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appraisal: Appraisal Insurance???? Consumer Protection PART II - 08/10/09 09:39 AM
OK....So we got the HVCC off of our chests Saturday when posting Appraisal Insurance???? With HVCC we need it PART I.
In Part I the discussion was about the effect that HVCC is having not only in the real estate community, but also, and more importantly, to the consumer. The impact on the consumer has been great, and in many cases, devastating.
So, what if you could have a program that would insure that you could refinance your house no matter what the value of your home was even 1, 3 or even 10 years after aquisition? There is one option … (7 comments)
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appraisal: Progress being Made with the HVCC Moratorium..... - 07/23/09 11:05 AM
I received this yesterday. As people know, I'm so passionate about the damage that HVCC is doing to not only the real estate market, but invariably the entire United States Economy. I know that they are working on putting an 18 month moratorium on HVCC. Sure, I'm OK with some oversight, but the way that the government is rolling this thing out is horrible for everyone. Here's the lastest.
Please Sign the Petition Below if You Haven't already!
… (1 comments)
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appraisal: 1 Month Review of the HVCC Appraisal Changes - What Realtors, Lenders and Consumers Need to Know - 06/02/09 10:23 PM
I was going to make this a one line post and say that this law STINKS and leave it at that. But in fairness to the consumers, realtors, lenders and everyone else out in the lending sphere, the law review needs some elaboration.
HVCC was created to take the originating task force out of the way of influencing appraisal values. The real truth is that it rarely happened. I'd say that less than 3% of the lenders were unscrupulous, but as the expression goes the whole suffers because of the sins of the few. Needless to say, those that are suffering … (43 comments)
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appraisal: Why Hasn't Zillow Been Euthanized Yet? - 05/18/09 09:24 AM
I get so irritated with this new HVCC bill. Basically, it's the bill that says that mortgage production staff can't contact the appraiser to order the appraisal. The beauty of the "old way" was that the consumer didn't have to order an appraisal, i.e., shell out $350 to kick the tires. No, in days of yore we could tell the appraiser that the consumer wants to refi. The consumer believes that the house is worth X dollars. Mr. Appraiser, do you think that the consumer is being reasonable? Invariably the appraiser would say, "
yes...that seems about right or no, your … (10 comments)
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appraisal: Appraisal Process Changing Now - - - Effective May 1, 2009 - 05/04/09 08:25 AM
This is a re-write of a blog that I did a in February...but D-day is here and it's important for the public to know how Fannie and Freddie are changing the way that appraisals are handled.
The Home Valuation Code of Conduct (HVCC) beginning May 1, 2009 on all conventional loans. Complying with the HVCC is going to be challenging for all parties involved because a vital component of the communication between borrower, realtor, and appraiser has been removed. Filling that communication gap will certainly prove to be the largest obstacle that we'll need to bridge in this whole process. As … (5 comments)
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appraisal: A Kick in the Nuts with Appraisals.... Realtors and Consumers Take Note! - 02/03/09 08:31 AM
Andrew Coumo threatened action against Fannie Mae and Freddie Mac making claims that Fannie Mae and Freddie Mac failed in providing proper oversight with appraisals. It's argued that Fannie Mae dropped the ball as there was not a proper degree of separation when ordering appraisals. Needless to say, a new rule is being implemented to change the way that appraisals are ordered.
TIMEOUT COMMENTARY: Coumo has decided to punish 98% of the consumers because 2% of the consumers were really hurt by bad appraisals, straw borrowers and the lot. Don't get me wrong, the mortgage industry didn't act harshly enough or quickly enough when fraud was … (17 comments)
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appraisal: John Stossel - - we need you here!!! GIVE ME A BREAK! - 03/07/08 07:06 AM
I spend two days last week getting my continuing education (C.E.). During the 16 hours of CE, there was a section on appraisals. Now I know that appraising is a contributing factor to this whole subprime and lending fallout....but it's not the predominant reason...just a CONTRIBUTING factor.
Having said that I found out that WAMU is being sued under a class action because of placing undo influence on their appraisers.
What's listed below are the code of ethics for real estate and appraisals, but what make this so amazing is the actual rules. The instructor, who by the way was awesome, gave us these rules. Specifically the rules … (8 comments)
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Larry Bettag Illinois FHA Specialist
Saint Charles,
IL
More about me…
Larry Bettag - Cherry Creek Mortgage
Address: 40W310 LaFox Road, Saint Charles, IL, 60175
Office Phone: (630) 524-9677
Cell Phone: (630) 417-7172
Email Me
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” ( John 14:1-4, New King James Version)
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