Who's willing to talk?

[Pamela Crowley (Florida)]

We've had three - 3! - reporters contact us this week!!!

And, it's only Wednesday!

Who here is willing to step up and provide the information this one wants?

I am trying to work on a story about appraisers being forced into unrealistic valuations (typically by large homebuilders, mortgage firms or real estate agents). If you don't hit their price point you don't get the job or you get black balled. We are in the fix today as far as the "real estate bubble" because of this. I applaud the appraisers forum. If you could let the members know that I am trying to get actual appraisers to step up to the plate and say a major homebuilder, mortgage firm or real estate brokerage firm said "either give us this number or you don't get the job". If any of your members want to talk about this they are free to contact me anytime. About three months ago, a man from the DC based Appraisal Institute called me and
said; "I can't sleep at night because I know this is going to get so bad". I am on your side.

Email me with your contact information if you are willing to talk to this person:

pec514 @ yahoo. com (remove the spaces)

 

[Smokey Bear]

major homebuilder, mortgage firm or real estate brokerage firm

All the pressure I've gotten is from 1 hit wonder Mortgage Brokers.

 

[Kevin Mc]

Hmmmm......

"either give us this number or you don't get the job".

I have never had that said to me but then I never let it get to that point. I've never had a bank or lender even hint as much. Like Cynthia, the majority of the folks that work this angle are newbie mortgage broker types and I don't deal with any of their crap. i think you will find the same for most of the folks on this forum. we all have our stories but I've never lost work to these jerks because for the most part, I've limited my dealings with them. I will certainly be willing to give this person my opinion and an idea of what goes on in many of these places, but naming names would be tough because I cut these folks off at the pass.

 

[Rudy Canoza]

I left messages for 2 of them...go ahead and send me the 3rd one...

 

[Taylor Driscoll]

Do you think that this could be a reversal? As you know the big stink out there is about the APPRAISER. In my home town, the Observer has a real estate writer that is not to friendly to appraisers. I think this reporter is just looking for a story line.... I do not think there will be any good here except to over state that there is a problem in the Appraisal and Lending environment. NOW that all these REPOS are hitting multi pages in the newspapers.... I think I would be cautious here. There are a lot of angry home buyers and I think this might be the time to just stand on the side line and not point fingers... JUST YET!

That is my Opinion.... the less said the better at this point.

 

[Lobo Fan]

A lot of these bogus value requests are due to the math.

Payoff first............150,000
Payoff 2nd..............50,000
Payoff truck............40,000
Payoff credit cards...25,000

Total....................265,000

70% LTV needs......387,571

It doesn't matter that they bought the place one year ago for $210,000 and nothing close has sold for more than $250K. They will keep appraiser shopping until they get someone to bite @ $400K. The borrower is going stated income with a 440 FICO score and I am expected to bail him out.

What I love is when I get there and there is a $50,000 stumo jumpin' F350 dually in the driveway and a 60" plasma TV with a killer surround sound set-up. And we get the sob story about how he is going to lose his house if we don't hit the number.

 

[Caligirl]

I'd like to see people finally get angry with the MB's that convinced them to refinance several times (usually with short-term one to three years loans) nothing down, or consolidating pre-existing debt into the mortgage. The MB's made out like bandits, and where did that get the homeowner?

This could happen even with a solid appraisal depending on what the market was doing at the time of the appraisal. Snapshot in time. But do you think the MB ever alerted the HO that rates fluctuate? That they might be better off with a 30-year fixed when rates were at historic lows rather than taking out short term loans to 'save money'? My guess would be no.

Just my $0.02

 

[Charles Witt]

Does anyone ever record some of those demands? I know it is illegal, but it also could be embarassing if played for the boss of the LO.

 

[TC]

I'd like to see people finally get angry with the MB's that convinced them to refinance several times and take out equity lines of credit. .

I'll agree to a point. Some people are dumb as he11 when it comes to financing and can be led astray. But most know exactly what they are doing when they apply for a loan, especially if they need a "pumped up" value on their home. I really have no sympathy for them at all.

TC

 

[Smokey Bear]

I have 2 cell phones. I was talking on one of hte phones with my trainee, when the other phone rings. I put down the first phone and answer the second and my trainee can hear my half of the conversation with the clown insisting I had to change a value because it was the VP of the loan company and he didn't want to put any money down on the POS he was buying, and wanted the value to cover closing costs too. We both thought for sure we'd get canned, since she worked with me at the same company.