Ok this week, I tackle the Home Valuation Code of Conduct which begins on May 1, 2009. I wonder, is this a Y2k event or does this make matters worse?
This change effects the entire mortgage food chain: Appraisers, Mortgage Brokers, Lenders and Real Estate Agents. It’s worth getting your arms around it.
(I forgot to post this on Monday)
Home Valuation Code of Conduct: Y2K of Appraising?
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Was this intended as FAQ distribution? Where’s the opinion? In preserving the independence of the competent appraiser, is it not also essential to make sure he/she can make living? How can that happen with the historical AMC appraisal fees? And, I haven’t found an AMC that knows appraiser competence from the H1N1 virus. If they doin’t know what it is, how can they shop for it or be willing to pay for it?
This HVCC is all a big joke and scam. This is another way for the big companies to make more money and the lenders being able to control everything. Fannie/Freddie are the main cause of the mortage crisis. They are trying to blame the appraisers and brokers. They want to talk about fraud. We are not the ones who made up the crazy loan programs nor sold C paper as A paper to Wall Street. This is really going to kill the economy and real estate market. This has only been in effect for a few days and I already feel the strain on my business. I spent 10 years building up good clientele and it is ruined over night. I’ve signed up with numerious AMC since January just to be proactive. I have not received 1 order yet from them. This just shows that the lenders are sending the orders to their favored appraisers that they have been using. This rotation list really doesn’t exist. So once we are all out of business, do we get a bailout. Oh, thats right our government just spent billions on AIG’s bailout to secure Congress and the Senates pention plan. Instead of making things better, things just got worse.
Well it is May 9th, and I can now report the effects of HVCC. The business relationships I have spent the last decade or so nourishing, GONE. I can’t even speak to my “friends” the lenders anymore because it is against the law. I have known some of these people for 13 years or more and now I can’t talk to them? Not that I have any work to talk to them about; they have to send their appraisal orders to some AMC in Nevada to be performed by some Johnny-come –lately to the appraisal business who doesn’t even know where Daddysville is much less if it is in NC, but he’s going to the appraisal for $225. We did 80 reports as a company last month, and so far I am on track to do maybe 20. Thanks Cuomo! I have a husband, two homes, two kids, and two cats to take care of, what am I supposed to do now???? I have been a certified real estate appraiser for 13 years and I have never seen a market like this, where a rule imposed by a non-federal agency has taken over the sanity of an entire country.
I think I will become a dental hygienist. At least then I might have a job future, I don’t think they will federally mandate dental hygienists out of a job. I refuse to work for AMCs who want to pay me peanuts, when just a few days ago I was getting $400-450 per appraisal. AMC want to do nothing, make me do all the work, make me take all the liability, and pay me a paltry $200-275 for my hard work. No thanks! I will sit at home first. I am disgusted with the state of the appraisal today. It is appalling that decent hardworking individuals, who have done nothing but live a good and honest life, can have their entire livelihood knocked out by one misinformed individual that turned a case against FNMA into a federally mandated “bandaid”.
“CUOMO SUCKS”!!!!!! HE HAS TO BE THE BIGGEST LOSER IN THE HISTORY OF POLITICIANS. HE IS WORSE THAN BUSH. THIS WAS A POLITICAL MOVE JUST TO GET HIS FACE BACK IN THE PAPERS. THIS HVCC HAS RUINED MY BUSINESS. EVERYONE MUST WRITE TO YOUR LOCAL REPRESENTATIVE ABOUT THIS. I HAVE A WIFE AND 3 KIDS TO FEED. NOT TO MENTION ONE OF THEM IS HANDICAP WITH NO INSURANCE. HAS ANYONE HEARD YET WHETHER CUOMO HAS OWNERSHIP IN A MANAGMENT COMPANY? BECAUSE THAT IS WHAT I HEARD. NEXT MONTH WHEN I CAN’T PAY MY BILLS AND MORTGAGE. I’M TELLING THE BILL COLLECTORS TO SEND MY BILLS TO AG CUOMO FOR PAYMENT. THAT’S WHAT EVERYONE IN THE REAL ESTATE INDUSTRY SHOULD DO. HE HAS MANAGED TO RUIN AND MANIPULATE THE ENTIRE REAL ESTATE INDUSTRY NATIONWIDE. WHAT APPEARS IS THAT HE HAS MORE POWER THAN OUR PRESIDENT. THE SAD PART ABOUT IT IS OUR PRESIDENT ALLOWED IT TO HAPPEN. THIS MEANS THERE WILL BE MORE UNEMPLOYED PEOPLE AND FORECLOSURES.