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  #1  
Old 07-01-2013, 02:01 PM
ValueArtist's Avatar
ValueArtist ValueArtist is offline
 
Join Date: Dec 2010
Location: California
State: California
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Default Direct Lender? No AMC?

Hello Appraisers and Appraiserettes,

I was contacted by a home owner requesting a valuation for refinance. Owner states that he was instructed by the lender to acquire an appraisal.

Here's my issue: I've been stuck in this AMC bubble for so long now that I longer know what is allowed outside of them? I don't want to scare this potential client away with stupid questions(hahaa), so I'll ask you all instead lol.
How can I be sure that this lender accepts appraisals outside of AMC's? What do I need to find out to assure that a directly engage appraisal is acceptable? I have the lenders information- but I thought I'd gather some knowledge from appraisers with direct lender experience before I call? I'm not even certain, at this time, that this is a direct lender.
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  #2  
Old 07-01-2013, 02:12 PM
Lost Cause Lost Cause is offline
 
Join Date: Sep 2004
State: New York
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Quote:
Originally Posted by ValueArtist View Post
I was contacted by a home owner requesting a valuation for refinance. Owner states that he was instructed by the lender to acquire an appraisal.
There is no requirement for an AMC or any other middleman to order an appraisal. Lenders are free to directly order an appraisal should they choose to. However, no federally insured lender is permitted to accept an appraisal brought in by a borrower (or even use an appraiser suggested by a borrower). If your lender is not federally-insured & regulated, then they can do whatever they please.

**************************************

Appraiserettes? Would that be a miniature appraiser?
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  #3  
Old 07-01-2013, 02:12 PM
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ctapraser ctapraser is offline
 
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You stated that this is for a refi,

It is a Federal Government requirement that appraisals for lending purposes be engaged by the lender.
  #4  
Old 07-01-2013, 03:08 PM
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ValueArtist ValueArtist is offline
 
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Exactly as I understood it to be. I just wanted to confirm, as the homeowner was adamant that the lender instructed them to obtain an appraisal.

Appraiserette in the sense of bachelorette but with more miles? lol
  #5  
Old 07-01-2013, 03:11 PM
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ValueArtist ValueArtist is offline
 
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Thank you ctapraser!

I appreciate your response- exactly what I thought to be true.
  #6  
Old 07-01-2013, 04:31 PM
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CANative CANative is offline
 
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This isn't on you, the appraiserette. It's on the borrower and the lender.

Tell the homeowner that you'd be happy to do the appraisal but there is a potential problem in that the lender may come back and say they can't use it because you, the borrower, engaged the appraiser.

Suggest they have their lender call you direct.
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  #7  
Old 07-01-2013, 04:58 PM
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ValueArtist ValueArtist is offline
 
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Quote:
Originally Posted by CANative View Post
This isn't on you, the appraiserette. It's on the borrower and the lender.

Tell the homeowner that you'd be happy to do the appraisal but there is a potential problem in that the lender may come back and say they can't use it because you, the borrower, engaged the appraiser.

Suggest they have their lender call you direct.

Spoke with the lender "generally", and they stated that they are a Federally Insured lender and that they would engage an appraiser directly. I then spoke with the home owner and explained the current requirements for federally insured loans, however, he still emphatically asserts that his lender instructed him to secure an appraisal. So, I will provide this service with the home owner as the intended user- GP-form- (for use in a mortgage transaction); in the worse case scenario, I will refund the fee.
  #8  
Old 07-01-2013, 05:01 PM
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ValueArtist ValueArtist is offline
 
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Quote:
Originally Posted by CANative View Post
This isn't on you, the appraiserette.

I take the whole "appraiserette" thing back! How dare you! Hahahaaa!
  #9  
Old 07-01-2013, 05:26 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by ValueArtist View Post
Thank you ctapraser!

I appreciate your response- exactly what I thought to be true.

Is the lender unregulated?
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  #10  
Old 07-01-2013, 05:28 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
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Quote:
Originally Posted by ValueArtist View Post
Spoke with the lender "generally", and they stated that they are a Federally Insured lender and that they would engage an appraiser directly. I then spoke with the home owner and explained the current requirements for federally insured loans, however, he still emphatically asserts that his lender instructed him to secure an appraisal. So, I will provide this service with the home owner as the intended user- GP-form- (for use in a mortgage transaction); in the worse case scenario, I will refund the fee.
You may want to make one last effort and ask the potential client to again talk to the lender.
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