Bank Will Not Provide Review

[Kevin Mc]

It could be your client is trying to bolster the appraisal so that it will help the whole package look better.

My bold.....


so true. Had a MB for an FHA deal tell me last week the "UW" had a problem with my comp#3 and "she" wanted it replaced (I gave them 5). When I pushed the issue it was an in house processor who didn't like the fact that comp#3 sold for $35K less than the subject (it adjusted to within 2% of the subject market value). They were nice about it and I guess they run nervous on every deal. I told them to send it in and have faith in the UW rof. We'll see.

 

[Lloyd Bonafide]

How would you respond? I called US bank, they said they would not provide the review, but that they have based it on sales THEY FOUND (but wont provide) within a 1/2 mile and 90 days. The said I am to provide 2 additional comps by this criteria. What is REALLY frustrating is THERE IS ONLY ONE SALE IN 1/2 MILES & 90 DAYS, I USED IT AS SALE #1. So WHAT THE CRUD are they looking at? How can a rebut a review I haven't' seen?[/FONT]

You really can't respond if they will not provide you with the review. Have your client press them really hard to send the full review.

If they still won't do that, then you could prepare an addendum, with a PDF included of your MLS search and a public record search for all sales within 90 days and .50 miles. My public record sources would be NDC Data, and/or Realist through our MLS. If you can prove to them that your Comp #1 was the only sale within 90 days and .50 miles, then it would be back in their lap, and maybe they would then have the review sent to your client.

 

[Vernon Martin]

Back to the OP, it seems that the appraisal was prepared for an MB, who then submitted it to a bank. So, from a business point of view, what is the problem? Are you not being paid? If so, can't the MB submit the loan package elsewhere? If the appraisal is that reliable, there shouldn't be a problem with another lender, but if other lenders reject the appraisal, too, then it is time for introspection.

 

[EVAUSA]

You really can't respond if they will not provide you with the review. Have your client press them really hard to send the full review.

If they still won't do that, then you could prepare an addendum, with a PDF included of your MLS search and a public record search for all sales within 90 days and .50 miles. My public record sources would be NDC Data, and/or Realist through our MLS. If you can prove to them that your Comp #1 was the only sale within 90 days and .50 miles, then it would be back in their lap, and maybe they would then have the review sent to your client.

Good plan! I agree with others postings as well, they may just be looking for an excuse to deny the loan or they are cutting all appraisals by X% for a safety. Either way, I'll prepare the addenda to include a CMA and full MLS of all sales in 90 days and .5 miles. When I talked to the UW, she said she had found some sales not in the report in the same criteria. She very well could be looking at REO's or other non-arms length transactions.

Thanks everyone for your views and suggestions,

April

 

[Tudor]

This is just me (tired of non appraisers telling me how to do my job). I would not do that extra CMA (could be construed as an appraisal), no reason to supply them with the 90 day thing either.

Just review those sales the UW found (I said sales, since they most likely are not comps., they need to understand not every sale is a comp.) and comment on those.

Good Luck

p.s. If I have made a mistake, then I do everything I can to fix it. If I have not made a mistake, then I am going to do as little as possible, otherwise it looks like I have made a mistake.

 

[DTB]

Appears to be a client that doesn't value their vendor relationships, so they will get by with crappy compliant vendors and the appraiser will focus on quality clients. Right Vernon?

 

[Vernon Martin]

Or a bank that doesn't quite trust mortgage brokers or the appraisers who work for them.

 

[Kevin Mc]

Or a bank that doesn't quite trust mortgage brokers or the appraisers who work for them.

Then the bank should make their own approved list or close down their wholesale division, either way it costs them money and we know while they have no problem writing off billions, they have serious problem actually employing a few folks who can tell them which way the wind blows.

 

[Vernon Martin]

Isn't that what WAMU just did, close down their wholesale division?

 

[Lloyd Bonafide]

This is just me (tired of non appraisers telling me how to do my job). I would not do that extra CMA (could be construed as an appraisal), no reason to supply them with the 90 day thing either.

Just review those sales the UW found (I said sales, since they most likely are not comps., they need to understand not every sale is a comp.) and comment on those.

The problem was that the appraiser was not given a copy of the review, was not given a list of sales that the lender supposedly found, she can't find any such sales, so how can she comment on them?