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Even states get silly stips

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Brian Weaver

Senior Member
Joined
Apr 16, 2005
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Illinois
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

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Aw Geez, Brian. :rof:

I wonder if there are any states that do such a thing? Were those lenders big institutions?
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
ahh, that's great Brain, chalk one up for yourself, would love to see the look on their face after that reply.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
Be careful Brian, Illinois might get blacklisted for being uncooperative.
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Well there you have it. In Illinois it's ok to say no to a stupid underwriter stip!! :rof::rof::clapping:
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
But all of our other states do it...:rof:
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Do they do comp checks too?
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Charge 'em! That is what our local planning department does anytime a mortgage broker asks for a "rebuild letter".
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Don't you just love being asked to prove a negative? m2: :new_all_coholic: :shrug:
 
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