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Jack
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This is a great idea. Mortgage brokers are all crooks, I used to work in the industry. They would try to strongarm appraisers to get the value they needed. Some brokers even had appraisers in their back pockets and told them what value they needed first and told them to make it happen. The only reason all these groups are against the idea is because they won't be able to inflate home values anymore.
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John J Coughlin
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"Inflated appraisals—often involving pressure by loan officers or fraudulent collusion by appraisers—played a role in some of the mess in many housing markets."
Yeah? Where are the indictments? Cuomo shielding them?
"In their withering letter, the groups said the settlement, sanctioned by the Office of Federal Housing Enterprise Oversight, violated multiple federal statutes and permits one state—New York—"to unlawfully exercise authority that resides exclusively in the federal government."
It sounds to me like Cuomo is the one that should be under investigation. America should seriously look into China's solution for crooked government employees--especially those that seem to think that they, not the Constitution, are law of the land.
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No Different
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It's called "hit the number". As a licensed realtor in Michigan, I loathed this practice by these shady mortgage lenders and their Mothers, brothers, pastors, cousins (a.k.a. appraisors). My own sister was scammed by this but just had to have that house against my better judgement (men are all dumb you know). She's mad right now because she can't refinance within 3 years of owning the house (as you do) because it "appraises" at less than what she currently owes on it!
Do any of you mortgage applicants actually READ those appraisals? Look up and down your street with 20 "for sale" signs and 3 foreclosures. When you refinance, question why, on that appraisal, the "local housing market" section wasn't checked of as "over supply" or "under supply" but "stable".
I read that there were 300 mortgage lenders in Michigan in 1990. In 2000 there were 3,000 (THOUSAND). There was obviously something very enticing about that line of "business" that so many jumped on the bus.
Living here in Chicago for 2 years, I see the EXACT same pattern. You're......."no different".
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Duke
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I have been an appraiser for 22 years and I have seen many changes in our industry. For once place the blame where it belongs. It belongs on the mortgage bankers. Yes, some appraisers became prostitutes but the mortgage bankers were the pimps. They need more regulation; not appraisers. All mortgage bankers care about is closing the loan. They have no responsibility nor liability in the loan process. Once it is closed they are out of the picture. They need to be held accountable.
duke
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No Different
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Agreed! Mortgage lenders have given the whole real estate industry (and home ownership benefits) a very bad name.
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Judge it!
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