Tampa Mortgage Loans and Shark Bait

Big Government is out to Save Us !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*L*

Brian - Congrats on your feature! I don't think things will change for the benefit of the buyer because lenders don't care.

Thanks for writing a great post!

"When will there stop being more questions than answers?" ........... I'd like to know too!  It seems that everwhere we turn, all we get are more questions, more problems, more 'bend over and grab your ankles'... but no answers or solutions. 

One things seems certain, though; what we've been doing for the past 4 years has not been working.  Something has got to give... soon!

Brian,

My biggest issue for loans not closing is not credit nor income problems,  its appraisal issues.  Even if we get a new appraisal the underwriter may not accept it value.  Your article hit the nail squarely on the head.

Brian: In answer to when the madness will stop, I think it's going to be a few years. We may not return to normalcy for a while. In the meantime, we charge forward! That's all we can do. Take care and good luck!

Brian it is just crazy how hard regulations are making it for a home buyer to actually make a purchase. I recently had a case where the buyer got shaken down for a second appraisal. They ended up spending around $900 just on appraisals for the property. 

Brian, Perhaps it my wholesale side coming out...but I honestly don't think there is any benefit from throwing the underwriter under the bus.  Their job is on the line with every file they sign...and there is no sign of investors lightening their restrictions.  I do, however, believe the bigger issue is the fact that the independent appraisers (the cream of the crop) have been forced out of business and all we are left with are the AMC bottom rung appraisers (by and large).  I do know this:  Underwriters are not having any more fun than LO's or consumers.

I totally agree with Comment #7.  Instead of helping the consumer, HVCC has creating more problems including making it impossible for good and honest appraisers to stay in business.  As a result, this is what you get, including more expensive appraisals and often paying double.

As a former Tampa Bay resident - Are they still doing mortgages in Tampa? - lol

Brian, I agree. There should be some way to resolve this issue without ordering another appraisal. Let's order another appraisal until we get one we like.

HVCC is really pushing the more experienced appraisers away from doing the appraisals with AMC's.  I was talking to a very experienced appraiser that has worked in our area for over 25 years. He is getting paid 1/2 what he was making and asking for verifications of appraisals he did over 5 years ago.

We are all in this problem together and I feel the government should let the market correct its self. There has always been foreclosures and will continue to be.

When we lose experienced appraisers in an area they specialize in the homeowners lose. An out of area or an appraiser who is willing to accept a small fee may not be the best choice.

Oh well, we have to work with what the government throws our way.