Valuation Interlink.com Provides the Solution to Fannie MAE and Freddie MAC Woes
Valuation Interlink.com Provides the Solution to Fannie MAE and Freddie MAC Woes
Highland, CA - June 10, 2008 - Recently Fannie Mae and Freddie Mac, the government lending power-hitters, announced a series of reforms they want to see implemented by lenders and mortgage brokers by Jan 1, 2009. In a nutshell, the pressure put on real estate appraisers and agents by mortgage brokers to inflate home values is the leading cause of the current housing crisis, and something has to be done.
The rise of the internet brought the rise of the "comp check". A comp (comparable) check happens when a mortgage broker contacts an appraiser with a possible dealdepending on what the property is worth. The appraiser then does a quick search on the internet to see what comparable properties have recently sold for in the same neighborhood. If the proposed value looks attainable, the broker will usually proceed and order a full appraisal with the appraiser. Thus begins the coercion.
In these circumstances, the appraiser knows that if they don't hit the intended value, they are going to infuriate the broker, kill their deal, and will never hear from that broker again with another appraisal assignment. Although comp checks are considered unethical by appraisal boards, appraisers know that they need to do them in order to remain competitive. Before the internet, appraisers simply performed an appraisal, and the broker and homeowner found out the value upon completion.
To address the pressure placed on value, the new regulations state that brokers cannot know what appraiser is going to do the appraisal, meaning that the appraiser/broker relationship is dead. In addition, major banks and lending institutions will not be able to own or control their own appraisal companies or divisions, to further ensure that there are no "pre-determined" values.
ValuationInterlink.com, a California based company, was formed before Fannie and Freddie came out with their announcements, yet they were actually designed to address the issues confronting the real estate industry. As a result, they lay claim to being the only company that is 100% compliant with the new guidelines. Their revolutionary software application puts clients in direct contact with the appraiser or agent after the assignment has been acceptedwithout a comp check. Banks and lenders, appraisal management companies, individual appraisers and agents use their appraisal platform to track, send, and receive orders in a pressure-free environment. They promote themselves as an "Appraiser and Client Community", where clients, appraisers, and agents come together to send and receive orders without any pressure placed on value.
By using the Valuation Interlink system, an appraisal and broker price opinion is back to what it should be; an un-biased opinion of value, something that is hard to come by today in the real estate industry.
For more information contact: Valuation Interlink, Inc. 7231 Boulder Ave - ste 284 Highland, CA 92346 Phone 888 616 5646 www.valuationinterlink.com
Media contacts please email: ms@valuationinterlink.com
Full HTML version of this release, Images, Video, PDF and MSWord:
http://www.rapidpressrelease.com/press%2Drelease/Mortgage+Services/005581.asp
Highland, CA - June 10, 2008 - Recently Fannie Mae and Freddie Mac, the government lending power-hitters, announced a series of reforms they want to see implemented by lenders and mortgage brokers by Jan 1, 2009. In a nutshell, the pressure put on real estate appraisers and agents by mortgage brokers to inflate home values is the leading cause of the current housing crisis, and something has to be done.
The rise of the internet brought the rise of the "comp check". A comp (comparable) check happens when a mortgage broker contacts an appraiser with a possible dealdepending on what the property is worth. The appraiser then does a quick search on the internet to see what comparable properties have recently sold for in the same neighborhood. If the proposed value looks attainable, the broker will usually proceed and order a full appraisal with the appraiser. Thus begins the coercion.
In these circumstances, the appraiser knows that if they don't hit the intended value, they are going to infuriate the broker, kill their deal, and will never hear from that broker again with another appraisal assignment. Although comp checks are considered unethical by appraisal boards, appraisers know that they need to do them in order to remain competitive. Before the internet, appraisers simply performed an appraisal, and the broker and homeowner found out the value upon completion.
To address the pressure placed on value, the new regulations state that brokers cannot know what appraiser is going to do the appraisal, meaning that the appraiser/broker relationship is dead. In addition, major banks and lending institutions will not be able to own or control their own appraisal companies or divisions, to further ensure that there are no "pre-determined" values.
ValuationInterlink.com, a California based company, was formed before Fannie and Freddie came out with their announcements, yet they were actually designed to address the issues confronting the real estate industry. As a result, they lay claim to being the only company that is 100% compliant with the new guidelines. Their revolutionary software application puts clients in direct contact with the appraiser or agent after the assignment has been acceptedwithout a comp check. Banks and lenders, appraisal management companies, individual appraisers and agents use their appraisal platform to track, send, and receive orders in a pressure-free environment. They promote themselves as an "Appraiser and Client Community", where clients, appraisers, and agents come together to send and receive orders without any pressure placed on value.
By using the Valuation Interlink system, an appraisal and broker price opinion is back to what it should be; an un-biased opinion of value, something that is hard to come by today in the real estate industry.
For more information contact: Valuation Interlink, Inc. 7231 Boulder Ave - ste 284 Highland, CA 92346 Phone 888 616 5646 www.valuationinterlink.com
Media contacts please email: ms@valuationinterlink.com
Full HTML version of this release, Images, Video, PDF and MSWord:
http://www.rapidpressrelease.com/press%2Drelease/Mortgage+Services/005581.asp
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.