Noteworthy

4realz Roundtable @ 1pm PST: How Appraisal Rule Changes will Affect Real Estate Professionals

[Update: you can now listen to the show below]

I’m downright excited about today’s show!

The plan is to dive into how the Cuomo/Fannie Mae/OCC appraisal rule changes are going to change the mortgage brokerage industry…. and affect real estate professionals in general!

So far, I’ve confirmed that Jonathan Miller of the Matrix will be joining us in addition to the usual suspects at the Roundtable!   I’m excited and hope you’ll follow this link at 1pm today to join the conversation!

UPDATE:

What a great conversation!   We had Jonathan Miller, Rhonda Porter and Jessie Beaudoin at the roundtable today along with a great crew of people listening in and chatting.

Just some of the topics we discussed included (1) an overview of the new regulations, (2) how the changes will affect loan originators and (3) what types of policies should we be looking at to really fix the problems within this segment of the industry.

Thanks again everyone for taking part.  For everyone else, you can listen to the show here:

[podcast]http://recordings.talkshoe.com/TC-20339/TS-128181.mp3[/podcast]

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  3. 4Realz Roundtable: Getting Value out of Social Networks

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6 responses

  1. Jessie B Avatar
    Jessie B

    Thank you!

    Reply
  2. David Feather Avatar
    David Feather

    I listened in on the roundtable and I think that both appraisers and lenders are finally catching on to the unintended consequences of the upcoming changes.
    Many of the changes are excellent but two things were obviously flawed.
    1. Banks should not have been excluded.
    2. AMCs (with their current business model) are not the solution.

    I see two solutions to these problems.
    1. Either regulate ALL lenders equally or make banks abide by the same rules regarding appraisal orders. In short…create a level playing field for everyone.
    2. I have no problem with AMCs acting as clearing houses for appraisal orders. I do however have a SERIOUS PROBLEM with appraisers footing the bill for this clearing house. In a nutshell, AMCs were allowed to proliferate because they provided lenders with a way to cut costs by outsourcing the appraisal ordering process. In fact AMCs sell their services to lenders proclaiming to be a “value added service”. How about those instances where an AMC was involved and yet HUD-1 states that the appraisal fee was $400. Have the lender & title company not deceived both parties involved? The actual cost of the APPRAISAL was only $200+/-. The rest went to “value added services. I am amazed that some brilliant law office has not caught on to this deception and petitioned to have a law created to prohibit it. Every lawyer who has ever participated in filling out a HUD-1 has assumed a legal liability by filling it out incorrectly…yet they continue to do it in every state every day. That being said…now lets move on to my 2nd solution. The government needs to make lenders pay for those “value added services” that AMCs provide out of their own pocket and (or) pass it on to the borrower. It was originally their responsibility and there is no reason to pass the fee on to the appraiser. Doing so will only result in poor quality appraisal work (completed by the lowest bidder with the least amount of experience). If someone has a better solution…please write me at investsmart@earthlink.net

    David Feather

    Reply
  3. goodtimepolitics Avatar
    goodtimepolitics

    Will the rules keep this from happening?
    http://goodtimepolitics.com/2008/07/06/obama-joins-chris-dodd-by-getting-a-sweeter-than-normal-mortgage-deal/

    Reply
  4. Dustin Avatar
    Dustin

    Goodtimepolitics: Everything I’ve read about the issue is that it’s way overblown in that you can’t know if Obama got a deal or not unless you knew his credit score, which obviously you don’t since it’s not published. Much to do about nothing.

    Reply
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