65,000 Lenders and Mortgage Companies

[J in Florida]

"Are you being held legally or financially responsible for the appraisals in your files?"

 

[Karl]

Question: Why aren't you on board with those of us that are trying hard to get the current rules & regulations ENFORCED instead of looking to make more new UNENFORCED rules & regulations.

Imagine IF!! you had used informed, ethical, Geo compident Appraisers, in the first place we probablly wouldn't be having this discusion.

STAY AWAY FROM FEE PROBLEMS!! those are individual appraiser problems due to many Appraisers NOT knowing how to operate a business or calculator or just to stupid, & thinking more work is better than more pay. FEES are NOT a Lender problem.

 

[panappr]

I am going to survey 92,000 +/- Lenders and Mortgage Companies. I anticipate a response from around 65,000 (based on previous data)

So I ask any one that will professionally answer:
If you had an audience of 65,000 Lenders and Mortgage companies and had the opportunity to ask 1 question what would you ask?

Appsytems thank you for posting here...

To you I ask... Do you have previous data? Have you done this before? What were the results? And could you post your prepared questions???

I think that most appraisers are finding themselves being shuffled into an environment they never bargained for right now and will mostly likely be focused on the questions that effect them personally.... Like

Do you (as a lender) consider BPOs and AVMs as good valuation products?

Are you (as a lender) more concerned with quality? Or speed and compliance?

Do you (as a lender) feel appraisal fees are to high?

I would be interested in finding out the following:

What is your funding criteria and do you feel that it exceeds industry standards? How so?

Are you more concerned with the borrowers ability to pay, or collateralizing the loan?

Do you think experience in underwriting is more important than hitting a number to close more loans?

 

[George Hatch]

I liked Randolph's questions quite a bit. PE has an excellent one, too.

 

[Karl]

--------------------------------------------------------------------------------

How do you view appraisals as part of the lending process?

That is the BEST of questions to open up the discussion cause the answer to that will set the agenda for any other Appraisal question.

 

[Conservative in Virginia]

Ok, so some of you are saying that fees are a non issue. I think the other questions are good ones however I hear many appraisers feeling that these fees are a slap in the face. I further hear that the only ones working for the lower fees do so by quantity (how else can they?)

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.

Take my question out if you feel it is unnecessary... I suppose only time will tell with that issue.

 

[William K]

How and Why do you chose the appraisers you use for your appraisal services?

A) Lowest fee
B) Makes the deal work
C) Fastest turn time
D) Reputation
E) Most accurate / professional reports
F) I don't chose the secondary lender makes me use their AMC

 

[Steer]

As a state licensed appraiser, I bring an actual knowledge of my market areas, values, marketing times, and geographical competence.

You are willing to pay me 1/2 of my normal fee for my knowledge of this industry and its standards.

QUESTION: What do you bring to the table other than the ability to forward my work to your client?

hmmm?????????????

 

[Mike Kennedy]

Does Reality trump Credibility only when members of your own family, or you yourself, apply for a Loan? Do American Consumers, your Customers and Shareholders, STILL deserve less?

 

[Lawrence R.]

Questions

1. In the overall scheme of the mortgage loan, how important is accurate asset valuation?

2. When Stated Income Stated Asset (SISA) loans were created/authorized, what percentage of your portfolio did you anticipate that being?

3. At what point did you realize that SISA loans had exceeded your projections, and were likely no longer representing the target market for this program?

4. In comparison to the current losses lenders have incurred, how would you compare that loss to the cost of having an in house quality control system?

5. Historically speaking, would you say that the number of foreclosures has risen significantly with the increase in the number of independent, non-affiliated mortgage brokers?

6. What is more valuable to a portfolio of loans packaged for sale, those which have an appraisal, or those accompanied by an AVM?

7. At what point did you realize that you could no longer out lend your delinquencies?

8. What method would you prefer to use to revalue your assets in the event of a government mandate to do so?