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Homeowners Beware Of Internet Mortgage Services

Discussion in 'General Appraisal Discussion' started by Otis Key, Jul 25, 2005.

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  1. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    National Mortgage Complaint Center

    I wouldn't say any names or initials. :rolleyes: :rolleyes: :rolleyes:

    It seems that the cat may have gotten out of the box!

     
  2. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    And I will add a big "Amen" to that.

    I see more problems with the slick internet lenders than with any other segment of the lending industry. It is amazing the numbers of Updates I've done for people who started with an Internet lender and finished up with a local lender 4 months down the road.
     
  3. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    Got to agree.

    Just got pulled off an appraisal, because I did not hit the value needed a year ago. I had the order sent to me five times now from different lenders. When will the home owner ever understand. They keep blowing him full of blue smoke and he keeps puffing a way.
     
  4. JSmith43

    JSmith43 Elite Member

    18
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Thanks for the testimonials! It comes off as self serving when I point this out to customers.

    About the best I can do is to tell them it makes more sense to deal with a lender you know and could drive across town to punch in the nose if he crossed you :eek:

    If they are done wrong, it is hard to do the remote lenders much harm by bad mouthing them locally, or to go punch them :blink:

    These are metaphorical punches. I do not advocate consumer-LO violence :D
     
  5. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    [/QUOTE]These are metaphorical punches. I do not advocate consumer-LO violence
     
  6. Bill Baughn

    Bill Baughn Senior Member

    0
    Mar 10, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Ray,

    Isn't repeat business nice though? I mean, each lender is a new assignment, unless of course you are just changing the name from Lender A to Lender B to Lender C so forth and so on. You must have made a small fortune off of that guy...


    Bill Baughn :fencing:
     
  7. Non Sequitur

    Non Sequitur Elite Member
    Supporting Member

    82
    Feb 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    Typical order from online co.

    Online Co: All we need is the appraisal to close, please rush.

    Me: O.K., it's pay at the door and a 2-3 day turn after the site visit.

    LO: Good.

    ....3 months later

    Frantic phone call: The UW wants comps less than six months old, we need this now!!! This is all we need to close, hurry!

    Me: The sales dates for the comps do not exceed 6 months, please read the report.

    Ding dong LO: Yes they do! #2 & #3 sold in Dec 04, that's 8 months ago.

    Me: Not when you ordered the appraisal in April 05, BTW what happened, I thought the loan was ready, all you needed was the appraisal?

    LO: We need this now!

    Me: Send your request in writing and I charge $XXX to update reports.....

    LO: What!!!!!!

    Me: .....and I will not start working without payment.

    LO: But they already paid!!!

    Me: Yes they did, for the appraisal dated in April 05, not for any current work.

    LO: But we can't use this, we need better comps!!!

    Me: You're correct, most reports stale date after 60 days.

    Y'all know the rest.
     
  8. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
  9. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    I wish I got paid for each order. No, he called each lender and told them he had had a bad expericence. So I got pulled off of them. He must of had a bad experience with five others also.

    This last one he filed a report with is one of my better clients.

    Poor dumb fool has not clue yet. He just keeps applying. Wasting other appraisers time. Must be a tough one for skippie to even hit the number. Subject worth about 50K he wanting 150k
     
  10. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    Ray, the sad part is he will keep trying until one day, he'll get a LO/appraiser combination who will agree that the house is worth $150K. Then he'll have his loan and will be paying for a dead horse, as we used to say in the Navy.

    Sad but true.
     
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