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5pence: (February 26, 2010 5:38pm)

Do anything we can. Hit it from every angle possible. Spring/summer is the time for outside protests-I plan on being in some. Picket AMC's if you're in warmer climates. Join or start a Guild. Write the FBI. Write the Dept of Justice. Schedule meetings with your state reps & if they don't listen vote them out. See what you local appraisal board is doing & offer ideas that are being used in other states. Write articles & editorials for your paper. Pull your money out of the big banks. No effort to defeat the beast is wasted. The public needs to be educated & they are our strongest ally. HVCC and everything it illegally allows is wrong. I don't listen to Glenn Beck but he made a good point at CPAC. He said something like: We are born with inalienable rights & the Creator set up bells that go off inside of us when those rights are being taken/violated. There are lots of people out there that don't know their rights are being taken-if they knew, their bells would go off like they do with us

United we Stand, Divided we Fall: (February 26, 2010 5:19pm)

TBWS it time to boycott. Nice Guys Finish Last. This site is our link. It's time to change gears. Petition signatures is still in thier boxes since November. It's now March and we the mortgage community is filing bankruptcy and bleak futures. We are getting our asses kicked, we are loosing the things we worked for, our careers, savings, etc. It time for a new direction. We been doing what they expected us to do, start a petition and blow smoke up our ass, which happened in November, nothing happened, business as usual. FHA adopted HVCC, YSP, etc. Nothing gonna change, we have to make a change. We have to stand up for our rights. Nice guys getting the Shaft.

justsayin: (February 26, 2010 5:00pm)

http://www.azcoaa.us/AMCBill1351 - AZ got its AMC bill passed thru the Senate on 2/23 - there is hope yet - go on their website and read thru. They are ruffling feathers! The best chance we have is to join forces. Join your coalition or guild - we need advocacy. AZ and ILL is helping CA. Join or start a coalition in your state. It's not over, but we must fight collectively!

United we Stand, Divided we Fall: (February 26, 2010 4:55pm)

We need to start a gras root campaign. Picket his office everyday, go on the campaign trail with picket signs, go door to door and let the voters know of his investigation of WAMU and E-appraisalit and how he turn around and made this the business model that put the appraisers and brokers out of business, and excplain the repercussions this HVCC is having on the thier property values. We don't have a voice in Washington, but our voice needs to be heard, we the people needs to be heard. Washington appraiser group boycott the fannie mae, freddie mac office, the GSE office. We don't have lobbyist but we have people. We need to be heard. The petition we signed has emails, we need to use the email addresses to contact people and ask them to forward these back room deals. It's time to fight for our right to work in a free enterprise system. Greed is a cancer and if does not get treatment it will spread. Coumo can't benefit from this. It is time for us to get to take a Stand. Nobody cares.

Deedie: (February 26, 2010 4:26pm)

Just who has the conads to to take the stand????? I'm behind you but not smart enough to take it on unless someone wants to challange me!!!! OVER WITH IT DONE WITH IT LETS ROLL!!!!!!!!!!!!!!!

Deedie: (February 26, 2010 4:05pm)

DO WE NOT HAVE an ATTORNEY ON THIS FORUM??????????????????????

Deedie: (February 26, 2010 3:58pm)

United we Stand, Divided we Fall: What do you suggest??????????????????????????????????????. I am sik of this bullshi. Hang them

United we Stand, Divided we Fall: (February 26, 2010 3:48pm)

New York appraisers,and local entreprenuers, Boycot in front of Coumo's office everyday you're being affected by HVCC. Make HVCC Coumo Waterloo. You have time. 120,000+ signatures petition need to be heard, remind him stop him in the primary election. Put him out of work. New York does not need him anymore, he's a snake, let's start an email campaign against Coumo. New York we need your energy, your help.

Deedie: (February 26, 2010 3:44pm)

5pence, ILL appraiser & A Appraiser so what in the hell are we to do besides complain????????????????

5pence: (February 26, 2010 2:25pm)

That was the great Goldman Sachs. Never would they have countenanced the duplicitous trading where, in some cases, Goldman has used derivatives to destabilize major institutions such as AIG. Or in the housing market by shorting derivatives that exacerbated the collapse of house values, by speculating against the debt of many states including New Jersey, California, Wisconsin, Florida etc., many whose municipal bonds were originally underwritten by Goldman. Then to helping Greece deflect perception of its steeply mounting budget imbalances by encouraging it to position itself into a massive program of credit default swaps and then actively & on a proprietary (for their own account) basis, speculating against those very instruments thereby making a bad situation much worse. And on to speculating in such as oil futures in a way that intensified the distortion & steep rise in prices bringing bountiful profits to Goldman and freezing homes in Maine. TERRORISTS!http://www.huffingtonpost.com

5pence: (February 26, 2010 2:14pm)

Deedie : I think she spends too much time on AF where they're all AI guys that control the board and they're completely indifferent. This is a grass roots approach here where there are no alliegences to AI since we're all getting screwed equally. AI protects their commercial appraisers so, they don't care - for the most part. I think Pam would find this venue a breath of fresh air

5pence: (February 26, 2010 2:04pm)

The tide is turning, incumbents are stepping down because they know they're not going to be voted in again. TAVMA is getting desperate. I really think we're on the winning end if we don't give up. If we give up all is lost including the dreams of the Founding Fathers. I just can't stand for that

5pence: (February 26, 2010 2:01pm)

I returned your e-mail. Nothing new if we don't try something new. If they don't listen, shout!

5pence: (February 26, 2010 1:53pm)

I did Deedie : I'm still trying to make sense if it. It maybe take a while for me to get back to you on this. If it changes anything I'll let you know. I don't see anything yet, soo.... Thanks

Deedie: (February 26, 2010 1:35pm)

5pence that was from me

Anonymous: (February 26, 2010 1:33pm)

5pence, did you get the email?

5pence: (February 26, 2010 1:27pm)

I think Frank and Brian might be interested too. I got this off their website : [email protected]

5pence: (February 26, 2010 1:24pm)

Deedie : [email protected] . She got an e-mail that pissed her off just today? I'm interested, thanks!

Deedie: (February 26, 2010 12:57pm)

5pence, ILL Appraiser & A Appraiser send me your email and I will forward her email she sent me today. I talked to her this afternoon and she is pissed. She has spoken to the FBI, the Secret Service and many an attorney. Do you have Frank & Brian's email address?

5pence: (February 26, 2010 12:50pm)

I just tried the link - it works. Maybe I'm sounding a little too drastic? Tough. They shouldn't have stolen my career

5pence: (February 26, 2010 12:47pm)

She was years ahead of her time. Read about it in the link. Also, she said that Chase tried to get her to admit that all appraisals are the same - She said NO! Goes to show why the AMC think all appraisals are 1 fee. http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2007/06/eappraiseit-v-p.html

5pence: (February 26, 2010 12:40pm)

Deedie : Yes, no license required. And they want to restore faith in the financial system so others will buy MBS's? Not the way to do it. We might want to warn away investors, foreign and domestic, within that dump Cuomo ad. I mean seriously, no one seems to want to protect the investors around the world. These crooks are trying to pass off iron pyrite as gold! It just hasn't been the same since the Whamm broke up. You know Pam? For anybody seeking a lawsuit she is the one to talk to. She has years of info on the slimesters and actually beat eappraiseit /Chase in a court of law. Very righteous girl.

ILL Appraiser: (February 26, 2010 12:39pm)

Deedie, she went for what on her own?

Samus: (February 26, 2010 12:32pm)

So how come only 30% like Stevens?? Seems to me he's all about doing it right and wants to take a hard position on the AMC's. After 24 years in this business I think we need to focus on quality instead of "writing paper".

Deedie: (February 26, 2010 12:31pm)

Everyone Contact Pamela Crowley <[email protected]> or google her name she went for it on her own.

Deedie: (February 26, 2010 12:28pm)

Brian & Frank what is your email address?

[email protected]: (February 26, 2010 12:07pm)

Can't get on the live show

Dave: (February 26, 2010 11:53am)

I had been receiving the daily show for several months until about two weeks ago. I re-registered and still no show. Thought I would pass that along in case others are experiencing the same thing.

Deedie: (February 26, 2010 11:52am)

5pence: to top it off someone from India is reviewing the appraisal. Not licensed!!

deedie: (February 26, 2010 11:48am)

5pence:not only that I had people from India reviewing our reports. No license required.

Deedie: (February 26, 2010 11:42am)

5pence. I already did and I have no feelings of remorse. How about this: I used to work for an amc "eappraiseit" they stole our data and now my MLS sells us back the information from "Eappraiseit (First American, Core Logic, etc

5pence: (February 26, 2010 9:44am)

TBWS Support: (February 26, 2010 8:30am) LIVE SHOW TODAY 10AM PST http://www.thinkbigworksmall.com/live_shows/view_day/02/2010/26

5pence: (February 26, 2010 9:32am)

When I hear from the FBI about the ratio of amc appraiser related fraud to independent appraiser fraud I will post it here. My guess is that of 22% of all fraud 21% goes to amc appraiser fraud. Not willing to bet on that yet, but I'll take odds heheeh

5pence: (February 26, 2010 9:18am)

To show my dedication to the cause, I'm filing Ch 7 shortly. Even tho the banksters took my career I can take some consolation in not paying their credit cards and moving my money out of the big banks. Not paying their credit cards is about equal to 1 year of work, so I'm not feeling any guilt about it. They owe me what they stole imo. If they wanted to be paid they wouldn't have taken my 20 year career. I really believe we can win this

REOrealtor1: (February 26, 2010 9:17am)

Frank & Brian YOU ARE BEING HEARD MAINSTREAM!! I recently had two friends, totally out of the real estate and mortgage business, send ME an attachment with your video on problems within the banking industry!! You have gone mainstream; the public is waking up and getting involved. Thanks for a great job!

SimpleSolution: (February 26, 2010 8:53am)

justsayin-I agree with you 100%. I am out of business as I also will not accept any orders that pay less than $300 and a $300 order has to be like a mile away for me to take it...LOL. Since 02/15 I am done. I will be joining CCAP just as soon as I can cough up the $100.

justsayin: (February 26, 2010 8:49am)

5pence - You are right on. I just spoke to an AMC appraiser yesterday. She had 5 orders yesterday alone - i haven't had 5 orders all week, but then again, I won't do appraisals for $125 - it pays more waiting tables when you add everything up! We all need to join or form Coalitions within our state and then have a national umbrella - its the only way we have a fighting chance. After 18 years, I can't believe it has come to this. CCAP in Cal, ICAP in Ill or one of the guilds back east - we will be much more powerful together than we are individually!

5pence: (February 26, 2010 8:48am)

I hope none of you thought that was a threat to Cuomo when I said "not if I can help it". I meant that I'm going to protest his election, in NY if I have to and ask from the hilltops, why does an AG create and support an illegal policy - the HVCC? He won't make it legal! If it were legal I could live with it - but he won't make it legal.

5pence: (February 26, 2010 8:41am)

The banksters are financial terrorists that go around bankrupting the world and taking democracy and free trade hostage with the ransom being all the wealth and abundance of this nation. We should all have free college for our kids and free health care. But now we're too broke and too far in debt to the banksters that created the problem.

5pence: (February 26, 2010 8:35am)

TBWS Support - Thanks! I hope it's going to be recorded this time for those that have a job? No one wants to miss these and then not hear about what happened the next day or week. I hope it's not too much trouble, I'm sure a lot of us would be appreciative

5pence: (February 26, 2010 8:32am)

I sincerely believe that communication wasn't the problem, it was banks greed through the amc which continues. I still just can't belive we're still feeding the banks greed with trillions of our tax dollars and for what? **Bloomber news : Gov Paterson, the democrat has dropped out of the race opening the way for Cuomo to be the democratic nomination for Governor. Governor? -Not if I can help it.

TBWS Support: (February 26, 2010 8:30am)

LIVE SHOW TODAY 10AM PST http://www.thinkbigworksmall.com/live_shows/view_day/02/2010/26

5pence: (February 26, 2010 8:22am)

Congratulations sheraldia - my letter is in the posts at 7:42 and 7:46 am. It was continued in 2 parts. Of course, it's just a template if you want. We can't all be writers lol - maybe we can! ;^) . Trusted, yes! If the premise can be proven wrong then throw the whole thing out

SimpleSolution: (February 26, 2010 8:17am)

Where did weelest go?

Trusted: (February 26, 2010 8:12am)

5Pence... I am going to do just that, it is information that should have been gathered and made a part of the discussion. If it was not, what is the basis for assuming that HVCC, particularly, in its current format was the solution to the appraisal pressure problem.

sheraldia: (February 26, 2010 8:10am)

CuomoHasToGo:We get orders from a couple of local banks. They have, indeed, set up a department separate from the loan production staff. Prior to HVCC we could talk to the loan officer, but no more. They also pay us our full fee! Yippee! 5Pence - can we copy your letter to send to our local officers or anyone else we can think of to get the fire going? I think it's an excellent idea

5pence: (February 26, 2010 7:56am)

See - something new to get to the heart of the matter :^) . What's going on is wrong in so many freaking ways, it has to be founded on fraud. We just have to find out how and expose it

5pence: (February 26, 2010 7:51am)

Maybe you guys could take my message to the FBI and make it your own and send it to your local FBI offices across the country. Maybe this something the FBI overlooked. I'm thinking it is. I sent mine to Seattle. Maybe if they get enough requests they'll break it down for us. The amc's hired the worst and there's no doubt in my mind they were hired by number hitting banks that got greedy

5pence: (February 26, 2010 7:46am)

wouldn't work for those fees. There is no doubt in my mind that they gained market share by hiring numbers hitters exclusively and that became their reputation and marketing appeal to the larger banks. It's the only way they could gain market share in my opinion, because their business model is so flawed. The appraisers they used could not find their own jobs and worked, then, for at least 20% off typical appraiser fees - that alone doesn't inspire confidence in me in their "skills" or independence in their valuations. This is research for a book I'm writing. I hope this data is available or can be researched. If you don't have the data readily available maybe I can get a list of all the appraisal fraud cases over the last few years and research it myself. This information is considered vital to the premise of the book. **You're absolutely right Trusted. Those figures need to be known.

5pence: (February 26, 2010 7:42am)

To the FBI: Hi : I'm an appraiser and I've been following your reports of mortgage fraud and appraisal related mortgage fraud statistics over the last few years. I'm doing some research and would like to know, that of those reported appraisal fraud cases, how many were independent appraisers and how many were appraisal management company appraisers (AMC)? I've been finding information that a lot of the appraisal fraud in the last few years has originated with appraisers that work for these AMC's. For instance, in the Attorney General Cuomo's fraud investigation of an AMC (eappraiseit) and Washington Mutual Bank, that there were 262,000 of appraisal fraud committed by just one group of appraisers employed by eappraiseit over an 18 month period. Even in NY that would equate to a large percentage of fraud. I'm trying to catagorize the number of instances that independent appraisers were involved in fraud as compared to the contributions of AMC employed appraisers. The AMC, even years ago and before their dominance in the mortgage market, paid about 20% less for appraisals and so could not employ true independent appraisers as they wouldn

Trusted: (February 26, 2010 7:27am)

5pence that is a great idea...Because to my knowledge, I have not seen one bit of information, with any break down as to where the bad appraisal came from. While , I personally feel that appraisal were the least part of the issue when compared to the loan products, underwriting guidelines and mortgage securities ratings, the appraisal data should be available or obtained. my email is : [email protected]

Trusted: (February 26, 2010 7:20am)

As I read these post, I am beginning to think that our battle with the HVCC should include efforts that will basically cause it and the AMCs tochoke on its own provisions by attacking issues such as AMC ownership, definition of appraisal, appraisal delivery cost, loan cost,etc. This is a big issue supported by a well financed and connected adversary. As such, our attack should be in concert as well as multi-faceted,from many directions at once as well as one direction many times. While the nature of our industry scatters us in such a way that prohibits our amassing huge attacks, we can take this baby down one bite at a time. History proves that this can be done.

5pence: (February 26, 2010 7:16am)

Trusted, before their pre-dominance in the market there is no doubt in my mind that they gained market share by hiring numbers hitters exclusively and that became their reputation. It's the only way they could gain market share in my opinion, because their business model is so flawed. The appraisers they used could not find their own jobs and worked, then, for at least 20% off - that alone doesn't inspire confidence in me in their "skills" as appraisers. I think I'll write the FBI and try to find out.

Trusted: (February 26, 2010 7:10am)

Weelest..your legislation in Georgia should include a provision that prohibits and AMC from actually hiring appraisers to do the appraisal. In Pennsylvania, a large AMC based here actually has their own appraisal staff. How, can this be a firewall if they are the AMC and using their own staff, typically a trainee, to actually perform the assignment. A conflict of interest also exist, in this situation, if the bank actually owns or is part owner of the AMC. Such a situation, violates every aspect of the HVCC intent.

SimpleSolution: (February 26, 2010 7:09am)

weelest-Suggestion please for the bill-The AMC's need to collect their own fees seperately from the appraiser. Their fees have nothing to do with us and I am quite sure the consumer would not be happy to know that they have been paying $200+ for an appraisal ordering fee. Please let the consumer dictate how much their services are worth and don't continue to let them steal our money.

Trusted: (February 26, 2010 7:05am)

5Pence you hit the head on the nail and it is a question I have been asking from day one. What percentage of the so-called fraiud appraisals were done through AMCs, particularly those AMCs held captive by a particular lender such as WAMU and Countrywide. With all of the data and resources available to the government overseers, where is a study that segments the percentage of questionable appraisals that came from independent versus AMC/in-house controlled Appraisers. To me this one bit of information is at the crux of the HVCC issue.

weelest: (February 26, 2010 7:01am)

State of Georgia update: legislation is being written to require all AMC's be licensed by state, have a physical presence in the state where records are to be kept and meet financial requirements. The state can not change the rule but how they operate. Having them licensed and under the jurisdiction of the appraiser licensing board gives individual appraisers and consumers an avenue to address grievances. It is a small step but an important one. Please advise of any other requirements you feel would help, be reasonable in what we could get in the bill.

5pence: (February 26, 2010 5:18am)

Mistake : You don't need a buffer between the appraiser and the originator, all you need is for the banks to assume their role of risk assessment - due diligent underwriting!! Why is this so hard for them to understand?

5pence: (February 26, 2010 5:14am)

simple solution: it's in my post. Cuomo's disappeared - my post 3:26 pm part of which is "He is running a campaign for Governor while hiding from the people of New York."

tracktor: (February 25, 2010 8:47pm)

Here is a link to an article written by Charles Munger, Warren Buffets right hand man. http://www.slate.com/id/2245328/pagenum/all/#p2

tracktor: (February 25, 2010 8:45pm)

FDIC insolvency http://www.istockanalyst.com/article/viewarticle/articleid/3888946

SimpleSolution: (February 25, 2010 8:18pm)

5pence-What was Rick Lazio's reply?

CoumoHasToGo: (February 25, 2010 7:53pm)

Only pressure I feel is from HVCC. They gave the Bank and inhouse AMC all the work after they got caught pressuring appraisers. Great work Mr. Coumo. Sounds like it would have gone that way no matter what. Do you belong to TAVMA? Probably in the future, you'll be Top Banana. I which your brother would investigate you. I lost my business because of this insane code. Oh its just a code and not law. Oh ya and Banks can still order direct to the appraiser, just has to be some one not making commision off the deal. Has anyone got an order this way? 0, goose egg. Everything and everyone ran to the third party. We already had laws inplace. Ones that helped a free market society. They're focus on Appraisals and Brokers as the root of the melt down is really a way to keep people off the real problem which was lending to anyone who could breath and then passing it as "A" paper. Diabolical. As an Appraiser I haven't had a real vacation in 20 years. Pay health insur. & can't receive Un Employment.

ssfranny: (February 25, 2010 6:28pm)

SoccalBroker: See I was told the opposite by HUD that its up to the individual states as to whether they pull credit reports or not. NMLS could say they want it but ultimately its up tot the states how they want to administer it. Explains why some states are talking min FICOs and some are saying they won't pull any credit scores. Either way, if you don't get licensed based on a score wouldn't you have a case with EEOC for discrimination based on credit?

5pence: (February 25, 2010 6:16pm)

You know, thinking about it, I wonder, pre-melt-down, how many appraisers that were working for AMC's were part of the cause of the melt-down as compared to independents that had to answer to no one. We know 262,000 fraudulent appraisals were completed for eappraisit and WAMU, within 18 months. That alone is a large percentage of fraud. AMC's are for the most inept and least independent and cheapest appraisers as they really have no knowledge of what an appraisers does and is supposed to do. I'm willing to bet AMC's and their bottom of the barrel appraisers were the cause of near 100% of appraisal fraud reported. Any statistics on that? BTW, at the Bubble Ben hearing one of the legislature was asleep?!! LOL! Glad you got a picture. They're all asleep and dreaming.

socallo: (February 25, 2010 4:55pm)

I just contacted CA DRE (I'm DRE licensed) and they said that they will be rolling out their program for DRE licensed LO's next week. It sounds like it's different than the NMLS process. I don't know but will post again when I find out next week.

Socal Broker: (February 25, 2010 4:34pm)

socallo & lendershop: My understanding is that it's the fed that requires credit reports for licensing, not states. In CA you just need an MLO endorsement to your RE license

ThePhoenix: (February 25, 2010 4:25pm)

As just and FYI, all those mortgage brokers and appraisers were either small business owners or independent contracts not such to unemployment and are missing from the true unemployment numbers. You got screwed out of your business and you got screwed out of any unemployment and you got screwed in the count. Thats sweet! Don't you just love those regulators? (not like I needed to add to your misery)

socallo: (February 25, 2010 4:03pm)

lendershop - thx for the info. I will contact NMLS to find out what CA will be requiring for their LO's. I most certainly don't have any fraud issues or charges. I am still working as much as I ever have and I am so grateful that I still have clients and I am still closing escrows every month but my income is less than half of what it was in 2007. Some months my commission checks just barely cover utilities and food and this is how I got behind. It just always seems I'm trying to play catch-up and it would be absolutely devasting to lose what income I am making if I lose my job because of my declining credit score.

CornerstoneKathy: (February 25, 2010 3:37pm)

Hope you guys are OK getting back home from DC..snowing like crazy again here on the east!! Nice job on the The Niche Report article!!

5pence: (February 25, 2010 3:31pm)

Think Cuomo's "disappearance" is due to the fact that he knows he has a nation full of appraisers, brokers and realtors pissed off? Maybe...

5pence: (February 25, 2010 3:26pm)

I just got a reply from Rick Lazio, Cuomo's potential opponent for the governors race. I sent all his opponents letters questioning his illegal HVCC that he defends and how he will not make it legal. "Andrew Cuomo is missing in action. He is running a campaign for Governor while hiding from the people of New York. It's nothing more than politics as usual. Andrew Cuomo has been part of the Albany dysfunction for so long he believes the people can be ignored. As Martha Coakley found out in Massachusetts, the people will be heard from." http://lazio.com/silence.cfm

lendershop: (February 25, 2010 3:23pm)

socallo: it dont think its NMLS thats inforcing the demonstration of your " financial responsibilty " I beleive it is your state that you live in. There are several states that don't care about your credit and NMLS wont be pulling credit in that situation. So i would check with the banking commission for your state or maybe call NMLS and ask them about your state requirements. but here in CT alot of loan officers are losing thier jobs and i know several that lost their jobs in MA. Yet in NH loan officers are fine with their bad credit. Also any type of fraud or convictions may causes you to lose license too. you may want to look into Federally chartered banks tepyur job because they dont have to follow the state banking commission requirements.

socallo: (February 25, 2010 3:08pm)

I've registered for NMLS and am in the process of getting my 20hrs of LO classes but I am wondering if all of this will be pointless. The last two years have been difficult for me and I am struggling financially. I am currently in the process of trying to get a loan mod on my home and I am delinquent and have several credit lates and some collection accts. When the NMLS runs a credit report on me it's not going to be pretty. I probably won't get to keep my job and at that point BK or SS will be my only option. This is going to be even more devastating than the last two years have been. Does anyone know how the NMLS is going to view those of us who have been struggling financially?

lendershop : (February 25, 2010 2:18pm)

Cluelessdad: I'm just communicating what works for us here in CT. I can appreciate what you are saying about disclosing the correct yield spread. However I dont beleive we will have any issues doing it the way we are doing it. We are delivering and funding better then promised on every single GFE we issue. We disclose 4 points and in the end may only charge 2. I don't see any regulatory problems when 100% of loans close better then the GFE. IF you are gettting bogged down with processing and underwritign maybe try switching the FHA streamlines. You spend alot of money on marketing but the return is awesome and they take very little time. yes the new rules make it harder, but its still alot easier then the traditional refi

Deedie: (February 25, 2010 1:55pm)

Did anyone read todays appraisal buzz and lendershop if got work and money coming in go for it.

clulessdad: (February 25, 2010 1:34pm)

lendershop-you can charge whatever you want and give the borrower any credit you desire. But a 4 point rebate is not a real rate, unless you are actually quoting out 5.875%. But if you are quoting a 4 point rebate on a rate of 4.75%, then you have a legal TIL issue, one which you can only quote out real rates attainable that day. If you put a higher rate, you also open yourself up to a shoppers issue. And yes i understand and the borrowers understand the accounting of a charge and a credit. They don't want to see me make that much money and feel I am screwing them. If you are really providing the transparency that the RESPA law is intended to provide, you will have to disclose current achievable rates and inform the clients accordingly. Maybe I don't know how to sell, but I know how to tell the truth. And koodoos for 20+ loans a month. In this environment, I can only do a few, they are very time consuming and my borrowers need a lot of couseling so that they understand the process.

Pete: (February 25, 2010 12:47pm)

Looking for information. I have been told the new safe act when it is in full force Brokers will need a $250,000 reserve IF YOU HAVE LO's working for you. No BK on credit report No Foreclosure If true it will clean out half my guys! Where can I find info?

YourGovernment: (February 25, 2010 12:30pm)

We are destroying the appraisers in America and it is so funny to watch because no one cares enough to do anything about it! You guys got no heart!

lendershop: (February 25, 2010 11:24am)

Clueless dad, my understanding is that under no circumstance are we allowed to increase origination charges after issuing the GFE. This is why we as a rule for convenience over-disclose all GFEs at 4 points and 4 points credit to the borrower. And honestly I really don't know why anyone is having an issue with prospects balking when being charged 4 points and getting 4 points credit right below it. Even if we charge a million dollars with a million dollars credit ..its still zero under " adjusted ". I have not had any customers in our office complain about this. And whats up with all the haters attacking me for closing alot of loans. Instead of calling me a liar or a braniac for mispelling a word. why doesn't someone say " hey this guy is selling alot of loans...what is he doing " but no I get a bunch of hate mail. Sorry if i said it's a sales issue if your customers are balking at the new GFE , but I truley believe that it's a sales issue on your end if the customers dont get it.

Deedie: (February 25, 2010 10:57am)

That was to be continued

Deedie: (February 25, 2010 10:55am)

I haven't heard anything back from you. It keeps getting worse every day. Please take the time and visit TBWS DAILY and see the concerns of citizens, appraisers, brokers, etc. And please advise on what is being done to stop the housing crisis with the HVCC, AMC's AND THE TOO BIG to FAIL BANKS . Thank you again Mary Jo Few ----- Original Message ----- From: Mary Jo Few To: [email protected] Sent: Monday, February 01, 2010 2:24 PM Subject: AMCs and HVCC Thank you for what you are trying to do. These two things are ruining our professions, livelihoods and hurting the consumers. How did Andrew Cuomo reek havoc on the entire US. He and his cronies need to be investigated and prosecuted! Mary Jo Few

Deedie: (February 25, 2010 10:53am)

Here is an answer to one of my emails: I am a State Legislator and have filed a bill that will regulate AMC’s within Florida. Unfortunately I have no control over the Federal Government that created this mess. I hear your concern and hope that my measure will be a good first step towards fixing the problem. The legislative session begins next week and I would encourage you to follow the progress of HB 303 at www.myfloridahouse.gov Have a nice week and thank you for contacting me. Best Regards Matt Hudson Matt Hudson State Representative District 101 Proudly Representing portions of Collier and Broward counties. "We the people of the State of Florida, being grateful to Almighty God for our constitutional liberty, in order to secure its benefits, perfect our government, insure domestic tranquility, maintain public order, and guarantee equal civil and political rights to all, do ordain and establish this constitution" Preamble to the Constitution of the State of Florida From: Mary Jo Few [mailto:[email protected]] Sent: Thursday, February 25, 2010 9:27 AM To: Hudson, Matt Subject: Fw: AMCs and HVCC I haven't heard anything back from you. It keeps

sus socal appraiser: (February 25, 2010 10:39am)

Amy started some discussion on facebook 20/20..let add some more commnets there today...keeping them professional.... Let work together to write some editorals for our local newspapers, let organize by Counties to work together to get our Voices Heard... What can we each do individually every week & as groups to get our Voices heard to the general public. I'm in OC Ca....e/mail [email protected] me I'm willing to work with/on a Professional Appraisers ...what about everyone else...All ideas are welcomed...we need to stop just blogging and get up & do something

CornerstoneKathy: (February 25, 2010 10:04am)

Simple..isnt that a great article..did you see our friends from Coester blogged on the page too. I love the part about when people legislate a business that they dont understand..ie Cuomo to us? I have a great idea..lets just go back to how it was..I have no problem competing with the big boy AMCs ..I know our local lenders would use a local appraiser every day of the week but we have been put in a position that we CANT compete. I think TAVMA wants federal legislation not just so there is 1 set of rules but so that there is only a few people they will need to grease and or butter up. Get out the CRISCO!

SimpleSolution: (February 25, 2010 9:16am)

Guys please read this article that Ezradams posted yesterday. It really gets under my skin how this AMC is complaining that they will be put out of business because the states are starting to regulate what they can take out of our fees. Here is a thought AMC's...get your own fees from the consumer and see what the consumer is willing to pay for an appraisal ordering fee...http://tavma.blogspot.com/2010/02/warning-what-you-are-about-to-read.html

MIMortgageDude: (February 25, 2010 8:29am)

Pappaw. Those are complete kickbacks. If as a lender/loan officer is offer a service/compensation to a realtor in exchange for an exclusive right to their business it is aa violation of RESPA. But I am sure we all know of these relationships happening in our markets.

Pappaw: (February 25, 2010 8:17am)

I am looking for opinions regarding the "Marketing Service Agreements" offered by lenders to realtor offices. How is this not a "Kickback"

Socal Broker: (February 25, 2010 8:03am)

But the market started out nicely this morning :)

joecolorado: (February 25, 2010 7:23am)

but I am not sure.I dont think you havent missed anything though 'cos I havent read anything different either.

joecolorado: (February 25, 2010 7:21am)

Deedie-I think the guys are travelling back to clifornia and the heat today.......

Deedie: (February 25, 2010 7:10am)

joecolorado is there not going to be a video discussion today. Did I miss something?

Bliss: (February 25, 2010 6:29am)

When are the official rulings going to come from HUD about fha licensing? Seems like we will all have wasted are money on audits for renewals if they make the change. But then again, what do they really care about us small businesses that create jobs?

joecolorado: (February 25, 2010 6:21am)

Dont feel bad about reporting these guesstimators as they dont care about the ap88al profession or you or your client.They never have and never will.All they care about is their 30 pieces of silver so stop enabling them.Dont bcome one of them,let the authorities decide whether their license authorizes them to work in their field at the level they are promoting.

joecolorado: (February 25, 2010 6:12am)

I want bad ap88rs out of the system,they ARE the problem,if we dont report errors we enable these idiots that are ruining our profession and then WE become the problem.STOP ACCEPTING BAD WORK.its easy....just say NO to bad ap88als and insufficient competency.Report these wahoos to the authorities.

joecolorado: (February 25, 2010 6:09am)

Mortgageblue-when you succcesfully argued the ap88al errors/"low"value,did you contact the State board to further illustrate the point,dont accept shoddy work for your clients.ALL BAD AP88ALS NEED TO BE REPORTED TO THE LICENSING AUTHORITIES-NO EXCEPTION.If you didnt report the ap88r'cos s/he changed the report then ITS A GREATER REASON TO REPORT THE AP88R as they've admitted errors in the ap88al.Send the report to the State.Let THEM deal with the idiot.There is no alternative!You need to police this industry too and get rid of this ap88r that has errors in their report.If we dont do this,the error gets compounded as the ap88r doesnt learn either.

Deedie: (February 25, 2010 4:56am)

Is there no show today?

ssfranny: (February 25, 2010 4:53am)

Phoenix: Mortgage Bankers and lenders will get their fair share with HR 4173 (section 9003) they're not oblivious to this just more lobbyists. They want to ban ALL indirect compensation thats tied to the terms of the loan. You can make it only if fully disclosed and it to lower closing costs. Banks lose the non-disclosed SRP no wonder they're fighting it so hard! I say make all disclose it with GFE as a 'credit' or get rid of altogether.

Barb: (February 24, 2010 8:04pm)

I'm just a loan officer--26 years though--and I wondered why they just don't assign appraisers like the VA does. Put together a local roster, and an assignent system. We wouldn't be able to threaten any appraiser, but they could be paid their fair fees. Heck, just use the system. It's all government owned now!

G-Appraiser: (February 24, 2010 6:58pm)

Sorry Illinois for mispelling Illinois below. Typing fast and all fired up.

clulessdad: (February 24, 2010 6:54pm)

Sick of being the fall guy-I am a broker and yes I am biased towards brokers. Well, at least the good ones. Anyway, I want it to be a level playing field. It isn't and if you think it is level, open your eyes. Between licensing, RESPA and even HVCC, all are skewed to heavily favor banks. Bank LO's will get their deals under the bank umbrella. I prefer to get clients on my own. I provide a service many of the bnak lo's don't or can't. But the marketplace need both, but with a slanted playing field, it becomes much harder to be a broker.

G-Appraiser(CA): (February 24, 2010 6:53pm)

Hey Northern California Appraiser and ALL California Appraisers. I was contacted earlier by the California Coalition of Appraisal Professionals. It's CA answer to a Guild out here. As it turns out, I know a few of the appraisers that are members who are great hardworking appraisers. They are working very hard, volunteering for our cause and already have alot of systems in place. They will have a website up shortly. It's on facebook right now.(CCAP) They are working with the sucessful coalitions in Illonois, N.J and AZ who have been making some headway. Sign up California, dues $100 year but they will still work with you in case of hardship. They are just trying to cover some hard costs,NOT for profit.Email [email protected] for an application.Important we all get on board State by State then National. Volunteers are also needed. Finally something in California we can trust. Get on board CA, time is now.

Phightin in Philly: (February 24, 2010 5:25pm)

Frank, If you expect to win, you need to get some Phillies gear. I think the lady in red was wishing she was at Phillies Spring Training. Keep up the super work guys.

MortgageBlues: (February 24, 2010 5:22pm)

ssfranny---I do have my clients pay up front for the appraisal but, I explain the risk. I take great pride in my client’s confidence in my ability to get their loan application approved and nothing upsets me more than to have my clients pay for an incompetent appraiser’s opinion. I have been somewhat successful in challenging low values and working through most appraiser mistakes but I am frustrated because these rushed sloppily appraisal reports seem to be the new norm. These crappy appraisals are costing me time, money and ruining my reputation with my clients. My fault or not, if my clients have a bad experience with an appraisal issue that I cannot resolve they are much less likely to refer their friends or family members to me for a loan or work with me again in the future.

skyrider: (February 24, 2010 5:20pm)

Enough is enough, the only way to be heard and be heard quick is to stage a nationwide statement. Somebody has mentioned this already. If we shoot down the appraisal process for two weeks or more, the powers to be will not have a choice but to take notice. The banking industry on the lending side would be shut down.

ThePhoenix: (February 24, 2010 5:04pm)

sorry for the typos... ;-)

ThePhoenix: (February 24, 2010 5:02pm)

Guess I have a different point of view... in the entire chain, the least organized got whacked... the appraisers and mortgage brokers. The mortgage bankers and the institutional lenders needed a fall guy and they found in appraisers and mortgage brokers and they through you all under the wheels of the bus. Ah, the optimist in me says "well, that has not fixed the problem." While a slow moving body, the legislature and the regulators are starting to get it. I think you will see another evolution of all of this once the mortgage bankers and institutional lenders get their whacks, which are sure to come. This is a tough road for mortgage brokers and appraisers but if I were you, I would be open to change that is coming as the change that may come down the pike may by your opportunity.

ILL Appraiser: (February 24, 2010 4:52pm)

How about picketing outside of the "too big to fail" banks and kill two birds with one stone? I'd love to do it myself, I do have lots of time on my hands, but dang it's cold outside here in Illinois and snowing to boot...

5pence: (February 24, 2010 4:50pm)

Look, forget lawsuits, petitions, lobbyists and everything else that's been brought up thousands of times before. Move forward, the things of the past do not work. Action. Protest. An ad in the NY Times. We are running out of choices. I'm just being honest.

SimpleSolution: (February 24, 2010 4:48pm)

Deedie-No problem. In regards to Landsafe, maybe it depends on the state or maybe they have different programs either way the pay is bad. I am glad you stood your ground and brought the property in at market value. Good for you. I hope tomorrow is a better day for you.

5pence: (February 24, 2010 4:46pm)

Lawsuits dont work Mtgblues. Even if you can somehow challenge it, it would take years to get to court. Same thing with lobbyists. Think about things that will work now - because now is all we have and soon that will be gone.

ssfranny: (February 24, 2010 4:44pm)

with borrowers paying $400 to $450 now upfront for an appraisal are you seeing a big drop in refinance applications? I never used to charge upfront for appraisals on refis since I would check with appraiser to see if value is close first. Now you can;t do that and I really don;t see people paying upfront with not knowing if house will appraise. People with little equity will not take the risk in this economy.

jweig: (February 24, 2010 4:42pm)

Isn't Chris Cuomo (20/20) a brother to NY AG Andrew Cuomo? If so, good luck on getting "20/20" to do an investigation.....but you are on the right track, maybe "Dateline NBC" or "48 Hours, some show that would put this in front of the public in a BIG WAY....!

MortgageBlues: (February 24, 2010 4:32pm)

Northern California Appraiser- You are perfect person to be on the six-o’clock news telling everyone how HVCC has robbed you of your business. A ‘National Appraiser Strike’ would focus nationwide attention on the extreme financial hardships appraisers have been suffering since the implementation of HVCC. I too have a lot more free time these days because of HVCC and although I am just a LO, not an appraiser, I would be happy to carry a picket sign right alongside you!

Deedie: (February 24, 2010 4:29pm)

Singing off, I am tired, had to scrub too many toilets all day. ILL Appraiser, Cluelessdad and A Appraiser, I was hoping to hear some feedback From B & F today I guess there was none. Gotta sign off. Sick of being your fall guy: Don't mind saying you are an absolute IDIOT

Anonymous: (February 24, 2010 4:26pm)

go to www.ipetitions.com/petition/kill_hvcc/ and sign if you haven't already.

Deedie: (February 24, 2010 4:19pm)

Sick of being your fall guy: (February 24, 2010 2:51pm) You guys say that you are there for the lending industry and you solicite money from LO's from banks, but you keep showing your true colors - you are pro-broker, anti-bank. Why in the world would I forward your videos to my Realtors with your anti-bank propoganda...? Every time you jump on the banks are idiots and so are their LO's, you lose credibility. Either be up front and say what your agenda is when you ask people for money, or be fair and balanced in your representation of brokers and bankers. FYATHYRIO, I do not think you are on the right sight D...A.. WHO ARE YOU?

NORTHERN CALIFORNIA APPRAISER: (February 24, 2010 3:51pm)

I am an appraiser & I have already been "On Strike" against the AMC's since last April. I have refused to work for any AMC's. If you want me to show up somewhere with an anti HVCC/AMC sign & walk a pickett line, just tell me when & where. I want to join a union if I can find one here in Northern California / SF Bay Area. Sad to say, I have plenty of time, as I am nearly out of business, after 32 years. (707) 655 - 1987 [email protected]

G-Appraiser: (February 24, 2010 3:28pm)

I just checked how many appraisers were in my county (Ventura) and there were 434 in active status, AT thru AG. That wouldn't take very long to contact personally. 25 calls a day HMMMMMM. We could make this happen. Union /Guild whatever, If i person from every city or county contacted other appraisers from their area we could get this on in no time. We need a plan and a trusted leader to organize. Lets quit talking. Blah, blah, blah....I just want my job back! Again, I can be contacted at 805 444-7667. Im sure we've got Ventura County in the bag. HVCC is not an option, it is the opposite of Appraiser Independence. We need to be able to work with whom we want to work with. Enforce the laws already in place. There is not a broker, realtor, buyer,seller or lender on this Gods Green Earth that could have ever swayed me beyond my F... You point,to do something that would jeopordize my license AND it was never an issue with many good clients TO CHOSE from and good communication skill

MortgageBlues: (February 24, 2010 3:11pm)

Frank & Brian, would you consider helping appraisers promote their fight against HVCC on your TBWS website? If Appraisers can join forces and raise the funds to pursue a lawsuit against HVCC perhaps NAMB will join them? If the funds cannot be raised soon enough, a ‘National Appraiser Strike’ is another good idea that would have a huge impact on the future of HVCC.

joecolorado: (February 24, 2010 2:53pm)

Deedie-last post, nope they didnt,but figured they would be too busy waking up the rip van winkle congressman in sandman bernankes hearing room,

Sick of being your fall guy: (February 24, 2010 2:51pm)

You guys say that you are there for the lending industry and you solicite money from LO's from banks, but you keep showing your true colors - you are pro-broker, anti-bank. Why in the world would I forward your videos to my Realtors with your anti-bank propoganda...? Every time you jump on the banks are idiots and so are their LO's, you lose credibility. Either be up front and say what your agenda is when you ask people for money, or be fair and balanced in your representation of brokers and bankers.

joecolorado: (February 24, 2010 2:51pm)

Deedie-last post....not yet,I figure they are too busy waking up the sleeping congressman (rip van winkle)in "sandman bernankes" hearing room.

joecolorado: (February 24, 2010 2:48pm)

mstrmynd-yep ap88rs have it pretty bad,but like I said brokers are right there with us in this sinking boat & we are both bailing like mad. there is light at the end of the tunnel though, just a speck but its there,we all just have to adapt to the situation and hope everyone comes to their senses before we all sink,but then again I forgot,....politicians are involved so there is no rhyme, reason or logic.....gotta go do a final on a house,hopefully everyone will have a nice evening.keep up the good fight.

Deedie: (February 24, 2010 2:44pm)

A Appraiser, joecolorado,ILL Appraiser, Brian, Frank. Did you/they Brian or Frank respond about starting TBWS fund raiser?

SoCal_Appraiser: (February 24, 2010 2:43pm)

@ RIGHT NOW..Im In too..Mine will say "I'll value your house, but I lost mine". I think the best of appraisers wold deff. be on board!!! We have nothing else to do!!!!!!!!! [email protected]

mstrmynd: (February 24, 2010 2:43pm)

Sorry about my spelling irregularities in my last post.

mstrmynd: (February 24, 2010 2:40pm)

Wow... I've been reading through the these psots and must say appraisal have it pretty bad right now. I'm an originating broker and am just as frustrated with all of this reform as the rest of you are. It is time all of you found yourselves a GOOD class action lawyer and brought suite. Point in fact as an originating agent I was and am never allowed to charge more than the cost of the appraisal, yet that is exactly what these appraisal management companies are doing.... moreover they are stiffening individual productivity by means of limiting contractual work. I would love to testify on your behalf as to the various grievances suffered under the new HVCC process... In fact recently I ordered an appraisal from Rel Valuation for a 2010 case. Understanding the necessity of being very specific with fees I got a price breakdown for Rels appraisals. My appraisal was to cost 385.00. The bill 585.00. Apparently we are bound to estimates, but they can bait and switch.

joecolorado: (February 24, 2010 2:34pm)

Mortgageblues-Bingo you have just won first prize,sad to say and unfortunately I feel that brokers are pretty much in the same sinking boat and we are going to be joined pretty soon by Title people and Realtors.Move over 'cos its a comin'

G-Appraiser: (February 24, 2010 2:31pm)

Also, "A BUFFER" is the problem. I should be able to build and promote my own business. Not be a slave to an AMC or Bankster. Appraiser independence means Communication, Ethics, Knowledge and LOTS of clients so that you can FIRE THEM if they are "shady". NOT A BANK or AMC that will chew you up and spit you out, while stopping up the system. This IS much of the housing problem. That and NO Lending going on. HVCC needs to go away. It's making us desparate, NOT Independent. Hey CALIFORNIA. Guild or Coalition please call me to join or volunteer. 805 444-7667.

MortgageBlues: (February 24, 2010 2:27pm)

JOECOLORADO—The true problem finally comes to light. Appraisers really have no strong supporting origination to offer a collective voice against HVCC. So AMCs take over your clients, ruin the business you took years to build, leave you financially devastated and no one cares?

joecolorado: (February 24, 2010 2:22pm)

My friend just paid $390 for a really bad ap88al ordered by landsafe that is riddled with errors from a licensed ap88r that has previous infractions on his record,who looks as though got paid $220.The ap88al appears to have been backed into value,he used comps that at the worst 11 months old,missed a very recent re-sale three houses west same model,same size etc.missed two actives within the same subdiv.same model etc.ignored all f'closures,misrepresented the foreclosure situation in this town,missed out previous history of all comps,misrepresented 1004mc data.was from out of the county.didnt explain ANY adjustments.7 comps used only 1 had no errors in the grid but that house is 54Yrs old in a downtown dev.area(subject is renovated 20Yrs & is suburban)what do you think I should do??????what do you think I am going to do??????

G-Appraiser: (February 24, 2010 2:20pm)

Sent an email to join the California Coalition of Appraisl Professionals. No response yet. Should I contact an Appraisal Guild? Do we have one in California? Maybe if we can get it together and Unite we might be able to do something. I have NEVER been contacted personally by a Union or Guild and have no idea where to start.Also, I can't afford $500. I know I am not alone. Why don't we have ONE (1) organization and people making phone calls. EVERY APPRAISER I know is ready to Unionize or Unite. Its making 6,000 personal phone calls in California to get CA. started. Thats all. This internet reaching out is B.S. Lets get it together "Old School" Style. Get on the phone with people working in every county. I can donate time and have kept saying so.If people don't have money than let them pledge money. Lets get this HVCC wrecking ball going. Please contact me if you are the real deal. I'd join and so would everyone I know. Lets get on the phone. Frank&Brian-you should set up a poll.

Deedie: (February 24, 2010 2:15pm)

SimpleSolution: sorry I just saw your recant

Deedie: (February 24, 2010 2:14pm)

SimpleSolution: Deedie: (February 24, 2010 12:26pm) Deedie-Which of the two statements because a collegue of mine is constantly approached by Lansafe and just a month or so ago that is what they told him. They told him that his salary will be about $35,000 a year and he can not contract with any other AMC or do any independent appraisal but it may have been just been that particular department. Not sure....have you heard differently or have you worked for them?

joecolorado: (February 24, 2010 2:12pm)

deedie-thanks I appreciate it.

COMMON SENSE: (February 24, 2010 2:12pm)

EQUITY,EQUITY,EQUITY,EQUITY,EQUITY,GET IT!!!!!DOES ANY ONE WANT TO PUT A NUMBER ON THE AMOUNT LOST DUE TO BANKING APPRAISAL RULES. LETS JUST SAY FROM 2007 TO 2009. 40 TRILLION 50 TRILLION 100 TRILLION MORE? AND, WHY IS NO ONE TALKING ABOUT THIS. THEY HAVE GUTTED THE PROPERTY OWNERS!! WHO ARE ALSO THE TAX PAYERS AND VOTERS!!!!!THIS NUMBER MAKES THE DEFICIT LOOK LIKE CHUMP CHANGE.

joecolorado: (February 24, 2010 2:10pm)

problem is most ap88rs R not affiliated with anyone org.they R independent,we dont talk 2 each other,dont communicate at all,backstab each other & report infractions to the State of other ap88rs,all in the interest of making money.We like our own little worlds & get scared when we have 2 come out in the light,we hate other ap88rs as they R direct competition taking food from our childrens mouths.THIS HAS TO CHANGE if we are 2 survive.We cannot act independently of each other any more.That insecurity has cost us our independence & our income stream,we allowed bad ap88rs 2 get a foothold & actually represent themselves as being competent,WE let them do this,now we have 2 get our dignity & respect back,hopefully a living fee scale will come with that,who knows?all I know is that I have had zero m'gage work this year as I wont accept amc pitiful offers as I know my worth.I am surviving on non m'gage work which is sporadic,but is available,I have tried to adapt lets see if that works.

Deedie: (February 24, 2010 2:03pm)

joecolorado:Landsafe pays 220.00. Of course I will not get any more work from them because I was the 4th appraiser to come in higher than the asking price on a house on 8 acres with a pool that was an estate sale where everyone hated each other and wanted to dump it and never look at each other again. Just the $$$$$$$$$$$$$

joecolorado: (February 24, 2010 1:57pm)

Mortgage-No-NAIFA is supporting its members,the problem they are supporting their members at the expense of all other non-member ap88rs.THATS what I find galling.The AI and ASA are also doing exactly the same thing,screwing everyone else that is not a member of their particular org...........shameful if you ask me.

AnHonestLO: (February 24, 2010 1:55pm)

Thanks for all the hard work Frank and Brian. Today's update was just the shot of hope and humour I needed. Keep up the phenomenal work you do each and every day!

ILL Appraiser: (February 24, 2010 1:51pm)

Previous post was for Amy's Frustrated not for CCAP. That said, I would encourage everyone in Illinois to join the ICAP organization. I spoke with a rep and they are doing many wonderful things for only $50/yr in annual membership fees.

Source1dan: (February 24, 2010 1:48pm)

FHA doing away with approving brokers is a sheep in wolf's clothing. Check with your lenders on what there internal net worth requirements will be if HUD moves forward with plan. I'm already FHA approved and one of my current lender may require up to 1 million net worth to continue to orginate FHA loans if this passes. Most others are stating a minimum of $150,000-$250,000. Be careful what you wish for. Investors do not want to take on this risk.

MortgageBlues: (February 24, 2010 1:48pm)

JOECOLORADO—It is truly unfortunate that NAIFA is not supporting its members, the profession or the general public by its spineless compliance with HVCC. Why is it that NAR and especially NAMB have come out so strongly against HVCC and yet NAIFA raises little opposition? Perhaps all the HVCC hate mail being directed to deadbeat politicians should be copied to NAIFA? Or do appraisers fear possible repercussion from NAIFA?

ILL Appraiser: (February 24, 2010 1:44pm)

To make it easier on facebook. Go to your facebook page, search ABC 20/20. Scroll down to find AMC post and then hit discussion tab...this info is for those that are not terribly adept at navigating the waters...like me.

CCAP: (February 24, 2010 1:44pm)

Whatever state you are in, I am telling you--the only way appraisers are going to be heard is thru a collective effort. CCAP, ICAP and many others are popping up and offering us an answer. NAIHP is national and taking on our issues as well. Join one of these groups! http://www.facebook.com/pages/California-Coalition-of-Appraisal-Professionals-CCAP/315273940799?v=app_2309869772

clulessdad: (February 24, 2010 1:43pm)

Frank and Brian-I also want to give you guys some koodoos. You guys are becoming the leaders of our industry. I don't know how you guys do all this stuff and still have time for your persoanl production.

joecolorado: (February 24, 2010 1:37pm)

Brian-Frank, thanks for being awake at bernankes opening statement I really appreciate the work you guys are doing on all of our behalf,its got to be sapping for you both.Thank you

clulessdad: (February 24, 2010 1:36pm)

dear lendershop-you need to go back and understand RESPA- In your example, all you had to do was lock a higher rebate and that would have been a changed circumstance. All the YSP goes to the borrower anyway. YSP AIN'T YOURS NO MORE! And yes you can charge 4 pts and get 4 pts rebate and put the numbers as high as you want. That is one strategy. But you open yourself to get shopped. And if you are fully disclosing things the way you should be disclosing them, your 20+ borrowers a month would by now be questioning what you are telling them vs. what is on paper.

joecolorado: (February 24, 2010 1:34pm)

Now if you put allan west on the podium, NO ONE would have the nads to blink never mind fall asleep.LOL

joecolorado: (February 24, 2010 1:33pm)

Brian-to be perfectly honest I am surprised that anyone was still awake during bernanke's opening statement....he's not exactly a dynamo is he?

brian tbws: (February 24, 2010 1:26pm)

we were at bernanke's testimony before the house financial services committee and we saw a congressman sleeping through bernanke's opening remarks!!!! I dont know his name but dont worry, we got a picture! Our trip has been very interesting and we're looking forward to sharing it with you.

joecolorado: (February 24, 2010 1:21pm)

Mortgageblues-The NAIFA is just like the AI and ASA,they all promote HVCC and want to see their designated members become THE ap88rs to employ in complex property cases.screw every other ap88r.If you go onto the NAIFA website and read their full letter it explains it all.Ya cant trust any assoc'n at all,they are backstabbing all non designated ap88rs while promoting their members get all the work.the message I see is "join us for protection,we will save you from extinction just pay your $600 per year annual dues(protection money)2 us,but go through our education req's(expensive)& get our designation,you will be safe and get all the work.".As it happens,I have a senior designation with the ASA and this absolutely sickens me.

ssfranny: (February 24, 2010 1:18pm)

Listen everyone on this 'message board' needs to flood Barney Franl and Chris Dodd about these issues with the HVCC and them not charging separately for the AMC cost. How POed to do you think they'd be if they found out people are paying an extra $150-$175 for a crappy appraisaland the appraiser is getting only half their fee?? You have to think that will their damamged reputations regarding Fannie/Freddie this would be a way for them to "save face" why do you think Dodd is pushing so hard to the HR 4173 bill?? We wants to save his reputation. If every broker, appraiser and realtor flooded their offices with calls and emails this would be effective. Unless they have the same phone system that Mary Landrieu and FHA have which says the "voice mailbox is full" haha

MortgageBlues: (February 24, 2010 1:08pm)

Frank and Brian- How about a poll asking if appraisers, mortgage brokers and loan originators would be willing to go on strike against HVCC?

joecolorado: (February 24, 2010 1:03pm)

I am amazed at the overwhelming results of todays video poll....Have we no faith in pols at all?LOL

ssfranny: (February 24, 2010 12:59pm)

Lendershop: I HIGHLY doubt you're closing 20 loans a month at 4 points per since you don't even know how to spell...its "benefit" not "binifit" brainiac!!

joecolorado: (February 24, 2010 12:53pm)

I just had a banker friend ask me who IS on our side"why would anyone want to become an ap88r?they are constantly blamed,get low fees-unchanged since 1980+/-everybody wants a piece of you if something goes wrong,office costs are rising, State licensing is onerous and ineffective, education is expensive,mandatory and the quality of ap88rs seems to be declining with the ap88r reputation one step above a bad used car salesman.(no offense intended).You'd be nuts to go into this profession as the liability is too great,E&O is a joke,ethics classes are a joke,you are constantly under pressure from everybody even more so now with HVCC and amcs & no one thanks you if you do a decent job" I couldnt argue with him right now,two years ago I had a comeback but now I have pretty much nothing.He did however buy me lunch,which I could now accept 'cos I cant work for him.....funny how that works isnt it?

ssfranny: (February 24, 2010 12:53pm)

All I know is that the big lenders are hurting right now from lack of broker business I have 2 AEs that are BEGGING for loan submissions. I heard Wells had some payoffs due to lack of business. Also, check out this article the HAMP program is a COLOSSAL failure..suprise! BofA has done 3200 PERMANENT loan mods out of 1 million eligible...govt should've let them burn!!!

MortgageBlues: (February 24, 2010 12:53pm)

Appraisers---Both NAMB (National Association of Mortgage Brokers) and NAR (National association of Realtors) are openly opposed HVCC. Where does your origination, NAIFA (National Association of Independent Fee Appraisers) stand on the issue of HVCC? Will they back your strike or do they side with Andrew Cuomo and the AMCs?

SimpleSolution: (February 24, 2010 12:49pm)

It seems to me as if they are also trying to make brokers obsolete too...

Percontator: (February 24, 2010 12:46pm)

Are you seriously telling me that when the govt 1st started not requiring appraisals on some of their refi's, etc you didn't know that the end of the appraisal business was simply a matter of time? Politicians view appraisals as a place their voters money gets spent for a service (determining what a ready willing and able buyer will pay a seller) that the open market provides. If you are politically inclined you will look at this as an opportunity to "save your constituents $" while eliminating what you will later say was the reason for the housing bubble. can't you see the plan? make appraisals obsolete, then tell everyone you have saved them money and then say it was all the appraisers fault. Are you kidding me?

SimpleSolution: (February 24, 2010 12:45pm)

RightNow!-Check out the link that Ezradams posted this morning. It is about an AMC whinning that their state is going to start regulating them and then possibly in the future they can't anymore than 10% of appraisers fees...boohoo

RightNow!: (February 24, 2010 12:36pm)

USPAP is our Declaration of Independence and We the People is now, We the AMC's will run and ruin your life. No freedom to generate clients and no financial well being. I guess this means independence to Mr. Coumo. Nice job. No Trainees moving up, no one with logic will want to become an Appraiser. Were falling like flys staring into the AMC light until ZZZZAAAAPPPP.

SimpleSolution: (February 24, 2010 12:28pm)

Sorry Deedie..I am not Deedie...I am SimpleSolution...LOL. I know who I am today. I promise...

Deedie: (February 24, 2010 12:26pm)

Deedie-Which of the two statements because a collegue of mine is constantly approached by Lansafe and just a month or so ago that is what they told him. They told him that his salary will be about $35,000 a year and he can not contract with any other AMC or do any independent appraisal but it may have been just been that particular department. Not sure....have you heard differently or have you worked for them?

RightNow!: (February 24, 2010 12:26pm)

I would go on strike. I have nothing else to do. Give me a place and time and I'll be there with a big sign. "HVCC stole my Business" or "AMC's Take 1/2 of my Fee" or "I make less now than 30 years ago" or "Appraiser on Food Stamps" or "I'll value your house, but I'm losing mine". Give me a place and time, serious, lets get together and call media before we do it.

Deedie: (February 24, 2010 12:23pm)

SimpleSolution:That is not true

Deedie: (February 24, 2010 12:19pm)

A Appraiser& Ill Appraiser did I miss something. Did you get a response from them B & F about our blogs last night? Sorry if I missed it. I am a Florida Licensed Real Estate Real Estate Sales Associate, Florida State Certified Real Estate Appraiser, Florida State Independent Insurance adjuster with a Bachelors Degree in Marketing and Business. I just spent the whole day scrubbing toilets. OH BOY

SimpleSolution: (February 24, 2010 11:46am)

If you work for Landsafe as an appraiser they do not allow you to do appraisals for any other company. From what I have heard they pay their appraisers an annual salary of aobu $35,000 a year.

joecolorado: (February 24, 2010 11:42am)

Anybody know what landsafe pays an ap88r in colorado for an ap88al?I would like to know the profit landsafe is making off a friend who is refinancing his property and just paid landsafe $390 for the ap88al.

SimpleSolution: (February 24, 2010 11:38am)

Mtg Brkr-No I did not know that and I agree 100%. That is BS. They should not only be disclosing their fees there fees should be independet of the appraiser fees. Let them try to run their business honestly like the rest of us and see if the consumer is willing to pay $300 for the service they provide.

sus socal appraiser: (February 24, 2010 11:30am)

Trusted...I'm willing to work with someone to share ideas...to start working on editorials & finding costs for advertising... I'm not great at writing...but I will give it a try. If we can get the message out.... cost to consumers, loss of local revenue paid to the AMC's ($1,000,000 every quarter in some markets), illegal "Agreement".....Appraiser being Forced to work for "AMC's"....... e/mail me at [email protected]

victim1: (February 24, 2010 11:29am)

I don't do FHAs for the same reason I boycotted them (HUD)during the VC days. They expect appraisers to include services that they otherwise would have to pay to specialists to do. Your license is in jeopardy and liability, exposure increases when you act as an architect, civil draftsman or building and safety inspector. Appraisers are not licensed or qualified to be involved with code enforcement or provide plot plans. FHA has a lot of nerve foisting those responsibilities on appraisers. Let them hire the people who are experts in those disciplines. It is bad enough that they try to relieve you of your license over a typo or that some of your verbage was presented in the fashion that the reviewer would have had he/she written it. So why expose yourself to more abuse?

Mtg Brkr: (February 24, 2010 11:15am)

Hey Simple Solution, were you aware that title companies now have to disclose/breakdown/itemize how much they make from each title policy on the Fianl HUD? AMC's should have to do the same....

Mtg Brkr: (February 24, 2010 11:07am)

clulessdad: Thanks for backin me up..yeah, 4 pts and 20 closings...I'm sure The two clients that went running ALSO went running back to their realtors and complained that my fees were way out of line....nice snow ball effect huh?

MortgageBlues: (February 24, 2010 11:06am)

TRUSTED---Would you appraisers really willing to go on strike over HVCC? Certainly a strike on a national level would make the top headline news on every television and radio station and on every internet outlet and news print publication. This level of publicity would definitely throw a very big wrench in the wheels of HVCC. I am sure appraisers striking against HVCC would receive all the attention needed to bring to light all that is wrong with allowing AMCs to control appraiser’s income and livelihood. Further, since its implementation, HVCC has been cited as a primary factor in causing a further devaluing of home prices nationwide. Perhaps an organized appraiser strike board could approach NAMB and NAR for further support since both have cited problematic issues with HVCC as well.

SimpleSolution: (February 24, 2010 11:02am)

StayInformed & Ezradams-I left a blog on there but apparently they didn't like it because they didn't approve the post. I told them that AMC's need to charge their own fees independent of the appraisers fees directly from the consumer as every other legitimate business does and stop stealing our fees to run their business. I noted if what they are doing is legitimate the consumer will dictate what they can charge but to leave the appraisal fees alone as they are not doing appraisals.

lendershop : (February 24, 2010 11:00am)

Cluelessdad your astute borrowers aren't as astute as you think if they didnt understand the rebate the bank is giving them in your own words you saifd " they don't get it " by the way I don't make 4 points every loan , but on every loan I disclose the maximum of 4 points with the maximum of 4 points rebate. over-disclosing allows you to bob and weave when the appraisal comes in bad or somethign else happens forcing you to change the loan to make it work. for instance I just had a value come in 10,000 too short and had to increase the rate so that i could give the borrower a credit to off-set the cash to close they needed due to the shortage. if i had only disclosed 2 points i would not have legally been able to increase the rate to increase the brokers fees to allow a broker credit to pay for the diffinciency.

CornerstoneKathy: (February 24, 2010 10:58am)

Got my 1099 for all of the checks that TBW Security One bounced on me today..they should have saved the stamp! Brian I felt bad for you last night after I read your post. You guys are doing a great thing even if it feels like you are trying to tackle an entire industry. You are there letting them know that we are watching what they are doing...and there is a whole bunch of us with our eye on them!

amy'sfrustrated: (February 24, 2010 10:44am)

voice your frustrations NOW at http://www.facebook.com/topic.php?topic=13795&post=70436&uid=163497464933#!/topic.php?uid=163497464933&topic=13795

clulessdad: (February 24, 2010 10:44am)

lendershop-yes you must be a better salesman than me. congrats on 4 pts per loan and 20 fundings a month. My two defected borrowers were pretty astute and understood the accounting, yet they still didn't like the Box 1 number.

amy'sfrustrated: (February 24, 2010 10:42am)

please visit my 20/20 discussion page...i have also emailed chris cuomo regarding the issue....i need all of you to jump on and make this be heard! http://www.facebook.com/topic.php?topic=13795&post=70436&uid=163497464933#!/topic.php?uid=163497464933&topic=13795

clulessdad: (February 24, 2010 10:38am)

Everyone should take time out and read this article. It is pretty long, but it will explain why the arrogant banks just keep pouring lobbying monies to get their ways. You will understand why there isn't a level playing field. http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/print

Lendershop: (February 24, 2010 10:32am)

Anyone complaining about the new GFE.. I dont understand. This new GFE is alot better at explaining the difference between broker costs and the costs of escrows and attorney fees ect then the old GFE. I personally close about 20 refi loans a month and I haven't had anyone complain yet about the 4 points that I put on " origination" when i show a 4 point credit right below it for a net of ZERO. Alot of you people might benifit from readign a sales book or 2.

SimpleSolution: (February 24, 2010 10:26am)

FLMTGBRKR-That is complete and utter BS to me. Why don't the banks have to disclose the same as you? Being that the big banks own most of the AMC's, I guess that doesn't suprise me. What a joke....

SoCalEXAppr8ser: (February 24, 2010 10:26am)

Do not buy an AMC list...I will get you one if you need one..And if you want all my appraisal equipment you can have that as well!!! Im done too!!!

StayInformed: (February 24, 2010 10:25am)

Ezradams: just left a comment on the TAVMA blog. Looks like he is getting pummeled over his boo hooing regarding pending AMC regulation.

FLMTGBRKR: (February 24, 2010 10:06am)

SimpleSolution: VERY interesting point!!!! We HAVE to show more disclosures than the big banks do...Make it even across the board!!!!

A Appraiser: (February 24, 2010 9:54am)

(Regarding comments below) Any comments on financially backing Frank and Brian? Am I off base on this? Frank & Brain I am good for $500. within the next month. (Frank & Brian) I will send you my info. through the direct comment link. Let me know who to make the check out to and where to send it. Thank you for your great work!!!

NoCol Appraiser: (February 24, 2010 9:50am)

FrankandBrian, I was driving comps yesterday and I heard Thom Hartman mentioned you guys (several times) on his radio show yesterday dealing with the FDIC/Indy Mac thing-way to break into the "progressive" mainstream. Props!

sheraldia: (February 24, 2010 9:49am)

That meeting has been posponed.

SimpleSolution: (February 24, 2010 9:46am)

Mtg Brkr-It is interesting to me how you guys are forced to put your fees basically in large red print for the borrowers to see but the AMC's don't have to disclose their fees at all and technically speaking the AMC's are appraisal brokers. Shouldn't they have to do the same? In addition you are saving the borrowers money and providing a needed service for the consumer where as the AMC's are providing an unecessary service. If you want to call it a service at all.

Evil Genius: (February 24, 2010 9:46am)

Seagrams! Excellent post BOSS. Truth be told!

amy'sfrustrated: (February 24, 2010 9:43am)

OK APPRAISERS...enuff is enuff!!! please EVERYONE if you dont have a facebook profile get one....add yourself to the 20/20 facebook page...i have started a discussion on the 20/20 facebook page in the discussion tab... regarding the AMC's and how they are damaging the appraisers income and screwing the consumer all for their profit! please log on add your 2 cents and lets get heard!!! i am calling for a 20/20 undercover investigation be done! lets see how AMC's look when 20/20 gets thru with them...i need your support so come on >>>>comment on the discussion TODAY!!

sheraldia: (February 24, 2010 9:40am)

Financial Services Committee to Consider the Future of Housing Finance Washington, DC — Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 2 to begin the process of considering the future of housing finance. The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers. It is the first step in a legislative process to determine the future of housing finance and the federal government’s role in responsible homeownership and the supply of affordable rental housing. Chairman Frank has invited Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan to present the Administration’s perspective, as well as representatives of the advocacy community, academia, and industry to present their ideas

Mtg Brkr: (February 24, 2010 9:37am)

clulessdad and sec32: Thanks for the replies...I agree, all the client sees is that huge number in box 1 and they go running....I also have to use an approved processor with my company which is even more cost...truly not sure which way to turn....

Section32: (February 24, 2010 9:20am)

Finally some good news!! Thank you Frank & Brian. Took the "Killin it with the New GFE"... sorry to say I was not impressed. Hammer needs to realize that the lenders are the issue here. They request it differently from one lender to another. Everything he said was everything we already knew.

clulessdad: (February 24, 2010 9:13am)

mtg brkr-A borrower has laughed at me with a 2 point origination fee. They don't get it. You can explain the credit of YSP and a lower rate all day long, but the numbers are just too big. "But you told me 1 point!" And the second was a zero point loan that again they said I lied. Both borrowers went to BofA, even though my deal was .25% better in rate and about $500 lower in total fees to the borrower. The new RESPA is having the desired effect. The numbers in BOX 1 are too large and the borrowers don't like it. With lender admin fes escalating, one I know is $1200, we are going to price ourselves out of business. Hammer's approach is a novel idea, but before we get to "the broker can do your shopping for you", they have to agree to your commission.

Ancient Appraiser: (February 24, 2010 9:11am)

What it seems like to me is the AMC's are here to stay. Good luck for those staying in the industry. The HVCC was, and is, illegal and now lauded by policy as being the best thing that ever happened. BS ! Stevens sucks, Cuomo is a thief, and the appraisal business is in turmoil. I will continue to support the industry any way possible but like others before me; after 28 years, I am hanging up my tape.

Socal Appraisal Gal: (February 24, 2010 9:10am)

I thought the Red Coat girl was the beginning of a taken off from the movie Kinky Boots..not from Schliders List...props to your camera man did someone study cinema and early italian filmwork...anyway I loved it...Red coats rock

Yankee Hater: (February 24, 2010 9:07am)

Frank - I knew there was a reason I liked you. It's the friggin Red Sox hat! Stop in at Fenway on the way back.

Trusted: (February 24, 2010 9:06am)

The idea of a national appraisal strike is about the only option left on the table. However, it will require dedication to a defined end result that will be appealing enough to even capture the attention of those Appraisers who have already capitulated to the low fees and unreasonable assignment conditions. While getting everyone on board is certainly overly optimistic if not fantasy, we should be able to throw enough sand in the gears to grind the system to a pace that will get attention to our cause. We can do this by focusing on the metropolitan markets. I am available to do any level of organizing in the seven county Western Pennsylvania market which primarily makes up the Pittsburgh SMA.

clulessdad: (February 24, 2010 9:03am)

A Appraiser-I am with you. Frank and Brian Are all about the "Grabowski's" to coin a Chicago expression. I for one will gladly contribute to their expenses. For all you appraisers, if the appraisal ordering system provides a wall between originator and appraiser, you will never be able to market your skills. Random selection is a restraint of trade.

ThePhoenix: (February 24, 2010 9:02am)

What is up with the camera man following the woman in the red coat at around 4:53 into the clip???

joecolorado: (February 24, 2010 8:56am)

socal-Yeah I have been getti8ng those as well,I just put it on automatic junk mail with my "send web site" function.

SimpleSolution: (February 24, 2010 8:55am)

Socal Appraisal Gal-Sounds like a scam to me. I guess if you are lazy and can't find your own AMC's to sign up for he will give you a list but I am sure that is all he does is a search and then gives you the list....LOL...Hey you gotta give to him for trying.

Mtg Brkr: (February 24, 2010 8:54am)

Can I talk GFE 2010 here for a minute...Has anyone had any luck trying to sell the new GFE like "Hammer" implies in his webinar? I've had two clients laugh in my face when showing them the fees I want to make (2% total of loan amount) Is that asking too much?!! Especially when the L/A is right around 100k....or even less....

SimpleSolution: (February 24, 2010 8:53am)

sus socal appraiser-You are right the consumer has no idea. This is why I say that the AMC fee needs to be listed seperately in closing costs. Then the consumer will see and wonder why the heck they are paying $250-$300 for an appraisal ordering fee and then the appraisal itself only cost $200. I don't know how that can be done but it needs to start there in black and white where they can see it.

Socal Appraisal Gal: (February 24, 2010 8:52am)

I keep getting emails from some guy named Ron Jones that whats me to buy a list of AMC's from him for $34.99 does anyone know who this guy or the Appraisal Management Source is? Why is he trying to keep the AMC's alive?

Jonas: (February 24, 2010 8:51am)

Frank & Brian - today's daily was perhaps one of the finest pieces you've done to date. Breaking news, in the trenches, personal testimonies, on site broadcasting, simply some of the best I've seen. You guys could do a 30 minute daily and the majority of us would be on the edge of our seats for the whole thing. Thank you for doing what you do. Looking forward to Hammer's webinar tomorrow.

sus socal appraiser: (February 24, 2010 8:50am)

State level or National level Guilds/Coalitions...we need to get organized.... should we be a national organization or 50+ state organizations???? We also need to get the FACTS to the Borrowers: the Appraiser Fee also includes the "AMC's fee (@50%+ & not by the appraiser choice) we do not need them..they are the result of an "Agreement" that does nothing to protect the Consumer.... We need to Organize State/Local/National editorials & Ad's in the Business & Real Estate Sections to so the borrowers are aware of what is happening. Are the Coalitions/Guilds ready to start an advertising campaign....do we need to start a separate fund for advertising...this is Campaign season....Now is the time to Raise the Consumers awareness about the Appraiser/AMC issue. I learned first hand at Sundays "Townhall Meeting" in Reseda...the consumers have no Idea ....

GODLIKE: (February 24, 2010 8:49am)

For those of you who've never been there http://www.peopleofwalmart.com is a website full of shots taken at a Walmart of real people who frequent the establishment. I'm sooo afraid I'll end up there one day.

Socal Broker: (February 24, 2010 8:47am)

Pat the Appraiser, be careful with this union. It is a painters union, AFL-CIO, and like most of them, they just want to expand their membership for additional dues and control of huge pension funds. It doesn't matter if they have appraisers, accountants or lawn mower mechanics, they just interested in increasing head count. I guess, they see the opportunity and they jumped on it. This type of union never did anything for the people they represent. They just another AMC, just with friendlier exterior, at least in the begining

GODLIKE: (February 24, 2010 8:45am)

Everyone needs to smile. The story yesterday about WalMart sales being down reminded me that I hadn't been to http://www.peopleofwalmart.com in a while. If that won't put a smile on your face, nothing will. If you look at it as this is the public Congress is trying to protect from us it helps put things in perspective.

SoCalApprs2: (February 24, 2010 8:45am)

What is the latest status on us independent appraisers being able to market our services to lenders,brokers and Realtors?

A Appraiser: (February 24, 2010 8:41am)

Alike can bring these concerns in hopes to having backing in getting them straightened. If Frank and Brains current progress goes by the way side because of money we will be setback at least a year or two. What do you guys think?

Il & IN appraiser: (February 24, 2010 8:38am)

Is the FHA appraisal order double blind or can they order from Mercury and find the appraisal and order and the appraisal will be sent back to Merucry and they check it out and send back to the broker. Will this be OK?

A Appraiser: (February 24, 2010 8:35am)

Brian made a comment yesterday saying Frank and himself are the "primary financial contributers" to their current campains. What I got from his blog is that it is getting financially difficult for them to continue. All of us have been searching for someone to speak out and here these two guys have been speaking louder than anyone on our subjects by themselves. From the way is seems there are a few other organizations getting off the ground and making great head way. However Frank and Brain do seem to be in the forefront of this movment and it seems it is very important that they continue their current forward progress. A few viewers and myself, ie) Deedie, Ill Appraiser, Concerneddad. feel it's time to help them in the way of contributions or membership dues and if they are willing to lead us in uniting with these other organizations. Possibly starting up a head quarters type of forum where all in the industry Appraisers, LO's, Real Agents, Contractors (to be contin.)

Socal Appraisal Gal: (February 24, 2010 8:21am)

fed up here: Yes I know that. However you need to understand per FHA the investor can ask for additional requirements above and beyond FHA guidelines. I told the underwriter this and stated since it was not in my engagement letter I would be happy to go out and provide photos but I was charging a re inspection fee that I felt the lender should cover not the borrower. She stated that the lender would not pay for this. Thus the borrower is getting screwed. I also asked in the future could they please tell me all the investors additional requirements upfront in my engagement letter. She got mad and state NO we don't know what they are going to be and I was being unreasonable. Her last appraiser had no problem doing what she asked. I stated I don't either I just want to be paid for my extra trip or no photos. Fha Hud office told me that is what I should do. Why should I spend two hours and $20.00+ in gas to no get paid!

WV Appraiser: (February 24, 2010 8:14am)

CarolinaRealtor - I know that you know that you can list and sell a property for any price you want. A sale/list price does not necessarily have any relation to the fair market value. That being said, it also has no required relation with market conditions. As an example - If you sell me Trumps house for $100,000 the appraiser BETTER appraise it for way more then the purchase price, and his house is most likely in a declining market. I think the issue you are having is tht you are equating the sales price with market value, and that just isn't always the case. The appraiser may have done his/her job correctly, but its hard to say without more info. ALTHOUGH, in reality its propably more of what Socal Appraisal Gal said.... a "form filler" skippy appraiser doing his $150 appraisal within 24 hours of recieving the assignment.

Fed up to HERE::: (February 24, 2010 8:05am)

Social Appaiser Gal: Your Scope of Work and Additional conditions will save you from unreasonable requests like those photos. Did the Client (AMC) ask for photos of the smoke detectors? I bet not. And FHA does not require the photos, so you have complied and completed your report correctly. As long as you have met FHA's requirements and any additional conditions on the order, the job is complete, Period. Of course the hard thing is telling the AMC pimps that, AND still get paid AND still get work. Best to you...And for North Carolina Appraisers, consider joining the North Carolina Professional Appraisers' Coalition at ncpac.org . It's the best we have so far, and they are doing some good for us.

fightingback: (February 24, 2010 8:04am)

joecolorado-you are correct! Appraisers need advocacy-bottom line. Although most of us aren't comfortable being in the public eye, we gotta play ball guys! Join the coalition or guild in your state TODAY. I'm in socal and we've got CCAP. Wherever you are, you've got to get involved and help save this industry! Appraisers need advocacy and AMCs need regulation! Personally, I don't want even 15% of my fee going to an AMC. AMCs are not a service for appraisers, they are a service for consumers, if anyone. Appraisers aren't completing 85% of the job, so why should they get only 85% of their fee. Charge the consumer that 15%! In fact, if Wells Fargo is charging $495 anyway, it seems to me that 15% is already built in. Give the appraiser $400 and the AMC $95 - its a perfect world again. Join a coaltion appraisers - time to fight back - time for advocacy!

fightingback: (February 24, 2010 8:04am)

joecolorado-you are correct! Appraisers need advocacy-bottom line. Although most of us aren't comfortable being in the public eye, we gotta play ball guys! Join the coalition or guild in your state TODAY. I'm in socal and we've got CCAP. Wherever you are, you've got to get involved and help save this industry! Appraisers need advocacy and AMCs need regulation! Personally, I don't want even 15% of my fee going to an AMC. AMCs are not a service for appraisers, they are a service for consumers, if anyone. Appraisers aren't completing 85% of the job, so why should they get only 85% of their fee. Charge the consumer that 15%! In fact, if Wells Fargo is charging $495 anyway, it seems to me that 15% is already built in. Give the appraiser $400 and the AMC $95 - its a perfect world again. Join a coaltion appraisers - time to fight back - time for advocacy!

fightingback: (February 24, 2010 8:03am)

joecolorado-you are correct! Appraisers need advocacy-bottom line. Although most of us aren't comfortable being in the public eye, we gotta play ball guys! Join the coalition or guild in your state TODAY. I'm in socal and we've got CCAP. Wherever you are, you've got to get involved and help save this industry! Appraisers need advocacy and AMCs need regulation! Personally, I don't want even 15% of my fee going to an AMC. AMCs are not a service for appraisers, they are a service for consumers, if anyone. Appraisers aren't completing 85% of the job, so why should they get only 85% of their fee. Charge the consumer that 15%! In fact, if Wells Fargo is charging $495 anyway, it seems to me that 15% is already built in. Give the appraiser $400 and the AMC $95 - its a perfect world again. Join a coaltion appraisers - time to fight back - time for advocacy!

CV Broker: (February 24, 2010 8:01am)

Say What? To add to your story, my correspondent was too scared to fund without an investor approval first - this after their own approval and signing off all conditions. Wells is the investor who is requiring a field review now. So.. first a $400 appraisal by an AMC and now $365!!! for a drive-by from RELS and one more week - this when I agreed to pay for the appraisal too. Where in any of this was a mortgage broker involved in the appraisal process? This is it for me - too hard to take on all the big boys on every single deal. We fight them on the front end now with our disclosure inequity but now, the middle man is running scared too.

Socal Appraisal Gal: (February 24, 2010 7:59am)

CarolinaRealtor. you are right 25+ year Veteran and I see this all the time in reviews. I was told per my review assignment I am allowed to cut a value but not increase one by my client. I see supported sales prices all day long and yes the market is increasing in some areas and you just get appraisers that are working for nothing and don't understand how to analyze a market. I also don't think that one opinion is the right way so I opened an appraisal rebuttal business. I complete a field review on the sellers/buyers or agents request and provide a full appraisal report inspection as well. I point out if I agree or disagree. No one is telling me to "hit" a number. I have gotten up to $70,000 back in a sale. I am fighting for the consumer and not the crooked AMC's. Some of these appraisers have told me they fear for their job and the underwriters condition letter therefore they bring it in low. This is not only a Violation of USPAP it is just wrong.

fightingback: (February 24, 2010 7:54am)

Joecolorado-you hit the nail on the head buddy! Appraisers need advocacy, bottom line. AMCs need regulation and personally I don't think there should be a 15% cap on what the AMC takes from the APPRAISER - this is not a service for the appraiser-it is a service for the consumer. Pay the appraiser their typical $350-$450 fee and charge the consumer an additional fee. So Appraisers - join the coalition or guild in your state today - this is how we begin to get advocacy! I'm in SoCal-we've got CCAP - if you're in CA, join us. We need numbers to get our collective voice heard. It's not too late!

Percontator: (February 24, 2010 7:48am)

As long as we are searching for ways to lend people money who don't have significant money of their own at risk, the problems will only continue to grow. How much of your retirement $ would you lend at a 5% rate to someone w/ a 620 credit score who only has a few dollars of their own money invested in a highly volatile and declining market??? If it were your money (you know kinda like your tax dollars) what rate, terms, down payment, etc would YOU require???

Socal Appraisal Gal: (February 24, 2010 7:47am)

Jerseygirl and Socalappraiser..yes they know nothing and are YES misinformed people. I was told I had to put three more numbers 703 at the end of my case number. I had never heard of these numbers (been appraaising FHA since the early 1990's) so I called Santa Ana Hud. The said they are internal numbers and don't go on an appraisal. I was also told by the lender I need to go back to the property and take photos of the smoke dectectors. Yes my report stated that they were to local building code and operational and yes I did get up on my ladder and test them. So I guess I am no longer a professional with a license I am just a liar. I then called the lender (brave me) and stated the numbers per FHA HUD Appraisal office do not go on the form. They said this investor whats it or else they won't be able to sell the loan. I in all these years have never taken a picture of a working smoke dectector nor put numbers I never have heard of on a report. Someone needs to educate these investors!

Tommy O: (February 24, 2010 7:46am)

One more thing on the new GFE. Based on reviewing final HUD1's, how does a buyer write off discount points since there is only one line item for lender fees? Clients still have a choice of rate with an over-all cost of the loan for each rate which in reality are a form of points.

Tommy O: (February 24, 2010 7:36am)

Hey, that red coat looked much like the little girl grown up from Schindler's List

justfrank101: (February 24, 2010 7:31am)

As appraisers are getting wiser regarding the contracts they are signing, some appraisal management companies have made changes to their contracts to make them more fair. Remember that it is mostly the largest AMC's that carry questionable contracts. Huge corporations, such as Bank of America or Wells Fargo, that have big corporate lawyers are the ones causing the most damage. There are still hundreds of small AMC's, many that carry a simple one page contract or none at all, that you can sign up with. Place 10 Appraisers in a room you will have eleven opinions. An Appraiser Guild may be a correct and applicable measure to unite a profession in serious need – come on people think!

CarolinaRealtor: (February 24, 2010 7:25am)

I see all these appraiser posts so I have to ask you guys...How can an appraiser appraise a house for more than the contract price, say the market is stable within the area yet mark the appraisal as a declining market so that no one will underwrite it? Hasn't the nation as a whole been in a declining market? Our local MLS reports a 13% home price increase. Does this not matter. We are stuck and all because of one persons opinion? Please advise. Thank you.

justfrank101: (February 24, 2010 7:24am)

Let's say, you, as the appraiser, receive a job from an appraisal management company you have already signed up and been approved with. You are the best appraiser in your area and perform the "perfect" appraisal. You complete it in record time and send it back to the AMC. Unfortunately, the AMC has lost the appraisal (or reviewed and transposed numbers on the final value or any other scenario); the client loses their dream home valued at 2.5 million. They decide to sue. Because of the indemnity clause, it doesn't matter what the AMC did, you are responsible. Your E&O insurance is still in place, so you are covered for anything you did, but now because of the "hold harmless clause", you now have to cover all legal costs of the appraisal management company as well. Come on, you know you like it, bend over a little further, all right now hold real still you Slut. forcing the Independent Appraiser into Prostitution. Appraisal Management Companies are nothing more than Pimps and we as the Professional Appraiser are given no choice but to work for the AMC accepting less than a full fee and still being solely responsible for all liability issues.

gatorkc: (February 24, 2010 7:10am)

O.K. I know the appraisal issue is beating a dead horse. But I found out yesterday that friends of ours has a son that just went to work for an HVCC organization and his job is to contact appraisers and beat them up on price to get the best price possible for the house!!! This is the kind of crap that will make this system not work to everyone's benefit. You get what you pay for! Maybe congress should impose limits on what the hvcc can keep as their management fee. But as of right now, it has become a money grab.

SoCalHiDeZAppraiserGal: (February 24, 2010 7:09am)

@Jersey Girl...AMEN sista...got the same issues with AMC's on my end of the country. Just yesterday had an AMC tell me i had to fill out the 1004D completely when it was just for a final inspection NOT an update......They know nothing about these forms we use....frustrating...

NC Appraiser: (February 24, 2010 7:03am)

We ran some numbers using Consumer Price and Business indexes. Sine the year 2000, cost of living has increased 20% while costs of finished goods (business) increased 5%. In 2000, the firm I worked for charged $350 for a standard 1004 report, cookie cutter house. Calculations using the above numbers indicate the fee today should be $438. Yet we've allowed a takeover of our ability to operate viable businesses. The fault here belongs to no one other than those in our profession. We can't whine about how others put this on us. All we had to do was say NO! Now, we've got to correct it. Rest assured, no one else will.

Frost: (February 24, 2010 6:59am)

Think Big...THIS IS BIG! Parity Steeds Off Foreclosures–Hope For Homeowners-H4H Provides Parity Parity between home values and mortgages-the only way to stem the onslaught of foreclosures. An Answer Already In Place - FDIC Chairman Shiella Bair was a catalyst behind 7/08 legislation directed at saving 400,000 homes from foreclosure through a FHA refinance program currently known as the Hope For Homeowners (H4H). We now estimate that it could save 1.1 million homes from foreclosure. Obama Admin announces details-Making Home Affordable Program 4/28/09-HUD TG-108. Modifications were signed into law on 5/20/09. Retired Sen, Martinez (former HUD Secretary) and Business Week were prompted to look into why FHA was not getting this funded program right and why lenders were not participating. The pointed questions prompted HUD's backdated final guidelines(?) Mtgee Ltr 2009-43 dated 10/29/09. see full text and references www.REvelop.org/NAMB-H4H.doc This is the BIG FIX-not a political fix-PLEASE

Pat the Appraiser: (February 24, 2010 6:57am)

To: Man_Appraiserman007: and all other appraisers who want to stand up for our rights. There is a new Union of Appraisers that we should all join and fight for our rights, our jobs and our livelyhood. It's the Union of Real Estate Appraisers and I'm sure they could use our help.

Seagrams: (February 24, 2010 6:55am)

PASS ALONG TO OUR FRIENDS DC A layoff letter from an excellent boss. > Dear Employees:> > As the CEO of this organization, I have resigned myself to the fact that Barrack Obama is our President and that our taxes and government > fees will increase in a BIG way. To compensate for these increases, our prices would have to increase by about 10%. But since we cannot increase our prices right now due to the dismal state of the economy, we will have to layoff sixty of our employees instead. > This has really been bothering me since I believe we are family here and I didn't know how to choose who would have to go. > So, this is what I did.. I walked through our parking lots and found sixty 'Obama' bumper stickers on our employees'cars and have decided these folks will be the ones to let go. I can't think of a more fair way to approach this problem. They voted for change...... I gave it to them. > I will see the rest of you at the annual company pinic. THE BOSS

NC Appraiser: (February 24, 2010 6:55am)

Some of you appraisers are missing the point. Definition of profession: 1. occupation requiring extensive education or specialized training; 2. people in profession: the people who practice a particular profession. With that being explained, what other professions allow a consumer of their services tell them what they will charge for the service? We, and the public, have yet to realize the significance of what we do. The bozo who said give the AMC 15%, get out of my profession. Those of you who don't see the value in what you do, get out! You're the ones killing my profession. And to the one who said pass legislation for $300 and $400 fees, give me a break. That will never happen. Gov't can't regulate what a business charges. It's called free enterprise. Without it, we'd all be under gov't rule.

Pat the Appraiser: (February 24, 2010 6:41am)

Thanks for the devotion to our industry. What became of the amendment which passed Barny Frank's committee? Was it ever introduced to congress? Also what has become of your meeting with N.Y. States Attorney, Mr. Cuomo?

CathyA: (February 24, 2010 6:41am)

I guess I will have to go ahead with them too. I also have to pay for my CPA to fly here to do an office inspection and audit some files...more $$. Does anyone else have to have this inspection/file audit done?

Brad: (February 24, 2010 6:35am)

Frankenstein was on the radio at the exact same time as I started the video!!!! WOW was that Weird!!!

Kentwood Mark: (February 24, 2010 6:35am)

How can you hold off on the required financial audit? It is due within 90 days of your fiscal year end, i.e. March 31st for 99% of companies. It's Feb. 24th now. We can't wait until mid March to start the audit and expect to have it in by the deadline. I'm having our audit done now and will probably waist $4,500 because some idiot in Washington doesn't realize this!

caprappraisalco: (February 24, 2010 6:17am)

HE JUST LIKES Bs

Fed up to HERE:: (February 24, 2010 6:09am)

Appraiserman...you are right, we must stand together to survive. Many of us are notsurviving. I am actively looking for a new career, as I am living off of savings right now. It appears there is such pressure to marginalize the need for a true appraisal, to go cheap with AVMs, BPOs (even in states where they are illegal for lending purposes) that until the banks fail again from poor collateral assessment, very few of us may make it.The strike is a fine idea, but it will make no difference to us....we can't get an order in here because enough others in our area have caved to the low fee pressure. 20 years in this business, and I made less money last year than in my first year, and I don't see this year being any better so far.

tbarron: (February 24, 2010 6:05am)

Did any one notice that Frank is wearing a Brooklyn sweatshirt and a Boston hat? Talk about contradictory!

Angry in Michigan: (February 24, 2010 6:04am)

How about if they pass a law requiring amc's to pay appraisers $300.00 for conventional appraisals and $400.00 for FHA. This way appraisers could continue to make the same amount of money they have always made. I mean how would the politicians like to take such a huge pay cut as appraisers have had to take with new new laws.

RonM: (February 24, 2010 6:03am)

CathyA....Yeah...I'm not quite sure which way to go either. Yesterday my CPA tells me that lenders will be looking for brokers with their HUD certificate in order to do FHA with them. So that I need to go ahead with my audit. Obviously my CPA has a financial interest in me doing this audit but I've expressed my concern to him over and over about what a waste of money this could be. The today Brian says that Stern says we should hold off with the audit. I just want to know WHEN they plan on making all this official!!!!!!

Bear in TX: (February 24, 2010 5:57am)

OK Frank, You get a 7 day grace period of bashing Barney Frank because you wore the Sox Cap! lol

Tim: (February 24, 2010 5:56am)

Frank, is that the only sweatshirt you were allowed to pack?

LadyLee: (February 24, 2010 5:55am)

FOR YEARS! the banking industry has been very vocal about getting rid of the broker industry. We are viewed as competition. This is their version of an industry shake-out. Can you spell mis-directing? Who was it that came up with the loan programs that kept the values goning sky high with breathe on a mirror-buy a house loans? If not for this fact, I feel there would have been a good landing in 2006.

Man_Appraiserman007: (February 24, 2010 5:45am)

Look, Things are never going to get any better for us appraisers until we all stand together across the nation. I say the first thing to do is on April 1st 2010 all appraisers strike for 10 days. When you answer your phone simple say I am on strike this week and won't accept any orders until April 12th. Furthermore no appraiser accepts a standard 1004 for less then $350.00 & FHA for less then $400. If the property is complicated or very large then charge what you want, but as for the standard stuff we have got to all have some common ground. I mean that’s what all the phone, electric and cable companies do. How about gasoline for your car, all gas stations charge within a penny of one another and we should too. The strike will send a clear message to all the lenders, AMC's and Washington DC that we did not spend years in schools, spend thousands of dollars & years of blood & sweat with ever rising E&O and software cost etc. to be forced out of business and bankrupted. Do this, and we will all be able to make a living again.

amy_lifesgood: (February 24, 2010 5:42am)

amc's are a joke! there is no regulation on these amc's...you cant call to complain except to them and if you do guess what? your off their rotation...i submitted my info to amc's back in 2008 and get nothing..know why? my fees are too high! they are the same as what i charge for the last 12 years and less than what amc is charging consumers...but we are now suppose to do a full fha w/2004mc for 200!! and they are slicing the appraisers throughts by offering incentives to those that order appraisals to get it at the absolute lowest fee and if they do they get a bonus! appraisers are hungry out here and unfortunately they are caving to these low fee demands...appraisers stay strong and at your fees of 300 conv and 400 fha...or we will be making nothing really soon!

Ezradams: (February 24, 2010 5:38am)

Check out the link below. It makes OUR argument that the AMC is only doing work that the banks were responsible for in the past. And this is in TAVMA's words! Please take the time to respond to TAVMA in the "comments" section. http://tavma.blogspot.com/2010/02/warning-what-you-are-about-to-read.html

CathyA: (February 24, 2010 5:36am)

Should we get our FHA audited financials done? I would love to save 7K. Comments please...

Florida Appraiser: (February 24, 2010 5:33am)

joecolorado - Starving is correct, there are platforms out there that are "FHA Compliant". Aslong as they are not SELECTING the appraiser they are fine. I have received 2 orders in the past month from fhaappraiserguide.com which I was able to complete with NO CONTACT at all with the order agent. The only contact I had was through the site customer service.

Brookster: (February 24, 2010 5:03am)

A Red Sox hat? C'mon man.

joecolorado: (February 24, 2010 5:00am)

Starving-that may be so,but have you tried to get on one of those acceptable platforms?Or have you received any work from those platforms....I havent been able to get on one and havent received any work from a full fee amc yet.(oxymoron-full fee and amc in the same sentence...duh!)

Starving Appraiser: (February 24, 2010 4:55am)

Brian said Mortgage Brokers cannot order a FHA appraisals! But Mortgage Brokers can still order a FHA Appraisal. But they cannot select the appraiser under FHA New rules. The point I'm making, there acceptable systems on the market already, other than scum bags AMC to order compliant FHA appraisals. Some of these acceptable internet ordering platforms allows the appraisers to receive their full fee.

BC: (February 24, 2010 4:54am)

I don't buy any of it. Government - Yes we like brokers and here comes the knife in your back. Increased Surety Bonds!! Redundant Lcensing in every state and nationally and continuing education. Exactly when can we go make a living to pay all the increased taxes.

joecolorado: (February 24, 2010 4:45am)

Jersey-I agree 100%,but as I am positive you will agre,the fees for their licensing etc,need to be a cost of THEM doing business and not passed onto ap88rs by a further reduction of fees.

Jersey Girl: (February 24, 2010 4:42am)

joecolorado: Which is exactly why they need to be regulated and licensed just like the rest of us. I can't wait till it happens. B&F: Thanks for the update once again! :)

joecolorado: (February 24, 2010 4:40am)

Yeah Frank,both you and Brian really really really need to consider this,Deedie etal are correct please please please consider the proposal and try and respond.

Deedie: (February 24, 2010 4:36am)

Frank and Brian, Were you able to read last nights commnnts from me, A Appraiser and Ill Appraiser? We would like your opinion PLEASE

joecolorado: (February 24, 2010 4:36am)

Jersey-They can justify more fees if they contend that they have reviewed the report silly.!!!!!

rhodyloans: (February 24, 2010 4:36am)

Frank, Sorry for being thin skinned on that one. Being a broker for 20 years and now a lender for 2 months, I feel like I got kicked out of the "family!" I still love you, man! You too Brian!!

Brett in Colorado: (February 24, 2010 4:35am)

Great post. I think we should have a collection to buy you guys some winter coats in case you ever leave California again!

Jersey Girl: (February 24, 2010 4:34am)

MG: I don't agree with AMCs having a 15% limit per appraisal. They should get ZERO % of the appraiser's fee. Most of us have been charging the same as 10 yrs ago but now doing more work...the 1004MC form, more comps, etc. AMCs nit pick and put pressure on appraisers to justify their existence. I got an order Friday from a new AMC. They had a deadline for the report 8 hrs post inspection-ridiculous. And the funniest thing was...I got a "failed" report notification because my report did not mention "appraiser entered crawl space and attic with head and shoulder inspection". I e-mailed them back and said subject is on a SLAB with NO ATTIC - this was already noted in the report. Meanwhile this loan is suppose to close on Friday and the AMC did not even send the report to the client yet because they are too busy trying to find things wrong with it. Why the hell are they looking at my report anyway when they are CLUELESS!

rhodyloans: (February 24, 2010 4:34am)

I agree with integrity!! Not to mention that Frank and Brian are painting a broad stroke on the banks/lenders just like everyone is doing to the brokers. You may be surprised to know that I am currently in the process of taking courses that are almost identical to the ones I took for my NMLS test. I work for a federally chartered lender and they aren't harboring any deadbeats who couldn't pass the NMLS test. I'm all for licensing everyone and get the dirtbags who screwed up this business OUT!!!

Frank: (February 24, 2010 4:32am)

Rhodyloans - He was joking with us. In fact he said when he meets with the bankers next week he'll tell them something else! He was just stating the obvious marketing theme that a broker would use to compete with a bank. It's all good, typical stuff.

joecolorado: (February 24, 2010 4:30am)

that should have read" advertising is noW a waste of money"

joecolorado: (February 24, 2010 4:29am)

Also,I am not working with any of my past clients...none...and I know several ap88rs that are in the same boat.All of the networking & cost to advertise is not a waste of money and time as brokers cant use me for their work.some of my past clients(the ones still operating)still call me to complain about the new & improved system, about which NONE of us can do anything about as there is no complaint system set up.The amc fees for the borrower are outrageous and fees paid to ap88rs are ludicrously low.There is NO choice available for borrowers,appraisers or brokers.No advertising can help as the amcs use the cheapest ap88rs,there are no external reviews as ALL are being done by amc ap88rs,therefore NO check!talk about a captive market?The future may be bleak but there is a small light at the end of the tunnel.

joecolorado: (February 24, 2010 4:20am)

ACWORTH-The ap88r isnt getting the fees S/He alleges to be charging and certainly arent getting the fees s/he is worth,the amc is passing the "additional" fees off as ap88l fees when they are not,the app88r isnt getting all of the figure stated,most amcs mandate that the fees are not discussed with anyone and NO fee invoice is to be presented with the report.....fee invoices have never been a problem in the past whe submitting a report,why try to hide it now unless there is a conscious effort to shield the real cost of the ap88al from the borrower.Brokers couldnt and usually wouldnt do that when the fee invoice was included with the submitted pdf as that is the cost of doing business,but the cost of business has gone up with the fees permitted by the amcs going down.

Integrity: (February 24, 2010 4:14am)

why believe anything he says? he said once they were not going HVCC, and I am now ordering my FHA appraisals through AMC? Hey was he paid by NAMB to speak?

joecolorado: (February 24, 2010 4:14am)

Frank/Brian-look dudes, when in Rome.....wear heavier coats,ITS WINTER....that white stuff on the ground is......wait for it.... snow!!!!!thats a really good indicator of the ambient temperature....LOLOLOL jeez louise Frank looks cold and Brian,you dont look much warmer.

Acworth8: (February 24, 2010 4:11am)

What is the difference between a broker making money on the appraisal and an AMC making money on the appraisal. Do we really believe that the AMC is not using their preferred appraisers that originally worked for their clients? This is not a full proof system and my understanding is now AMC's are getting into the mortgage business also! Is this a conflict of interest?

joecolorado: (February 24, 2010 4:09am)

Say what-Its already out of hand.BUT there is no complaint system or process for exorbitant amc fees as I can guarantee the ap88r didnt get all of THAT fee.

Say what?: (February 24, 2010 4:01am)

MG has it right! AMC's are making way too much money. I just ordered my first HVCCish FHA appraisal through Wells Fargo's choice called RES Direct. The appraisal cost $495!! Thats right $495. This is ridiculous. I used a great appraiser who charged $300 and now it's $495. Who is really making all the money here? If it had been CONV HVCC it would have been $385 for the same property?? Someone needs to step up and get this fixed before it gets out of hand, if it hasn't already.

Lisa: (February 24, 2010 3:43am)

You are guys are awesome in doing what you do! Keep it up on the information. Go Gettum!! It does seem like there is hope in all this mess. I think if we all try hard to deliver great and honest loans to the consumer, soon we will stop being treated like used car salesman!

Rhodyloans: (February 24, 2010 3:33am)

Hey guys, I work for a lender and was a broker at one time. I'm pro broker, but didn't like the comment "if you can't get licensed, you go to work for a bank." I've taken the licensing test and passed. Some of us have done this by choice. No 60 day closings as a lender!!!

mg: (February 24, 2010 3:09am)

Commissioner Stevens has the big picture in sight. He is awesome. But, AMCs need to have a 15% limit per appraisal. On a $300 appraisal, the AMC should make $45 maximum. And, let a loan officer have a short list of 3 appraisers. This insures quality. Lastly, what about underwriters? Why are they not mentioned regarding HVCC? Their staff can order and oversee quality appraisers.

joecolorado: (February 24, 2010 2:33am)

Frank/Brian, good post and great music.Seems like there may be hope for us all.