65,000 Lenders and Mortgage Companies

[Lawrence R.]

Based on the comments I saw, those weren't lenders. They were Loan officers that work for mortgage brokers.

The whole friggin' world knows what they think...we've all seen Boiler Room by now.

I only saw a survey with 6 questions, is that what everyone else saw? None of the "lender" specific questions were used, telling me that this was probably a poll posted on something along the lines of broker outpost.

At any rate, I appreciate your trying, but even you are missing the point entirely.

What the lending world thinks of us is well documented at this stage...and overwhelmingly misinformed and promulgated by Brokerage owners and managers who ascribe to the "A.B.C." method of salesmanship. Nothing will change until those people are as regulated as we are. Let them spend hours trying to decide what the definition of pressure is. Let them spend hours quibbling over what is brokerage service and what is brokerage practice... and so on and so on. Seems like they have wayyyy too much time on their hands to think of the best way to squeeze all the players involved and use the virtue of other's regulatory statutes against them.

 

[Kevin Mc]

Yeah... maybe the lenders could care less if we are paid.... or if the AMC's are paid for that matter BUT the idea of you get what you pay for comes to my mind and if the lenders are thinking this far ahead.


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Most lenders pay full fee, to an AMC. Many of them get a piece of that fee as part of their ownership of the AMC. What the appraiser gets is of little concern to them. They need a report capable of satisfying the investor, nothing more. The fastest and quickest way to that end point is all they really care about. I'm sure there are many chief appraisers at these lenders who are pulling their hair out daily given the work product they must deal with. Senior managment apparently couldn't care less.

 

[Kevin Mc]

I can only say that after I have read the results, the HVCC's time has come. Reading some of the comments leads me to believe that most of those who responded are clueless.

 

[Lawrence R.]

I can only say that after I have read the results, the HVCC's time has come. Reading some of the comments leads me to believe that most of those who responded are clueless.

Not clueless...

Willfully ignorant is the term that springs to mind.

 

[Caterina Platt]

Lawrence is right.

I don't see our chance of survival as an industry lying in the hands of those who've had to secure our services in the mortgage world. (brokers, lenders) We're merely a necessary stumbling block on the path to the commission check. I don't see a long term benefit of our cozying up to them unless there is strength in the regulatory and commercial laws that requires our presence. The recent proposal for a re-write of FIRREA does exactly the opposite.

Our need and importance is to the investor, the PMI company, the GSE (when thier thinking caps are on straight, but haven't been for a long time), the stockholders, Wall Street, etc. Our industry has been plagued by many who failed these parties by cowtowing to the lenders and brokers.

This type of survey and mindset that we need to service the lending industry will only further our long term demise. The lending industry will have us all stepping on each other, bending over, cheapening our service, promising 24 hour turn times, only to be replaced by a computer model in the end.

The need for unbiased, independent analysis and advice is our strength. First, we must focus on maintaining our independence, credibility and relevance. Second, we need to 'speak' to the parties in the financial industry that truly need us.

 

[Karl]

Mr Grant: I understand your frustration, have had it for several years. I now enjoy reading the whining of a bunch of folks that NOW think they are important to the Real Estate process. After they themselves destroyed a profession that could have been important.

Here's how I believe it happened:

Item 1 Instead of refering clients to other capable Appraisers, they preferred to produce more Appraisers, Did not matter where the assignment was they'd find a trainee in that area,

Item 2 In order to maintain this increase in business they then had to start kissing @$$. Now I'll admit the lenders did send out some very tempting @$$. However it was just bait.

Item 3 Appraisers actually started offering to lower the fees before many AMC's asked them to. The idea of lower fees originated by Appraisers that had Trainees that couldn't wait to be in the; I believe was at one time the 8th best business to be in.

Item 4 Appraisers reliazed that IF they didn't get the number they wouldn't be paid, COD was foriegn to many Appraiser's,

Item 5 Lenders & RE Agents realized there were Appraisers that had soon realized that NO ONE cared that they were hitting numbers so NO number was unobtainable, MIGHT take four Appraisals to get the number but once they found the Appraiser that could do it that Appraiser was the Golden Girl/Guy. Those that complained were just jealous.

Item 6 When a very few started yelling that the "BOOM" was fake many other Appraisers were quick to find fault with these few. Considered them to be jealous.

Item 7 There is NOT an Appraiaser in the USA that could testify in court or before congress that the Appraisal Profession failed to abide by the preamble of USPAP.

Item 8 There is NOT an Appraiser in the USA that has not done a report that was misleading because the comparable sales used were sold at misleading values.

Item 9 There are still many Appraisers that have not a clue that they have destroyed the profession themselves,

Item 10 Because most don't have the BA Back Bone to actually stand up for what they beklieve in, They'll not be a change for the better.

Hey look!! TEN Items for the Letterman affect & edited to come to ten for those that need to go to the tinestest detail

 

[Lawrence R.]

Mr Grant: I understand your frustration, have had it for several years. I now enjoy reading the whining of a bunch of folks that NOW think they are important to the Real Estate process. After they themselves destroyed a profession that could have been important.

Here's how I believe it happened:

Item 1 Instead of refering clients to other capable Appraisers, they preferred to produce more Appraisers, Did not matter where the assignment was they'd find a trainee in that area,

Item 2 In order to maintain this increase in business they then had to start kissing @$$. Now I'll admit the lenders did send out some very tempting @$$. However it was just bait.

Item 3 Appraisers actually started offering to lower the fees before many AMC's asked them to. The idea of lower fees originated by Appraisers that had Trainees that couldn't wait to be in the; I believe was at one time the 8th best business to be in.

Item 4 Appraisers reliazed that IF they didn't get the number they wouldn't be paid, COD was foriegn to many Appraiser's,

Item 5 Lenders & RE Agents realized there were Appraisers that had soon realized that NO ONE cared that they were hitting numbers so NO number was unobtainable, MIGHT take four Appraisals to get the number but once they found the Appraiser that could do it that Appraiser was the Golden Girl/Guy. Those that complained were just jealous.

Item 6 When a very few started yelling that the "BOOM" was fake many other Appraisers were quick to find fault with these few. Considered them to be jealous.

Item 6 There is NOT an Appraiaser in the USA that could testify in court or before congress that the Appraisal Profession failed to abide by the preamble of USPAP.

Item 7 There is NOT an Appraiser in the USA that has not done a report that was misleading because the comparable sales used were sold at misleading values.

Item 8 There are still many Appraisers that have not a clue that they have destroyed the profession themselves,

Item 9 Because most don't have the BA Back Bone to actually stand up for what they beklieve in, They'll not be a change for the better.

Karl,

You are wrong.

Sincerely,

L.

You have all the symptoms right, but the wrong illness. Sorry *** appraisers are a symptom, not the disease.

 

[Ross (CO)]

"....we need to 'speak' to the parties in the financial industry that truly need us."
- - - - - - - - - - -
Many have tried......and leaving a voice-mail message is about as far as the conversation goes. One-sided only.

Karl,.....You have two Item #6's ! Don't you think you are stretching a bit too far with your second Item # 6, and then #7 ? Come on, the entire barrel of apples is not spoiled. But one can surely say.......the rotten apples have done one fine job of messing up the reputation of that larger majority of progressively under-employed respectable appraisers committed to having done things the right way,...yet the general Public probably does not have the wherewithal to adequately separate those two groups. The deluge of news headlines make for one merged and jumbled blob of collective fault, enough to make it seemingly awkward to show X years as "appraiser" on one's resume' and not worry that the prospective employer is going to cast aspersions upon that !

For many months upon months some have wondered if Pam might ever be asked to show-and-tell Congress some cold, hard facts of what they really are scared to learn ! Maybe they wanted to wait till......after the election.

 

[Karl]

We are Appraisers we need to realize it is our livlihood that we are fighting for. Blaming someone else is not going to get us very far. No argument that the complete barrel is not spoiled. BUT the spoiled are at the top of the barrell. We need to clean up our barrell before going into another. Never even gave a percentage of those spoiled in our industry just an overview of how WE destroyed our own.

Nice to see, but scarey that overall the responders agree with me. This is NOT Rocket Sceience we don't have to go to the tinest details. Just the Facts!! PS Edited the list for those that need to go to the tinest of facts.

 

[TJSum]

We are Appraisers we need to realize it is our livlihood that we are fighting for. Blaming someone else is not going to get us very far. No argument that the complete barrel is not spoiled. BUT the spoiled are at the top of the barrell. We need to clean up our barrell before going into another. Never even gave a percentage of those spoiled in our industry just an overview of how WE destroyed our own.

Nice to see, but scarey that overall the responders agree with me. This is NOT Rocket Sceience we don't have to go to the tinest details. Just the Facts!! PS Edited the list for those that need to go to the tinest of facts.

We can't hire ourselves, until the system is changed where the honest, experienced appraisers are sought out, we don't have a fighting chance to clean up our side. The appraisal problems are just a symptom of the overall disease like Lawrence stated. We don't have the power to clean our profession up, only those who hire us do, they have to be held accountable for the loans they write to the point of desiring honest appraisals. Under the current system it only takes one bad apple to make the entire barrel rotten, and no matter what there always will be at least one as long as that is what is rewarded, even after an appraisal witch hunt. Put the fixes in at the cause and all the rotten apples will be flushed automatically.