July 2008 ASC Q&a- Wink Wink Comp Comp

[PropertyEconomics]

REALITY CHECK:

In each scenario there are NO broad strokes; Gimme the guarantee $$$ or you do NOT get the "actual" order. Apparently those who choose GRAY...will always see gray.

Mr Kennedy if these are the true "scenarios" of your buiness practice (ie what your clients request of you each day) you need new clients. You appear to know way too much about the "comp check" scenarios or you have a vivid imagination.
And the answer, if they are occurring, remains NO. The click seems to bother you ... its music to my ears. We just need to get more appraisers listening to the "music" and enjoying the sound.

 

[woodyva]

For any who think that MB's "just want an idea" - I was treated to this little diatribe yesterday after politely telling an MB "NO". It's not about USPAP compliant anything - it's about finding number hitters.

What I find scarey is that people with this mentality and character issues have access to the private information of borrowers - ss numbers, etc. Shame the public doesn't go read Broker Outpost - they would get a real good idea of the kind of people they are dealing with. This guy should get a prize ..........

Hopefully, our State Board, Banking Department and Governor's Office enjoyed this as much as I did...........


In regards to your nasty e-mail...........If I had a nickel for every rotten, thieving appraiser who knowingly took $3 or $4 Hundred dollars from my unassuming prospective borrowers only to send me a reoport 15K or so light, I'd be rich too! Let me explain something to you, genius>>>>> It ought to be illegal for you to conduct a full appraisal knowing damm well that you can't get anywhere near the value needed to support the loan the person needs. I mean afterall they are in the market for a new loan, Not a new appraisal!!! If it weren't for Loan Officers whom I can tell you're so, so fond of..... you'd be out of your pathetic little job now wouldn't you???? No one asked you to gurantee value. In fact, we know better than to even ask an appraiser to gurantee getting out to simply do an appraisal in any reasonable time frame, let alone get my report back before foreclosure prceedings start. Believe me no one on our side of business believes any of you are smart enough to gurantee anything. What loan officers are asking for is a little ethical behavior. We dont ask you to predict VALUE but we wish you guys had enough MORAL VALUE to let us know when the prospects estimate on value isn't even close. Do you have any idea what its like to have to call a senior citizen who is deciding if they should pay for thier medicine or thier dinner and tell them that the loan they thought would save them no longer exists because value is too low (not your fault) and thier out $400 because the appraiser didnt have enough class not to go out to do it after the computer told them no chance of getting the value (Definately your fault!!)?? No one is asking you to work for FREE. Although let's face it.......What you do, (go to a home and play photographer for 30 mins, then sit in front of a PC online finding the nuts and bolts of the report) is not really work. You may have convinced youself that it is, but nobody else believes it. Going forward I propose that all appraisers do some free work. Thats right, for every 5 appraisals ordered we should get one for free. We'll concider it retribution for all of your bull****!! sort of an aggrivation tax if you will. The comp check was born by lousy appraisers stealing money. You see new loan officers don't even request them. No, it takes a good seasoned LO whose had thier balls kicked in enough times to realize that maybe they better get an indication on value range prior to giving payment information. This whole problem was created by you people. thats right, YOU PEOPLE!! If you guys would have always let an LO know that value isnt even close, LO's would never have begun asking for comps. Guess what else??? Your book of business would be much larger since LO's who could depend on your honesty would stick with you. Its's either a deal or it's not. If it's a deal, you get paid, if it's not, you dont't. But not you greedy money grubbing bastrds!! No, you guys wanna get paid everytime, deal or no deal. Now the policy makers are creating law to make it easier for you to do so. After all somebody has to step up and appear like thier ensuring that the housing value inflation won't happen again. Ya, right!!! I can't stand all of you *******s who are just as much to blame as everybody else. You ought to be ashamed!!!!

Darling, if i were you i would make sure every executive in that company was given a copy of that email. I would also call my local newspaper and see if they would like to reprint this showing what appraiser sdeal with everyday. If they won't, send it to whatever media outlet that will take it.

That is more than unethical, it is down right personal and that person should not be working in this industry, and their boss probably should reap the benefits of their originator's mistakes. You want to stop it, that would be a great start.

 

[woodyva]

BS:

Addinng to that; if that LO is so cocerned for their client eating or not, why doesn't he/she pay for the report. They don't seem to care that much...

 

[Mike Kennedy]

Mr Kennedy if these are the true "scenarios" of your buiness practice (ie what your clients request of you each day) you need new clients. You appear to know way too much about the "comp check" scenarios or you have a vivid imagination.
And the answer, if they are occurring, remains NO. The click seems to bother you ... its music to my ears. We just need to get more appraisers listening to the "music" and enjoying the sound.

PE, the hypos posted reflect several hundred postings on this and other forums citing either exactly, or very similar, attempts to coerce Appraisers. You may recall many postings during the past several years wherein I advised, suggested, and exhorted Licensed Appraisers to get Certified - and DIVERSIFY. Having done so, and recommended it, IMO doing so will NOT repair the Residential Mortgage Appraisal segment of our Industry.

My efforts to support the NY AG, involvement in the IVPI Proposal, my letter to the ASB, comments here, and this "anti-establishment" thread itself simply challenge the existing status quo (both Title XI and the USPAP). The "game" played most aggressively since 2000 which resulted in thousands of ethical Appraisers who refuse to grab their ankles (including MANY on this forum) to be put out of business - MUST END.

Should AF members have already diversified in the last 5 years - absolutely. Have either the Feds or States taken any AGGRESSIVE, meaningful, PUBLIC stances against attempted Coercion, Extortion, Bribery and Fraud which continue to run rampant in mortgage lending - to the Contrary.

Does the Appraisal Standards Board, as licensed Appraisers, have a crystal clear opportunity to make recommends to the ASC to demand revisions to, or replacement of Title XI and require Federal Enforcement of Federal Law - IMO - we all do. So do Ethical Lenders, AMCs, Mortgage Brokers, Realtors, Real Estate Agents and Consumers.

Kindly also note, as posted many times in the past while attempting to stimulate Debate - I have been, am, and will remain USPAP knowledgeable and compliant and demand the same from my Associate Appraisers.

Intentional loopholes in Title XI resulting in inadequate Appraisal Education, un-monitored "Mentoring", inadequate Enforcement Funding of Federal and State Laws, and often seemingly ambiguous and/or apparently contradictory language in the USPAP [which "rote", non-tested, CE "UPSAP" courses have done nothing to dispel] have all combined to diminish the Appraisal Profession as a whole.

IMO, when One Ethical Appraiser announces a "going out of business - equipment for sale" notice here - or elsewhere, WE are ALL diminished - especially if we stand by, pretend all's right with the world, and say or do nothing.

Shoot the Messenger - feel free. Apparently only some folks possess the "inherent" right to challenge a system which IS most assuredly broken. It is my opinion we all have that right and Obligation.

 

[Mike Garrett RAA]

If you want a value or a range of values, that is an appraisal. End of discussion.

 

[Mike Kennedy]

It is unethical for an appraiser to accept an assignment, or to have a compensation arrangement for an assignment, that is contingent on any of the following:

a direction in assignment results that favors the cause of the client;

 

[Hamlet]

It would be nice if everyone just said, NO!

Apparently those that are saying yes are not part of this forum and are not aware of how easy it is to just say NO.

I guess it would be too much to ask that MBs were held to some degree of ethics to their clients, or maybe they too aren’t aware of how easy it is to just say NO?

Maybe all we really need is an intervention!:laugh:

 

[Offshore]

Mostly what I’ve observed from the pro comp check crowd is both arrogance and ignorance. Time and again the posts are condescending and suggest that “you people need better clients, etc” Personally I don’t receive that many comp checks because I weaned MBs away years ago and don’t waste my time if I get requests. I doubt those posting on this thread who are opposed to comp checks are dependent on the MB side of the business. The problem is comp checks affect us indirectly because the MBS are defecating in the same pool we all swim in and those cheering them on are either profiting from them or utterly ignorant of what goes on.

 

[Fred]

Mostly what I’ve observed from the pro comp check crowd is both arrogance and ignorance. Time and again the posts are condescending and suggest that “you people need better clients, etc”

Whereas, "you people are arrogant and ignorant" contains no condescension.

That's my favorite kind of post, the ones that complain about condescension while engaging in it.

Is anyone in this thread "pro" comp check? I doubt it, but if it furthers condescension, post it.

 

[Workbox]

Santora, do you really work for Wells Fargo? It's been asked a couple of times. I know it is non of our business, but it would help to know where you are coming from. AS for me, I am a lowly Certified appraiser of ten years trying to make a difference and pay the bills.