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5pence: (March 13, 2010 1:49pm)

They need to get rid of that language "reasonable and customary" or "typical and usual" fees. That pegs our fee to terms and terms make us employees. Terms are just ways the AMC's can justify their low pay. What we need to see is "Amc's are no longer allowed to dictate, suggest, set, publish, or force an appraisal fee. This is to be determined by appraisers in a free and open market."

joecolorado: (March 13, 2010 7:17am)

the customary fee everyone is talking about appears not to be what the appraiser is contracted to get from the amc....its what the borrower pays to get the appraisal done.MASSIVE difference. When the amc asks whether you will do an appraisal for a reduced fee,the customary fee has already been paid,the amc are now getting their "cut" of the customary fee and maximizing their profit by negotiating with you to accept less, but the amc can confirm that the customary fee was charged to the borrower.SO DONT FALL INTO THAT TRAP, JUST DONT DO IT.

cpappraisals: (March 12, 2010 8:52pm)

Oh and the customary appraisal fee for a duplex is about $650-$700 on a duplex..

cpappraisals: (March 12, 2010 8:49pm)

That is why I don't work for AppraiserLoft...they take half of our fees...

cpappraisals: (March 12, 2010 8:48pm)

Mrfund-I can tell you one thing is that whatever they charged the borrower for the appraisal they were only going to pay the appraiser half of that and no appraiser in their right mind would do an appraisal on a duplex for $225 so my guess is the appraiser found out what they were going to pay him to do a duplex and he gave em the middle finger....

5pence: (March 12, 2010 7:27pm)

But now that they are getting nothing for something, the masses are unhappy. Half the US states are insolvent. Nearly all of them are preparing to increase taxes. In Europe taxes are going up. Services are going down. Taxpayers are being asked to pay for the banks losses..& pay interest on money spent years ago. Until now, they were borrowing money that would have to be repaid sometime in the future. But today is the tomorrow they didn't worry about yesterday. So, the patsies are in revolt. Several countries are already past the point of no return. And even if America taxed 100% of all household wealth, it would not be enough to put its balance sheet in the black. And Professors Rogoff & Reinhart show that when external debt passes 73% of GDP or 239% of exports, the result is default, hyperinflation, or both. IMF data show the US already too far gone with external debt at 96% of GDP and 748% of exports. The rioters can go home, in other words. The system will collapse on its own.

Mrfund: (March 12, 2010 4:45pm)

I recently ordered an appraisal through a lender who used Appraisal Loft. Appraisal scheduled for yesterday. Lady stayed up till midnight with contractors to be ready for appraisal. The guy stood her up, and then told us the lender had postponed it, because they only paid 450.00 for a 2 unit appraisal that should have cost 560.00. What is normal and customary for 2 unit appraisal for a reverse mortgge? Anybody else have any problems with "Appraisal Loft" of Southern California? Borrower paid with a debit card, and they have not yet returned the fee because I have to go somewhere else now. I HATE HVCC, and Andrew Cuomo. (Barney Frank too).

RanchoMtgChck: (March 12, 2010 11:36am)

I will go to DC. Will gather the money and do it, this is important

ciappraiser: (March 12, 2010 10:14am)

I'm with you joecolorado - I'm in for DC and I'm flat broke. We are fighting for our lives guys - DC is a good idea. Don't know how I'll get the money, but seems lately, I always SCRAPE by - we should definitely to this DC thing.

5pence: (March 12, 2010 9:38am)

Wow that sucks clulessdad - what a country is right. All the money is going to the banksters to keep them happy and carefree. Cities and states are suffering, college costs are rising exponentially, food prices and oil and gas on the rise, government sponsored necessities are running out of money. But hey, lets keep the banks happy while the country wastes away.

Clulessdad: (March 12, 2010 9:37am)

markmortgage-It shouldn't be called FHA Streamline, it is a reduced doc loan now. They still need to verify employment and a phone call be easily be rigged. So they ask for a paystub. No easy loans nowadays!

5pence: (March 12, 2010 9:35am)

A public policy (HVCC) by public trust entities (GSE's) serving private interests and can't be challenged in a court of law sets a VERY DANGEROUS PRECEDENT. If we don't stop this crap here, more private interest serving public policies will become the new norm. Bend over and kiss your righteous ass goodbye - welcome to zombie land ruled by zombie banks and a zombie government. Zombie = a person who is or appears to be lifeless, apathetic, or totally lacking in independent judgment; automaton; walking dead

Clulessdad: (March 12, 2010 9:33am)

Just got an email from Wells Fargo saying they will no longer accept any applications for the USDA rural housing GUARANTEED program. The Govt has run out of money for the program. OMG! Someone else mentioned this in the blog. I know that the Direct program always runs out, but now the Guaranteed one? Not having this program will effect the housing industry. I guess the govt can print more money for the banks, but not Joe Consumer. Joe Consumer gets screwed. What a country.

joecolorado: (March 12, 2010 8:52am)

asking for a paystub....doesnt that make THEM an employer?That seems to obviate the independence status as they are requiring you to provide itemization of income which negates a 1099 and which is also none of their business.perhaps you are entitled to benefits,sick pay,health insurance and other benes from the bank as an employee!Why dont you just ask for their information as you know the IRS will want that info when you submit your return.

Alabama Country Boy: (March 12, 2010 8:48am)

Hey, folks, the ranking member on the Senate Finance Committee is Senator Richard Shelby from Alabama. He is a reasonable person with "walking around sense" as we would say here. I think that it would be appropriate to say a "Thank you" for some of his past voting record and also let him know what the situation is all across the country. It may not help but it won't hurt. I firmly believe that he has the best interest of his constituents and the country at the center of his decision making. Please contact him and let him know what we need and that we have the utmost confidence in his ability to deliver. By all means, let him know that it was his Alabama citizens that recommended him. We have got to trust somebody. I believe in him. Write him. Short,complete,and accurate should be the guideline for your notes. Thanks!

joecolorado: (March 12, 2010 8:47am)

I appreciate all of it,but lets find out what day the protest will happen.I need to ensure that this doesnt just fall of the wayside as I am sick and tired of this.The system needs to change and WE as appraisers need to change it.WE ALL need to change it.STOP WORKING FOR THESE SHARKS....let them worry about unreasonable turn around times and deadlines they cannot meet due to good appraisers refusing to work for less than their worth.

markmortgage: (March 12, 2010 8:29am)

I just submitted a FHA streamline and the bank is now asking for a PAYSTUB and for me to list the exact income on the 1003 .. OMG this is just getting out of control

5pence: (March 12, 2010 8:19am)

Massas bachelor pad - hahahaaaaa

5pence: (March 12, 2010 8:16am)

Patriotism is exercising your rights too. You know what they say, use it or lose it.

CornerstoneKathy: (March 12, 2010 8:16am)

Yeah and ex NY Congressman Massas bachelor pad should also be available bythen..

5pence: (March 12, 2010 8:14am)

Fly in in the morning, fly back that night after the protest and you don't need a hotel. We need to see the intinerie (sp) - but if it's more than 1 day I don't want to miss it. I was in a couple marches on DC in the 70's. I miss that kind of patriotism

5pence: (March 12, 2010 8:11am)

joe: I'll chip in for a penthouse loft that can room 50 of us. I've got free airline miles I can use to get there - but, they've always got discounts going on to DC.

CornerstoneKathy: (March 12, 2010 8:04am)

Joe I will pick you up and split the gas money but but you are on your own for a hotel room!

joecolorado: (March 12, 2010 7:47am)

I will beg,borrow but not steal money to get and stay there for the duration.THIS IS IMPORTANT to ALL of us,we need to show solidarity and we need to indicate to the powers that be,the system is blaming and penalizing the wrong people,good appraisers for something that is not our doing.We need everyones support.

joecolorado: (March 12, 2010 7:43am)

Look its relatively easy to stop using amcs that pay under what you regard as your worth.....just say NO...I am aware that there are bills to pay,I am in the same boat as you,believe me,but I KNOW the value my of appraisals & I will not give or demean that value by taking less than what I consider they are worth.If the amcs dont want to use me,so be it,but just to give your expertise & and quality away is shortsighted & asinine.THEY DONT CARE ABOUT YOU,they never have & never will,if you dont live up to their requirements you are gone with no second thoughts,so why feed into their scheme.The fees will not increase,in fact they will probably be reduced by these sharks as they know someone out there will work for a pittance,I know that its not going to be me thats all,so why be their whippet?I REALLY want to see DC, so when is the protest?

ciappraiser: (March 12, 2010 7:33am)

There is something brokers and agents can try to do and that is to support the AMCs that pay appraisers fairly. The best one I know of is Solidifi. They pay full fees and are great to work with. There are a few others out there. Its a start. Quit using LSI, Streetlinks, Property Sciences, etc. While the coalitions and guilds throughout the country work on legislation to regulate AMCs, brokers should speak up about what AMCs the would like to use.

rgarrett: (March 12, 2010 6:32am)

EnergizerBunny... calm down. I don't care about your circumstances for why you cancelled your appraisal appt - Yours was a sound reason. In my situation this week, it was not. You are not my gripe. Listen, i hate the AMCs. I hate the fact they are selling out their orders to the lowest bidders. I hate they are screwing the appraisers, which then is reflected naturally, often times, in the quality of the rpts. I am a broker & i have to use whatever HVCC process the lenders have arranged. I hate it all. I am on your side. Chill a little and brush that chip off your shoulder.

p1appraising: (March 12, 2010 6:16am)

I think the only way to beat the AMC's is to form local Appraisal Unions in your area. If we formed a Union and the AMC's would have to come to the Union to find appraisers then we would get back to full fee's and eventually offer our services directly to the lender so the AMC's would be out of business. This isn't about being independent as individuals anymore, it is time we got together and stood be each other. If we don't we will be taking scraps from the AMC's until there is no longer a need for appraisers.

p1appraising: (March 12, 2010 5:56am)

I have done my best to find alternate work in lieu of the AMC, I was on Streetlinks rotation but was removed in January because I turned down an appraisal because I was unable to meet the turn time and I told them the fee was insufficient. Haven't heard from them since.

Switch454: (March 12, 2010 4:56am)

Great video today gents!

ttterz: (March 12, 2010 4:41am)

I place all my 203-Ks with M&T Bank out of NY. They are the best. They also offer the Fannie Home Style (which is available for non-owner occupied SFR and 2 units). They will do both Ks and Home Style on REOs no problem.

ssfranny: (March 11, 2010 10:54pm)

Ill Appraiser: HR 4173 section 4312 was changed they added in the first section about implementing an "apprasier independence" program and it explicitly states thats its not prohibited for a loan orginator to order an appraisal and can contact appraiser abuor questions regarding comps. In the last part they still say to sunset the HVCC. Dodd is as corrupt as they come so we'll see in the new bill if the AMCs or Cuomo paid him off!!

ssfranny: (March 11, 2010 10:49pm)

Yeah I hear you I've been in mortgage business for 14 years and now I see it dramatically changing since the D-Bag in the WH would rather help the morons who bought too much house on a pay option ARM than someone with perfect credit 800 FICO and is slightly over 100% of value. Well unless you have a Fannie first and no second haha People in this business need to get the power back if most of the brokers and appraisers get out of the business this housing industry will implode more than it has.

EnergizerBunnyAppraiser: (March 11, 2010 6:46pm)

rgarrett: (March 11, 2010 2:15pm) JMoney,Ciappraiser,Valleygirlappraisals, Evergreenappraisals... I hope you all can adjust and survive your current industry. You may want to start looking for alternative careers based upon your responses. You may want to read your own responses...they speak loudly of yourselves. Good luck!Desiree, Folsonapprs, Joecolorado, IIIAppraiser, Forwhatitsworth,... Thanks for your professionalism in your responses and congratulations for choosing to adapt to this lousy industry we're curretnly faced with. I too am not happy about massive changes re: my world in mortg brkrg but have too, like you, chosen to adapt. Those that don't will be gone. You guys are true appraisal professionals! I'm glad you've decided to stay in the fight. Best of luck to you all!... WHO DIED AND MADE YOU GOD?? Your arrogance is nauseating, at best. "Adapt"?,.. you are speaking to a married, mother of 5, all bio, HARD WORKING,appraising, self-reliant, educated, woman. U have no clue!

5pence: (March 11, 2010 5:01pm)

Those who wonder whether public anger at big banks and the Move Your Money sentiment sweeping the country is substantial enough to impact these giants need only look at the banks' own marketing over the last few weeks to see the proof. In a spate of new advertisements and PR maneuvers, the nation's largest banks are working hard to win us back. They are, in effect, standing on our doorstep, flowers in hand, trying to convince us they've changed. They're using words like "local" and "community," because they know quite well that there's a rival for our affections. A recent Zogby poll found that nearly one in ten Americans had moved at least some of their business to small banks or credit unions. One jilted lover, Citibank, has launched a blog devoted to showcasing the "new Citi." The site features a video statement by CEO Vikram Pandit, who offers a few vaguely apologetic statements before detailing how Citi is a changed banWe've given up boozing and gambling, Citibank seems to be sayin

EnergizerBunnyAppraiser: (March 11, 2010 4:40pm)

rgarrett: "Okay,i got to share",.. NO!, you need a grammar lesson, and a swift kick in the rear! Just to 'clue you in', I have done appraisals in the rain, in crime ridden neighborHOODS, in the 'damn near dark', and countless other situations,.. all to "GET 'ER DONE'! We recently had some extraordinary storms in my area, and, yes, I HAD TO RESCHEDULE. BTW, the power was out for 7 days, and the roads were closed,.. When I see your "Needless to say,".. I have to bite my tongue,.. ok, NOT!! "Climb the ladder of the AMC"? Let me guess, it was a SHORT CLIMB!! How many times have I called with a SERIOUS question/correction for the 'management' of the AMC, ( you know,.. the property is a Townhouse, in a PUD,... NOT A CONDO, with actual land rights,. and the order is for a 1073... oh, that's a CONDO...rgarrett...),only to be answered by a very young, secretary type... NOT AN APPRAISER! Spkg of "an hour before scheduled appraisal time.. response to follow. Out of remaining 'air' time. ovr&out

CornerstoneKathy: (March 11, 2010 4:29pm)

On a lighter note ..Ok I havent been to a Spice girls house but I appraised a TV actors house one time. He was the guy who dies in the toilet on Sopranos..it was a dump..pun intended. OK he wasnt that famous but it was cool.

joecolorado: (March 11, 2010 4:18pm)

by the way I have never been to Winter Park although I have heard its beautiful, and the skiing is brilliant

joecolorado: (March 11, 2010 4:15pm)

No one is going to believe this, but I have just been asked to do an appraisal in Grand County at Winter Park, a five hour drive one way for $300.I am flushed and damp with excitement at the prospect of earning $5+/- per hour.Yeah right.....let me get right on that......

EnergizerBunnyAppraiser: (March 11, 2010 4:11pm)

aaron.m.byrd: Yes, me too. I do Oakland and Richmond, 2nd St,.. and it DOES get exciting. Hazard Pay, perhaps?.. Hey, how much are 'those guys in the orange vests' making?.... hmmm....

EnergizerBunnyAppraiser: (March 11, 2010 4:05pm)

James the Appraiser: (March 11, 2010 3:11pm) WOWWWWWW - I just had an AMC tell me that if the ADJUSTED VALUE of my sales was greater in range that 10% they would not pay me for my report. I told them that until I completed the report I would have NO WAY to know if the range was going to be greater than 10%. This means if two of the sales adjust to $165,000 and $184,000 they can tell me TO BAD - WE DON'T NEED TO PAY YOU. I told them that this was no different than telling me the value must be a MINIMUM of X or they did not need to pay for the appraisal. This breaks USPAP in so many ways. Needless to say they canceled the order. OOO - the property was a 2/1 on 12 acres in the middle of nowhere, so I would have been lucky to even find 3 sales James the Appraiser, hello from California,... PLEASE turn them in!! I just received an e-mail notice from OREA, in ref to the requirements on AMC's.. not sure if that would help. But, this is bad.. U R RIGHT, EVERY U.S.P.A.P. RULE... BROKEN!!

Fritzboy: (March 11, 2010 4:05pm)

I don't like the word "substitute". Doesn't look good. If HVCC Sunsetting isn't in there, I will walk to Washington if I have to. At least I can look back and say, I fought for my rights to a free market society and where the cream can rise to the top again. AMC's from far away states, I am no one to nobody. Pre - AMC's and HVCC, I was somebody to alot of people that depended on me. Especially my family.

Ill Appraiser: (March 11, 2010 3:52pm)

Fritzboy-Good job! There it is. The new HR4173 to be unveiled on the 22nd. Does it eliminate HVCC? Does it address appraiser independence? How do we find out. Marc Savitt who is in Washington may know.

Fritzboy: (March 11, 2010 3:47pm)

DODD STATEMENT ON FINANCIAL REFORM March 11, 2010 WASHINGTON – Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on financial reform. “On Monday, I will present to my colleagues a substitute to the original financial reform package, unveiled last November.” “Over the last few months, Banking Committee members have worked together to try and produce a consensus package. Together we have made significant progress and resolved a many of the items, but a few outstanding issues remain.” “It has always been my goal to produce a consensus package. And we have reached a point where bringing the bill to the full committee is the best course of action to achieve that end. I plan to hold a full committee markup the week of March 22nd.” “I have been fortunate to have a strong partner in Senator Corker, and my new proposal will reflect his input and the good work done by many of our colleagues as well.”

Clulessdad: (March 11, 2010 3:30pm)

Ill appraiser-The Senate bill can be found at http://banking.senate.gov/public/index.cfm?FuseAction=Issues.Home Like I said, I scanned it and it wasn't even close to 4173. So maybe they are additive? I dunno at this point.

ciappraiser: (March 11, 2010 3:17pm)

I got it - section 4312 if anyone else is looking on the 2nd draft of the bill in Congress

James the Appraiser: (March 11, 2010 3:11pm)

WOWWWWWW - I just had an AMC tell me that if the ADJUSTED VALUE of my sales was greater in range that 10% they would not pay me for my report. I told them that until I completed the report I would have NO WAY to know if the range was going to be greater than 10%. This means if two of the sales adjust to $165,000 and $184,000 they can tell me TO BAD - WE DON'T NEED TO PAY YOU. I told them that this was no different than telling me the value must be a MINIMUM of X or they did not need to pay for the appraisal. This breaks USPAP in so many ways. Needless to say they canceled the order. OOO - the property was a 2/1 on 12 acres in the middle of nowhere, so I would have been lucky to even find 3 sales

Ill Appraiser: (March 11, 2010 2:51pm)

ciappraiser-Go to thomas.loc.gov and look for HR4173. In the House approved version on pages 823-825 under Appraiser Independence you will find what you are looking for I believe.

ciappraiser: (March 11, 2010 2:50pm)

rgarrett- I don't mind adapting to anything. I choose not to work for $200 or less. Economically, working for $200 an appraisal is basically putting me on the same level as someone doing data entry for $15/hr. I have been successful in this business for almost 20 years and I am frustrated at the current situation. I suppose I should have asked first which AMC you were dealing with before making my remarks. If appraising is changing from a professional industry to data entry, tell me now and I'm out. Put it this way, if any of the clients I have left would ask me to complete an assignment in the rain, I'd do it in a minute - they pay me fairly, but I do believe that is the reason you are seeing this kind of reaction from appraisers- it is due to a direct result of the fees they are being paid. If you are using AMCs that take 50-60%, expect the appraiser to give 40-50% effort. This is why we are fighting for AMC regulation. Give good appraisers the opportunity to make a decent living.

ciappraiser: (March 11, 2010 2:29pm)

Can anybody tell me the the HVCC language that was taken out of HR 4173? I can't find any reference to it before it was removed. I am trying to draft a letter, but I'd like to know exactly what was removed?

rgarrett: (March 11, 2010 2:27pm)

Desiree, Folsonapprs, Joecolorado, IIIAppraiser, Forwhatitsworth,... Thanks for your professionalism in your responses and congratulations for choosing to adapt to this lousy industry we're curretnly faced with. I too am not happy about massive changes re: my world in mortg brkrg but have too, like you, chosen to adapt. Those that don't will be gone. You guys are true appraisal professionals! I'm glad you've decided to stay in the fight. Best of luck to you all!

rgarrett: (March 11, 2010 2:15pm)

JMoney,Ciappraiser,Valleygirlappraisals, Evergreenappraisals... I hope you all can adjust and survive your current industry. You may want to start looking for alternative careers based upon your responses. You may want to read your own responses...they speak loudly of yourselves. Good luck!

joecolorado: (March 11, 2010 2:04pm)

you wouldnt have pressure from anyone if you were confident about your abilities and could just say NO.STOP WORKING FOR cheap fees with amcs you idiot,you are crucifying all of us. AM I the only one that saw this entry?Its deplorable that this type of mercenary appraiser is tolerated,Judas, you ARE the enabler

joecolorado: (March 11, 2010 1:59pm)

what a croc, I dnt know your name as it wasnt published, you bitch about the amc fees at $150 and yet you still do work for them,kinda hypocritical isnt it?YOU are what is wrong, we need YOU to stop working for these sharks as YOU are driving the reasonable fee structure into the ground.But dont worry about us, when we work hard to get rid of amcs and hvcc you can take advantage of the financial situation again and charge full fees.sitting on the fence like you are is so infuriating I hope you get splinters in your mercenary brain.

cdmort: (March 11, 2010 1:36pm)

J.Stevens Thank you for the comment, it is helpful to know as I was considering them. They have a decent price. How about it TBWS, did you listen to the content before endorsement?

Ill Appraiser: (March 11, 2010 1:20pm)

Cluless-Here's what I've gotten so far. I called my Senator today and his girl Friday in his housing group said that the House's HR4173 has not been addressed yet in the Senate's housing committee. That will begin on Monday. So that is the official stance. Unofficially, Marc Savitt is reporting that there is a new bill (HR4173) being drafted by the Senate's housing committee behind closed doors. banking.senate.gov will tell you who is on that committee and it includes the senator from NY who is a good buddy with Cuomo. So the best thing to do at this point, as far as I can tell, is for everyone to see if their senator is on the housing committee and if they are bombard them with calls and emails.

aaron.m.byrd: (March 11, 2010 12:54pm)

I'm an appraiser and get people coming out all the time when I take comp pics. Happened yesterday. Usually I talk to them so they have peace of mind but I've also had a gun or two pulled on me. Oh, to be a real estate agent; everyone loves them.

cpappraisals: (March 11, 2010 12:40pm)

Cluelessdad-What is the title for the Senate's Bill?

Clulessdad: (March 11, 2010 12:37pm)

Frank and Brian- Can you get Marc Savitt's take on the Senate Bill and House Bill 4173 and report on the status of each for tomorrow's daily? BTW- I sent in my $50 to his org today

Clulessdad: (March 11, 2010 12:31pm)

Ill appraiser-you are right-I checked out the whole Senate Bill and it actually bears no resemblance to 4173. I did not see any mention of appraisal independence or HVCC or anything appraiser oriented. It wasn't even organized the same way. Could it be that the House and Senate don't talk to one another?

ciappraiser: (March 11, 2010 12:22pm)

I'm with you miller1. We are in the fight of our lives here - we need to have our voices heard! Marc Savitt appears to be the only one willing to help us organize on a national level-at least this would get us some attention!

J.Stevens: (March 11, 2010 12:10pm)

I took the course for SAFE test on the right and it was so flawed that I would not reccomend it to anyone until they fix all of the programming errors that give you the wrong answers on the practice tests. The narration was recored to hot and is painful to listen to. I am surprised that tbws supports it.

Ill Appraiser: (March 11, 2010 12:01pm)

miller1 - You're in Illinois right? How do you think you are going?

miller1: (March 11, 2010 11:44am)

Common everyone why say no to the offer to have something in Washington. I am currently as poor as a church mouse and trying to stay afoat till this disaster of HVCC is over. I will beg or borrow to go and we need numbers

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

We apologize for the missing screen names for the last couple of posts; this has been corrected.

: (March 11, 2010 11:18am)

Ok...so it is not just me. I was wondering where our names went too. I guess we are all just a bunch of dots now...typical...LOL

: (March 11, 2010 11:06am)

Where did everybody's screen names go?

: (March 11, 2010 11:04am)

AMC work on the "pressure/influence" side is great, I dont have to constantly defend my opinion of value to brokers/agents/buyers/sellers/etc. however the fees (typically $150-$225) absolutely suck. If we can get our fees back to $350-$400 for 1004 and $400-$450 for FHA, $500-$800 for 2/3/4 units I would have no problems with Amcs. In the end its all about the money or lack of money.

: (March 11, 2010 10:51am)

The National Assoc of Independent Housing Professionals. See naihp.org. They are also orchestrating the appraisers call to action regarding bill HR4173.

: (March 11, 2010 10:44am)

This is the first I heard of a DC protest. Who is organizing the event? When is the event going to happen? I ran google and yahoo, nothing on it.

: (March 11, 2010 10:22am)

Regarding appraising in the rain. Unless we know how hard it was raining. Where the appraisal was located. We cannot condemn the appraiser. I have completed appraisal in the rain and I have had to wait for it to stop raining hard to finish an appraisal. Get the facts before we start criticizing.

: (March 11, 2010 10:17am)

I do AMC work and have been doing it for years. Yes there were AMC's before HVCC. I really like it. I get to go do my job and I get paid. No more extreme pressure applied to me. I agree that NAR has the ability to get the BPO through like was talked about in the video and I strongly hope that it does not go through. This is something again like the fox guarding the hen house. We still have not learned our lesson. Oh and I love to appraise in the rain. It keeps the homeowners at bay.

: (March 11, 2010 10:08am)

FHA 203(k) REHAB FINANCING: WFB offers this program retail ONLY. BofA is the majority wholesale buyer for Brokers. It is the perfect SOLUTION loan for REO & Short Sales where repairs are needed and Buyers have little cash down. SO WHY ISN'T IT SUCCESSFUL IN TODAY'S MARKET? The lack of structured and consistent performance by the Buyer, their Contractor and Agent to make decisions, finalize and accurately prepare the documentation required for underwriting approval within a 30/45 escrow usually result in cancellation and sale to cash investor. REO Agents & Asset Mgrs. are resistant to accepting FHA 203(k) because most of them fail for the reason mentioned. DID YOU KNOW?...203(k) deals usually create HIGHER APPRAISED VALUE and EQUITY? $35K of repairs/upgrades are under $245 p/mo. w/only 3-1/2% down? Asset Mgrs. are drastically CANNIBALIZING their bank's portfolio and driving down home values by NOT accepting 203(k)? WANT TO LEARN HOW to SUCCESSFULLY buy/sell/finance/rehab? 916.921.7100

Ill Appraiser: (March 11, 2010 9:39am)

It's raining here today but I'd be more than happy to go out in it to do an appraisal. More importantly, yesterday I mentioned that the HR4173 in the Senate looked like it was missing HVCC language. Well, according to Marc Savitt, it is and there is a call to action on his organizations website, naihp.org. Please check it out and respond.

Realist 1: (March 11, 2010 9:34am)

I actually don't think it's worth going to Washington to try to get our elected officials to listen to us. The reason I say it is because the vast majority of them are bought and paid for and in bed with special corporate interests. We were all taught in grammer school that our elected officials are supposed to represent the people, but with most of our career politicians, that is not the case. They are there to represent the corporation. So don't waste your time with them. Don't cast your pearls to the swine. Most of them are crooks who were responsible for the financial crisis we are in. Case in point = Barney Frank. Just vote them out. RE-ELECT NOBODY IN 2010.

Desiree: (March 11, 2010 9:29am)

I can't believe some appraisers are cancelling appointments due to rain!!!! Been appraising for 18+ years and never canceled an appointment because of rain. Maybe these AMC appraisers are getting back at the AMCs they are working for. I don't do AMC work and I will attend the DC rally.

ssfranny: (March 11, 2010 9:24am)

Godlike: FHA had a program like that called the FHA Secure which came out end of 2007 but strangely few loans were done with it. They would allow lates on the mtg and charged more in MIP based on your credit score which I think went down below a 580. I think in our state I was told maybe 2 loans closed under it before it was morphed into Hope for Homeowners act

cpappraisals: (March 11, 2010 9:20am)

Butch CO-That is news to me. If you know of these AMC's that allow appraisers to collect full fees can you drop a few names for us...From what I have seen there are a few but few and far between...

Butch CO: (March 11, 2010 9:15am)

There are many AMC companies that let the appraiser get the full fee. Most are small bank AMCs and private lenders that have alos set up AMC with educated people running them. Most of the people with AI dont even work for most amcs. FYI.

mark: (March 11, 2010 9:14am)

anthonyc - lots of minor cosmetic. Property is in Ohio and I'm having problems finding someone that will do the streamline on an REO property

cpappraisals: (March 11, 2010 9:01am)

acsemi-It is simple and I told FHA this myself. Let the appraiser collect at the door and let the AMC charge their fees seperately whether it be in closing or when ordering the appraisal. The problem is that the consumer isn't going to pay $300 to order an appraisal and then another $350-$450 for the appraisal so then guess what the poor AMC's will be making what they are worth and they won't like that anymore....

anthonyc: (March 11, 2010 8:59am)

mark: how much work and what kind of work is needed to be done on your Freddie owned property? Try First Mortgage Corp out of Diamond Bar, CA. They do both the FHA 203k & Streamline 203k. PMAC Lending also does these. I work for a mortgage broker shop and wish the wholesale lenders will give us access to the FannieMae Homestyle Rehab progam. It is nice to have options for homes that need minor work.

joecolorado: (March 11, 2010 8:51am)

frustrated-there ARE no amcs paying usual and customary fees.None worth mentioning that is.

joecolorado: (March 11, 2010 8:50am)

for what its worth-brilliantly simple adaptation of adjusting to the situation.

GODLIKE: (March 11, 2010 8:49am)

In studying for the SAFE test I found myself amused at this statement. The National Housing Act (which formed FHA) was designed to stop the tide of bank foreclosures on family homes. Sounds like we need something like this - oh wait, we already have FHA. And yet David Stevens says FHA isn't the lender for mainstream America.

Frustrated Appraiser: (March 11, 2010 8:49am)

Does anyone know of a AMC ran by an appraiser that is paying the appraiser there regular fee not AMC fees.

For What It's Worth: (March 11, 2010 8:48am)

It must be nice to live in Florida, I however live in Oregon where it rains 70% of the year. You need to learn how to use an umbrella, or leave the sketch under a porch measure 2 or 3 walls then return to the sketch. It is not hard people. I am about to go on an inspection right now, it is raining and 46 degrees, big deal. PS take off your shoes or wear vinyl booties.

acsemi: (March 11, 2010 8:42am)

Called FHA about 'usual and customary' fees as AMC's are still not offering them. Several people did not know what I was talking about and when I finally connected with someone who did, he stated that 'they were still working on how to impliment them'.

anthonyc: (March 11, 2010 8:42am)

Just viewed Fred Glick's solution this morning on Youtube. The solution is already in place for these properties that need rehabbing for homeowners and not just for investors. FannieMae has the FNMA HOMESTYLE Rehab Program which is similar to the FHA 203K & 203K Streamline programs. It requires no UFMIP or MI and can go to high ltv without MI. The problem is the program is not being offerred on the banks Wholesale channels. You can get these loan programs direct from the banks retail. We don't need another government program. We already have them in place. We just need the banks to loosen up and make it available to all channels so we can move the inventory along.

mark: (March 11, 2010 8:42am)

203k Streamline REO - I have a property owned by Freddie and the buyers wants to do a 203k streamline purchase. Freedom Mortgaeg states that they will not for the 203ks on a bank owned (REO) property. Any other places to look at?

joecolorado: (March 11, 2010 8:41am)

appraisers getting wet c/mon!obviously dont want to muss up that hair.Use a large plastic bag to cover your page,they are waterproof and you can see through them,jeez louise adapt to the situation,but if its Noahs house be smart about it.The ONLY time I change the appointment is when the borrower requests it.Last thing I want to do is to go into a house where the borrower is mad due to me dragging mud through the home so I ask if I can take my shoes off,its easy.If they say no then you have the go ahead,but I sometimes carry little bootie things as well,saves the problem.adapt guys adapt. as for 53% not going to DC.well I have never been to DC, dont have the money either,but its improtant enough to make an effort to save my job so I will borow the money or use plastic.adapt guys adapt.I just need lots of heads up time thats all.

ciappraiser: (March 11, 2010 8:36am)

I am and extremely underemployed appraiser, but I am willing to take the trip to DC. If that is an impossibility, maybe those of us who can't make the DC trip rally at our own state capital. Have some sort of united front. As for Rgarret - you get what you pay for dude! If I was one of the bottom-feeders making $150 an appraisal, I wouldn't go out in the rain either; however, i would go out in the snow if I was getting full fees!

sus92691: (March 11, 2010 8:25am)

Marc/NAIHP.....We can't all afford to travel to Washington...But that DOES not Mean that WE Can't hold similar Events in our Local Counties/Communities.....Provide us your "Message", so we ALL are on the same PAGE.... I ready

evergreenappraisals: (March 11, 2010 8:23am)

Agree, Rgarret, you are a clueless, spoiled brat. Not to mention that photos filled with rain drops on the lense don't work real well, nor do cameras operate after getting wet. Tahoe Loan Guy: To add a bit to Smithchelle's explanation, Streamline 203Ks max at $35,000 in repair costs. When there is more $ required than $35K or the repairs required are extensive, then the standard 203K with the consultant is the program to use. My understanding of these is that not all FHA lenders can simply start offering the 203K products. There is supposed to be some training involved prior to being approved for these programs. Check with your FHA Homeownership Center for more info.

folsomapprs: (March 11, 2010 8:21am)

Interesting appraiser not working in the rain. I'm in the Sacto area and it would be unusual here for an appraiser to cancel due to weather. I'v worked in rain, sleet, hail and in the foothills snow. But, I have had homeowners call me to tell me it's going to be raining and ask if I'll reset the appt. I tell them I'll still be there.

jmoney: (March 11, 2010 8:21am)

Rgarret you are the same guy that doesnt understand why that house appraised $30,000 lower than the loan you just did on the other side of town!(But they were the same size)! lol! I take it you are a broker in which your educational requirements are very slim!

ValleyGirlAppraiser: (March 11, 2010 8:00am)

rgarrett: you are an idiot! obviously NOT an appraiser and therefore have NO idea what going out to the property entails. appraisers have to measure a home & document the measurements either onto paper or in few cases on the Iphone. Now, Mr. Genius... have you ever seen paper get wet? probably not, since you obviously sit in a cushy office and have no CLUE how the real world works. when paper gets wet... it becomes difficult to write on..and what has alread been written on gets smudgy or completely illegible. Therefore making it nearly impossible to notate said measurements. And since our workfiles can be subponeaed [sp?], most appraisers make darn sure that their notes ARE legible. As far as those using DaVinci on their Iphones...since Iphones are NOT insured for water damage..... well, maybe you get the picture, now. And that, Rgarrett is why appraisers don't measure in the rain.

GODLIKE: (March 11, 2010 8:00am)

BTW I took my SAFE and state tests yesterday. They were much easier than I expected. I like the SAFE idea. In our state, Texas, the Brokers put together a good law that was designed to be better than the Realtor system, BUT the Realtors got involved and watered it down so that they could get their licenses without any extra effort on their part. Our mortgage classes became the regular old Real Estate classes. Our Continuing Ed classes became real estate Continuing Ed. The Safe classes and tests are much closer to what we'd proposed and got approved. Actually what we did went further and was more real life mortgage specific. Lobbys can be an evil thing.

smithchelle: (March 11, 2010 7:58am)

A streamline 203K is a 203K that is small enough to NOT require a HUD consultant. Typically it involves smaller repairs, smaller dollar amounts and the repairs are of a type that a homeowner can arrange on their own without a pro driving the ship. New carpet, paint - stuff like that. Freedom Mortgage does them for preferred brokers.

GODLIKE: (March 11, 2010 7:52am)

The appraisal system died when they left the Mortgage broker out of the checks and balance system. Notice that all your troubles began when the Broker wasn't there to ensure that property data got downline to the appraiser and when they disappeared from the equation of keeping the appraiser's honest. Now that the appraisers don't have to answer to anyone (even the AMCs) the system doesn't work.

Tahoe Loan Guy: (March 11, 2010 7:40am)

FLappraiser: "Realtors DO NOT determine value, that is the appraisers job"...really Annette: "There is no possible fraud involved by a realtor when completing BPO's"...is that what you really believe? mark: "Anybody know of a lender doing 203k streamline on an REO property?"...what exactly is a reo streamline 203k anyway?

5pence: (March 11, 2010 7:38am)

I have some work I have to finish up, I hope the sentiments of this board have changed when I get back later. Come on people - wake up! Do what's right for yourself, your kids and the future of this country and democracy.

5pence: (March 11, 2010 7:31am)

We're talking maybe just 1 day. You can't set aside 1 day from selfish pursuits to honor those that died for the rights we've enjoyed & that are now being taken away?! Taken away by private banking interests that bankrupted the world. FINANCIAL TERRORISTS that are holding democracy hostage and their demanded ransom is all the wealth & abundance of this nation! We don't owe anything to corporate interests-we are free & democratic people whose government has been corrupted! Our government has become a government of the elite, by the elite and for the elite! It's no longer a democracy. We're getting taxed without representation and speculation rather than fundamentals rule the markets and the economy. Our government was established to protect the public-that is the public trust. That public trust has been betrayed and it's our duty to make sure democracy is restored where & when we can. Don't just sit around when the elite are changing the world to their ideals. This is our country!

rgarrett: (March 11, 2010 7:23am)

Okay, i got to share this HVCC story - unbelievable... Well, it's raining here in Atlanta Wed all day & forecast is non-stop rain for Thursday, Friday and into Saturday. So late Wednesday about an hour before scheduled appraisal time, the appraiser calls my borrower and cancels on him due to weather & says he'll have to call him back later in the week to reschedule. OMG. Now, HVCC appraisers are so underpaid they won't go out in the rain? I can see the headlines now... "Atlanta real estate mkt comes to a 4 day halt due to HVCC's conflict w/ rain". Needless to say, i started going up the ladder of the AMC for a re-assignment. The response i got was "its the appraiser's judgment on whether he can do the appraisal and the appraiser said it was raining hard over that part of the city and he didn't want to track mud into the borrower's house." I kid you not. This one takes the cake. Share this with the legislatures...

5pence: (March 11, 2010 7:15am)

52% "Just can't do it"?? You like the way your business is being taken over & dependent on skippy appraisers affecting your local reputations & livelihoods? What's the matter with you?! Don't you stand up for what's right in your life? HVCC is an illegal policy and could be just the beginning of more public policies that serve private interests! Do you want your future and the future of your kids dictated by policies that reward private corporate interests? Can't you see how scary this is if allowed to continue without huge protests? This isn't about appraisers fees-it's about making government do what's right for the people, by the people & of the people and NOT corporate interests. This HVCC sets a dangerous precedent as it CAN'T BE CHALLENGED IN A COURT OF LAW! How insane is that! If it's allowed to stand without a fight you are selling your rights for a pittance as you can be sure that more public policies that can't be challenged are being planned. Haven't you been taken enough???

Nuke 'em Until They Glow and Shoot them In the Dark: (March 11, 2010 7:06am)

Vir, intelligence has nothing to do with politics! - Londo Mollari - Although a quote from Sci-fi it really IS true!

mark: (March 11, 2010 6:54am)

Anybody know of a lender doing 203k streamline on an REO property?

Clulessdad: (March 11, 2010 6:41am)

jennamacher-I tried calling the number listed and all you get is voicemail. Try calling someone at this site. I have to believe that it is the 502 Direct program that are alluding. But you never know. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=GetRHContact&NavKey=contact@12

charity: (March 11, 2010 6:33am)

tttherz - Pls disclose yr source for 203K. I agree with Fred Glick that the loan is cumbersome since I am told they are all audited by HUD. Just closing a huge remodel now. Also, not true that if you qual FHA auto qual for 203K. Hv borrower declined for credit and payment shock although had DU approve n lenders say yes if FHA 203B

Clulessdad: (March 11, 2010 6:31am)

BPO's are a scam in the making. In a recent transaction involving a listing agent whose husband owned the property, my client was buying their property at $390K. 60 days prior, the husband bought it for $320K! They said they rehabbed it, but when I asked what they did, she answered about $5000! I asked the listing agent how they were able to buy it for such a low price from the bank. Never told me the actual facts, skirted around the issue but inferred that they knew someone at the bank who had a bpo done on this property. My FHA loan had 4 comps in the neighborhood for $390. The agent who did the bpo didn't account for the 3 sales at $390? I am sure that there is no evidence of a fire, but there sure looks like a lot of smoke.

jennamacher: (March 11, 2010 6:29am)

Clulessdad - it is the Guaranteed Program. Here is the notice: "This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available. Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited. We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452."

FLAappraiser: (March 11, 2010 6:21am)

I am a broke appraiser in Florida. But I will find a way to make to D.C. to speak out againist the HVCC. I encourage all appraisers that have a way, get to D.C. and lets be heard so hopefully one day we can get a handle on OUR business and OUR deserved fees!

klamicella: (March 11, 2010 6:21am)

I love how everybody wants something done about the HVCC but when it is time to go to DC so far 53% of you can't do it! Find a way to get there we need to really get this out in the media!

dcfinance1: (March 11, 2010 6:16am)

Can we change our passwords somewhere? Also. I have heard the tax credit of IE 8K first time homebuyers. Will credit back what you normally would get and just up it to 8K. This was from a 5th 3rd Rep who told me someone told him who just did his Turbo Tax. I did not buy it but told him I would blog this site about it. I know the Gov't is counting it as income to be taxed but not heard this. If it were true wouldn't we have been talking about this as it would be misleading? Please confirm this is BS. Thanks Guys. Brian and Frank. I really look forward to the show. It is refreshing with my morning coffee to get informed and twisted at the same time.

Clulessdad: (March 11, 2010 6:14am)

jennamacher-I don't know if you know that there are two USDA loan programs out there. One is the Direct program, which you are referring to, which gives loans to VERY low income people directly from the government at VERY low rates. This program always runs out of money, and will be refunded in usually a few months. It is more difficult to get money from this program. The second and more common USDA program is the Guaranteed program, which is similar to VA loans, in that a bank does the lending and the USDA guarantees the loan. This is the more popular program. Rates are similar to VA loans with the same 2% funding fee. Both programs are geographical and income level sensitive.

FLappraiser: (March 11, 2010 5:59am)

Annette - What about a realtor in the SAME OFFICE? Conflict...YOU BETCHA!!!!! Realtors DO NOT determine value, that is the appraisers job. Realtors set a price. There usually is a vast difference between the two.

Annette: (March 11, 2010 5:56am)

In regards to realtors doing BPO's, banks do not allow realtors to complete BPO's if they are the listing or buyer agent for the property. There is no possible fraud involved by a realtor when completing BPO's. Realtors get paid a very small amount to complete a BPO to begin with, but there are many guidelines to follow and one is you cannot complete a BPO when you are representing the property in any form. Appraisers should realize this and should not be getting upset over a realtor completing a BPO for a short sale or foreclosure.

jennamacher: (March 11, 2010 5:45am)

We just received notice late yesterday that USDA Rural Housing funds are expected to run out at the end of April, and that no Conditional Commitments will be given until the government puts more funding into the program. This is a program that a lot of my 1st time buyers use - I hope that the government gets on the ball and approves more funding fast. We need every tool at our disposal to get people to buy homes.

ttterz: (March 11, 2010 5:30am)

Fred Glick, you are way off base regarding the FHA 203K program. This is the most popular mtge program today to finance a distressed home or foreclosure. Extra money is incorporated into Buyer's mtge for renovations - from cosmetic updates to major repairs or additions. If Buyer qualifies for FHA then they qualify for a 203K. Any mtge professional who says this isn't a good program or says is hard to do or qualify for - doesn't know how to write one and isn't willing to learn and that's a shame because more Buyers and Realtors need to know this program is available. This is my specialty in CT, MA and RI. tterzakis@familychoicemortgage.com

Clulessdad: (March 11, 2010 5:24am)

eodjim001-In your opinion, what is the biggest issue facing LO's?

Negotiator: (March 11, 2010 5:14am)

Glicks idea is one more "lets get Govt involved to do this ". Terrible Terrible idea. the Govt can't run a popsicle stand. If realtors stop demoning investors or shall i say "creative" investors you'll have a lot more of these deals getting boaught up and rehabbed.

Fred Glick: (March 11, 2010 4:06am)

http://www.youtube.com/watch?v=o3mc8_e2v9I My idea about rehabbing foreclosures so you will get more deals!

CornerstoneKathy: (March 11, 2010 4:00am)

http://www.funnyordie.com/videos/f5a57185bd/funny-or-die-s-presidential-reunion

EODJIM001: (March 11, 2010 3:32am)

I'm sorry, HVCC is not the biggest issue facing loan originators. HVCC is a big issue and hindrance but not the biggest issue.

Ezradams: (March 11, 2010 3:11am)

Always ask the question when AI gets involved..."what's in it for them?"