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  #1  
Old 09-25-2011, 05:56 PM
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Default Underwriter wants furniture in the pictures

Some weeks have passed and an email pops into my inbox from the lender (some just don't follow the rules do they) characterizing the email as one would see an "underwriting condition" notification. Except, the appraisal has been done with a past effective date with no furniture in the photos and the presence of furniture was not an assignment requisite or stipulation.

Firstly, I will forward the email to the AMC and have them decide if they want to issue an assignment to retake photos - let me see, what form does that go on? "The Move-in, Primary Residence Verification Report?" or perhaps it is a 1004D, "Compliance Inspection Report?" - The addendum would read: " Yes, the owner has completed their compliance with a condition not previously indicated a condition by the appraiser; namely, they moved into the subject house. Having seen the home again, I still don't know of a condition for which this form was necessary; however, I have included all the photos of the house retaken."

Even if I wanted to go out there and get paid for my photographic skills, I don't see how I could retake the photos and put them in the old report? Why that smells of an improper action. Not much different than if the house burned down and I was asked to use the photos of the house I had from a prior appraisal. Who knows, they may have changed the house in other ways besides furniture, which may affect the value. Then I would have the problem of not recognizing something important in the appraisal that is being described by the photos. What happens if it was an appraisal in the summer and I retook photos showing snowy exteriors or snowy exteriors from interior windows.

Yikes, this whole concept is more wrong the more I think about it. I think that will be my response "Wrong!, Wrong! Wrong! and by the way, that would be Wrong!" "OK, here's why it is wrong and why I can't do that......"
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  #2  
Old 09-25-2011, 06:20 PM
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You could put the new photos in the old report with commentary and a new report date. Perhaps include the old photos as an exhibit as well just to make sure no one is mislead.
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  #3  
Old 09-25-2011, 06:29 PM
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Quote:
Originally Posted by AnonApprsr View Post
You could put the new photos in the old report with commentary and a new report date. Perhaps include the old photos as an exhibit as well just to make sure no one is mislead.
I would accept a variation on that idea; namely, to leave the original photos alone but add a photo exhibit per lender request. It will cost them a trip fee and then some to do that, there has to be an order and a form to attach those photos to.

AMCs have everything standardized. How would they send me that assignment so I can collect a fee?
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Old 09-25-2011, 07:54 PM
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They will have to figure that out. No your issue. When an order comes in with the agreed fee included, you can proceed. Until that time, I would move on to other things.
  #5  
Old 09-25-2011, 08:42 PM
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Quote:
When an order comes in with the agreed fee included, you can proceed. Until that time, I would move on to other things.
a more tactful approach than me telling them to go take a long walk on a short pier.
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  #6  
Old 09-26-2011, 04:51 AM
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Perhaps a 2075 property inspection report would be in order.

What are the odds the request goes away once the UW finds out he has to compensate you for your time?
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  #7  
Old 09-26-2011, 08:30 AM
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Considering that an appraisal is a snapshot in time and at that time there was no furniture in the dwelling it would appear that the U/W had a visit from the stupid fairy recently. Definitely a new assignment...
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  #8  
Old 09-26-2011, 09:32 AM
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Quote:
Originally Posted by prasercat View Post
Some weeks have passed and an email pops into my inbox from the lender (some just don't follow the rules do they) characterizing the email as one would see an "underwriting condition" notification. Except, the appraisal has been done with a past effective date with no furniture in the photos and the presence of furniture was not an assignment requisite or stipulation.

Firstly, I will forward the email to the AMC and have them decide if they want to issue an assignment to retake photos - let me see, what form does that go on? "The Move-in, Primary Residence Verification Report?" or perhaps it is a 1004D, "Compliance Inspection Report?" - The addendum would read: " Yes, the owner has completed their compliance with a condition not previously indicated a condition by the appraiser; namely, they moved into the subject house. Having seen the home again, I still don't know of a condition for which this form was necessary; however, I have included all the photos of the house retaken."

Even if I wanted to go out there and get paid for my photographic skills, I don't see how I could retake the photos and put them in the old report? Why that smells of an improper action. Not much different than if the house burned down and I was asked to use the photos of the house I had from a prior appraisal. Who knows, they may have changed the house in other ways besides furniture, which may affect the value. Then I would have the problem of not recognizing something important in the appraisal that is being described by the photos. What happens if it was an appraisal in the summer and I retook photos showing snowy exteriors or snowy exteriors from interior windows.

Yikes, this whole concept is more wrong the more I think about it. I think that will be my response "Wrong!, Wrong! Wrong! and by the way, that would be Wrong!" "OK, here's why it is wrong and why I can't do that......"
Was your occupancy reported as "Vacant" in the original appraisal report?

I don't think I would insert any photos of furniture in the house if it were.

They may be trying to change your report to "Owner Occupied" without your knowledge.
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  #9  
Old 09-26-2011, 10:08 AM
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I had a vaguely similar situation. Borrower was moving from this condo to a different one in the same complex. The old condo was listed. I used it as a listing comp. I get a stip from underwriting to use a different listing comp. I ask why? They say well the owner changed their mind, took the old condo off the market a few days after my inspection, because they rented the condo and want to use the income as part of their loan application.

I say "sorry" Substituting another comp would have been to use and present inferior comparables. They said "but this in important to the underwriter, they dont like seeing that income listed for sale". I say "Do you understand that you're asking me to mislead the underwriter? Based on the email you sent me you've left know doubt that this is an important issue. This makes changing that comp out all the worse, because know I KNOW its important point...not just a simple formatting thing."

Never heard back from them on that report. Still get jobs regularly.

By forcing this change, they're highlighting that this is important. All the more reason to be unusually careful about not being misleading.


The closest you should come is adding a separate photo addendum, with a new report date. Some sort of update form would be best. I would go ahead and annotate the existing photos "Old Subject Photos - XX/XX/2011". Then put in a text page explaining the new photos, then a couple pages of "New Subject Photos XX+XX+/2011".
  #10  
Old 09-26-2011, 10:50 AM
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Thanks for the responses, it helps prepare me for taking the appropriate action.

The owners were in the process of moving back to the subject home, they had rented it prior while on a Job out of state. I overheard conversations with an interior designer (whom was there physically) at the subject home regarding a remodel of the home and interior design. They were all present, wife, husband, grandfather, it was convincing enough for me, so I did the unusual thing and indicated it was an "owner" occupancy. Because, well, the owners were occupying the property during the inspection....heeee!

I'll structure the photos as an addendum - maybe put the date in the photos, I'll have to find that option on my camera!
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