Additional Comp Requests Lately

[Tim Pritchard]

Perhaps underwriters should be required to take a USPAP class.

I've asked one that question before! Or, put your checksheet down & let's talk about this. I also asked to speak with an actual appraiser which really makes them mad. When asked why I tell them I want to speak with someone who has actually pulled a tape. Then I get a supervisor on the phone & we start sharing stories about funny incidents in the field & he usually overrules the UW. One supervisor actually thanked me for making his day cause he missed being out in the field.

It amazes me that someone with absolutely no formal training can evaluate my work.

 

[444nutman]

The beginning of the year I was getting the request for more comps often. I have now started to add extra listings and explain, explain and explain even more. I dont have much of a problem with it anymore. Since I work in F L A all lenders now require active listings in the report. I think this is misleading because some of the reviews I have done they have put the highest listings in to support their value. That said I got a request for another comp 2 days ago but told them to re-read my report and then get back to me. They did and left me alone.

 

[Mike Boyd]

Usually, requests for additional comps is only asked on rural or semi rural properties where there is not only limited data but a wide range of prices and amenities.

Sometimes the requests are very funny, such as, "provide two new comps that have sold in the last 60 days with similar lot sizes and GLA." (this might be in an area where only 3 sales in total have closed in the past year and fully explained in the report.)

I think underwriters are trained to ask on every deal....just in case and to make the lender packages to investors look good.

 

[RSW]

From my experience lately it doesn't matter how many comps you put in a report they are gonna ask you for 1 or 2 addl. comps. So, I put 3 comps in a report & hold 2 for the inevitable request for addl. comps. When I shoot them the addl. comps within minutes they are stunned. I simply tell them they are so predictable!

I did an appraisal on a home recently that was previously appraised by someone else for $313k. I put $275k on the home 1 yr. later. The borrower owed practically nothing & was borrowing $100k with an outstanding credit score. The underwriter requested 2 addl. comps & my report had 3 comps all bracketed SF, sales price, & adjusted values within 1 mile (suburban). I asked the underwriter if she was an appraiser or if she read the report & she said I look at 50 of these a day & I KNOW what I'm doing. I said I watched the Discovery Channel last night but that doesn't make me a damn neurosurgeon. She hung up!

Tim, that is soooo Good!

 

[Tudor]

Very rarely do I get requests for additional comps. Can't remember the last time. I have not had much work lately, that maybe be why. In the past I never had many either.

As far as underwriters asking for the comps. I don't believe they are the ones asking. Many times the LO or Processor decide they will play at being underwriter, asking for things they think the underwriter may want.

Listening to the other stories here, if I am asked for more comps. I plan on asking to talk directly to the UW first.

 

[RSW]

I don't get many requests for additonal comps. I usually give 3 or 4 closed sales and 2 or 3 active listings. I give a detailed comment on why I used what I did and why I didn't do what I should have done... I'll probably get a condition for additiional comps tomorrow since I posted this.