Caving in to CAIVRS…
As if the economy isn’t difficult enough, now appraisers are facing financial ruin through CAIVRS.
CAIVRS is a Federal government database of delinquent Federal debtors that allows federal agencies to reduce the risk to federal loan and loan guarantee programs. CAIVRS alerts participating Federal lending agencies when an applicant for credit benefits, or for a position of trust in support of the administration of a Federal credit program, has a Federal lien, judgment or a Federal loan that is currently in default or foreclosure, or has had a claim paid by a reporting agency.
In short, this is a database of delinquent debtors that can get you bumped off the FHA Roster for a very long time.
Some appraisers who have been booted from HUD roster have reached out to IDFPR for help. Some have fallen behind on mortgage payments and now they can’t even earn a living in order to make these payments.
While IDFPR is sympathetic to the plight of these licensees; we are incapable of helping them get back on the roster.
HUD’s rules and regulations refer to 24 CFR Part §200.204 (1) (viii) as the source of their authority on the issue.
What Can You Do?
The best course of action may be to reach out to your local state senator and state representative to nudge your congressional representatives to intervene on your behalf.
In the mean time, you may want to bookmark HUD’s roster to see if you’re still on it. There are plenty of other reasons why some appraisers get tossed from the roster. Don’t be the last to know.
~ Source Illinois Appraiser Newsletters December 2011 issue.
- Hybrid Assignments, the Consequences - February 7, 2019
- Bankers Concerned About Appraisals - October 18, 2017
- Third Party Blues - July 19, 2017
I’m sure I will offend the working poor (active appraisers) but this is a serious statement.
Appraisers should only be so lucky! The quicker they are forced out of their careers, the quicker the U.S. housing market will collapse. THAT my friend is exactly what it will take to bring attention to the injustice that has been forced upon this profession (and yes I use that term loosely).
Residential are still so busy keeping up with the outflow of new demands that they have no clue they are paying someone to say they have a job.
The RE offices (2) on a $200,000 sale with a 5% commision split $10,000. The appraiser was paid $200 – $250.
Review Jack Schlenk blog “handouts from the RE agent to the Appraiser”