker. I want to start the rumor right now that I am sure this will cost any appraiser their license if the above is true. Seriously, if it violates USPAP, DO NOT DO IT plus the other billion reasons not to including being called a fitty dollar whore. I am not name calling, just throwin it out there.

Old Dog: (February 11, 2010 11:26am)

real appraiser. I sent this to our board yesterday, no reply yet. You can do any report you want, on a cocktail napkin, as I understand and you can take any fee you want to inflict upon yourself. BUT you have to do the work even if it isn't in the report. You MUST have data and supporting analysis in your work file. Now exactly what is the quality and quantity of that if the appraiser is only paid $55 for their time? USPAP failure there for sure, but who is going to check on that file? The licensure board? They just want to keep their jobs and your license fees and that incompetent, lack of intergrity appraiser's license fee. And besides the board doesnt have any money to spend on enforcement even if they were so inclined. Yep, we are all going to hell in a hand basket..Old dog saying. IRS and E&O company involvement might be our next direction. IRS wants the money, E&Os don't want to pay it out if the #&%*# hits the fan because of appraisal lawsuits. What do you think?

Sheraldia: (February 11, 2010 11:17am)

Old Dog - I love the approach! I really need a vacation!!!

real appraiser: (February 11, 2010 11:16am)

Old Dog:Are these desk appraisals USPAP compliant, are they legal or can you send it to the state board. Do you know, I have only read about them in several blogs. You have to keep a work file, right? how can these be legal?

Old Dog: (February 11, 2010 11:10am)

Continuing the discussion about $55 Wachovia & Wells Desk Appraisals and AMCs in general. Question? They name the time frame and they dictate the price and you must deliver it their way. It would appear that the independent contractor must follow line by line instructions with very little true independence. It sounds like as with most AMC work; they would fail to meet the 20 question test of the IRS which would constitute that the appraiser would be considered an employee. So with all that the appraiser would be wise to ask if they are making the minimum wage for the state they are working in, should they be deemed an employee, and possibly should be filling out a W-4, providing the information for the employer to pay the social security. The appraiser should know who the workers comp plan is through and to know if there are any health benefits or paid vacations in this employ. Maybe we need to work this fight in a different direction and get the IRS and our E&O companies involved.

HATEgovNOW: (February 11, 2010 11:10am)

So all the HVCC crap not going away. FHA thinks it is a good idea to add to this as well with their new appraisal requirements, I am sure this will make it much worse

Lender Who Knows Better: (February 11, 2010 11:05am)

Regarding the SAFE act...I noted that credit reports will be required of individual loan officers. Of course the BIG Banks will be exempt. If loan officers have credit issues will this bar them from licensing?

Meteorlady: (February 11, 2010 11:02am)

Ron Sims?????? He's the same guy that made it illegal to touch even a tree on your property if you owned acreage in King County. That's because the King County Council let the developers run rampant and they advocated high density housing. so Sim's solution was to not allow property owners to actually clear their property. They had to leave it in green spaces. Biggest land grab in the history of the county.

Sunshine : (February 11, 2010 11:01am)

Hi Does anyone remember what date the guys talked about the TBW/Cenlar not reporting on credit reports

5pence: (February 11, 2010 10:55am)

jp- lenders can order in house if they want, they just have to keep the ordering process separate from the origination. 3rd party processor? Sounds HVCC compliant to me. As long as the originator and the one that assigns the report are separate then it's HAVOCC compliant.

real appraiser: (February 11, 2010 10:54am)

Appraiser,CA: Hold on tight, its gonna be a rough ride and the end result is either land or crash and burn. No one knows where its headed, Those in office (not wise people) must recognize the damage and fix it. It would be nice if cuomo would take the lead, but thats NOT gonna happen. I get the sense that all future news is bad and it is the demise of our (independent)professions, We may all have to make a choice to work for the banks or find other sources of income. I hope I am wrong but when was the last time there was good news, every day gets worse. anyone have a different view, my positive attitude was stolen on may 1 with most of my income.

5pence: (February 11, 2010 10:53am)

The 20% of appraisers left standing should be the best of all. Instead the banks have the world upside down and the ones left standing will be the worst. Left standing till they get cut off at the knees and AVM's take over. Fee dropping is trying to get appraisers to do appraisals at the same fees as their AVM's. It's so backwards it's just unbelievable that anybody falls for it. I guess they're paid to fall for it. Promoting of the worst in our trade is the surest way to get rid of us.

jp: (February 11, 2010 10:47am)

does anybody know if any lenders are letting a 3rd party processor order the appraisal for fha after the 15th

5pence: (February 11, 2010 10:47am)

Apparently the FHA guy, David Stevens I think, said that we need to get rid of 80% of appraisers. They're doing it and insuring that the remaining 20% are the bottom of the barrel!! Shouldn't the experienced be getting priority Mr FHA? Lets hope that FHA is not going to allow the AMC's dictate how they do business and with whom and how much the appraiser gets. If FHA is really concerned they will insure that only the best appraisers are hired and paid fees commensurate with experience. We shall see shortly....

Appraiser,CA: (February 11, 2010 10:41am)

Any advise from those wiser than me. I love what I do.

5pence: (February 11, 2010 10:41am)

To me the usual and typical fee in this area for an FHA appraisal is what the AMC's are charging - $600+/-. Usual and typical. AMC's have been using that term for years to justify their low fees. I remember in the early 90's an AMC called and offered $263 for a full. I laughed and hung up thinking only the inept would sign up for that. I was right. Anyway, You appraisers might be interested in this link called the birth of AMC's. It takes place in NJ. I don't think anyone can tell me the council wasn't paid off. It takes place in 2002. Watch the terms usual and typical fees used based on a survey throughout. They never had any intention of pay usual fees, just their price fixing fees. http://accessdmv.net/dobi/proposed/ad111202.pdf

Appraiser,CA: (February 11, 2010 10:39am)

The bank lists have been closed for years. What happens to the appraisers that are not on these lists? I have 10 years experience, 5 on my own. I tried every year for 5 years to be told that there were no openings in my area. There is no work with the smaller AMC's.

joecolorado: (February 11, 2010 10:36am)

look....guys...its not that difficult...I know its going to be a hardship as I am going through this also, but all you do when amcs offer an appraisals for less than your fee,just say NO.

G-Appraiser: (February 11, 2010 10:33am)

I just spoke with HUD. The say they are NOT HVCC only that it has to be ordered through the lender it is going through, NOT the broker, loan officer. IE: Landsafe, Rels, etc.Bank owned. Sounds HVCC to me. Now what?

real appraiser: (February 11, 2010 10:32am)

DAG: Probably 800 bucks and the AMC are gonna say they have been paying appraisers 200 for fha's for years, so it is typical for them. It is scary, but my FHA's have gone away since feb 1, my clients already went HVCC. I too would like some high points from fridays show, anybody?

Aloha appraiser: (February 11, 2010 10:32am)

Frank and Brian - at the end of the live show last Friday you mentioned that you would provide a summary of what came out of that sometime this week, but I haven't seen anything yet. Can you give us an idea of where we go from here?

Freedom: (February 11, 2010 10:31am)

All certified appraiser's felt imune from the HVCC. Fully licensed appraisers with 20 to 30 years experience were told to upgrade so you can keep doing FHA's at full fee. Guess what, HELLO, AMC's will get the lowest price available. Just like conventional, there will be appraiser's that will under cut the other guy, and it keeps getting lower and lower. How low can you go, is what the ask on the phone. They say we have someone that can do it for $300, can you do it for $275? No license is imune from the HVCC rath. I was an FHA appraiser for 11 years and lost my status because I didn't upgrade. I can pass an FHA test at 100%. Believe me, I don't miss FHA. I can see what the real deal was. AI wanted more money from more classes we have to take. The system is working backwards. Congress didn't know what it did when passing this. FHA didn't want it to happen. Does it make sense to get rid of the most experienced FHA appraiser's. They were harder to do in the 1990's.

LA Appraiser: (February 11, 2010 10:27am)

FRANK & BRIAN I unfortunatly missed that hvcc meeting you guys had, is it recoded somewhere maybe? Very curious about what went on there. Tnx

DAG: (February 11, 2010 10:25am)

Here's a question, if an appraiser is to receive his/her usual fee on FHA, then what the heck is the borrower going to end up paying?? Twice the fee?

DAG: (February 11, 2010 10:22am)

GAppraiser - I just received an email from SunTrust, they are going HVCC 2/15 for FHA. Don't know about anyone else. Isn't that just rich! I hope at some point people really wake up to this, but unless you are a broker, appraiser or lender, no one cares. HVCC - lenders hate it, brokers hate it, appraisers HATE IT. I hate to say I'm amazed, it is so bad, I really thought maybe they would wake up before it bled over into FHA. But then, Shaun Donovan does not seem to be on top of things.

kim: (February 11, 2010 10:21am)

does anybody know if any lenders are letting a 3rd party processor order the appraisal for fha after the 15th

5pence: (February 11, 2010 10:19am)

I think it's when you receive the order and not when it's delivered as far as HVCC comiliance, so if you can load up on orders. A lot of MB's are already HVCC compliant, going through the extorters, before 2/15. I was told that yesterday by a broker who decided to go HVCC ahead of that date.

5pence: (February 11, 2010 10:13am)

G-appraiser. She can order through you until 2/15. After that it's through AMC's that are supposed to pay your usual fee.

kim: (February 11, 2010 10:12am)

I would like to know about the 2-15 fha/hvcc also - any new news

pipe: (February 11, 2010 10:08am)

Tim, States determine the MLO deadline do a search for NMLS click on the map. As for the test, the National is easy, my score 93. State of Arizona 86. Good luck to the folks that think they know ANYTHING about originating a loan.

G-Appraiser: (February 11, 2010 10:05am)

Does anyone know what is happening with FHA/HVCC on 2/15. Cant find any real info and my client was told she needed ro order it HVCC and couldn't order through me? Anybody have any info out there?

5pence: (February 11, 2010 10:00am)

Oh, 1 more thing, take your money out of the big banks. Don't fund their nonsense. It works! Thx

Tim: (February 11, 2010 9:57am)

I thought originators had to pass the NMLS national test by Jan 1st 2010...did the deadline get moved back???

5pence: (February 11, 2010 9:57am)

I just watched it Kim. The $4 trillion is wrong, that's what's been left at the Treasury to keep buying MBS's from the GSE's. It is a waste of money! The only thing it's got going for it is sunsetting the HVCC. The rest is pork & unnecessary. What is the good of more regs when they're not enforced? If existing regs were enforced we wouldn't have had to bail out the monsters. You guys think the banksters are human, they're not. They've been laughing at us all along and they're laughing at us right now. You don't think every time the AMC's lower fees that they're not laughing their arses off at us? Brokers, you suffer too as you have to hang your livelihood & local reputations that have taken years to build up on an unknown. The only thing you can be sure of as you move to close your deal is you'll be getting the cheapest & most inexperienced appraiser the AMC can find. I'm thinking appraisers have hijacked this Mtg brokers thread & should take a break. Have at it brokers-I like to learn

kim: (February 11, 2010 9:25am)

s there any new things on HVCC do you guys have any meeting for this coming up - I live near Illinois and they are running ads like crazy to call your senators to vote NO for hr 4173 - if you go to youtube and go to Big Bank Bailout.wmv you can watch the ad -

5pence: (February 11, 2010 8:05am)

This appraiser got a 40% on the SAFE ACT test. I guess I can't be a broker, just broker

FL MTG BRKR: (February 11, 2010 8:02am)

Did my first 2010 GFE to the client last night...I actually had to take different colored highlighters to explain what was going where on the different forms...(Initial Fee Sheet, GFE, Itemization of Amount Financed)...absolutely ridiculous!!!!!!!!! I gave them an old GFE with no name or address info for reference...they asked me why the gov made things so difficult...I just laughed!!!

5pence: (February 11, 2010 7:51am)

Well it could be under"ware" if he's wearing a metal chastity belt lol. Brian and Frank, a lot don't know what happened with the HVCC meeting last Friday. It wasn't recorded so can we get a synopsis of the most important talking points and conclusions if there were any? Thanks for all you do!

MortgageGod: (February 11, 2010 7:44am)

According to Snoopes, NRA says your story is false. http://www.snopes.com/politics/business/captrade.asp NRA says incentives for owners of existing properties to voluntarily improve the energy efficiency of their structures

TEXAS: (February 11, 2010 7:39am)

I took the NNMLS exam yesterday.(passed) There were items on there I had never heard of. So, yes I would suggest using a prep service. I used CompuCram (not a plug) Made a 93 on the practices exam and then made a 77 on the actual one. It only take about a week of prep and then the exam. So don't put it off.

Pela: (February 11, 2010 7:33am)

Does anybody know the name of the form that can be used by homeowners to have the current servicer of their loan find out who is holding the lien?

EmeryTroy: (February 11, 2010 7:25am)

...Yikes! I was listening to Cypress Hill, hmmm now the Black Crowes. I see a trend. Frank & Brian- thanks for the test prep. S.A.F.E. Act, yuk!

Broker-Cali: (February 11, 2010 7:16am)

HUD changed the rules to flip properties... but I can't find any bank that has adopted the rules yet?? they tell me invetsors do not want those flipped homes...anybody has any information?>

NJDLMKR: (February 11, 2010 7:06am)

I appreciate the link for the test prep … Although I’ve been in the business quite awhile I don’t remember all of the fines and all the acronyms. I do my job, honestly, and could care less about the fines and penalties, because … I’m not going to have to pay any: I know what’s right and I know what’s wrong. And I could care less about the FDIC, HERA, S.A.F.E., CSBS, OCC or the H4H. How this benefits the consumer is beyond me.

Chris- NY: (February 11, 2010 6:49am)

EmeryTroy-- it was Cypress Hill- not the Beasties- but funny none the less

m650: (February 11, 2010 6:48am)

That was Cypress Hill - Insane in the Membrane

EmeryTroy: (February 11, 2010 6:27am)

"Insane in the JohnThain" wasn't that a Beasty Boys song?

Mortgage Girl: (February 11, 2010 6:16am)

@Frank....it's "underwear" :-) Good morning.

Gnotboxchecker: (February 11, 2010 6:09am)

Did the email get blitzed today?

ej: (February 11, 2010 6:07am)

glad to know i made the Big Boy team! I will be sure to send that message to my ovary.

JohnTheHeckler: (February 11, 2010 6:00am)

There are people who will wait until the last minute and fail the State exam.If you don't already know,It's big boy time! The Natl. Test is a Breeze.

Frank@TBWS: (February 11, 2010 5:51am)

Brian, I'm sitting at my kitchen table in my underware reading the blog... So I'm covering the night shift and you're mornings now?

ej: (February 11, 2010 5:25am)

Regarding the test...I agree. If you consider yourself to be a professional mortgage loan originator with over 2 years experience you should pass the test. Otherwise you are just an order taker and might as well go back to Burger King! Yes - I took both the Federal and State tests early in December and passed them both with flying colors. On the other hand I have always felt MLO's should be licensed and held accountable. As a broker I caught several LO's taking my leads to another company and bringing another company's leads to me so they could get higher commission. Without licensing there is no way to track where MLO's work. Guess who got fined in that situation - YOU ARE RIGHT! Both brokers and the LO's just sashayed on down to the next unsuspecting broker.

ej: (February 11, 2010 5:21am)

Wake up guys! The government is already regulating our beer and food intake! Passing laws on fats in the diet. Come on - I can look in the mirror and tell that at 55 i no longer have the body I had at 25. Common sense tells me more intake, less output equals more pounds. I know the results. I don't need the government to tell me not to eat fried foods. But Hey! I have the right to eat fried fatty foods if i so desire. After all I don't get free medical so my health care burdens are on my own shoulders. Regulate my home? Next they will be regulating my orgasms!

Ric: (February 11, 2010 5:04am)

Sorry, guys it's a dumb idea. The lenders just need to bite the bullet and WRITE OFF PRINCIPAL. If the same accounting rules applied to these lenders that applied to bank loans, we would already be over this crisis. Actually, you couldn't exactly apply the same rules, but let's suppose the loan pools were required to write a loan down to 50% the minute it was 90 days late. Now the have a loss RIGHT NOW. No way to sugar coat it and fail to report it like they do now. Now that they have a 50% loss, if they offer a right down to 75%, they have an immediate 25% profit - compared to where they are. This is not quite the same as banks have to treat a defaulted loan, but the result is the same. THEY HAVE AN INCENTIVE TO FIX THE PROBLEM NOW. Now, the incentive is to postpone the problem, keep the loan on the books at full value and PRAY FOR A HOUSING RECOVERY to rescue them. This is the reason it takes 3 months to do a short sale.

Nuke 'em 'til they Glow: (February 11, 2010 5:01am)

Sad that other than newbies to the industry that someone needs more than 5 hours of prep to Pass the SAFE act test. If you flunk it by more than a couple of points then get another line of work!! Sheesh! The concepts are the same thing that Experienced LOs, Bankers and Brokers are doing now! BTW I've already passed the test... BACK in December!

tmfgrp: (February 11, 2010 4:56am)

You know what guys.... At a certain point and time, people in this country are going to get tired of the doodoo that's going on in this country with the housing and banking industry. When they do, don't be surprised to see someone picking up a weapon on a daily basis and getting their jollies by taking some of these smucks out. and we wonder what pushes a person to do such a thing. Elmer Fudd better take note!!!!!!!!!!

Broker in RIC: (February 11, 2010 4:50am)

The LVG idea seems like it could help cut down calculated foreclosures if the cash reward was large enough. At that point, it could become an investment. What, a $1,400 trash can!?

Tom C: (February 11, 2010 4:38am)

hmmm, so let's think about this, cars are regulated for emission standards, now maybe homes, the government needs to take the next step and require that we meet "personal" emission standards. They could regulate our diet and beer intake.

brian tbws: (February 11, 2010 4:19am)

frank you up yet? yeah its me brian and its 4:18 am and i've been at the office for an hour. Listen, I'll get the coffee and meet you in an hour or so. Does that sound good to you... Its so quiet at this time.