AMC hires Convicted Felon as Property Data Collector

[George Hatch]

Point taken, and you're right - whatever they did to vet this guy to go into people's homes on their behalf, it failed.

 

[TC]

He'll probably be a review appraiser in a few months.

 

[gregb]

On the road to inspect a SFR last week with the 5th largest US bank as the client. Meanwhile, the borrower calls me to cancel the inspection because a couple days before he had another inspector from the bank measure his house with a wheel. While I wanted to ask the borrower why he set the appointment with me, I figured he was at wits end pouring over stacks of loan documents, and kept quiet. Before I got back to my office, the borrower called to say, oh well, please do the appraisal inspection because it turns out the other inspector was not an appraiser. I was waiting to see if the 5th largest bank would stip me based on any differences between the sketches, but the reviewer closed the file without a murmur.

 

[Non Sequitur]

The point was that he may not even have a driver's license for all we know and for all the GSE's and AMC's care.

I get it, but this major misstep by one of the anointed 6 won’t stop the train that’s running us over. The only thing that may be accomplished by the drama is another layer of background checks and licensing. This drama is almost identical to the push for AMC licensing and background checks for their principals that was whipped up years ago. How has that worked out?

 

[Surf Cat]

On the road to inspect a SFR last week with the 5th largest US bank as the client. Meanwhile, the borrower calls me to cancel the inspection because a couple days before he had another inspector from the bank measure his house with a wheel. While I wanted to ask the borrower why he set the appointment with me, I figured he was at wits end pouring over stacks of loan documents, and kept quiet. Before I got back to my office, the borrower called to say, oh well, please do the appraisal inspection because it turns out the other inspector was not an appraiser. I was waiting to see if the 5th largest bank would stip me based on any differences between the sketches, but the reviewer closed the file without a murmur.

There may be hope.....amongst all the obstacles of applying for and getting the loan, the borrower realized something was amiss.

 

[shrubberyvaluation]

There may be hope.....amongst all the obstacles of applying for and getting the loan, the borrower realized something was amiss.

They don't typically investigate IMO until after the fact and they learn they are not getting the amount of the loan they wanted.

 

[Surf Cat]

I get it, but this major misstep by one of the anointed 6 won’t stop the train that’s running us over. The only thing that may be accomplished by the drama is another layer of background checks and licensing. This drama is almost identical to the push for AMC licensing and background checks for the principals that was whipped up years ago. How has that worked out?

I'm in agreement with this....the plan has been set in motion and come hell or high water, the appraisal industry is going change per the powers that be. Tweaks will be made when the plan hits bumps or setbacks.

 

[gregb]

There may be hope.....amongst all the obstacles of applying for and getting the loan, the borrower realized something was amiss.

Engagement letter initially requested a 1025 res income form, presumably based on the out-of-area inspectors report. Took 4 days to clear up that cluster, before my inspection.

 

[chad hampton]

He performed significant work that was the basis of the development of an appraisal report. In NC I’m required to supervise that person.

 

[Surf Cat]

They don't typically investigate IMO until after the fact and they learn they are not getting the amount of the loan they wanted.

Or....their house was ransacked upon returning home from dinner Lol