appraisals: Settle this DISPUTE over HVCC! - 09/14/09 05:53 PM
Help me out here. I have a 20 year veteran Real Estate Developer telling me the HVCC is a good thing! Really!! That onerous Home Valuation Code of Conduct that has sent many brokers and borrowers running to FHA in order to get a decent valuation. I'd really like to hear your experience. Any pointers welcome!
His arguing points are:
1. Mortgage Brokers (and Realtors) are jealous we no longer 'control values'.
2. We are just eager to create higher % loans for the most money and screw the borrower.
3. Appraisers won't travel outside their areas due to travel costs.
4. Appraisal Reviewers work the same region … (7 comments)

appraisals: What's LOVE Got to Do With IT? - 01/26/09 06:54 PM

Very Little! You may love a property and be willing to pay more than it is worth but your lender will now have more of a say. We have a new game in town called the Lender Authorized Appraisal, arriving on May 1, 2009 compliments of Fannie Mae. This means conventional lenders (who resell their loans) will be calling the 'fair market value' on your properties. Well you had your chance to comment and now the law is going to be laid down. Nobody believed we could lose this 'right' to order appraisals. Even appraisers I know said they doubted this would … (32 comments)

appraisals: Is Your Market Stable, Mate? - 01/22/09 02:56 PM

It was my turn: My lender downgraded a perfect appraisal based on their computerized valuation system that declared the property to be in a 'declining market'. I hit the ceiling. What does that mean, exactly? Are underwriters just looking for excuses to say no? Maybe.
Co-inki-dink!? The very same day I got this news a certain humongous national bank emailed me their National Declining Market Data List -- posting for all the world to see-- each state by state, county by county list of declining market data. All Washington state counties showed "NO" under the Declining Value column. Now the interesting part was that on that … (0 comments)