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HowardArnoff
April 25, 2010 at 12:58 pm
Fred, it amazes me that refinancing requires an appraisal with the likelihood that the borrower, bank, housing market and economy will all benefit. No cash out’s please.
Ben Goheen
April 26, 2010 at 2:10 am
Fred: As an appraiser, I’m completely opposed to the HVCC but know that it won’t go away by complaining about it OR even signing an online petition – has that ever worked? What evidence do you site for saying that inaccurate appraisals and fraud has increased?
Howard: Why does it amaze you that a lender would want to know the current market value of the asset they’re loaning money on?
HowardArnoff
April 26, 2010 at 5:53 am
Ben, maybe amaze was the incorrect word but the money is already loaned. And correct me if I’m wrong because I’m not an accountant but if they found out due to an appraisal that the asset was worth less than they originally valued it, do they have to write it down on their financial statement. If so, ah, I get.
Fred Glick
April 26, 2010 at 8:10 am
Ben, There are actually 2 studies that reached this conclusion. I am happy to send you details.
Fred Glick
April 26, 2010 at 3:19 pm
Here’s the link, Howard
https://www.housingwire.com/2010/04/26/appraisal-fraud-jumps-50-in-2009-mari/
Ben Goheen
April 27, 2010 at 1:46 am
Fred: Yes, I’d like to see those reports. The link you just cited was written after this article – do you have insider information? 🙂 The report is very interesting but I believe housingwire.com blows it out of proportion a bit. While appraisal fraud has increased, it’s still nowhere close to the amount of application fraud (59%). The press release also states that “the continued increase is believed to be attributed to better industry reporting and policing.” So the increase of appraisal fraud reporting might be directly linked to the HVCC.
Howard: I’m not an accountant or lender, so I can’t tell you what their procedure is on declining assets. I’m sure a majority of homes are worth less then their original 2004-2007 appraised value. It doesn’t worry them much unless the borrower stops paying the mortgage. I’ve personally seen very little cash out refi’s happening lately. The last one I did, the borrower was taking out $50k on his paid-off $800k home. Needless to say the lender wasn’t worried about the appraised value on that one.
Benn Rosales
April 27, 2010 at 12:12 pm
You didn’t have to be an insider (although Fred ‘is’ in the know) to have that information (we got the tip on Friday of the report), it’s been a topic of discussion for almost a week on the heels of the released report on Monday.