Comments on: Real Estate Agents Face New Perils As Small Business People By Federal Government http://www.therealestatebloggers.com/2009/01/24/real-estate-agents-face-new-perils-as-small-business-people-by-federal-government/ Real Estate Blog, Mortgage, and Development News Fri, 19 Mar 2010 18:52:41 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Mike Regan http://www.therealestatebloggers.com/2009/01/24/real-estate-agents-face-new-perils-as-small-business-people-by-federal-government/comment-page-1/#comment-333847 Mike Regan Sun, 25 Jan 2009 16:00:33 +0000 http://www.therealestatebloggers.com/2009/01/24/real-estate-agents-face-new-perils-as-small-business-people-by-federal-government/#comment-333847 I'm a real estate appraiser and have seen appraisal management companies like Landsafe operate since I started 17 years ago. They are like vultures and they typically charge borrowers $375 to $475 for an appraisal. They then turn around and find an appraiser who will work for the least money, typically an inexperienced appraiser is the patsy, and pays them $150 to $175. The management company pockets typically $200+ for doing nothing more than ordering an appraisal. Landsafe appraisal management is a subsidiary of Countrywide. So basically Countrywide the lender makes more money from the appraisal fee than the appraiser! Unbelievable, a new law goes into effect in 5/2009 which will now require an appraisal used in a loan sold to fannie mae to be ordered through a third party like Landsafe. The politicians have now effectively taken 50%+ of the appraisal fee and mandated that it be given to third party management companies like Landsafe. I’m a real estate appraiser and have seen appraisal management companies like Landsafe operate since I started 17 years ago. They are like vultures and they typically charge borrowers $375 to $475 for an appraisal. They then turn around and find an appraiser who will work for the least money, typically an inexperienced appraiser is the patsy, and pays them $150 to $175. The management company pockets typically $200+ for doing nothing more than ordering an appraisal. Landsafe appraisal management is a subsidiary of Countrywide. So basically Countrywide the lender makes more money from the appraisal fee than the appraiser! Unbelievable, a new law goes into effect in 5/2009 which will now require an appraisal used in a loan sold to fannie mae to be ordered through a third party like Landsafe. The politicians have now effectively taken 50%+ of the appraisal fee and mandated that it be given to third party management companies like Landsafe.

]]> By: Dan http://www.therealestatebloggers.com/2009/01/24/real-estate-agents-face-new-perils-as-small-business-people-by-federal-government/comment-page-1/#comment-333489 Dan Sat, 24 Jan 2009 21:20:15 +0000 http://www.therealestatebloggers.com/2009/01/24/real-estate-agents-face-new-perils-as-small-business-people-by-federal-government/#comment-333489 This is an interesting post. I voted for Obama last year, and I have high hopes that he's the right person for the country at this time. But I admit, as someone who is running his own small business, I do get envious at times over all the federal assistance passed out to big companies and businesses. We always read that small businesses and entrepreneurs are what really make the U.S. economy go. Yet, it's these same folks who receive so little outside help. Dan This is an interesting post. I voted for Obama last year, and I have high hopes that he’s the right person for the country at this time. But I admit, as someone who is running his own small business, I do get envious at times over all the federal assistance passed out to big companies and businesses. We always read that small businesses and entrepreneurs are what really make the U.S. economy go. Yet, it’s these same folks who receive so little outside help.

Dan

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