Esox
Member
- Joined
- Apr 13, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Wisconsin
I was looking at the appraisal requests my wife and I have received this month and realized we have received just three from mortgage brokers. One was a complex lake front property from a large area MB company that at one time was one of my largest clients. Over the last eight months they faded away as a client probably due to my refusal to do comp checks. I also performed appraisals for three individual MBs that also decided about the same time they needed comp checks. They occasionally send me a cookie cutter sale and I was doing FHA appraisals for them. I spoke to one of them four or five weeks ago about the lack of recent FHA requests and he told me they were using (insert larger area firm here) as they are not as "picky" about repairs as I am.
I have been working to increase my local bank business, and have been receiving requests from two LOs that were referred to us from two other LOs we were working with at their bank. I have also been receiving requests from an LO at another bank that was referred to me from an LO colleague. I have two other solid bank clients, and have been trying to hook up with more LOs at these institutions. I have been making contacts by asking LOs that know me to recommend me for complex assignments.
My ERC business has been very solid for the last several months, and was up over 100% in the second quarter compared to the first. Miller Brewing is moving their HQ to Chicago and this is going to lead to a fair number of ERCs in the coming months I believe. Two are already in the pipeline.
Since I've been doing more ERC work I've been having more in depth conversations with real estate agents, and have been using that as a marketing opportunity. I complain about the problems with mortgage work and let them know I'm available to appraise listings of difficult sellers, unusual properties, etc. I also let them know I do estate and divorce work. My sister is the VP of operations of a five office sales firm and is also referring me to agents with difficult listings.
Anywhoo, this month my wife and I have received 34 appraisal requests to this point.
11 relos. I interviewed with two more transferees on Friday and would be surprised if these aren't ordered this coming week.
5 appraisals for individuals. Two divorces, one estate, one for a seller with an agent that suggested they get an appraisal due to a lack of activity at the chosen list price, and one for an individual in financial trouble. His lawyer suggested he get an appraisal to value his home. Four of these requests were the result of real estate agent referrals. I have found I have been able to charge higher fees for these appraisals than mortgage appraisals with absolutely no questions asked. I personally handle all these requests as well as all the ERCs, so I have been staying pretty focused.
18 appraisals for sales, new construction, and refi's. 15 of these are from our bank clients.
Only 3 of the 18 mortgage requests are from mortgage brokers. If you would have told me last summer that within one year my MB work would be less than 10% of my appraisal requests in a one month period, I would have felt ill thinking such a thing would put our business in serious jeopardy.
Instead, I feel we are pretty healthy. Of course, things can change quickly, but when I looked at this month's numbers, last month was fairly similar, I felt like we have shaken off the Mortgage Banker Affliction. Volume is not completely overwhelming for two appraisers, but we're working hard and for higher average fees. We're also not dealing with ridiculous UW requests, and MB complaints.
It was like going to bed with a fever after taking two or three Tylenol, and waking up cool and rested, if still a bit clammy from the experience.
Kevin
The Mortgage Broker Affliction. It CAN be cured.
I have been working to increase my local bank business, and have been receiving requests from two LOs that were referred to us from two other LOs we were working with at their bank. I have also been receiving requests from an LO at another bank that was referred to me from an LO colleague. I have two other solid bank clients, and have been trying to hook up with more LOs at these institutions. I have been making contacts by asking LOs that know me to recommend me for complex assignments.
My ERC business has been very solid for the last several months, and was up over 100% in the second quarter compared to the first. Miller Brewing is moving their HQ to Chicago and this is going to lead to a fair number of ERCs in the coming months I believe. Two are already in the pipeline.
Since I've been doing more ERC work I've been having more in depth conversations with real estate agents, and have been using that as a marketing opportunity. I complain about the problems with mortgage work and let them know I'm available to appraise listings of difficult sellers, unusual properties, etc. I also let them know I do estate and divorce work. My sister is the VP of operations of a five office sales firm and is also referring me to agents with difficult listings.
Anywhoo, this month my wife and I have received 34 appraisal requests to this point.
11 relos. I interviewed with two more transferees on Friday and would be surprised if these aren't ordered this coming week.
5 appraisals for individuals. Two divorces, one estate, one for a seller with an agent that suggested they get an appraisal due to a lack of activity at the chosen list price, and one for an individual in financial trouble. His lawyer suggested he get an appraisal to value his home. Four of these requests were the result of real estate agent referrals. I have found I have been able to charge higher fees for these appraisals than mortgage appraisals with absolutely no questions asked. I personally handle all these requests as well as all the ERCs, so I have been staying pretty focused.
18 appraisals for sales, new construction, and refi's. 15 of these are from our bank clients.
Only 3 of the 18 mortgage requests are from mortgage brokers. If you would have told me last summer that within one year my MB work would be less than 10% of my appraisal requests in a one month period, I would have felt ill thinking such a thing would put our business in serious jeopardy.
Instead, I feel we are pretty healthy. Of course, things can change quickly, but when I looked at this month's numbers, last month was fairly similar, I felt like we have shaken off the Mortgage Banker Affliction. Volume is not completely overwhelming for two appraisers, but we're working hard and for higher average fees. We're also not dealing with ridiculous UW requests, and MB complaints.
It was like going to bed with a fever after taking two or three Tylenol, and waking up cool and rested, if still a bit clammy from the experience.
Kevin
The Mortgage Broker Affliction. It CAN be cured.
