What happened to all the work? No orders, no refi, no foreclosures, no purchases,

[Terrel L. Shields]

What would be the violation. Since we don't have any details. I have had this happen once. The client didn't like it. But the agent used "geo competence" as the reason.

It is the BANKS call, not the Realtors. And the BANK should have known. They have to vet their OWN APPRAISER VENDORS - it's not the agent's job.

 

[Dublin ohio]

It is the BANKS call, not the Realtors. And the BANK should have known. They have to vet their OWN APPRAISER VENDORS - it's not the agent's job.

Yes they should vet their appraisers. But most lenders that use AMCs have done away with any approved panels. They leave it up to the AMC.

 

[Dublin ohio]

Appraisers were hardly profiteers during the pandemic. We were simply making money as lenders and RE agents did And I bet we made less then they did anyway. If you failed to make money during that time that i on you. No apologies are needed for doing it, either. it was hard work, I was working 14-hour days, 7 days a week.

I averaged 20+/month. Some months I turned down as many as I did. A number of my assignments were rural. So naturally they took more time overall. So long days were the norm. I was even doing inspection on the weekends. But those were typically down the street and around the corner.

 

[Dublin ohio]

contact the client, tell them that is a violation of AIR and if the assignment is withdrawn you will file a complaint with CFPB.

Do you really think a lender would leave themselves wide open to such a complaint?

 

[McKenziet]

Why would they have that opinion..


How did you get the assignment? AMC, direct. One would think that the agent would have to give some reason to the client as to "why" they don't want you to perform the appraisal

The assignment was received from an AMC. There opinion come from past appraisals that did not appraise high enough.

 

[Dublin ohio]

The assignment was received from an AMC. There opinion come from past appraisals that did not appraise high enough.

That sucks but I suspected as much. Usually the situation. Difficult part is proving it. Bet there is no paper trail.

 

[Overimprovement]

Many think the old "how much do you need" broker days are over. But many (if not most) SFR mortgage lenders STILL employ brokers that are on full commission. These brokers build relationships over the years with real estate agents, who also are on 100% commission. Hmmm, I wonder what the real problem in the RE sales industry is?? A quick phone call between the two (still legal AFAIK) usually gets that 'lowballing' appraiser out of the way. Why? Because the brokers drive the business for the lenders, who control the AMC's. Never underestimate the power of an entrenched mortgage lender at a bank. Rainmakers still steer the ship.

Neither one gets a check if house X does not sell. For the mortgage broker, they risk having the buyer just check out completely, or try another lender who promises value won't be an issue. For the RE agent, if buyer cannot get THIS house, they will just choose THAT house, and a new RE selling agent is now involved.

We all know that if skippies are accepting $200 1004 orders, they will fall prey to nearly any pressure to hit the value. Well most of the time. Anyone that desperate for work is more unlikely to take the ethical high ground, IMHO.

My stance has always been if a buyer cannot afford a house without it appraising for within 1-2% of list price, is buying that house really in their best interests? No appraisal that comes in 2% below contract price has EVER killed a deal. A Cash poor buyers do that. buyer can pay whatever they want. They can simply make up the difference. Wait, what's that you say, no one has an 1-2% in cash to make up that difference? Buyers aren't dropping out because they feel if the appraisal comes in low, the house just isn't worth it, and they don't want to be 2% underwater at closing. They drop out because they don't have a extra $10K saved. Plain and simple.

Back in the day, banks would lend 50% of a home's value. Then eventually it crept up to 80%. Now, we often see 100%. That is the root the problem, overlending. And that is from someone now in the lending world...

 

[J Grant]

So you would be OK with an appraiser from 50 miles away. Even if there were a dozen appraisers within 5-10 miles?

No, but that is not the topic of the conversation. RE agents are not supposed to be picking the appraiser, including eliminating ones, they do not want . (usually for so-called killing a deal ) And Terrell said he lived 10 miles from the subject and the RE agent STILL didn't want him there

 

[J Grant]

Many think the old "how much do you need" broker days are over. But many (if not most) SFR mortgage lenders STILL employ brokers that are on full commission. These brokers build relationships over the years with real estate agents, who also are on 100% commission. Hmmm, I wonder what the real problem in the RE sales industry is?? A quick phone call between the two (still legal AFAIK) usually gets that 'lowballing' appraiser out of the way. Why? Because the brokers drive the business for the lenders, who control the AMC's. Never underestimate the power of an entrenched mortgage lender at a bank. Rainmakers still steer the ship.

Neither one gets a check if house X does not sell. For the mortgage broker, they risk having the buyer just check out completely, or try another lender who promises value won't be an issue. For the RE agent, if buyer cannot get THIS house, they will just choose THAT house, and a new RE selling agent is now involved.

We all know that if skippies are accepting $200 1004 orders, they will fall prey to nearly any pressure to hit the value. Well most of the time. Anyone that desperate for work is more unlikely to take the ethical high ground, IMHO.

My stance has always been if a buyer cannot afford a house without it appraising for within 1-2% of list price, is buying that house really in their best interests? No appraisal that comes in 2% below contract price has EVER killed a deal. A Cash poor buyers do that. buyer can pay whatever they want. They can simply make up the difference. Wait, what's that you say, no one has an 1-2% in cash to make up that difference? Buyers aren't dropping out because they feel if the appraisal comes in low, the house just isn't worth it, and they don't want to be 2% underwater at closing. They drop out because they don't have a extra $10K saved. Plain and simple.

Back in the day, banks would lend 50% of a home's value. Then eventually it crept up to 80%. Now, we often see 100%. That is the root the problem, overlending. And that is from someone now in the lending world...

We don't tell a buyer what to pay; we tell the lender our opinion of MV.
Any borrower is free to close the gap between an appraisal value and their contract price with their own cash !

 

[J Grant]

The assignment was received from an AMC. There opinion come from past appraisals that did not appraise high enough.

You can report it to the lender's or the AMC's compliance officer.

Only thing you can do as far as I can tell...