Playing by the Rules

Mortgage and Lending with Capital Line Funding Group

Well now it's been a couple of weeks since the new  appraisal guidelines kicked in, how's it working for you?  If you are an independent mortgage broker, as I am, you must feel cut out of the loop.  I just opened an email from one of my favorite lenders with a very threatening message stating that the current turn around time for appraisals was over 10 days and if I didn't get my appraisal order correct or my borrower didn't cooperate and missed the appointment time their loan would go back to the end of the line.

Realizing  the entire appraisal situation is out of my hands because of the new RESPA guidelines I ask you how can I influence a situation when I am supposed to avoid any contact lest I taint the appraisal?  Quite frankly I am sick of the government control over the housing industry.  The very group that caused the entire collapse of the mortgage industry is now in total control.  They have created another layer (voter category) that is going to dictate who gets the job because the appraisers have to be subscribers to the appraisal service that doles out the jobs .  It has nothing to do with quality of work or integrity.   The service will retain part of the appraisal fee so not only is the appraisal more costly to the borrower it has become more complicated.  Isn't this another form of union?  Seems to me if you aren't a part of the "group" you won't get a job.  How many of these groups do you have to maintain a membership in to remain gainfully employed?

Well quite frankly in order for this industry to regain it's integrity we need to operate as separate entities who work together in order to complete a transaction for the parties involved (seller/buyer/lender).  We should have no allegiance or expect anything other than payment for services rendered and we should not have to pay a fee in order to get a job.  Licensing and continuing education are sufficient.

The free market dictates the person who delivers quality service or product will always be in demand.

Comments (4)

Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

So far it is working just fine for us --- hope the same is true for everyone.

May 18, 2009 07:52 AM
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Patti, I am just hearing a few complaints around here on it taking a bit longer to get done. How is business there in San Diego? I am very curious because I may move there in a year or two. Regards,


May 18, 2009 07:58 AM
Patti Geib
Capital Line Funding Group - San Diego, CA

Pete:  We do have some areas of concern in San Diego with many foreclosures in the Escondido area but property values along the coast have held up well.  For instance zip code 92011 has seen very little if any devaluation of property values. As usual the weather is always great, you'll love it here.

May 18, 2009 08:05 AM
Patti Geib
Capital Line Funding Group - San Diego, CA

Bob and Carolin, I guess I don't like government intervention into a free market.  I don't like to pay a fee to get a job.  I don't see that this new rule change will effectively lower the fraud or prevent it.  Only time will tell if the rule change has benefitted or hindered the industry.  I love my career choice and I think choice benefits the borrower, fewer options always restricts choice and raises prices.

May 18, 2009 08:15 AM