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5pence: (March 31, 2010 9:34pm)

And then, of course, all those great REAL-I-TOR ads. Who'd have known realtor is actually 3 syllables, huh

jbinfrisco: (March 31, 2010 6:31pm)

Some of '09 dues went for the RPR purchase and launch. Think I remember seeing $11 million somewhere. Google it. NAR does lots of things. Did you know they also did mortgage loans? :)

Ochyte: (March 31, 2010 4:33pm)

NAR, Hmmmm... What have they done for real estate? This is a rhetorical question of course. When I watch CNN or the today show, NAR is nowhere to found. It's Zillow or Realty Trac or Trulia who are all suddenly the experts in real estate. I bet they don't have 100 million dollars to play with either. 1.1 million real estate agents are members of NAR because they have their hook into us for the MLS! If not for that...

valuequestor: (March 31, 2010 4:31pm)

That was a great video (PBS "The Warning") Watch it. Great find ElaineB. 5pence: I will agree that Summers is an idiot for believing himself to be infallible. Lots of pretty smart guys end up in govmnt. Thats why they are so good at fleecing the public and hoodwinking thier fellow govmnt. types. There are also plenty of pretty faced idiot puppets that dance for their masters.

5pence: (March 31, 2010 3:41pm)

Can we all agree Larry Summers is an idiot?

NoMoreResidential: (March 31, 2010 3:41pm)

A source at one of the big three US banks said that 75% of approved loan mods sent out to applicants for final approval, cutting payments by at least $600, we never signed or returned by the borrowers.

5pence: (March 31, 2010 2:22pm)

To illustrate the mentality of the Brooksley Borne detractors, Larry Summers bragged that derivatives would never be regulated on his watch. Look how that worked out. Bornes detractors include Geithner, Summers & Bernacke. From the Washington Post: And this brings us to a central and often overlooked cause of the global financial crisis: Brain Bubbles. This is the process wherein the intelligence of an inarguably intelligent person is inflated and valued beyond all reason, creating a dangerous accumulation of unhedged risk. Larry Summers is the biggest Brain Bubble we've got. For all his appeals to absolute truths, he has been spectacularly wrong again and again. He was wrong about not regulating derivatives. Wrong when he helped kill Depression-era banking laws, turning banks into too-big-to-fail welfare monsters. And as he helps devise ever more complex tricks and spends ever more taxpayer dollars to keep the financial casino running, he remains wrong today. 4/19/09

Joecolorado: (March 31, 2010 1:45pm)

ElaineB-that video is phenominal,thank you, I recommend EVERYONE to watch this its great. I watched all of it and sad to say,the powers that be are apparently STILL reluctant to act on the peoples behalf, the banking industry appears to be just too strong.Brookesley Born is amazingly gracious in it where I would probably be put in jail for my verbal tirades against these idiots. BUT thank you for that link, VERY educational..

mortgagelady: (March 31, 2010 1:30pm)

do you remember what you were doing in sept of 2008. I do because I was writing letters to my elected officials and realestate agents, title co, and appraisals and anyone else who would plead and beg Pres Bush not to go through with first bailout. and still how many of you are still not conntecting with re agents and appraisers, previous customers. to get this info out there... if a kids screams loud enough, you will finally pay attention to shut him up, SCREAM LOUDER........

mortgagelady: (March 31, 2010 1:25pm)

I remember around 2005 our country wide AE came in our office and we asked them the scores they were going down to at that time and he proudly stated 350, which he jokingly stated that they were sucking from the bottom of the pond, and we as loan originators were told to go out and find the loans and we did, and now loan originators are the bad girls and guys, and we are under investigation, maybe Eric should go back to the lenders memos and see what they telling their AE's to go out and promote.. HMMMMMMMMMM! NOW THATS A GREAT IDEA... and what about the great depression, I had read several months ago, how the government took interest rates down to 3% and the government made money, and they saved many people from foreclosure, maybe we should look at something like this again..

5pence: (March 31, 2010 1:21pm)

And I was starting to like you too lol. I've heard of people that fought foreclosure and the bank couldn't produce the title, as it has been sliced and diced so much no one knew where it was, and they couldn't foreclose. If they can't produce it they can't prove ownership. Id imagine if they can't produce it the homeowner would own it free and clear? Not sure how that works.

5pence: (March 31, 2010 12:48pm)

5pence video??!! Elaine are you referring to the Hitler video??!! OMG lol. I didn't make that one

ElaineB: (March 31, 2010 12:33pm)

Followed 5 pence video and found "Robin Hood Tax" video on Utube, very funny. I found two class action suits against Indymac from the investors of those toxic loans, and it looks to me like they bought the same loans. Same loans got sold to two different groups. Then Syncora, co. providing insurance against loss for the pools also sued Indymac for fraud stating that the loans were not what Indymace stated they were when they sold them into the pools. Also found cases where little folks have actually won just on the small facts that their promissory notes were endorsed in BLANK and the allonge was incorrectly affixed. But those new lenders don't go down easy, they fight tooth and nail to keep all these facts out of the public view. If you are in foreclosur-don't go down easy. Most likely the trustee notice is worded deceptively wrong, no one ever questions that, or the assignment is recorded in the wrong county, or not at all. There are lots of little technicalities to fight

5pence: (March 31, 2010 12:21pm)

ElaineB - I'd like to see a few banksters waterboarded to find out where the money went and who did what. Face it, this was choreographed and planned and they took advantage of the public trust to rip us all off. I mean, come on, home loans to the unemployed ?? They'd have given home loans to rats and geese if they could sign their names. Yelling prices will never go down! and all the while shorting the bonds they were selling. Ponzi would be proud

ElaineB: (March 31, 2010 12:14pm)

I was being facetious......someone should throw all those 'bathtards' in jail. Whether it was your money invested in a Ponzi mutual fund or the equity in your home that has been stolen out from under you by the Shared Loss Agreements made by the FDIC with the new banks, they are all blood sucking theives and no one has done anything about the big picture boys. There was one woman in congress that tried to blow the whistle and was ridiculed and shut up. Look up THE WARNING on Frontline http://video.pbs.org/video/1302794657/# Alan Greenspan even said he knew there was Fraud going on and did NOTHING. He should be the first one they put in the same cell with Bernie. In fact, they need to make a jail just for these guys like they made for terrorists and never let them out. Every single American has been defrauded, robbed and deceived by the FDIC, Federal Reserve, OTS, Alan Greenspan and others--but yet we choose to ignore or debate other silly stuff while Rome burns

5pence: (March 31, 2010 12:09pm)

One more thing, Frank and Brian I read your new niche report article - nice job as always. There is one point though I'd like to address. You state that sunsetting HVCC would not change things. I perceive that as wrong and here's why. The reason it's being sunsetted is to vet it through due process to make sure it doesn't harm the consumer and small business. In essence they are admitting it's illegal in that it has not gone through the APA or the RFA which is required of all administrative agencies of the federal government. If they're going to admit it's illegal (which it is) the banks won't be allowed to carry on with business as usual. That's why in the Senate bill, the sunset the HVCC is missing - bankster lobbyists. I don't see the House allowing that to be omitted and just acting as if the HVCC is legal. With our guys going to the hill on the 14th there's a good chance it will be in the final bill IMOVHO (fingers and toes crossed for Marc and crew)

Nuke 'em 'til the Glow and shoot 'em in the dark: (March 31, 2010 12:06pm)

I knew it NAR is holding back!

tmfgrp: (March 31, 2010 11:45am)

I agree

Joecolorado: (March 31, 2010 11:21am)

Elaine-there is absolutely nothing poor about Bernie Madoff.His investors that trusted him, on the other hand, could be described as not rich anymore.

ElaineB: (March 31, 2010 11:11am)

Seems to me that the FDIC and Federal Reserve schemed this plan. Regulators require new appraisals on property that small banks have made loans on, if the values are lower, then the bank has no "equity" position, thus giving regulators reasons to require more cash reserves and ultimately shutting down those banks. It's the Shared Loss Agreements that have created the "underwater" situation with values, because Onewest and Bank of America and Deusch bank don't care what they sell a home at auction for if they get money from TARP. It's a big convoluted fraud being perpetrated on ALL the American people, but I'm sure they forwarned the big investors like George Soros, Mike Dell, etc of the upcoming demise of the economy so that they could pull their cash together to make "new banks" and make that $1.6 billion profit. Doesn't some attorney general somewhere want to take this on? They put poor Bernie Madoff in jail for less.

FinanceLogic: (March 31, 2010 9:55am)

stantheman be careful what you wish for. If the brokers failed then less appraisers are needed. Less competition (no wholesale lending) would mean rates, service, and fees would be a lot worse. And HVCC would still be in tact!

5pence: (March 31, 2010 9:55am)

I have some work to do, without RE-LO's and private work there would be no business at all going on here. Have a great day all! I hope those that can go to Washington on the 14th, do. I'd love to see delivery of those 120k+ signatures on the petition to end the HVCC delivered to the Senate floor during a debate lol. Something out of an old Jimmy Stewart movie or Miracle on 32nd St where the case was decided by a multitude of letters addressed to "Santa". One can dream, and if you can dream nothing is impossible.

5pence: (March 31, 2010 9:48am)

The Fed and it's loose policies have bankrupted this nation and the only ones, I mean the only ones, to benefit are the Fed. You could almost draw the conclusion that in order to increase Fed profits they have to create bubbles and busts. Many have already come to that conclusion. The Fed is a private and for profit organization.

5pence: (March 31, 2010 9:39am)

Hahahahaaa, well said Dean. stan - thanks for the effort! And there's no where to complain. I've tried the FBI, DOJ, my state AG, state boards, Senators and Congressmen - no one cares. I blame bubble Ben and quantitative easing that allows criminals to control the system and rewards criminals for illegal and immoral activities that led the world into financial collapse. Him and his cohorts Geithner and Summers. End the @#$@^&! FED!! Someone mentioned that if our dollar was based on gold that it would be going up in value when gold rises in value. Interesting ehhh? Also, getting rid of the Fed would end outrageous interest payments we owe them and will owe them for years to come. The Treasury is the only one that should be making money

deanbuyshomes: (March 31, 2010 9:21am)

Well the O-BAMA administration is at it again... they have come up with a brilliant plan to rescue homeowners... here are the highlights 1) MUST BE CURRENT ON YOUR MORTGAGE TO QUALIFY (giggle) 2) existing lender must be willing to participate voluntarily ( chuckle) 3) customer must understand that by entering this program it will have a negative impact on their credit rating (laughing) Am I missing something?

stantheman: (March 31, 2010 9:13am)

I was looking to helpout a few brokers that I still know with this HVCC B.S. and after 4 days and finding how to work with processers so they could order appraisals. And getting all the details how to do it. I found that the brokers still would not even try because their funders wanted there amc's and there approved appraisers to do the work. This in my opinion is a conflick the banks have a given interest using AMC that are working for them and the AMC have a confleck to make sure that their appraisers are coming up with the right value. If the AMCs don't get the value they need from one appraiser they just keep reuqesting appraisers until they find the right appraiser and with the right value. and then turn in that report. all this while not paying for the other appraisals. I hope all the broker fail now thats the only way we can start over.

Joecolorado: (March 31, 2010 9:12am)

5pence-great article from Illinois.Thanks,

5pence: (March 31, 2010 9:08am)

Is there a bank we can grow big enough to do things the right way through sending loans their way? It would probably take a year maybe? but we can loosen the deathgrip the banks have on the mortgage lending business. It seems the smaller banks are scared and don't know what to do, so they do what's safe even if it hurts them and the consumer. This is sooo fkn crazy. Thanks Cuomo you putz and big government for screwing up the system and corrupting the morals of this country. Crime pays bigger and larger than it ever did and you don't even get punished, you get rewarded! Yes, beneath everything else, this is a moral crisis.

Joecolorado: (March 31, 2010 9:02am)

I now that the local mortgage comnpany had sufficient assets to maintain their own portfolio as the owner was a really good friend of mine and we discussed this matter, but he was extremely wealthy and was very careful about not over-extending his portfolio, the interest rate he charged was slightly more than market,but he was taking on that risk, he did not sell the loans on the secondary market and had no intention to do so, but his requirements on th apraisals I completed for him were pretty onorous for me as they were above and beyond the criteria for FNMA. The bank's I didnt know too much about, but was aware that they had their own portfolio.

5pence: (March 31, 2010 9:00am)

FinanceLogic - thanks for the education! Somebody please get government out of our business! Socialism? No thanks. "Democracy, national sovereignty & global economic intergration are mutually incompatible" It's possible to have any 2 but not all 3. This is "The inexcapable trilemma of the world economy". So, which 2 does anybody here choose? http://rodrik.typepad.com/dani_rodriks_weblog/2007/06/the-inescapable.html

5pence: (March 31, 2010 8:55am)

Appraisers, you have to check this out from the Illinois state board - it's great lol.... http://www.idfpr.com/dpr/re/ILLAppr/IllinoisAppraiserApril2010.pdf

Joecolorado: (March 31, 2010 8:55am)

i know of one small bank and one mortgage company which have their own portfolios and they have their own lending criteria which may or may not conform to FNMA guidelines(depends if they service these loans themselves or not), however if the loan are to be packaged and sold on the secondary market,the FNMA and individual lenders guidelines have to be followed and one of them is that the appraisal ordering needs to be separate.I actually dont have a problem with that,but I do have a problem with gouging the appraisers and the borrowers for more money.The borrowers are generally not informed that the full appraisal fees are not passed to the appraiser but are partially used to fund the "amc"ordering the report.

Gena: (March 31, 2010 8:54am)

NAR has even more money considering how much they receive from education courses! Just took their SFR (Short Sales & Foreclosure Resource Certification which today costs more money and found dated 2008 material! There should be a disclaimer for OLD 1.0 material!! Wasted time and money on that one!! NAR's feedback form didn't work so I'm going viral...

FinanceLogic: (March 31, 2010 8:52am)

Correct 5pence, the big banks are the only servicers. They are held up by the government. The small/medium banks can't service loans due to lack of assets and no government support. If a smaller bank loans their own money and the borrowers default then government won't rescue them. Fair isn't it!? NOT!!!

5pence: (March 31, 2010 8:51am)

So servicing is buying the loan and then selling it to the GSE's or other big banks. I have a bank that does it all in-house, so they sell directly to the GSE's, or do they have to sell it to the big banks also? Please excuse my ignorance on the subject, as an appraiser I've never had to consider these aspects of the process.

5pence: (March 31, 2010 8:43am)

FinanceLogic, so they ALL have to go through the big banks for servicing??!! Wow, bad news. I didn't know how that worked. Absolutely no other servicers out there? None?

5pence: (March 31, 2010 8:40am)

Anybody know of any medium to large banks that want to do things right and get much bigger through the efforts of all real estate professionals? Withdraw loan activity from the big 4 banks. I'm probably dreaming, but maybe there are some banks that want to get rich and much bigger by doing things the right way - a way we can all support. Surely there's one?

FinanceLogic: (March 31, 2010 8:38am)

5pence the smaller banks don't service the loans (they can't). The underwriting guidelines are dictated by the lenders who DO service the loans, period, regardless of where the loan originates. So there is no way around the big banks. I use small banks and small wholesale lenders for my clients cuz they have great service and rates, but ultimately their underwriting and HVCC guidelines conform to the big banks preferences, whom they are selling the loans to.

5pence: (March 31, 2010 8:32am)

and FinanceLogic - we all know why there's no portability - the banks don't want to lose the customer and knowing they'd have to pay for a new appraisal is a deterrent to switching banks. It's not that they care about covering their asses (the banks) or they would be using experienced appraisers and limiting BPO's and alternative valuations - it's their greed that's their driving force in their policies. The too bigs don't care about risk in the loans they write, the GSE's are hitting them up for billions in bad loans and Chase has just talked them into settling for less than half of what's owed in bad loans that the GSE's want them to buy back. The banks mentality is making money right now and worry about the consequences later BECAUSE they know they're too big to fail. In the past the GSE's would ask for money back on bad loans and the banks pretty much ignored them and they went away. The GSE's are on a new tact in making them buy back bad loans, and I think that's great.

5pence: (March 31, 2010 8:18am)

Ok, not appraisers (not big originators lol), but realtors and brokers anyone else in the biz is what I meant.

5pence: (March 31, 2010 8:16am)

I mean, we appraisers and brokers find the right banks and let them know that they'll be getting all our business and we all steer loans to them, we'd be doing the world a big favor and some smaller banks would get rich in the process. Community banks, credit unions and brokers hate using amc's due to poor quality and follow through - they'd love an option to not use the big 4 and would get on board. At least I would if I were them and had a choice.

Joecolorado: (March 31, 2010 8:14am)

Hardly-Good idea, but how would the appraiser get into the property without contacting you? Dont they HAVE to contact the listing Realtor?I wouldnt presume getting entry WITHOUT speaking with the listing Realtor,at the least even as a matter of courtesy(with an REO appraisal& I already have been given the access code by the bank,but I still phone the Listing Realtor)I dont accept buying Realtor phone numbers for entry as its not their listing and in any evnt wouldnt the listing Realtor be liable for anyone that enters the property?Just asking.

Hardly Laughing: (March 31, 2010 8:06am)

I take the MLS lockbox off of my listings once we have a buyer in escrow. That way, the appraiser has to contact me to gain access to the property, and it gives me a chance to hand the appraiser a list of comps that I pulled. It's no guarranty that any of my comps will be used but at least I'm able to state my case for how I price my listings.

5pence: (March 31, 2010 8:06am)

I'm thinking if a way can be found to go around these too big to fails, the benefits to the bank that will abide by the letter of the HVCC could be quite lucrative. It's like pulling your money from the big banks and putting them into local banks so they don't have your funds to risk. It does hurt them closing your accounts and I encourage all to do it. But, isn't there some bank somewhere that everyone can use to do an end around on the crooks? Some bank that wants to get bigger and compete with the bloated overgrown banksters and make a fortune doing what's right. I'm really looking for input on this. The banking system members can't ALL be corrupt and crooks.

Financelogic: (March 31, 2010 8:03am)

@5pence, yes the lenders dictate what is and isn't acceptable. Remember, They're trying to cover their a$$es too. Even though FHA is now offering loans down to a 500 credit, if a lender does it then later they will be blamed for giving the risky loan that defaulted. Same with HVCC, lenders don't want to do anything that could remotely come back to bite them later, which means they are ultimately in control of the appraisal ordering process. And that's why they don't abide by the appaisal portibility too. Don't get me wrong, I'm a broker, and I don't like it any better than you do. But if we don't play by their rules, then we don't play at all.

Joecolorado: (March 31, 2010 7:54am)

appraisers have been backed into a corner, where theoretically we can be the most dangerous, unfortunately we dont have any teeth to fight back, so the most we can do is give the banks a serious gumming.

5pence: (March 31, 2010 7:45am)

@FinanceLogic : So you're saying that rule is like the portability rule, made to be broken and with no place to complain to. The banks are exercising absolute power. As an appraiser I don't know why brokers and smaller banks would want to go through the big banks and have to go through their amc's when it's such a screw up. Isn't there a way around these too big to fails? Or are they the only game. Surely there's got to be a way around using the 4 big banks and their amc's - yes? There's got to be. Opinions?

Happy L/O: (March 31, 2010 7:41am)

RE: NMLS/SAFE tests in CA. Please note in CA-DRE vs CA-DOC (dept of corrections) the tests for "existing licencees" must be taken by 09/15/10. Go online to CA DRE & check it out. CA-DOC folks "new licencess" must take their tests by 05/28/10. So CA-DRE folks have no worries until 09/15/10...

Joegolorado: (March 31, 2010 7:39am)

Waving-If there are errors in the report then the State need to be informed of the appraisers' deficiency. REPORT HIM OR HER to the State.If it appears the appraiser has backed into a figure REPORT HIM OR HER to the State.Why do you put up with "bad" appraisals if it IS bad?If there are errors, why do you settle for anything that is less than the standard you have paid for?I am an appraiser and I certainly wouldn't submit anything less than my best,why would any appraiser submit anything less than his/her best,if they have submitted a substandard appraisal, REPORT HIM OR HER to the State.

Waving the White Flag: (March 31, 2010 7:07am)

Just had a client go for a REFI with Wells Fargo out of Central Florida. Their appraiser used all foreclosures because the area is an area where people live their entire lives and the only people moving are those losing their homes(probably because they did stated income loans and "fudged" on the numbers.ok.. they lied. To go through loan modification could take longer than 60 days due to the back log..so the 775 credit score would now have a 60 day late. They can either pay the balloon or have their credit ruined. So - out of their retirement savings to pay the baloon they go. Oh, by the way debt ratio was great and credit score of 775. CRAZY world. Yep the appraiser came in $40K less than tax assessment. you can probably guesss... the client I am talking about is my husband and I. Hmmm.. ruin great credit or empty out retirement savings.. it is disgusting-- and all we have ever done is pay everything on time. Sure makes me want to pump money into the economy.

Tired of Seeing innocent people go through full Foreclosure due to Mark-To-Market: (March 31, 2010 6:58am)

Talking about how NAR went to the Banks to get a system for Short Sales... How about NAR not getting the word out to Realtors that Mark to Market was a huge reason Short Sales were not happening- because it would close the banks doors throughout the country. NOPE, I did not learn abou it from RE/MAX or NAR-- I had to learn about it from a Client who is a CEO of a company in Atlanta.. UGHHHHHHH NAR does a lot of marketing so Realtors don't protest. The COUNTRY, not just Realtors should be fighting Mark to Market. It closed banks in the 30's didn't work then-- Banks weren't allowed to show true cash flow and couldn't make up for the shortfall in reserves. Banks closed that had profits????? Read up everyone-- it is an Accounting Rule that needs to go away and NEVER rear its ugly head again. Even people who would Qualify for Short Sales are being taken through Full-Foreclosure-- It is a CRIME!

FinanceLogic: (March 31, 2010 6:21am)

@5pence... The processing firm having THE RIGHT to order the appraisal perHVCC guidelines is totally different from what the lender will accept. FHA will also now allow refinance/modifications down to a 500 credit score but don't expect the lenders to allow that either.

ssfranny: (March 30, 2010 6:19pm)

You what really chaps my hide about this new FHA/HAMO program is that people who are late or can't afford house will not only get a PRINCIPAL REDUCTION but I assume also pay the same UFMIP and monthly MI as someone who has perfect credit???? Another brilliant move from Barry Hood and his merry band of socialists!!

5pence: (March 30, 2010 5:48pm)

@Financelogic. From what I read they have every right to order appraisals if they want as they are separate from loan originators and aren't commissioned on the loan closing. You might be misunderstanding the hvcc. Here's the Fannie Mae guide. https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf

larrywow: (March 30, 2010 3:42pm)

WOW even Washington Realitors suck into all that Washington tax and needs.. Maybe we should move the White House and all the Departments to Mid-America Like Kansas?? Just about the middle of all the Cow pastures that they like to throw that stuff.. around!!

FinanceLogic: (March 30, 2010 3:28pm)

@Stanley. If you order the appraisal then the lender won't accept that appraisal, just ask the lender, you'll see. @TBWS You left off the state of GA. Originator application deadline for GA is 4/16/10. I spoke to the GA Dept. of Banking last Thursday and they said they are bombarded with calls on 'how to go about getting started applying.' He said he's directing each caller to the NMLS website and saying "good luck" cuz he knows if they're just getting started there's no way to be done by 4/16/10. It took me 2 weeks just to get a SAFE test date!

Candace: (March 30, 2010 3:28pm)

I guess I will just email NAR and see what they are using all our money for. I do think they do some great things but that is a lot of money!

Washington Realtor: (March 30, 2010 2:58pm)

Well the $115 is JUST the National dues... They did not assure the flood ins. extention got done ? They are supposed to be watching for things like that. Issues effecting real estate. Biggest benefit is " R E A L T O R " trade mark name, yea $500+ is maybe a little steep but otherwise I am just a licensed salesperson / broker and would have to explain that I am not a member of the club BUT that I still do have ethics, they are just not codified. It levels the playing field. Besides we all write that expense off out of our voluminous commissions.

Washington Realtor: (March 30, 2010 2:58pm)

Well the $115 is JUST the National dues... They did not assure the flood ins. extention got done ? They are supposed to be watching for things like that. Issues effecting real estate. Biggest benefit is " R E A L T O R " trade mark name, yea $500+ is maybe a little steep but otherwise I am just a licensed salesperson / broker and would have to explain that I am not a member of the club BUT that I still do have ethics, they are just not codified. It levels the playing field. Besides we all write that expense off out of our voluminous commissions.

Tom Carnahan: (March 30, 2010 12:31pm)

Nar is doing great things for it's members. Advertising for one.Lobbying(as you pointed out in your video) is another. Meeting with the banks to try to get a universal system for "short Sals" approval is another.Credit Union for all Realtors and their families with better than bank rates. If you think about it, the Realtors(local,state and national) are the only 'watch dog' for the American property owners(Residential or Commercial).

Bobaane: (March 30, 2010 12:29pm)

I am definitely going to this Washington HVCC protest with all my co-workers. Why was so little of the TBWS devoted to this event today?? It has been the focus of so much controversy & it is time to stand up! If we are to complain about the effects it has had, then we must participate in these events. I hope there will be a good turnout. If not, we should just shut up and let the government and big companies dictate our lives & our means of earning a living.

The Estates: (March 30, 2010 11:59am)

Rod I have to disagree with you a little bit. A lot of good loans were originated with looser guidelines like some limited document programs for self employed borrowers who could demonstrate cash flow but had deductions that reduced taxable income exposure. Many of these loans that were underwritten responsely like with Thornburg and Union Bank perform actually better than many fully documented loans. The issue now is that the new policies on underwriting have gone so far in the other direction, it is impacting S/E Business which will drive up the income tax since they now have to report more income to qualify. So, now there is an even bigger disincentive to run open your own business.

5pence: (March 30, 2010 11:42am)

To stanleyclark: I'd say yes, emphatically! A clerk in the next room over from the production staff could order the appraisals, but most lenders are too afraid of being under scrutiny due to violating HVCC, so they try to play it too safe, more than they need to. Just don't charge more than $25 for making a phone call is my suggestion. Wow, the government forgot about re-newing NFIP? Idiots. Too busy taking naps. That truly sucks, sorry to hear it. Brokers have been disappearing around here for the last 2 yrs. Many broker offices now sit vacant. There was a leading investment banker that stood up in a town hall meeting that said basically, stop us or we'll keep stealing from you. Why aren't the politicians doing the will of the people?! Can't they get a hint that a tiger doesn't change it's stripes & that an investment banker is there to make money by taking risk & damn everything else that gets in the way? BTW, banks are 100% at fault, only they could have lent the money. Our deposits

Da Kid: (March 30, 2010 11:36am)

Rod, I can't disagree with you more. During '02 - '08 I can't tell you how many times I heard lenders say, "No money down, stated income, no fees, no job history...." blah, blah, blah. They could have just as well said, "Free money! Everyone buy a house! Wheeeee!" There were a LOT of dumb loans out there, and in the vast majority of cases there was no fraud. Yes, there was some, but if you want me to point my finger at ONE cause, it's because you had a ton of foreign money coming in with no restrictions. The one thing I don't get is how you can think that Realtors created the situation? Inflated markets are created by one factor: supply/demand. Realtors and loan officers can give advice, but at the end of the day, the buyer and the bank was who signed that mortgage loan, and those are the two parties most responsible.

REALTORDad: (March 30, 2010 11:07am)

The "Lobbying" money you refer to is just the candidate contributions that come from the voluntary PAC fund. Out of the Dues paid. That is where REALTORS pay for Lobbyists, Studies, research and all the support for the issues that affect the real estate industry. NAR also works on many other important issues and provides services to make REALTORS more successful. I know I am getting a deal.

joecolorado: (March 30, 2010 10:30am)

the Realtors I know and have known for years will call me up and ask my opinion which I give,I get information from them when I speak to them too, but I dont rely on them for an income stream.They cant provide me with an income as the appraisal stops at that point,no return work on THAT property,so they generally dont put their client through the expense of an appraisal as they have a BPO to rely on.The NAR is there for YOU and YOUR profession,it has absolutely nothing to do with the appraisal profession,thats admirable.The discussion was whether appraisers should be forced to join their respective boards and the NAR and the costs therein to get access to the MLS,a private non Realtor enterprise,thats all.Additional expense for information that we also pay for monthly dues to the MLS board.We werent bitchin at Realtors,just the opposite.We are bitchin at unnecessary costs of doing business.

The Estates: (March 30, 2010 10:25am)

NAR is quite s strong organization that we really need. However, locally it is very different. In just a 25 mile radius in Los Angeles where clients would look for a home, to be competitive and have full access to listings/sales and so on we belong to 4 MLS and or Boards (which gets expensive). Many Realtors will not cooperate with an "out of area" Broker even if it was right across the street if they don't belong to that particular MLS. Sometimes there is quite a lot of fractionlization. Many boards are difficult to organize and leverage interest to protect Realtor's and client's interests as a combined group. Outdated and competing technology, limited communication between these groups makes us depend on NAR.

joecolorado: (March 30, 2010 10:18am)

NCA1027-yes you are correct you apparently arent familiar with any appraisal organizations.That may be a problem you need to rectify.The American Society of Appraisers has several disciplines which dont rely on Realtors at all.In fact the Residential Real Estate appraisers I know also dont need to rely on Realtors for our income,I dont rely on Realtors for ANYTHING,I rely on my own abilities as an appraiser,but I do however rely on my MLS to provide me with information that is correct.Where they get it from is irrelevant to me,as long as I can verify it if and when I use it,that may mean talking to a Realtor or it may be not,generally I speak to the assistant as the Realtor is too busy doing whatever.I also work with Attorneys which dont have any contact with Realtors,so dont be so full of yourself,Realtors provide a service to THEIR clients,I am not a client,I want good clean correct information and my MLS gets that for me

Rod Quart: (March 30, 2010 10:08am)

Any response to the video poll regarding who is responsible for the Default Armegeddon other than "There were a lot of bad originators taking advantage or peeps. It was fraud" are either in denial or naive. A significant share of the 75% of those in the position of making way too much money originating loans as brokers need to accept that they should have asked the question: "I can qualify you, but can you afford it?" Based on actual median incomes, lack of cash into properties and the out of control appreciation, the answers should have left a significant number of buyers and people re-financing with more than just "second thoughts". Without the artificial and inflated supply of buyers out there up to 2006, the situation we are trying to work out of now would be much different. Wall Street and the Big Banks and the Realtors created the "candy in the candy store", but we should all accept responsibility for the way it was handled.

Leifman: (March 30, 2010 10:08am)

I am an appraiser in Santa Fe, NM and we pay over $1,000 a year for access to MLS. We must pay all the dues and join even though we are not realtors. The access to the MLS database is invaluable in our profession. I think they should put us in another bracket as appraisers and lighten up on the fees. I only pay $400 a year for my appraisal software, and $600 for my E&O. This is getting depressing......

AdamJREALTOR: (March 30, 2010 10:05am)

I was forced to join an organization on day one as an agent before being granted access to information. Say's my broker at the time BUT I did it unwillingly as it was the system and I wanted access to the system and to be a member of the local board of Realtors, which also meant being a member of NAR,I was also blocked from using that particular MLS,which I needed, so I joined the board of Realtors,the fees of which included NAR membership @ 495.00 per year which covers all. NAR is starting to give flyers old prints of stuff and brochures from their store which I thought should have always been free as a paying member, although you need to download and print them yourself. So Thanks for the free-bee, not really.

rcagle: (March 30, 2010 10:04am)

hey.. have you guys adressed the fact that congress hasnt renewed flood insurance funding... we here in the south cannot close any loan that need flood insureance.. which is just about all of homes along the gulf coast.. are you guys hearing anything out there about this issue being resolved.. we are really in a bind in the south untill congress meets in a few weeks to fix this

nca1027: (March 30, 2010 9:54am)

NAR represents REALTORS(R) just like any other organization. They have helped pass or defeat legislation that would be harmful to our business and home ownership. For those appraisers that complain about NAR, just remember if it's not for us REALTORS(R) many appraisers would be out of business. I know that for the most part REALTORS(R) and appraisers have common interests and at times divergent ones as well. While I'm not familiar with any appraisal organizations, they have the right to organize and lobby their local, state and federal legislators. Besides lobbying, NAR employees attorneys to protect the trademark, provides, training, etc. As far as I'm concerned the money I pay the national, state, and local boards is worth it.

The Estates: (March 30, 2010 9:47am)

The Government has a very intrusive position when it relates to mortgages. My wife is a Realtor and I am a Mortgage Banker and DRE Broker for 20+ years. She can not believe the regulations, paperwork, delays and crazy confusion created by all of the new rules. Many of her associates are incredulous at what has happened. Fortunately, many of my wife's clients are paying cash for homes since they are self employed but can't qualify for a loan since they write off so many expenses.

Chuckster: (March 30, 2010 9:29am)

The local SacramentoAssn. REALTORS last news letter made note that CAR will vote in June to assess ALL CAR members for political action funds rather than making it an optional contribution as in the past. You think they don't smell like unions?

TabascoJack OH: (March 30, 2010 9:26am)

GODLIKE,, I understand that the bank loan officers only have to REGISTER with NMLS. They do not have to be licensed. The are governed by FDIC. The MBA has lobbyed to change critical wording on the Bill to exclude them. The NMLS is designed to have all originators be under the same mandates but the lobbyist got that fixed so they are exempt. So if you know loan officers that can cut it. They always have a home at the banks. The banks are hurting with low volumes. They are NOT PROACTIVE at all. They only work their schedule and there is high turnover because of lack luster numbers. Try calling a bank LO. It is VM and NO call back.

TabascoJack OH: (March 30, 2010 9:25am)

GODLIKE,, I understand that the bank loan officers only have to REGISTER with NMLS. They do not have to be licensed. The are governed by FDIC. The MBA has lobbyed to change critical wording on the Bill to exclude them. The NMLS is designed to have all originators be under the same mandates but the lobbyist got that fixed so they are exempt. So if you know loan officers that can cut it. They always have a home at the banks. The banks are hurting with low volumes. They are NOT PROACTIVE at all. They only work their schedule and there is high turnover because of lack luster numbers. Try calling a bank LO. It is VM and NO call back.

joecolorado: (March 30, 2010 9:20am)

by me saying "not voluntary" I meant that I had no choice in joining the local board and NAR if I wanted to read and interpret that particular MLS system information.The cost of joining the Board of Realtors and the NAR amounted to $600+/-per year in total,whether it was $80 or $115 per year for the NAR,I dont know and I dont particularly care,the operating cost to me was $600+/- of additional fees that I could have done without. I dont use the boards facilities,the NAR's facilities or aegis and quite frankly thought it was highway robbery that I was forced to join an organization before being granted access to information.BUT I did it,albeit unwillingly as it was the system and I wanted access to the system. However,If I dropped out of a board of Realtors,which also meant not being a member of NAR,I was also blocked from using that particular MLS,which I needed,ergo,I joined the board of Realtors,the fees of which included NAR membership.

Andi: (March 30, 2010 9:18am)

I am in California and I spoke with DRE yesterday. They informed me that we have until Aug 31, 2010. Where is the best source of info?

GODLIKE: (March 30, 2010 9:13am)

By banks and "all his people" I meant all the originators and support staff that talk to the public about mortgages not everyone at the bank

GODLIKE: (March 30, 2010 9:11am)

Someone mentioned earlier that the non-licensed Brokers would be flocking to the banks. I thought even the banks had to get their NMLS license. I called a friend who's a VP at a bank and he's under the impression that all their people have to get licenses as well.

SMcWilliam: (March 30, 2010 9:11am)

Anonymous just posted that NAR dues are $115.00. BTW, very good post. However, once again NAR is $80.00 annually not $115.00. Just for further clarification, neither NAR nor any state or local association MANDATE participation in RPAC. That would be unlawful. Therefore, a REALTOR is NOT necessarily a political participany unless they voluntarily contribute to RPAC.

SMcWilliam: (March 30, 2010 9:06am)

I'm not "spliting hairs" - I am providing the factual information. Additionally, I did not state that NAR dues are voluntary. I did state that NAR's RPAC (REALTOR Political Action Committee) operates on voluntary donations. In many states it is a requirement to become a REALTOR in order to obtain access to the MLS. In order to become a REALTOR one must join NAR, their state and local associations; each of which have their own respective fees and responsiblites.

joecolorado: (March 30, 2010 9:03am)

Thats one reason why I dont belong to that particular MLS anymore.It got waaaayyy to expensive. The MLS system I belong to currently does not mandate membershipmin a local board nor in the NAR,but the fees are higher to the point that they mirror the board and NAR fees,so you may as well join and get the benefits of the NAR and board,PLUS it helps the cause.

Anonymous: (March 30, 2010 9:02am)

The $115 dues is for the *national* association of realtors. Your $500 dues is split to NAR, and your state realtor association and your local realtor association and probably some left over for the political action fund that lobbies all levels of government to support legislation that favors Realtors. A Realtor is a member of a political special interest group. A real estate licensee is not necessarily a Realtor. Most folks confuse a Realtor with a licensee and vice versa. A licensee has received the state required training, passed the state exam, and receives continuing education required by the state. To have access to the Multiple Listing Service, a licensee usually must also be a Realtor. However, many MLS providers are opening their database to non-realtor and non-licensee members due to pressure from external groups.

joecolorado: (March 30, 2010 8:59am)

You are splitting hairs,the full Realtor dues I paid were not split off as I HAD to be a full member of both NAR and local Realtor boards to have access to my local MLS.The fees may have been $80 for NAR,but when you are an appraiser and an additioal fee to join an MLS as an associate member includes ALL Realtor fees and include NSAR fees.The NAR fees get mixed in with the rest and are most definitley not voluntary to be a member of this MLS system.

SMcWilliam: (March 30, 2010 8:55am)

The dues of $500/$600 etc are NOT NAR dues. Again, NAR charges $80 annually. The $500+ dues are inclusive of NAR at $80.00 plus local association, state association and most likely MLS dues/fees.

joecolorado: (March 30, 2010 8:53am)

Seattle-I was paying nearly $600.BUT I recognize that NAR is a heck of an asset to the mortgage loan industry and the appraisal profession.I just resented being forced to pay NAR and local Realtor fees to join their MLS system even though I am not a Realtor.

appraiserx: (March 30, 2010 8:52am)

Loan Junkie, I think this is link you were asking about to the short sale fraud video http://www.thinkbigworksmall.com/mypage/player/tbws/25173/1581413 please use it for good and not evil

tmyke0977: (March 30, 2010 8:44am)

Correct me if i'm wrong, but with the new FHA writedown program, the bank holding the 2nd will still need to subordinate to a new first mortgage? Also, will the writedown come from the 1st mortgage or the 2nd mortgage?

SeattleRealtor: (March 30, 2010 8:40am)

Wow, $115 for Realtor dues?? I pay +500 in Seattle Washington.

cpappraisals: (March 30, 2010 8:36am)

Does anyone know the status of HR4173?

SMcWilliam: (March 30, 2010 8:31am)

NAR annual dues are $80.00 not $110.00. Money spent on political issues are paid from voluntary donations to NAR's RPAC. NAR does pay for salaries,adminstrative support and educational issues. NAR opertates as do most all other REALTOR Associations as IRS recognized non-profits. The numbers presented in the video and this thread are considerably inaccurate and thus do not properly represent the tremendous value NAR brings to the housing profession which includes mortgage professionals.

Hickory: (March 30, 2010 8:31am)

Dont forget that NAR is not only national, but they have state and local boards that you have to belong to as well. Each with thier own fees and usually quite a bit more than the $115 NAR charges. They do provide services but almost always at additional fees. They are a union that an agent is forced to join in order to have access to the listings. Their lobbying efforts are great but its clear to me that since the lobbying takes up less than 20% of the budget, thier main concerns lie elsewhere.

joecolorado: (March 30, 2010 8:20am)

the way the hvcc was written does not create amc's they are a by product of the system.the way you have described it is exactly the way hvcc should have worked and been implemented, however, by creating an amc, ensures that the banks can get additional funding from borrowers which offsets their additional staffing/operating costs incurred because of hvcc,and placing the blame for increased costs directly onto someone else's shoulders,the appraiser.Then they have been able to get additional funds from the appraiser by controlling the fee structure.Nice one...veeeeerrry slick..didnt see where the red ball went in THOSE three cups.

Loan Junkie: (March 30, 2010 8:18am)

Does anyone have a link to the TBWS Daily that exposes the OneWest Short Sale scam???

dmorgan: (March 30, 2010 8:09am)

I have another site for you guys or anyone that needs to take ce classes or just needs to be able to get their national or state license. This is for Mortgage, Inspectors, Appraisers, and Real Estate Professionals and you get 25% off of the courses just by going to this website www.statece.com/universalce

jrcappraiser: (March 30, 2010 8:07am)

the HVCC has ruined my business of working with lenders for over 25 years. I have 4 empty desks and am down to one appraisal and a part time secretary. My business is cut over 50%. I guess that is what I get for providing honest appraisals to lenders and mortgage companies. I have to compete with appraisers that have less experience and no designations. Most management companies in California look at the license number and know that the lower the number the less likely that this appraiser will work for $200 to $250. I still do not work for $200$25 an hour with these low fees as I feel that taking them trashes the industry. I have office rent, phone, email, mls, data, e & o, auto, bridge fees, and quality CE. I am being replaced by someone with less that 5 years experience that is working for $20 an hour. I am forced to get away from the lending industry and all of my clients are going in one swoop.

[email protected]: (March 30, 2010 8:06am)

Where I work there are independent loan processing companies that do not work for the loan originators as part of their staff nor do they work for the banks. Can they therefore order appraisals? The alanguage of the HVCC states that the loan production staff cannot order the appraisal. These processing companies are independent and therefore meet the HVCC statement that the HVCC dose not require the use of an appraisal management company. What do you think?

joecolorado: (March 30, 2010 8:03am)

when amcs get hit with more costs to operate, where do YOU think the money is going to come from?The appraiser is the only aspect of this fiasco that has no fee structure and no method of negotiating or complaining.Its completely controlled by the amc.The costs for any business venture(amcs) will be passed to the consumer(us)mainly by a reduction of fees.So guys that are doing amc appraisals the question is how far down will you actually go before YOU get to your tipping point?

mkrchnak: (March 30, 2010 8:02am)

@frankgaray, they have an extensive Budget and Finance committee that outlines this but most members don't look for it. Whatever you want to know, as a NAR member, is available to you. You just have to ask.

mkrchnak: (March 30, 2010 7:59am)

While NAR "only" spends 22M on lobbying, it also employs so many, has advertising to do and it provides multiple avenues for educating it's members. I think it provides $115/yr worth of value to its members.

joecolorado: (March 30, 2010 7:57am)

rodyloans-I know,your points are valid,but when I reread my response it looked as though I was berating you which was not my intent,I was trying also to make the same point but didnt do as good a job as I thought.sorry.Its amazing what the lack of inflections and the misplacing of commas can do to a simple sentence.

Anonymous: (March 30, 2010 7:56am)

Appraisers - since AMCs are dipping deep into every appraiser pocket don't you think it is justified every AMC pays the E&O Insurance per job? Let's face it by the time the appraiser deducts COSTS their fee equals about $1.20 an hour.

joecolorado: (March 30, 2010 7:54am)

Dont tell me that hvcc is a good thing,we were brainwashed into believing USPAP was the be all and end all of fraudulent appraisals,now I have 8 exclusion and reservation pages in my report,that pretty much do zilch,as we are STILL liable and now we have additional managers to pay for between us and a decent income.I rarely heard of problems with appraisal fees as I never gouged anyone.Now I cant even get what I paid my appraisers in my split,who had NO other costs to ontend with as I paid all of those,plus owned and updated computers,printers,INK,PAPER,advertizing bought programs,paid MLS fees,paid insurance and had a nice office with staff and a kitchen.NO more office parties, meals,outings,bonuses(I shared my good fortune with my appraisers)all of which came out of my pocket,but I had a great office with good appraisers that were ethical,no need for worry about fraud as I also took care of weeding out pushy clients.Now hvcc and amcs have ruined all of that.

OhWhatToDo?????: (March 30, 2010 7:51am)

The Realtor is preyed upon by every marketing scheme in addition to the fees fees fees required to simply walk out the door and work the business. One county in Florida has 4 MLS's... yep that would be 4. Volusia County has 4 dam MLS.. now does that really service clients any better? NOOOOOOOOOOOOOOOOOOOOOOOOOOOOO Just makes the poor realtor either join or lose listings to the realtor that joins. For the Realtor that joins all four.. they then spend money advertising that they do. This is just one area where the client is underserved and the Realtor is taken advantage oof. Read the white sheets about the profitability of Real Estate companies- it is pitiful. I had a business coach who once said.. Real Estate is the only business I know of that you can go to a meeting and accept a producer award and qualify for food stamps. OUCH.. but true. Could go on and on...but will spare you. As far as NAR.. shame on them.

rhodyloans: (March 30, 2010 7:49am)

Hence my point, Joe!!

Larrywow: (March 30, 2010 7:48am)

NAR... sounds like a Pirate sound?? Great question...and then you have your local group too... well if you have a client that wants homes below $50,00 AND could live in them.. go to my web site and see Pueblos great deals www.HomesPueblo.com

joecolorado: (March 30, 2010 7:44am)

rhodloans-This might come as a bit of a shock to you,but HELLOOOOOOOO,lenders/bankers ALREADY OWN amcs.They now are more efficiently manipulating the system so much better than manipulating individual appraisers as now its centralized,tell the amc what to do and the triangle of power takes effect,and it definitely flows downhill as appraisers are covered in it being at the bottom of the heap.

rhodloans: (March 30, 2010 7:39am)

When the guideline changed to say that you can finance up to 10 properties, most lenders kept their guidelines to 4. When FHA said they were reversing the guideline on the 90 flipping rule, most lenders kept the guideline in place. What do you think will actually happen if the HVCC were to be eliminated? Especially since lenders can have an ownership interest in the AMC's?!!!

joecolorado: (March 30, 2010 7:36am)

Bankers are in control,THEY decide how,where and when to loan money as its THEIR cash.Its secured by the property.The borrowers greed plays right into their grubby little mitts,we always want more not being satisfied with what we have,and the bankers stoke the fire with easy to obtain loans,which they now know will be secured by the government in the form of a bailout.Boy its gotta be clover being a banker,KNOWING whatever crazy scheme you come up with has a payout at the end of it.Talk about pigs in poop!

joecolorado: (March 30, 2010 7:32am)

This mess wont be going away anytime soon and it doesnt help that the Feds are attempting to bail individuals out.Its a fine sentiment but it doesnt really do anything except theoretically put more money into the bankers pockets.The borrowers need to realize that the only way we can start to clear up this mess is to START PAYING WHAT YOU OWE and what YOU contracted to pay.As for declaring bankruptcy and walking away,WHAT a Crock!!!take some resposibility for your actions.PAY back what you borrowed.The problem is that its too easy to just walk away from the responsibilities.Declaring bankruptcy isnt the answer,its an excuse.Defaulters moms and dads are spinning like tops in their graves for shame,they have to,as their children have overextended themselves,BY THEMSELVES,no one forced them to take out these loans,but once taken out,they should be repaid,on time,as we all (except bankers)suffer because of it.

clulessdad: (March 30, 2010 7:31am)

Spankan da broker-Yes the number of brokers will obviously go down, BUT...................what will be left will be an elite group of professional, problem solving, knowledgeable real estate lending pros who can beat the banks rate and terms anyday of the week. We are usually available 24/7 and provide better service and information about the marketplace. Our numbers will be fewer, but we will be better in every aspect of mortgage origination than any of the application takers at the banks. For those brokers that will be in the business 2-3 years from now, I can't wait for our reputation as elite originators and an increasing performance of the TPO industry to skyrocket. It already is starting. Our loans are outperforming the banks. You may be laughing now, but I passed 3 states worth of testing and requirements. How about you?

Pancho: (March 30, 2010 7:25am)

The money that NAR spends on lobbying, goes to convincing congress to implement programs that allow a realtor to determine value (BPO), then make a commission off of that value and have inside information before anyone else on a property. Don't know where the rest of the money goes, not many benefits from being a member

Anonymous-2: (March 30, 2010 7:21am)

I know and expect NAR to be a FOR profit organization, it's what gives it its drive. They do a bang up job of Unifying RE agents and creating a monster Lobbying group..and watch out for RE business interest as a whole... anything else they can offer is icing on the cake, as far as I am concerned. For those of us professionals that are making money, it's a small token that we pay each year and well worth it. GREAT JOB NAR !!!

cpappraisals: (March 30, 2010 7:19am)

Gee big shock on the defaults. The government needs to stay out of it. The principal reduction isn't going to help much either. People are more than 10% upside down. Way more...

Deedie: (March 30, 2010 7:13am)

Yes, it’s true, Congress failed to extend the National Flood Insurance Program prior to their two week adjournment for Easter! The program expired on Sunday, March 28, 2010, at midnight. For guidance on this situation may we suggest “Recommendations/Guidance for Possible NFIP Lapse and Hiatus” which is available at: http://bsa.nfipstat.com/wyobull/w-09068.pdf (this is a four page document) In a nut shell: No new (or increased coverage) flood polices may be written after NFIP's expiration date (midnight on March 28). Exception: If payment is received or for loans closing prior to the expiration, application is dated before then. No renewals may be issued but the existing policy is in effect for a 30-day grace period following policy expiration. Existing policies that were in effect on the NFIP expiration date remain in effect and would not be affected by this.

RealtorAnita: (March 30, 2010 7:01am)

I agree that NAR (& state & local) could provide more freebie and discounted benefits to members and need to be more accountable for their profits. We pay for every classes, for downloadable ad copy, designations that we don't get industry updates for, for a few examples.

joecolorado: (March 30, 2010 6:59am)

The MLS I used to belong to mandated joining the NAR as part of their requirements for membership even as an associate member which didnt give me full rights.I am an appraiser and didnt need to join the NAR, but when I required access to the MLS I had no options available. Then they recently went from cost/use basis to a flat fee per month,which benefited constant users,but screwed the appraisers that dont use it as much as my fees were tripled overnight.I dont belong anymore to that MLS as I cannot justify that additional cost,I will rely on my original MLS membership(luckily we have 2 in our area)that is just as good if not better and has a flat fee for unlimited use and no need to join the NAR.

Anonymous: (March 30, 2010 6:56am)

Yes, it was fraud. www.mortgagefraudblog.com

FolsomRealtor: (March 30, 2010 6:51am)

Don't know what NAR is doing for me but now that you bring it up I'm going to start asking those at SAR what their budget is...

frankgaray: (March 30, 2010 6:50am)

I don't recall this, so I may look a little foolish here, but here goes... Does NAR or NAMB, or any other associations provide an annual budget report and P&L to it's members so they can see exactly what money came in and where it went? That would seem only fair right?

TabascoJack OH: (March 30, 2010 6:41am)

I know a person personally who works at 5th 3rd. He has been a loan person there for 8 yrs. Their training is watching webinars. No testing. Just sitting there absorbing it. He said he worked while it was going on and paid no attention to it. Their standards are lax compared to us.

Sharon Neider: (March 30, 2010 6:38am)

My insurance agent posted the flood insurance "issue" last week. Don't you just love that they can give out zillions of dollars but can't seem to get the flood done.....Another example of how the federal government is helping the housing market-NOT!

Sharon Neider: (March 30, 2010 6:38am)

My insurance agent posted the flood insurance "issue" last week. Don't you just love that they can give out zillions of dollars but can't seem to get the flood done.....Another example of how the federal government is helping the housing market-NOT!

TRSRealty: (March 30, 2010 6:37am)

Well Frank, ya know...they do have some nifty commercials! I have to agree, as a REALTOR-Broker, rbsplace does make a point in that they do 'due' a good job, but I never really gave it as much thought until this morning. You are right, we have to pay for much of what they offer on their site. We do get free, basic listings on Realtor.com, that is supplied courteousy of the IDX, but I can't say it's worth $100M to me. I just paid the fee all these years, not really establishing what it was for, because without it, I couldn't be a member and use the REALTOR term, which can make or break the product you are selling. We are hit with these kind of fees on every level. The NAR, the state level, and the local level, then the MLS, CE, licensing, and each of them all have their own sets of fines, and if you are fined by one, you're fined by them all. Now, let's find room for the advertising slush fund, shall we? And you have to do that, otherwise you fade away into the black abyss, like FM/FM.

TonyInTX: (March 30, 2010 6:35am)

Sometimes it does seem like there's more money being made by the companies that service the Real Estate industry than by Realtors and Loan Officers. If you can, remember what it was like to work in this business 20 or 30 years ago. My father was a Broker with his own company. I remember days when RE offices mainly listed homes in their neighborhood because there was no MLS and each office maintained photos and info of all of their own listings. Then, MLS books came out once a week and each one was a couple of hundred pages (at least). Of course, contracts had fewer pages then but now we have electronic forms, cell phones, PDAs, MLS accessible from the Internet, and e-mail. Not only technology got us to where we are now but the associations that represent us work hard in every state as well as the Federal level to make sure the laws passed are reasonable and allow us to do business while also protecting consumers. I only hope NAR is taking an aggressive stance against HVCC.

frankgaray: (March 30, 2010 6:25am)

The thing about NAR that I don't get is that they make over a hundred mill a year, and yet virtually everything on their site comes at a cost to the member. 5.6 million spend in Q4 equals 20 mill a year right? So, what do they do with the other money. I'm sure they must be re-investing in the communities, but would like to hear about it.

frankgaray: (March 30, 2010 6:22am)

The scary thing is that if you don't take the test or fail, you're not guaranteed a spot at a bank at all. LO's cost banks money, plus there are background checks, and the simple fact that top bank LO's don't want a bunch of newbies in their shop competing with them... they'll say hire 'em and I'll move on. My personal estimation is that we will lose about a quarter to a third of the existing broker LO's to NMLS.

TRSRealty: (March 30, 2010 6:22am)

As a REALTOR, I'm not sure exactly where the rest of that $100Mill goes, other than the lobbyists in D.C., which you've already deductedfor, but I'd sure like to see them put it towards purchasing us a piece of this "Obama Health Care Plan". Let's face it, if it's going to be crammed down our throats to subscribe to it or be fined, I'll take a policy please! The last thing we need as REALTORS is one more penny pinching fee or fine.

rbsplace: (March 30, 2010 6:22am)

Membership in NAR is beneficial if you take advantage of what is offered. Besides arm twisting in Washington the NAR provides educational discounts on a variety of courses and many free resources to help build your business. In my own opinion I think with the amount of money they bring in they could do better at offering more freebies to their members. They could also consider reducing member fees during these troubled times. However like any organization of this type I doubt that will be considered. Overall they do a good job.

Spank N Da Broker: (March 30, 2010 6:12am)

Spank N Da Broker -- Told ya. Broker days are numbered. Better Evolve or you will Dissolve.

Tralrdr: (March 30, 2010 6:04am)

http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_advocacy?OpenDocument Gives a short version of NAR's position on the Health Care Reform. Looks pretty much middle of the road to me; with all that $$ they could have thrown some toward refining the measures or killing them in my opinion.

TabascoJack OH: (March 30, 2010 6:01am)

The word in this area that the ones who do not want to deal with the NMLS or failing the test are reportingly saying they guess they have to go work for the bank. The banks are going to have all our fallout. Sort of like ConAir Corps.

Anonymous: (March 30, 2010 6:01am)

I agree with you, we are in Florida and it's the end of the month!!!! NFIP has now made it impossible to have our closings close due to the Flood Insurance. These guys need to pay attention to what they are doing!!!!! This effects not only the buyer wanting to move in, the seller, the realtors, the title companies, the mortgage companies, are they are helping our economy? How?

NOLA Nan: (March 30, 2010 4:47am)

Did anyone know that yesterday we lost the ability to close our pending deals because the Senate did not vote on the Continuations Bill which includes the National Flood Insurance Program (NFIP). I have a closing on Friday that cannot get flood insurance, and Congress is not coming back until April 12. The extension from 2 weeks ago on lasted until March 28th at midnight. I found out from my borrower when she went to get her insurance after receiving her elevation certificate yesterday.

myagentjanice: (March 30, 2010 4:40am)

Well, there is a surprise, Realtors association is a profit center............If the NAR is running one hudred million in profit canonly imagine what the local board is making, the dues are from less folks of course but are four times that amount.Oh,and then there is the private owned MLS in my area, GRRRRRRR