Baggins, if you ‘roll’ the appraisal fee into the mortgage it assumes the mortgage has to fund and escrow close before I get paid. That makes it a contingent fee which is prohibited.

I repeat, this whole concept is NOT designed with ‘benefits’ to the appraiser in mind. Who pays me if the deal does NOT close? If such a source is available, then let them pay ME up front, and THEY can wait for escrow to close for their reimbursement.

FNMA will not fold; it will however undergo an overhaul. The media only encourages this kill FNMA speil because Congress wants it out there. Why? Keep in mind that Congress is allowed to engage in insider trading and it’s legal for them to do so. This is the only group in America that is allowed to do so. Their kill FNMA jibberish holds the price down below $5 so they can scoop up shares. Once they are ready they (and the hedge funds that keep them in office) will switch the story to overhaul FNMA. At that point shares will soar to $40+. You can count on it to happen within the next 1-2 years. The wise appraiser would have understood this and scooped up shares while they were below $2.

“Quick draw” assignments are less frequent now, as are ‘blast’ assignments, because even the AMCs have learned most of the good appraisers simply wont play that game. Period. They harm their own interests by using that style.

Any that used to do 6 a week are not now doing only 2 or 3 [assuming only 8 hour days] purely due to AMCs. The UAD format, and 1004MC have also slowed the process horribly.

ANYTHING that Maxine Waters says is either (1) a lie, or (2) ignorant or (3) intended to help the banking industry. Remember it was she that browbeat the hell out of Bush’s representative back when he tried to WARN them that risky lending was getting out of hand two years before the collapse.

The ONLY way Waters ever got to Congress in the first place was by taking advantage of racial tensions then running strong in South L.A. in the first place, after the 1990’s O.J. verdict riots.

Citing her as anything but pure evil is deceptive. Using the same rhetoric SHE would use (“The Man holds you down.”) is a complete turn off to me.

I don’t care that FNMA is going to fold. It will be replaced by something else-probably a purely privately owned enterprise since bankers KNOW they need to keep lending and properly run, there are huge profits to be made.

The ONL fear I have on the residential 1-4 side is that these same idiots that created 2% neg-am ARMS will raise the spurious argument that AVMs give a ‘close enough’ value in relation to risk so that they can be used in lieu of appraisals. THAT canard has been around for 20 years, but has gained ground in the last five years. It is the EXACT same underlying mentality that allowed bad appraisals to be ignored by so many. After all, what were the chances that a bad appraisal would actually be tied to a defaulted loan? Next to negligible, right Countrywide and WAMU?

Yea, that’s why it’s the worst idea I have ever heard.

LIke I said, make the AMCs and lenders responsible for the appraisals they accept and things would change literally overnight. It’s so simple.

IF it were implemented on a nationwide scale by the government

IF it was a free service to appraisers (which it cannot be because a portion of state fees already goes towards listing appraisers in a national registry)

IF they would ship can the AMC extortion model at the same time.

Great in theory but another money grab in reality.

The ‘Pads Model’ and blind order is just one more (ok TWO more)useless parasitic grabs for my wallet. BTW-I do not need to pay you $99 a year to verify who I am. My state real estate appraisal board has already done that, when it renewed my certification!

Your scenario re fast grab orders is so out of date, I can only assume your business model is also.

BTW who the HELL are you to decide I should ‘finance’ my appraisal fee in the loan? If that is your solution, then you can also finance YOUR fee into the loans. Perhaps YOU should read USPAP and adhere to it! (HINT; read up on contingent fees!).

Morons.