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HVCC and Customer

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Ed Massey, Aug 10, 2009.

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  1. Ed Massey

    Ed Massey New Member

    0
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I recently completed a coventional appraisal for a local bank, no AMC involved. When the customer received a copy of the appraisal he contacted me suggesting changes. His code for it didn't appraise high enough. Should I be discussing the appraisal with him or redirect him to the loan officer who sent him to me when it became apparent the deal started to go south?
     
  2. DMZwerg

    DMZwerg Senior Member

    0
    Mar 25, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    By "customer" do you mean the borrower?
    If the bank is your client then you should be discussing thinks with them.
     
  3. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    100
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    You politely tell the borrower to go through the bank. That is your client.

    However, you can contact your client and get them to give you written permission to talk with the borrower.
     
  4. fifteen

    fifteen Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    DMZ : It's discussing "thunks" with them, not discussing "thinks" with them. Ed, the client is the only one you should ever talk to. Let them handle the borrowers concerns. Talking to the borrower might open you to a lawsuit if the wrong thing is said or perceived to be said. Lay it off on your client.
     
  5. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    call you boss, the lender client persona nd ask him if its OK to speak with the borrower. If he says yes, then have him send you a quick note stating so and put it in your work file. If he says NO, then have him send a note stating that you can not speak with the borower. Show that to the borrower and it will help things a little.

    This is a PR thing and your on the verge of getting a complaint filed againts you by this borrower to your state appraisal board.
     
  6. Mike Kennedy

    Mike Kennedy Elite Member

    174
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    The Bank is the Client; professionally and politely inform the Bank that THEIR CUSTOMER contacted you and for THEM to:

    Kindly forward any information the Bank believes may be relevant to the Bank to you and you'll be glad to review it. There is of course no guarantee that any additional data may change the appraisal results.

    DO NOT CALL EITHER the borrower OR the client on the phone!!. LOOSE LIPS CAN COST YOUR LICENSE.

    Communicate IN WRITING with your client, retain ALL correspondence in the work file.
     
  7. Ed Massey

    Ed Massey New Member

    0
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Thanks, Mike this is helpful information.
     
  8. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Yes, Mikey is more techncally correct then I am. :) On the other hand I suffered the wrath of a disgruntled homeowner because the lender would not let me speak with the kid to calm him down. The kid promptly filed a complaint againts me for possibly being wrong about the value since he had a two year old appraisal that was(surprise) higher then mine. So he files complaints about both appraisal reports.

    Nine months later I was cleared and the complaint dismissed. All that because no one would or could take the time to explain the process and what had happened to the kids property value. My hands were tied, all because the dumb_ss lender would not 'in writing' give me permission to settle the PR problem.
     
    Last edited: Aug 12, 2009
  9. mike32716

    mike32716 Junior Member

    0
    Jan 23, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Many banks have specific policies that do not allow their LOs to give permission to an appraiser to speak with anyone else. So the LO's hands may be tied. Most of this originates with the bank's paranoia over HVCC.

    Also, complaints to state boards about value represent nearly 85% of all complaints. State boards do not investigate value. They investigate USPAP violations. And most boards are overwhelmed with legitimate lender originated complaints. So, unles the "kid" can show a USPAP violation the state board will it file under "T" for trash. :laugh:
     
  10. Doug Meyer

    Doug Meyer Senior Member

    0
    Sep 13, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    They investigate value here and then throw in USPAP violations for good measure...
     
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