Ever since HVCC – Home Valuations Code of Conduct – Loan Originators in all conduits have had their hands tied when ordering the valuation appraisal report for customers. HVCC kept the Loan Officer from choosing, ordering, or even talking to the appraiser until after the transaction was closed. Even worse, appraisers from out of area (say Jackson, MI for an Okemos, MI report) were routinely chosen by the Appraisal Management Companies (AMC’s) which severely compromised the integrity of the report and valuation.

The process was slanted toward choosing appraisers who would work for less money because the AMC’s profits were higher. This has resulted in lower than market value appraised values and longer wait periods.

Realtors especially will be glad to know that if this bill finally passes their Loan Officer will again be allowed to have normal communication with appraisers for the purpose of affecting smooth transactions through to closing.

Again, this is not done yet. But what is approved in committee is NOT the “moratorium” we were hoping for but rather a Total Knock Out of the entire code and most of the implications it carries with it.

Thank your local National Association of Mortgage Brokers member. What the banks and bankers were not motivated to do because it reduced their revenues, the brokers have been fighting for and will likely win for all of us. The consumer will be the biggest winner in this.

Over the past 24 months it has been an unpopular thing to be a mortgage broker and because of a few many of us were given a bad name. I have been proud to bring excellence in rates, service and advice over the past decade and look forward to serving you with the same in the next.

Need excellent rates, service or advice on a mortgage? Call a broker!

This link is to another good post on the topic:

http://www.housingwire.com/2009/10/22/house-panel-sunsets-hvcc-in-consumer-finance-bil/

Many are asking the question about how to buy their first home.  Many are in a home and would like to move to another.  Some are interested in taking on an investment property.  Others are concerned about their investment portfolio and want to know what, if anything, they should do in light of the last year’s happenings.  One of my clients is having their fourth child in a two-bedroom home.  More and more, it’s about a job change or the desire to make a job change, or even start a business.  And most often the conversation is an overlap of two or more of these kinds of events or goals.

It’s difficult for any of us to take a non-emotional appraisal of our own situation and see it for what it is, but it’s never been as good a time to do that than it is right now.

My goal in today’s short post is to encourage my clients and readers to make one paradigm shift before approaching any of these life changing ideas and goals.

One simple change in thinking:

Look at THE economy at large through the lens of YOUR personal economy and not the other way around.  Many are coming in ASSUMING that because “things are bad out there” that their situation is bad too.  They are looking through a foggy lens steamed up with media frenzy and “get out of debt” radio ads and are having a hard time seeing their personal economy for what it is.  They look at their situation and only see a lower-value home and a lower-value 401k.  Two values that in the grand, long-range scheme of things are meaningless to most of us.

Well at least 85% of us.  Why 85%?  Well, for the 15% of Michiganders who are not employed (and want to be) their personal economy has real challenges.  But for the rest of us (and even most of you unemployed folks out there) a market like this one spells OPPORTUNITY.

Look for opportunity.  Use your personal economy to take advantage of opportunities in the greater economy.  This is an easier task now than it ever has been before.

mortgage broker Lansing