Even states get silly stips

[Brian Weaver]

So I get two...count 'em...two calls from different lenders asking me if Illinois requires appraisers to carry E&O insurance.

I say, "No."

They each ask me if I could provide the underwriter with that information in writing.

I say, "Of course not."

They ask why.

I say, "Because I'd be forever publishing what our state laws DON'T govern just for underwriters who can't figure out how to underwrite."

Nut burgers.

 

[Marcia Langley]

Aw Geez, Brian.

I wonder if there are any states that do such a thing? Were those lenders big institutions?

 

[robert higgins]

ahh, that's great Brain, chalk one up for yourself, would love to see the look on their face after that reply.

 

[Mr Rex]

So I get two...count 'em...two calls from different lenders asking me if Illinois requires appraisers to carry E&O insurance.

I say, "No."

They each ask me if I could provide the underwriter with that information in writing.

I say, "Of course not."

They ask why.

I say, "Because I'd be forever publishing what our state laws DON'T govern just for underwriters who can't figure out how to underwrite."

Nut burgers.

Why not tell them it already is in writing, its called Illinois Appraisal Law, found here: (the State statutes etc) and that by engaging Illinois appraisers, they are required to know and understand those regulations etc. (If that is not true, I suggest you make a move in that direction)

 

[Ken B]

Be careful Brian, Illinois might get blacklisted for being uncooperative.

 

[JRS at OBX]

Well there you have it. In Illinois it's ok to say no to a stupid underwriter stip!!

 

[DTB]

But all of our other states do it...

 

[RSW]

Do they do comp checks too?

 

[OSU Beavers]

Charge 'em! That is what our local planning department does anytime a mortgage broker asks for a "rebuild letter".

 

[Mountain Man]

Don't you just love being asked to prove a negative? m2: :new_all_coholic: