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Appraisal Waiver (Explosion)

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Now appraisers should "verify" (HAHAHA) borrower's ability to earn income and to repay the loan????
Nope. The lender should provide that information and we should price our services on the RISK we take in dealing with marginal buyers with dubious credit histories. If you were to appraise a property and found out that the person who is the borrower had sued or sent in complaints upon the last 3 appraisers they dealt with, would you take the assignment at any price?
why are they whining about risk
But the fact is we provide no small amount of information for the lender to judge their risk, but they give us nothing for us to judge our risk...
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Nope. The lender should provide that information and we should price our services on the RISK we take in dealing with marginal buyers with dubious credit histories. If you were to appraise a property and found out that the person who is the borrower had sued or sent in complaints upon the last 3 appraisers they dealt with, would you take the assignment at any price?

But the fact is we provide no small amount of information for the lender to judge their risk, but they give us nothing for us to judge our risk...

That's the type of rationale from someone only appraising 1 property per month!!!! :ROFLMAO:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I have seen no one do that
Hmm. Maybe I am wrong, but haven't we seen complaints here in the forum about the 1 to 5 scoring system where lenders have criticized the appraiser, when they have no control over the fact the appraisal involves a unique property and/or unique (sparse data) area. The score is supposedly a quality issue about the overall circumstance of the property, not the individual work of the appraiser but is used to bludgeon the appraiser into "improving" the appraisal to get a better score.
This 3rd party is extremely picky with anything they get back from CU. Like they are afraid that anything less than a perfect score will...
And the air pressure gauge with an accuracy of+/- 1% has no inherent increased value over a gauge that has an accuracy of +/- 10% if the tire owner doesn't check the pressure.
Reminds me one of my TPS sensors is reading low...although the air pressure is 35 psi...
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
That's the type of rationale from someone only appraising 1 property per month!!!!
Nope, that's someone whose has been sued before...I know when to hold them and I try to know when to fold them. I have turned a large number of reports down over the years.
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Nope, that's someone whose has been sued before...I know when to hold them and I try to know when to fold them. I have turned a large number of reports down over the years.

You turn them down due to lender provided borrower's credit/income/employment history/legal information/etc????
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
You turn them down due to lender provided borrower's credit/income/employment history
I turn them down when I smell a rat, or I know the rat, and I am certainly not above checking the public records I can access to see how often they have been in court and why....the first thing I do is pull the deed. So with that source I also see the UCCs, the les pendens, the mortgage extensions, divorces, suits etc. in that person's name.
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
I turn them down when I smell a rat, or I know the rat, and I am certainly not above checking the public records I can access to see how often they have been in court and why....the first thing I do is pull the deed. So with that source I also see the UCCs, the les pendens, the mortgage extensions, divorces, suits etc. in that person's name.

Sure you do.... :peace:

I would have been shocked to hear that a bank would provide you with confidential information regarding their client....

But again....
Only someone who accepts 1 assignment per month or 1 per 2 months....
 

djd09

Thread Starter
Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
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Big mortgage news affecting refinances nationwide in just weeks. Sponsored by The Home Loan Arranger.

The Home Loan Arranger reports that 98-percent of the loans currently in the pipeline are receiving appraisal waivers,


:rof: :rof: :rof:

the other 2% are suckers.

:rof::rof::rof:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I would have been shocked to hear that a bank would provide you with confidential information regarding their client....
They won't. But I am saying that they SHOULD and actually, they CAN with the proper certifications and disclosures BUT they won't. Again, they SHOULD if they wanted us to know just how lousy their borrower is or isn't...as for doing 1 a month, I do an average of about 1 plus per WEEK...not month. One I completed this year involved 230 separate properties...all in one report. I keep busy enough, about 20 hours a week.
 
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