Ohio
Real Estate Professionals
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| Independence
Data's goal is to guide Ohio consumers to local information
resources as well as empower the consumer through education
of the finance and appraisal process. |
About Us
Most
of the recent news regarding real estate is about sub-prime lending
and foreclosures. Sub-prime lending, for the most part, is lending
to those who's credit is less than perfect. When lenders began offering
these loans, it seemed like a "win-win" situation, at
least from the borrowers perspective. Now, Ohio is one of the states
that are leading the nation in foreclosures.
Senate
Bill #185 went into effect in early 2007, which has changed
the way that mortgage professionals conduct business in the State
of Ohio.
"(E) No person,
directly or indirectly, shall knowingly compensate, instruct,
induce, coerce, or intimidate, or attempt to compensate, instruct,
induce, coerce, or intimidate, a certificate holder or licensee
for the purpose of corrupting or improperly influencing the
independent judgment of the certificate holder or licensee with
respect to the value of the dwelling offered as security for
repayment of a mortgage loan." Ohio
Senate Bill 185 Par 1322.07
In
the past, most mortgage professionals would request a "precomp"
from the appraiser before actually ordering an appraisal. A "precomp"
is a basic analysis to determine a range of likely supportable value.
The Uniform Standards of Professional Appraisal Practice (USPAP)
advisory opinion states that an appraiser is NOT to complete "precomps".
When Senate Bill 185 went into effect, it became a 5th degree felony
for a mortgage professional to "instruct" an appraiser
of a targeted value.
In
addition to Ohio Senate Bill 185, new changes in federal policy
as well as Fannie Mae & Freddie Mac's agreement with Andrew
Cuomo, Attorney General of New York, the financing process will
be changing over the coming year. The ordering of the real estate
appraisal for risk assessment of a mortgage will soon be completed
by the lender and NOT the mortgage broker/banker. This change is
being put into place to create a more unbiased environment for the
appraiser to ensure that the real estate appraisals are accurate
and not guided by a direction of value.
These
changes in law, policy and guidelines will negatively impact many
homeowners or consumers attempting to obtain a mortgage. Appraisals
will be ordered, costing time, money and anguish if the outcome
is not what you expect. If the homeowner has the same real estate
sales data as the appraiser and can review the information with
the mortgage broker/loan officer, everyone in the "loop"
is on a level playing field. With everyone having the same data,
the process will be expedited, and liability will be reduced.
I
live by a code of ethics and integrity, taught to me by my father,
and then taught to my fathers grandchildren.
I
have been fortunate in my life to have met some great people with
the similar values as myself. I only associate with people like
this, but willing to meet more. I am just an honest man, trying
to make a difference in peoples lives.
I
am a veteran of the United States Army, where I also attended
Western Kentucky University. I began studying real estate in the
early 1990's focusing on creative financing. I became a licensed
insurance agent in 1991 and a real estate sales agent in 2000.
In 2001, I had to the opportunity to begin working closely with
a certified residential real estate appraiser. Learning the in's
and out's of the insurance, real estate and appraisal industries,
has given me the insight to start IndependenceData.com.
Throughout
most of my life, there have been two constants: Computers and Real
Estate Appraisal.
My
parents purchased a computer in the early 80's, and I instantly
became hooked. My mother began appraising in the mid 80's and taught
me appraisal theory when she was writing her demonstration appraisal
report for the RM designation of the AIREA (now Appraisal
Institute). I knew I wanted to pursue a career in the appraisal
industry.
I
attended The Ohio State University in the early 90's and began
learning about computer bulletin board systems (BBS), the precursor
to the Internet. I designed my first website for my mother's appraisal
company in 1997 and was soon ranked #1 on HotBot's search engine.
Since this first site, IndependenceData.com is about the 80th
web site I've designed.
Between
working with an appraisal company in Columbus and as a partner
of an appraisal company which serviced the entire State of Ohio,
I have appraised homes in all 88 counties. In nearly 15 years
of full-time appraisal experience. I have also accumulated over
750,000 miles of driving to almost nearly every area of Ohio.
During
the development of IndependenceData.com, I decided not to renew
my real estate appraisal certification, as I have found that I
can be of more assistance to the consumer as a non-certified appraiser.
With the upcoming changes in the finance industry, there will
be a great need to assist homeowners before the appraisal is completed.
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