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  #1  
Old 07-25-2005, 08:03 AM
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Otis Key Otis Key is offline
 
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National Mortgage Complaint Center

Quote:
According to The National Mortgage Complaint Center's newest study, homeowners taking advantage of TV/Internet" based mortgage firms/ mortgage referal services pay more than they would using a traditional mortgage lender in their community.
I wouldn't say any names or initials.

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

Quote:
According to the report, in the vast majotity of cases inspected, the lenders that would fight each other to give the homeowner "the best possible deal", were in many cases the very same lenders that have a reputation for gouging or over charging consumers nationwide (one lender that came up very often as a "competitive lender" is under investigation by numerous state attorney general's for gouging consumers).
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Old 07-25-2005, 08:53 AM
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Richard Carlsen Richard Carlsen is offline
 
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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.
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Old 07-25-2005, 09:23 AM
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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  
Old 07-25-2005, 09:34 AM
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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

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

These are metaphorical punches. I do not advocate consumer-LO violence
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Old 07-25-2005, 09:54 AM
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[/quote]These are metaphorical punches. I do not advocate consumer-LO violence [quote]


At this point this morning I do.
  #6  
Old 07-25-2005, 10:26 AM
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Quote:
Originally posted by Ray Miller@Jul 25 2005, 07:23 AM
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.
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...


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  #7  
Old 07-25-2005, 10:42 AM
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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.
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Old 07-25-2005, 11:36 AM
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I apologize, but this is also over in the Improving the Profession section < http://appraisersforum.com/forum/ind...howtopic=30075 > , but since it's here as well and getting attention I thought I might also add to check the Complaint Center National Mortgage Complaint Center and then also check out the Mortgage Lenders Hall of Shame.
  #9  
Old 07-25-2005, 12:19 PM
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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  
Old 07-25-2005, 12:36 PM
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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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