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Another Preferred Appraiser cancellation

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JCONNOR3

Thread Starter
Sophomore Member
Joined
Apr 6, 2007
Professional Status
Certified General Appraiser
State
Florida
Got a job in day ago and just had it cancelled as I am not on this lenders "Preferred Appraiser" List. Whew am I glad!

National Bank here in Florida. Guess they didn't get the memo on Wamu.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Got a job in day ago and just had it cancelled as I am not on this lenders "Preferred Appraiser" List. Whew am I glad!

National Bank here in Florida. Guess they didn't get the memo on Wamu.

What? A potential client can not elect to have a preferred list of appraisers?

Any potential client MUST accept anything that comes in off the street?
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Lenders and banks will always seem to have preferred appraiser lists and for good reason. Many times they have a "do not use" list for better reasons. Believe it or not, many of the appraisers on the "do not use" list deserve to be there.

Around here, mortgage brokers all have their preferred appraisers. Just because it is not published, does not make it true. Mortgage brokers can and will only use the appraisers they know will get their loan done. It is a fact of life and I know very few mortgage brokers who do not operate this way. I have one mortgage broker client left that expects honest appraisals. As it gets slower and the loan volume goes down, they have more incentive to use appraisers who will not kill their loans over value and property conditions. I know, I hear it from them and their RE agents. I get fewer assignments from them every month.
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
Preferred Appraiser has many different reasons. For a portfolio lender,they may have preferred appraisers for certain assignments. OTOH, a "preferred appraiser" to an AMC can mean the appraiser the will get the volume work as long as they charge the lowest fee. So, by itself, it's a meaningless phrase.
 

Shane Trotta

Sophomore Member
Joined
Feb 18, 2005
Professional Status
Certified Residential Appraiser
State
Connecticut
I believe he's just making reference to Wamu's "preferred appraiser" list in which those appraisers were the ones who hit the values they needed. Whether or no that is the case with this bank's "preferred list" is unknow to all of us...but that seemed to be the reference to me.
 

Ms. Janet

Elite Member
Gold Supporting Member
Joined
Oct 27, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Got a job in day ago and just had it cancelled as I am not on this lenders "Preferred Appraiser" List. Whew am I glad!

National Bank here in Florida. Guess they didn't get the memo on Wamu.

:rof::rof::rof::rof:
 

Doug Trites

Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
I have a lender that you must be on the approved appraiser list. I was on the list for different LO and then was pulled off of one. I knew was only because I was not playing hit the number with him. It really P***ed me off and I called the VP of the bank who was in charge of the approved appraiser list. He told me that the LO get pick the appraisers they wanted approved to work with. The lender does not want the LO contacting the appraiser and the loans are appraised on the rotation of the approved appraisers for the LO.

I explained to the VP that the problem with this method is that the LO could keep searching until he filled his list with appraisers that would only hit the number. I requested the VP to review my files with his company for the past 5+ years and if I had done something wrong fire me. He said he would check into the deal. I am now back on the list. The point is some banks think they are meeting the hands off requirement by not having the LO ordering the appraisal. The problem comes in like above when they let the LO get rid of the appraisrs who will not play ball.
 

TXCBoy36

Junior Member
Joined
Oct 3, 2007
Professional Status
Certified Residential Appraiser
State
Colorado
I had a similar situation. It was with one of my regular clients, or at least they use to be one of my normal clients. They had two assignments, but they were using a new lender and the lender would accept appraisals from appraiser's on their approved appraiser list. I was not on this list so I have lost these jobs and any future jobs until I can get on their approved appraiser list.

Its frustrating....I have never been turned down before, so I will keep going at it.

John
 

Tom Woolford

Elite Member
Gold Supporting Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Recently, I've had many orders canceled shortly after they were ordered. Probably because I'm not shy about using that "declining" box. m2:
 

Rrebera

Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
Being placed on a preferred list depending on the list may be like being on the 1800anyvalue list.....if it looks like a skunk, walks like a skunk, smells, like a skunk, it may be a lender.
 
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