2009-09-21 — housingwire.com
"The HVCC applies to loans purchased by the government-sponsored entities (GSEs) and aims to enforce greater independence of appraisers. It was adopted to eliminate the trend of “hired guns†where lenders used a group of preferred appraisers that supposedly met a certain desired value, according to LPS’ Blanchard."
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JESCO at 04:44 2009-09-22 said:
Very DISTORTED view is presented by Mr. Blanchard,,,, The most recent FINCEN / FBI analysis on mortgage loan fraud cases investigated reported 87% of actual fraud did NOTinvolve property valuation. Mr. Blanchard should make a pot o'coffee and spend some time visiting FINCEN Report 2009 citing most recent 2008 cases. Truly an eye-opening experience. AMC's are NOT bound by USPAP.......they shop for the cheapest appraiser available and continue to request appraisal fee reductions. The consumer has NO clue regarding the TRUE cost of an appraisal.....He is charged $400 to $500+ by the lender, the AMC contracts the appraiser "socketoid" who will do the appraisal for $150 or less, BUT in the closing statement it will show [Appraisal Fee___$400 or more and NO Indication that there was a split in the total fee.....[RESPA VIOLATION...?????] The unreasonable turn around times are set up by the AMC's and NOT the consumer..... Mr. Blanchard should also read: "The Coming Crash In The Housing Market" by John R. Talbot [Written 2003] The consumer can/should visit appraisersforum.com [Improving the profession] for some true facts about AMC's.....In there there are references of numerous articles regarding HVCC and AMC's...... [You want the TRUTH.......You should be able to handle the TRUTH!!!!] Permalinkadd a comment | go to forum thread
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