Tagged: GSE

VaCAP Is Concerned for the Safety & Soundness of the Housing Market... 1

VaCAP Expresses Concerns to Legislators

The safety and soundness of the housing market is the back bone of local economies, the national economy and yes, the international economy. We have barely recovered from the major financial crash of 2007/2008. Let’s not do it again! Last week we shared with you Maxine Waters and Sherrod Brown’s inquiry to the Appraisal Subcommittee inquiring on the parameters used to determine the North Dakota Appraiser Waiver approval. We encouraged each of you to take advantage of the attention on our profession and contact your representatives. VaCAP has sent letters to both the US House of Representatives Committee on Financial...

Time Saving Shortcuts Undermines Our Profession. Skip the Comp Photos 46

Skipping Comp Photos, Suicidal Shortcuts

I refuse to undermine my own profession by pretending that time saving shortcuts are always acceptable just because they are ‘more modern and progressive’. I know how long it takes to produce USPAP compliant, credible appraisal results. I charge accordingly for my time. I make no effort to compete on fees with half assed hybrids, evaluations, or single approach partially performed field work. Respectfully, neither should anyone else. Please stop undermining our own profession…. Recently The Appraiser Coach posted an article and links to a podcast suggesting its no longer necessary to photograph our comparable sales. I wrote a counter...

Price Fixing & Discrimination - FNMA & FHLMC Bond Price Fixing Claims 7

FNMA & FHLMC Bond Price Fixing Claims

Are the profits being reported by Fannie and Freddie being skewed because of price fixing? In an article released on CNBC by Reuters, US District Judge Jed Rakoff ruled investors can pursue antitrust claims against banks for conspiring to fix prices of bonds from Fannie Mae and Freddie Mac. According to the article, there are transcripts of chat room discussions that prove a conspiracy to price fix mortgage backed bonds from Fannie and Freddie between January 2009 and January 2016. Rakoff wrote. The chats unmistakably show traders, acting on behalf of those defendants, agreeing to fix prices at a specific level before...

Computershare 15 Minutes Appraisal Reviews & Cheap Diapers 10

Computershare Reviews & Cheap Diapers

The resulting “outcome” of those cheap diapers is the same outcome as Computershare 15-minute reviews must be… This didn’t start out as an article, but you know me. Doing research prior to posting in the 100% comments board I was shocked at how pervasive this new ‘service’ already is. A simple blog post can’t begin to cover it. Every single reader needs to research their own states requirements. The AMC at the following link makes this easy. Please look your state up. My concern was with Computershare and Colorado. Feel free to look them up by clicking here. If that doesn’t...

North Dakota Appraisal Waiver Granted 8

North Dakota Appraisal Waiver Granted

News ‘hit the fan’ a few days ago that the Appraisal Subcommittee (ASC) granted the requested waiver to North Dakota, but only for ONE YEAR, not the FIVE that was requested. What does this mean? A. It does not apply to ‘all’ appraisals. B. It applies to portfolio (in-house) loans granted by lenders, NOT to loans which eventually will be re-sold to the GSE’s or other agencies – which will require a fully compliant appraisal signed by a licensed appraiser. C. The ND ‘waiver’ appraisals still must comply with USPAP, but the appraisal does not need to be signed by...

The Role of Formal Valuations in the Home-buying Process is Under Attack 9

The Network Speaks Out

VaCAP and 27 other State Appraisal Organizations reached out to the House Finance Services Committee concerning the upcoming Subcommittee meeting entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20th. The Network stresses the most qualified to testify on the appraisal profession is an appraiser. The letter also outlines some of the flaws, inconsistencies and realities of the effects of appraisal management companies and how the GSE’s current “appraisal modernization plan” is actually harmful to consumers, investors, lenders, the housing market and the economy as a whole. Fannie Mae’s own publications are being used as documentation. Hopefully the committee members ask the...

What Makes a Next Generation Home? - Appraisers Blogs 5

What is a Next Generation Home?

What makes a Next Generation home? Appraisers, both FNMA and FrMAC, in concert with manufactured housing builders and the Appraisal Institute, are promoting a new type of MANUFACTURED home, and CE classes to teach appraisers about them (and typical MFH). If your appraisal service area has manufactured homes, and you appraise them, you may want to peruse this essay. The name generically applied to these new manufactured homes is Next Generation (NG). Each GSE has a different name for their LENDING program, see below. Why is this happening? Up until relatively recently, the two GSE’s didn’t purchase manufactured home loans from...

US House Financial Hearing on Appraisals - Another Appraisal Waiver 14

Hearing on Appraisals

US House Financial Services Committee Hearing on Appraisals – The subcommittee on Housing, Community Development and Insurance is holding a hearing entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20, 2019 at 2:00 PM. The hearing is open to the public and can be lived streamed. To find out more about this hearing, go to the US House Financial Services Committee website. Contact the Representatives on this subcommittee. Make sure consumer protection is at the forefront at this hearing and not the profits of the GSE’s. Are the representatives aware the GSE’s are sending unlicensed,...

Will the Cost Approach be Required in the Redesigned UAD Forms? 41

Returning to Requiring the Cost Approach

…the Cost Approach is the most INACCURATE of the three current ‘Approaches’ we use… Appraisers, for the past few weeks, emails have been sent by a third party asking appraisers to complete a survey about the appraisal process and the current forms. I did so; you should also. But I wanted to expand on one aspect of the survey. Two separate questions, on different survey pages, related to the Cost Approach (CA). These questions wanted appraisers to state their opinion about 1) if the forms provide adequate detail to develop a CA, and 2) if it is or is not...

Price-Fixing, Who's Shocked? CoesterVMS Wrap-Up, Free FNMA/Freddie 9

Price-Fixing, Who’s Shocked?

…criminal investigation into price-fixing… The State of Pennsylvania has filed a class action law suit against some of the biggest banks and financial institutions in the country. The claim is these companies conspired to fix the prices on almost $500 billion in bonds issued by Fannie and Freddie over a mere 5 year period from 2009-2014. The named defendants are: Bank of America – Barclays Capital – BNP Paribas – Citigroup – Credit Suisse – Deutsche Bank & Deutsche Bank Securities – First Tennessee Bank & FTN Financial Securities – Goldman Sachs – JP  Morgan Chase – Merrill Lynch –...

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