Collateral Underwriting Appraisal Messages

[Pam Wyant]

I just received my first CU request form an underwriter: "Sale #4 has a view of "B", however, other appraisers have reported the view for this property as "N".
This sale backs a golf course, the subject has a standard residential view backing other homes. This is going to be a nightmare if we are going to get this crap on every appraisal.

Views are so subjective. Not every golf course view will be the same. So I can conceive of the view having been judged neutral if they were appraising a home with better views or had other comps with better views, which they would have called beneficial. I expect we will be seeing a lot of this.

 

[Tom Woolford]

[QUOTE="J Grant, post: 2560617, member: 116138" If you got it right that golf view for comp 4 was beneficial, and others got it wrong, maybe that will be noted. ...[/QUOTE]

Depends on the market. Every time I've tested it, there is no statistical difference between a GC lot and an interior lot on resale. Personally, I would never have one. I don't need 200 people or more a day walking past my pool, and getting their golf balls out of my back yard. An argument could even be made that it is an adverse location due to loss of privacy.

 

[Rich LeMond]

The age vs. condition is the most ridiculous. Here it is very typical to have 100+ year old properties in C2 condition. Fees are going up!!

 

[kevco]

Well, look at it this way. You can raise your fees and get no work so you dont have to deal with CU. lol

 

[Rich LeMond]

Or you could look at it this way- the appraiser who doesn't raise their fees, and instead works an extra two hours per day free of charge responding to false flags, is going to fall behind on their mortgage pretty soon. Ok maybe I'm being overly dramatic- they won't get to go on a decent vacation this year.

 

[kevco]

Well, Look at it this way, either way, the appraiser is going to fall behind on their mortgage pretty soon.

 

[Rich LeMond]

I actually spoke to the head appraiser for a regional lender this morning, and they fully expect fees to go up.

 

[kevco]

I actually spoke to the head appraiser for a regional lender this morning, and they fully expect fees to go up.

I hope you are right Rich. I just dont see AMCs passing it on to the appraisers. Way to many out there will just keep on keeping on. Being afraid of losing clients is a great motivator for appraisers. Remember 6 or so years ago when there was no UAD, 1004MC or scope creep? Now there is at least 2-3 times the work for considerably less money. I just dont see it.

 

[Joe Flacco]

Fees are not magically gonna go up. The only way I see fees going up is if the clients start ordering from appraisers whos fees are already higher. I just don't believe that the appraisers who are afraid of starving have the guts to demand anything.

 

[Rich LeMond]

Nobody is ever going to offer you higher fees. You are the service provider, you set your fees. The "other guy" is you.