Lenders up to Old Tricks? Ex-Chief Appraiser Sues Stearns Lending
I wish her luck and appreciate her standing up for what is right, if the allegations are true, of course. This sounds very common to me. Many AMCs are giving the lenders the appraiser they want and price shopping. I know loan officers who…
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Readers Respond Fannie/Freddie/Cuomo Agreement The proposed changes to the appraisal process are well intentioned but are the equivalent of “throwing out the baby with the bath water.” While the process does need some reforming, this change appears to be an overreaction. Effectively, it will put me out of business. I have spent over 20 years developing my…
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Readers Respond Making $300,000 a Year Appraising To complete 1,000 residential appraisals a year, that is 2.74 reports per day, 365 days a year. It is not humanly possible for one person to inspect that number of homes per day, every day without fail and prepare a complete error-free report. There are just too many variables-…
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Editor’s Note: The following is reaction to our story: Fannie offers Cert #23 “Fix” & More. Appraisers Respond: Cert #23 Big Bad Fannie If you play Family Feud and one of your partners gives a stupid answer to a question, most everyone on your panel knows its stupid but they applaud, scream, and cheer anyway. If…
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Readers Respond Cuomo-Fannie/Freddie Agreement – read article The story quotes an appraiser saying they spent over 20 years developing their business, which primarily focuses on mortgage brokers. “No longer can I market my business,” he says. Sorry. Had you marketed your services to “reputable” clients over the past 20 years you wouldn’t be sweating the Fannie/Freddie-Cuomo deal. My…
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Readers Respond Editor’s Note: Check out OREP/WRE’s new HVCC Appraiser Talkback Blog and Survey for additional reader comments and to make yourself heard nationally on HVCC and other important industry issues. (Click Appraiser Talkback Blog.) Fannie’s 1004MC When I reviewed the “new” 1004MC for the first time I began to laugh in view of all…
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Readers Respond Editor’s Note: We’ve received hundreds of comments since last issue including those posted on the OREP/Working RE Talkback Blog. We reprint only a representative few here. To find more, visit WorkingRE.com and click Appraiser Talkback Blog under the Blogs tab. In addition, over 500 appraisers left comments after taking our survey, a few…
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Readers Respond Editor’s Note: The HVCC and FHA comments here are representative of many hundreds of similar sentiments expressed at the OREP/Working RE HVCC Appraiser Talkback Blog and Survey. To find a report from a “happy” AMC appraiser, see page Diary of a Happy (AMC) Appraiser. HVCC We watched revenue drop from $12,000 per month…
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Editor’s Note: Find many more comments at the OREP/Working RE HVCC Appraiser Talkback Blog. Note: many of the comments are taken from the survey and blog and are therefore anonymous. HVCC Survey Results: Appraisers Still Feel Pressure I just got off the phone with a major AMC. I called them to complain that it doesn’t…
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Readers Respond Appraiser Last Laugh It is bad enough that if this continues there will not be many appraisers left in the country. It is economically impossible to survive. The AMCs and underwriters make demands that show they are incompetent. They treat us with no respect and we are now doing double the work for…
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