Comments on: Top 10 Ways to Navigate the Credit Mess http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Fri, 06 Nov 2009 14:02:46 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Tobby http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/comment-page-1/#comment-6815 Tobby Wed, 14 Nov 2007 06:23:49 +0000 http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/#comment-6815 Morgan, that was my point. You can do your own appraisal for your own use, of course. However, Federal staute does not allow an appraiser to "reassign" an appraisal to another client after it has been performed for the first client (not to be confused with mortgage brokers assigning the appraisal to a lender). The only way around this is for the appraiser to do a new appraisal (maybe at a reduced fee). This is risky for the appraiser and the lender because it can run afoul of both bank and agency (FNMA) requirements. In short a borrower can't go in to a bank and take an appraisal that he/she had done and get financing with it. A private lender (non-federally insured) can legally take it but will want the appraisal to name them as the client which the appraiser can not do. This is all from the S&L debacle when appraisals for different clients/uses were floating around and being used for all sorts of financial schemes. Not much has changed, heh. :) Morgan, that was my point. You can do your own appraisal for your own use, of course. However, Federal staute does not allow an appraiser to “reassign” an appraisal to another client after it has been performed for the first client (not to be confused with mortgage brokers assigning the appraisal to a lender).

The only way around this is for the appraiser to do a new appraisal (maybe at a reduced fee). This is risky for the appraiser and the lender because it can run afoul of both bank and agency (FNMA) requirements. In short a borrower can’t go in to a bank and take an appraisal that he/she had done and get financing with it. A private lender (non-federally insured) can legally take it but will want the appraisal to name them as the client which the appraiser can not do.

This is all from the S&L debacle when appraisals for different clients/uses were floating around and being used for all sorts of financial schemes. Not much has changed, heh. :)

]]> By: Morgan Brown http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/comment-page-1/#comment-6781 Morgan Brown Tue, 13 Nov 2007 15:39:34 +0000 http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/#comment-6781 Tobby, You could choose the appraiser and have the lender order it through them or you could have your own appraisal done to weigh the value even with a separate appraisal done by the lender. Couldn't you? While you may pay for double appraisal charges wouldn't the due diligence of an extra $350 be well worth it when entering in to a major transaction? Tobby, You could choose the appraiser and have the lender order it through them or you could have your own appraisal done to weigh the value even with a separate appraisal done by the lender. Couldn’t you? While you may pay for double appraisal charges wouldn’t the due diligence of an extra $350 be well worth it when entering in to a major transaction?

]]> By: Tobby http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/comment-page-1/#comment-6773 Tobby Tue, 13 Nov 2007 06:54:18 +0000 http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/#comment-6773 #7 is illegal. The lender will insist that the appraisal be in their name. No appraiser can legally do this once the buyer is the client. No Federally insured bank can accept it. This the result of the previous S&L debacle and subsequent appraiser regulation at the federal and state levels. A buyer can certainly get thier own appraisal for thier own use. However, it can not be used for financing purposes without the parties engaging in fraud. #7 is illegal. The lender will insist that the appraisal be in their name. No appraiser can legally do this once the buyer is the client. No Federally insured bank can accept it. This the result of the previous S&L debacle and subsequent appraiser regulation at the federal and state levels.

A buyer can certainly get thier own appraisal for thier own use. However, it can not be used for financing purposes without the parties engaging in fraud.

]]> By: Morgan Brown http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/comment-page-1/#comment-6763 Morgan Brown Tue, 13 Nov 2007 03:26:39 +0000 http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/#comment-6763 Hey Chris - I guess fraud is one way to get through... I think people are used to leveraging the hell out of themselves and then being bailed out - except this time there is no bail out... Hey Chris – I guess fraud is one way to get through… I think people are used to leveraging the hell out of themselves and then being bailed out – except this time there is no bail out…

]]> By: Chris Jonson http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/comment-page-1/#comment-6758 Chris Jonson Tue, 13 Nov 2007 02:46:23 +0000 http://blownmortgage.com/2007/11/12/top-10-ways-to-navigate-the-credit-mess/#comment-6758 #7: The fact is that most of the time when a buyer wants to use their own appraiser, it's for the purposes of upping the price, getting cash out and over leveraging themselves. Why is this the case? #7: The fact is that most of the time when a buyer wants to use their own appraiser, it’s for the purposes of upping the price, getting cash out and over leveraging themselves. Why is this the case?

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