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Every once in a while, positive news.

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Peter LeQuire

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...from the slime ball front.

Working RE magazine has a brief article about a mortgage broker who brought a complaint to the Tennessee RE Appraiser Commission. The complaint was about an appraiser who didn't hit the number. The Commission rejected the complaint, and referred the matter to the Department of Financial Institutions.

I found this action by the Commission somewhat satisfying, after I got over the incredulity at the filing of the complaint.
 

leelansford

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Illinois
Peter, for those of us without access to the magazine, would you provide us with a synopsis of the story?

Thanks.

Lee
 

Mike Boyd

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California
Hard to believe the stupidity of some agents. It's like one of those "dumb crooks" stories.
 

Peter LeQuire

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Tennessee
Lee -

It appears a loan broker, irritatated that an appraiser didn't hit "the number," filed a complaint against the appraiser with the Tennessee Real Estate Appraiser Commission for "not hitting the value."

The details are at http://www.state.tn.us/commerce/boards/treac/documents/4-21-08minutes.pdf

If that doesn't work, please let me know and I'll try to provide more complete information.
 

Peter LeQuire

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Tennessee
In essence, the Tennesse Real Estate Appraiser Commission referred the matter to the Dept. of Financial Institutions for possible lender pressure violations.
 

dobie

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New Jersey
The frightening conclusion I took from this article was that the broker was so righteous in their beliefs that they went so far as to file a serious complaint. In their mind they were convinced that an appraiser's role was to facilitate the deal and use some sort of crystal ball to factor in future appreciation.

We can laugh and shake our heads in amazement but I would venture to say that at least some of the beliefs of this individual have become ingrained across a large percentage of folks working in the real estate industry today whether they are loan officers, realtors or bank presidents.

There are lot of people who truly and honestly believe, like this broker, that we are there to validate the deal and that is frightening.
 

Terrel L. Shields

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Arkansas
The frightening conclusion I took from this article was that the broker was so righteous in their beliefs that they went so far as to file a serious complaint
There are a high number of brokers who consider an offer to be a perfected market value....and no small number of judges who are convinced that a sales price (any sales price) constitutes "market value"...

BTW, also..... very interesting Comp Check case where an appraiser provided a value range and claimed it was not an appraisal....they never learn. Got butt bit too...HEY ALL YOU COMP CHECKERS...BETTER READ IT!!
 
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Couch Potato

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North Carolina
BTW, also..... very interesting Comp Check case where an appraiser provided a value range and claimed it was not an appraisal....they never learn. Got butt bit too...HEY ALL YOU COMP CHECKERS...BETTER READ IT!!
Yep, better be careful, or you too might have to sit through the 15 hour USPAP again. :new_all_coholic:
 
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