80/20 retype

[Bemis Pownall]

now before you guys and girls tell me to drop them

THEY ARE NOT MY REGULAR AND/or BEST CLIENT(s)..period....

Slezy lender A orders appraisal, done

one week goes by

Slezzy lender B wants retype in thier name, release request, no problem.
I have been banned from Slezzy lender B's list for value..(not cuz they were too hi)


See the deal goes like this..Slezz lender A does 80% and Slezzzier lender B does 20%,,100% loan, no MI. borrowers are just kids getting slammed, ya no MI but 2 loans with fees....


Ive blown them off for 2 days...I want to tell them to take a flying leap..just hate burning bridges.

Q: Im NOT under any obligation to retype,... correct???

Thanks in Advance

PS. busier than a penny gum ball machine in Vegas these days!

 

[George W Dodd]

Your client is client 'A'. You are under no obligations to client 'B'.

 

[Bemis Pownall]

CLIENT a WANTS THE RETYPE TOO...

 

[airphoto]

Additional Charges (paid "in Advance") for EVERYTHING!

 

[Bemis Pownall]

actually I told them I wouldnt do it and to put us on their do not use list!

"remeber we send you tons of work" say he

2 deals in 6 months HA say I!

see ya!

 

[Ted Martin]

Maybe you should check with your state board, and the state banking commission just to be safe.

 

[Farm Gal]

USPAP does not prohibit your accepting a new assignment from this second client

Just back from discussion at Conference with member of ASB officiating and they had interesting stuff to say.....

Re-type for new client is not an issue, you can accept this NEW assignment and charge whatever you feel is necessary to the new client (given the fact that the 'kids' are the ones footing the bill you figure out what your time is worth...) without in any way violating USPAP. You can use the original date of inspection and apply a new signature date.

If you send me a private email via the button below I will send you the 'in writing' version (pretty minimalist) when I finish unpacking, but if you are willing to take my word on this.... according to one of the guys writing the rules (USPAP) and the head of the Appriasal Institute Screening director - the one who investigates alleged violations of Standards and Ethics <THIS IS NOT A PROBLEM>.

I was pretty forward (to the amusement of several other folks in the class) in questioning MANY variations of this scenario, and have the personal assurance of the AI person involved that she would stand behind OR beside me in any challange to my professional capabiltites that arose from my following their advice on this matter. Gee I guess professional dues and education ARE worth something....
Regards,
Lee Ann

 

[Randy Beigh]

Bemis

I don't know about your situation, but we had a mortgage company doing these 80/20 and 75/25 loans. At least, that was their term. The second mortgages were generally hidden.

They were 100% loans, but they got there through fraudulent means. Houses that were listed for $50,000 sold for $65,000 or some such thing. After well over 600 REO's, the mortgage company declared bankruptcy, the appraiser and agent lost their license. No one went to jail. Thank God for American justice.

 

[Farm Gal]

:lol: :lol:
Yeah whether you WANT to do this might be in question, but the point I was attempting to make is that you CAN...

Came as a big surprise to me, BTW Ted's advice as to checking with your state board remains germaine, since it from them that your license does flow (or not )

 

[Bemis Pownall]

only 10 calls regarding this deal today
My answer is still NO

Checked with state we have no fiduceary responsibilty to client B.
Once report is complete for client A loop is done and we can refuse the "new assignment"-retype.

Heck client B has black balled me due to value but they will accept retype...ummmmm

Sorry no retype today or ever for you client B.

I do plenty of other retypes 1-2 per month, but those appear to be legit

how was hawaii Lee Ann we missed your knowledge base and humor