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S. 2860, The Fair Value and Independent Appraisal Act (19 comments ↓)
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
S. 2860 would diminish predatory lending by enhancing appraisal quality and standards, to improve appraisal oversight, to ensure mortgage appraiser independence, to provide for enhanced remedies and enforcement.
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Visitor Comments 
Brian J. Davis
July 4, 2008, 9:19am (report abuse)The Act directs that "Each creditor shall furnish to an applicant, a copy of all appraisal reports and valuations developed in connection with the applicant's application for a loan that is or would have been secured by a lien on residential real property.
Currently, if a lender ran multiple AVMs or ordered multiple BPOs until the number was "hit", they never disclose that information at all to the borrower.
This Act would end the practice where repeated valuations were permitted if the first valuation was not an appraisal.
The Act also requires a writtent appraisal performed by a qualified appraiser that visits the "interior" of the mortgaged property.
I strongly support the provisions of this Act.
Richard Appel
July 4, 2008, 3:37pm (report abuse)This Bill makes perfect sense to me. If enforced, it will halt the shopping for highest value by mortgage brokers.
-- A harmful practice which is STILL going on today in a marketplace where prices are falling daily.
Stuart Fearer SRA
July 4, 2008, 4:02pm (report abuse)This ammendment goes right to the heart of almost everything that is wrong with the residential lending industry. It only falls short in that it doesn't specify that any $10,000 or $20,000 per day penaltieis assessed should go to reimburse the appraiser for lost businss. ( Putting them on blcak lists or failing to pay appraisal fees. It is so appraiser-friendly that it is sure to fail because lending interests will squelch it!!
Jeniffer Wertz
July 4, 2008, 5:30pm (report abuse)As an honest appraiser that has been blacklisted for telling the truth, I am in favor of this bill.
Mike Kennedy
July 4, 2008, 5:32pm (report abuse)At last, a bill based on Common Sense which protects the American Consumer, Ethical Lenders, and Ethical Appraisers. Spread the Word, Support this Amendment - LOUDLY!
Kenneth M. Rossman
July 5, 2008, 9:00am (report abuse)This bill is long overdue, straightforward and is just what is needed. With more teeth for enforcement it would be perfect. I support it wholeheartedly!
Glen D. Floyd, Jr.
July 6, 2008, 8:47am (report abuse)This bill is sensible and will likely stop the nonsense happening in the mortgage lending industry. It's about time!!
Brian Jarrard
July 10, 2008, 10:43am (report abuse)This is a nearly perfect bill. It is a shame that is is being proposed 10 years too late. I guess it takes the entire house to fall in on them before people want to admit the termites have eaten away the entire structural integrity of the house or in this case the financial system. Maybe, our great grandchildren will be able to afford a home because it will take that long to get out from under this huge national debt and the additional baggage that will surely be imposed on them through the coming nationalization of Fannie & Freddie, who are 90% of the current mortgage market. Great leadership America!
Bruce T. Bailey
July 11, 2008, 5:58pm (report abuse)I seems as if the writers of this bill actually asked appraisers what the real problems are, and what to do to fix these problems.
DR
July 12, 2008, 9:42pm (report abuse)Yes but won't this stomp out the little appraiser?? and the big AMC's take over and take half of our money?? please somebody clearify?
And
July 13, 2008, 12:39am (report abuse)It only means more homeowners running around with a copy of your appraisal ready to take you to court and receive monies from the bond you will be forced to obtain. There is nothing worse than people actually thinking they undetstand the appraisal process. Be careful what you ask for folks, however it doesnt matter what we ask for there are not enough appraisers to make a difference when it comes to lobbying power. The Appraisal Institute isnt our friend, always trying to increase their membership by obtaining more restrictions on appraisers. Fannie Mae wants us out of business and in fact has always worked against appraisers. Lenders want real estate agants to give them the value along with the well educated homeowner who knows more about my job then I do -- and the AMC's want half the fee........
Rita TenBroeck
July 14, 2008, 11:12am (report abuse)Good Bill but its now law yet! As an appraiser who has been blacklisted I support it and would also like to see full licensing with harst penalities - that are enforced - for mortgage brokers who are in it for their commissions and promote predatory lending practices!
Dave Braun
July 15, 2008, 5:23pm (report abuse)If you support this bill let your 2 senators know...email them....call their office...
Ann
July 15, 2008, 11:14pm (report abuse)The bill will just be used as a weapon against appraisers. Really there is no need for additional legislation just adherence to
general sound rules of finance.
Tonite on Larry King some former
employee of Countrywide said, " all the appraisals had to be 6%
higher"--- could that be because the market was increasing at a
rate of 6% or was this uneducation
moron just trying to make a commission at a rate of 15% per
loan.
CT
July 29, 2008, 2:09pm (report abuse)This bill is 10 years too late. All appraisals should be interior access! AVMs should never be relied upon and appraisal management companies should be precluded from charging more than 20% for their fees. Additionally, bonding should not be required, as is will place an onerous burden on the small independent appraiser.
Niques
July 30, 2008, 5:59pm (report abuse)The AMC's are part of the problem, if an appraiser is asked to value a property unethically there should be a hotline to report the lending institution and the broker. that's the correct fix.To disrupt brokers and appraiser way of doing business in support of big business (AMC)takes away independence in appraising and it was an AMC that created this mess, it was not indepedant appraisers. As an appraiser just give us a hotline and hold us accountable in the review of appraisal.
Real Estate Appraiser | Home Appraisal | Property Appraiser
August 4, 2008, 4:47am (report abuse)LocateAppraisers.com real estate appraiser and Home appraisal experts assist real estate industry professionals and consumers to get in touch with Property appraisers nationwide.
lrb
September 4, 2008, 6:17pm (report abuse)I am fully supporting this bill it is about time that appraisers finally get the chance to make the lenders accountable for all of their unethical behaviors towards
homeowners or potential homowners.Z
Certified Appraiser
October 9, 2008, 5:50pm (report abuse)Take out the bonding provision. It is way too expensive for the independent appraiser. Otherwise, pass the bill.
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