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hooger

Thread Starter
Freshman Member
Joined
Oct 9, 2008
Professional Status
Certified Residential Appraiser
State
Texas
OK - got 3 refi's, none would appraise for even what the loan amounts were. Refi boom here we come. I wonder if all these "busy" appraisers posting on here are running into this problem or are the appraised values meeting the needs of the lenders to make their loans. I wonder if FNMA knows these appraisals will be comming in low and thats why they don't want appraisals on these refi's. Interesting, I am working on 2 purchase appraisals and they appraise just fine. Appraised values comming in above sale prices. Deja vu all over again.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I'm busy for the first time in a while. But my clients don't tell me what the loan amounts are, so I wouldn't know if they are meeting those amounts or not.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
FNMA knows these appraisals will be comming in low and thats why they don't want appraisals on these refi's.
I think fannie realizes so many places are upside down, congress wants to keep people that way, so yes, i think they are avoiding appraisals whenever they can.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Homeowners upside down is a big problem, as well as owners shopping loans. I've got 5 orders sitting here where no one will call me back. Probably because they have committed elsewhere.
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
OK - got 3 refi's, none would appraise for even what the loan amounts were. Refi boom here we come.

That's why I believe the refi "boom" is going to be short lived. Most of the people that have to refi are the ones most upside down and least able to qualify.
 

hooger

Thread Starter
Freshman Member
Joined
Oct 9, 2008
Professional Status
Certified Residential Appraiser
State
Texas
A broker client of mine said today that people are shopping loans. These loan officers and brokers are cutting each others throats trying to get each others business.
 

bart nathan

Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
A broker client of mine said today that people are shopping loans. These loan officers and brokers are cutting each others throats trying to get each others business.

sounds familiar.... (hey its just like the reduced appraisal fees)
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Had a call today where LO was ranting:
"All I need is $315 to get this nice lady refinanced at monthly payment of XX% of her original loan."
Apparently it's my fault that it just not there. Why else would he call me names?

My newest email signature:
Haven't you heard? There's a Refi Boom! IF you have any Equity....
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
some ReFi's work and some don't, nature of the times; when you Close Out purchasing opportunity's for a few months, the results are what we are seeing now.

This is the next wave of folks that got caught in the Funky.....I kin git ya that loan deals. They were in over their heads then and it has been compounded by the hard "times" we're in now.

The "ATM's have run outa money
 
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