Sitting On The front Porch

by 10 May 2010
Brokers, Realtors, Appraisal Management Companies (AMCs), Banking/Lending Institutions, Fannie Mae, Freddie Mac, title/insurance companies, underwriters, Wall Street, Economists, the Government, FDIC, Real Estate Appraisers, media and who knows who else economically participated in the financial crisis. There have been those on top and there have been those at the bottom ? that is capitalism. However, some of the above did display an act of ?showing off,? showcasing an ability to take the ?unattainable? at moments, which is referred to as greed! Even-so, we still have to make an effort to make beneficial choices! The mortgage industry, proposed by many, claim to have been attacked! This is not true; in my opinion. The mortgage industry is not under attack. The mortgage industry is simply being re-organized; so undue influence of any type will not hinder and/or adversely affect property value and the interests. The Home Valuation Code of Conduct (HVCC) addresses this issue by legally ?parting? commissioned professionals from the Real Estate Appraiser during the loan process (select and retain) The changes that pertain are well deserved: Estimate shopping, inefficient rules, comparable checking, horrific underwriting, reluctance to pay for services rendered, and blacklisting Independent Real Estate Appraisers are several spotlights mirroring a lack of economic proficiency, and professionalism. Many worked hard eliminating ?incentive? commissioned professionals from selecting and influencing the Real Estate Appraiser. The confrontation will continue toward an Independent Real Estate Appraisal Process -- sincere Independent Real Estate Market -- for capitalism to breathe accordingly. I am pro HVCC and I am anti AMC/AVM; - and; - completely against Mortgage Brokers and Realtors selecting and influencing the Real Estate Appraiser. I don't doubt there are good professionals out there, but when enough is enough by God -enough IS enough! Pity partying over selecting the real estate appraiser, ?for pennies on the dollar,? is simply old and lacks a strong showing for market Independence. That goes for AMCs, too! Appraisal Management Companies (AMCs) are no better than Brokers - selecting and retaining. Real Estate Appraisers are not made to be a herd of cats - they are - by nature, Independent Professionals who provides an economic study which holds property economic principles and/or guidance to an answer. It is not a service, the human capital to perform as a competent appraiser goes beyond a service. And, the data and information contained in confidence is not economically built for a monopoly ? it is what it is! There is NO enforcement (laughing ? as if that is all I can do?) Value Shopping and the NAR are still going strong - government programs. This reminds me of the illegal immigrant problem in the United States. Who exactly is the valuation expert? AMCs assist Automatic Valuation Models (AVMs) with data, whether it is from an Appraisal, BPO, CMA, or another form ?not yet invented.? Automatic Valuations (AVMs) are becoming liquid, as well as. AVMs? are financial drugs that look to be abused. On the funny, but serious side side: there appears to be illegal immigrants that can be found in the real estate appraisal process/course of business. There should be no doubt - Independent Real Estate Appraisers are the appropriate professional for all property evaluations! At all times! They are defined, they have a purpose, and they have use. To all homeowners: retain your own Independent Real Estate Appraiser after you have found a good venue for financing ? financing is important. You will be able to be the client and receive full Appraisal privileges, become a knowledgeable buyer and seller. There are pro-general public Appraisers in the market, and they do, care! (The general public must be responsible) Larry Benjamin "Benji" Brossette Louisiana Licensed Real Estate Appraiser Trainee (#1925)


Should CFPB have more supervision over credit agencies?