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Conforming vs. Non-Conforming

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Richard Carlsen

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Recently I have been getting some really dumb questions from UW's.

Two examples.

1. Q:Are comps 2 and 5 log houses? A: No, it says in the sales grid that they are frame construction.

2. <span style='color:green'>Q: What does "270' lakefront" mean? (I kid you not on that one. It arrived yesterday.) A: My answer was too long to give here. I think it would qualify for 2 hours of Con Ed as I tried to teach this UW about water front properties.


Anyway, it seems that more and more of the Non-Conforming loans that I do are being picked over and kicked back, wanting this and that and explain this and document that. Is it just me or is this a trend?

Does anyone have a different charge for non-conforming loans that appear to be 80% of the additional after-appraisal work? How do you handle these dumb questions?
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airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Richard Carlsen,

It's indicative of things slowing down for the lenders/underwriters .. they've got nuttin' better to do than to pick apart what lil work they've got (busy work) in hopes of justifying their continued minimum wage employment ..
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
I think when you find out who the sponsor is you will find out that your nonconforming is going to the "big" banks who are forcing there way into this VERY lucrative market.

Get used to it and do it willingly. It's a pretty sizable chunk of the market. Hey, create your OWN niche.

It's the new guy on the block gaining experience. That UW is lucky he found such a caring appraiser as you to take the time to train him!

The sponsor calls it OJT at the appraiser's expense.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Richard:

I deal with it mostly up front: If I have to think about any significant aspect in arriving at my value conclusion, (other than decks, patios and fireplaces) it pretty much gets discussed in very summary format in my report! I don't spell everything out but place a folksy why and how paragraph or two that explains the pros and cons of the properties!

Mostly don't get call backs that way. And if I do can ususal say "did you read the paragraph that addresses that?"

Even on the 'fish in barrel' reports I started getting more calls last Nov, with an upward trend through Dec, at which time I decided to write more with a corresponding downward trend in those pesky after the fact discussions!
 

jtrotta

Senior Member
Joined
Jan 16, 2002
It's the begining of a new year :) new UW being taught how to BB :? with the appraiser's as their target 8O ; as they become more acclimated they'll learn to work within the system, especially when they need closings :lol: - the show slides from UW to Apprsr. and don't you forget who started it :lol: :lol: :lol: :lol: :?: :idea: :!:
 

Dan Tanner

Freshman Member
Joined
Feb 2, 2002
Pictures say a 1000 words that cannot be summed up into one slot on the sales grid. You seemed surprised...sometimes our lexicon is not clear or understood.
 
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