Are there any lenders that want true appraisals

[Kevin Shannon]

Mike,

Ok, I admit you're the greatest............

Actually I agree with a lot of what you say as far as the definition of a reputable client.
Please keep in mind though that everyone and every situation is different. What works for you in your market may not work for someone else.
I just don't like broad statements. People, particularly newcomers may get the wrong impression of the business.

Oh and by the way, just because someone is a "regular poster" does that mean they're always 100% right and nobody else's opinion matters?

Sorry, but the whole concept of a forum is an exchange of imformation and ideas, not the private sounding board of a particular particpant.

Kevin Shannon

 

[Pamela Crowley (Florida)]

:rofl:

 

[Julio E. Sune Jr. (FL)]

It appears that appraisers are once again being looked upon as the malefactors of the current problem loans. The truth is and has always been, that practically very few people are interested in an objective appraisal. What matters is “the number needed in the loan file that will make the deal go through.” If you are honest and “tell it like it is” based upon your experience, knowledge and best professional opinion, it won’t matter if the figure will “kill” the deal. All that matters is the "right/required number" to produce the loan, to hell with everything and everybody else. If the appraiser “does not cooperate,” he will never be called upon again and he will be replaced by a "number hitter".

:evil: :evil: :evil:

 

[Terrel L. Shields]

Yvonne said

Companies only make money when they write loans

Not so. Yes MORTGAGE BROKERS may work on commission, but real loan officers for real banks who lend their OWN money out, expect the money to be returned. A LO who does not make a bad loan or two may be too conservative, but when they start making lots of bad loans, they get the axe.

I do a lot of work for the banks owned by the Walton (Wal-Mart) family. Jim and Alice will not tolerate a loan officer losing money for long. The in house loans are money making only if the people pay it off. Repo'd property is always a loser. Ditto for their Mortgage division, most are kept "in house" from Walton money, not sold to some offshore bank or investment vehicle. So, yes, if you have a small local owned bank loaning non-fannie mae money, they expect a 'real' number.

Terrel

 

[Leon Stewart]

It appears that appraisers are once again being looked upon as the malefactors of the current problem loans. The truth is and has always been, that practically very few people are interested in an objective appraisal. What matters is “the number needed in the loan file that will make the deal go through.” If you are honest and “tell it like it is” based upon your experience, knowledge and best professional opinion, it won’t matter if the figure will “kill” the deal. All that matters is the "right/required number" to produce the loan, to hell with everything and everybody else. If the appraiser “does not cooperate,” he will never be called upon again and he will be replaced by a "number hitter".

:evil: :evil: :evil:

You are right, that's the way the system works, but there are some up in here that will try to convince you otherwise, but then again maybe they are "number hitters" also.

leon

 

[Leon Stewart]

Yvonne said

Companies only make money when they write loans

Not so. Yes MORTGAGE BROKERS may work on commission, but real loan officers for real banks who lend their OWN money out, expect the money to be returned. A LO who does not make a bad loan or two may be too conservative, but when they start making lots of bad loans, they get the axe.

I do a lot of work for the banks owned by the Walton (Wal-Mart) family. Jim and Alice will not tolerate a loan officer losing money for long. The in house loans are money making only if the people pay it off. Repo'd property is always a loser. Ditto for their Mortgage division, most are kept "in house" from Walton money, not sold to some offshore bank or investment vehicle. So, yes, if you have a small local owned bank loaning non-fannie mae money, they expect a 'real' number.

Terrel

I thought that most lenders had PMI to cover their losses.

leon

 

[Terrel L. Shields]

most lenders had PMI to cover their losses.

PMI is required only for loans of 80 LTV ratio or higher and can be waived, I just waived mine for a refi of my house. Hey, we are talking Waltons here....they own an insurance co. too, just to sell mortgage insurance and I had an extra sheet to sign acknowledging that Arvest owns an insurance co., AND they own the title co. (got tired of being ripped off with $800/900 fees and are charging about 1/2 that.) again I had to acknowledge i was informed of such. Waltons bundle the higher LTV and riskier loans and sell them....Alice owns the Llama Group you know....investment bankers. You think the Oil companies own an integrated operation! Arvest even has a billing service that appraisers can get advances on their invoices and Arvest will dun themselves for overdue bills...and charge you 3% for collecting. The only reason they do not have their own appraisal staff is because they cannot run one for the prices we appraisers are willing to work for.

 

[Elliott]

Lonnie,
Sounds like your searching like Diogenes for an honest man.

I'm currently doing a lot of work for a small, privately owned bank
that has made some poor loans in the past. In the past
they went through LOs and processors like crap through a goose.
They always used their 'own' appraiser for years.

Somebody in management figured out their bank stock was
soon going to be worthless. So they figured they better shoot
straight or else.

Mortgage brokers who sell in the secondary market have very
little incentive to protect any interest other than their own.

If its other people's money, its hard to find anyone who cares.
If its your money, you care more than anybody else.

elliott