Bank Will Not Provide Review

[Kevin Mc]

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

Sure, I'm not arguing the point Vernon, simply stating it. If a bank doesn't trust MBs and the appraisers they employ, don't accept the loan packages but stop the bullsh!t charade of "quailty"' review when it is typically nothing of the sort. Here you have the OP getting a report knocked based on ____________????? Kind of absurd if you ask me. Where is the review?

 

[EVAUSA]

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.

On the phone, the UW told me that they could not provide their sales to me, I asked. All she would say is that she found them in a .5 mi radius and they transfered within 90 days an IF I were do look, I'd find them too. I did look in the local MLS, and there is only ONE SALE, which I USED as C#1. NDC Data (tax rolls) records a couple REO's xfring to banks and NON-COMPARABLE sales closing below, but ONLY ONE "COMP". They must not be looking at true comparables. I dont like the idea of having to analyze every NON COMP, but it's starting to look like my only option if I want to rebut this obsurd review. I just checked the radius again and see comp #6, which was "Active", just SOLD 05/22/08, AFTER THE EFFECTIVE DATE! This is one they said "they didn't like" because it was "Active" on the ED. I'll send them the the "CLOSED" MLS and again ask for the sales they used. Maybe it doesn't effect my credibility in the scheme of things, but I dont think the appraiser should be the scape goat to deny a loan.

 

[Michael Tipton]

On the phone, the UW told me that they could not provide their sales to me, I asked. All she would say is that she found them in a .5 mi radius and they transfered within 90 days an IF I were do look, I'd find them too.

Ask for his/her supervisor's name and extension number. Go up the chain of command of the UW's employer.

 

[Tudor]

OP, I understand they won't tell you those sales.

That makes no sense and I don't think it is fair that they make you play a guessing game as to which ones they are, total BS it is.

That's why I suggested you do your best to not play their game and let them know you stand by your original report and if they0 find something different to tell you what those are. Something smells very fishy here (on their part).

 

[SANDY]

Sure, I'm not arguing the point Vernon, simply stating it. If a bank doesn't trust MBs and the appraisers they employ, don't accept the loan packages but stop the bullsh!t charade of "quailty"' review when it is typically nothing of the sort. Here you have the OP getting a report knocked based on ____________????? Kind of absurd if you ask me. Where is the review?

You got that right! End the bullsh-t requests for additional info that comes from totally unqualified people on their end. Get another appraisal from some other so-called more qualified appraiser instead of these former Mcdonald's chefs on their end.

 

[oldschool]

Something is not right here. I deal with every major lender in the country (EVERY DAY). Not providing a review that has been cut in value is in violation of most mandates that i'm aware of. That being said. the MB knows something we don't. Any real Rep will be able to provide everything in writting. Make sure you call the review department, they will generally give you all the info about your report. Believe it or not, review departments are people just like you and me trying to save their own behinds. One metion of the OTC to their superiors and they will give up just about anything. Good Luck OS out.

 

[EVAUSA]

Something is not right here. I deal with every major lender in the country (EVERY DAY). Not providing a review that has been cut in value is in violation of most mandates that i'm aware of. That being said. the MB knows something we don't. Any real Rep will be able to provide everything in writting. Make sure you call the review department, they will generally give you all the info about your report. Believe it or not, review departments are people just like you and me trying to save their own behinds. One metion of the OTC to their superiors and they will give up just about anything. Good Luck OS out.

spoke directly with US Bank rep, she said it wasn't their policy to provide reviews. i haven't gone up the chain of command, can i bill a couple stacks of shiny duckets for my time?

 

[rcsone]

.....which is written "slander" or "libel".......somewhere I have heard of "loss of income"......reputation.....or something indigestable like that.......but think of the company you would have to keep by adding attorney to LO's, MB's, UW's, AMC's, RLTR's, and gas stations...........best to all..........rs