Exclusion from a panel

[Linda B.]

Wondering what the experiences are out there of appraisers being excluded from a panel. I have a "hearing" to discuss with the mortgage company - but would like to hear from you all regarding similar experieces. I believe that this is coming from realtors complaints. 1) home not meeting permit status - where realtor was the buyer; 2) FHA appraisal where it was "subject to" minor repairs that realtor did not want to have done (carpet cleaning for animal feces and urine) 3) homeowner did not like price. I did a very through review of the 4 appraisals the mortgage company cited (out of more than 100) and they did not seem to be deficient appraisals. Your advise and guidance is very much appreciated.

 

[Tom D]

They must like you, usually you get ghosted.

Maybe a show trial to put your eveilness in front of the peasants. Realtors to judge you. Sometimes it's the bi-polar loan officer who has anger towards you.
.
Remember this for this profession. Today your best client is your no client tomorrow, and tomorrow, your no client is your best client. And there mostly is nothing you can do, or have actually done wrongly.

Please let us know what happens. Rarely is there a meeting, or even an adios amigo.

 

[Linda B.]

I put so much effort into my appraisals, do regression & correlation analysis, call all of the county/city tax/building/planning, and do feel that my appraisals are unbiased and well supported. I think this is from a couple of real estate agent complaints....not even sure what to do about that.

 

[Joe Flacco]

Regression is bad. Regression will give you stupid answers.

 

[Elliott]

I've never minded a realtor who didn't want me to do the appraisal. Just avoids a problem. Same with lenders. They know they are violating Fair Housing Laws.....they might become a Fed Governor and someday it might catch up with them. It usually does.

A defense of 'giving your professional estimate even if it doesn't hit contract price' and 'following FHA standards' are pretty good reasons. What would the lender want you to do different? There is no crying in baseball. : )

 

[Linda B.]

Thank you. I am really trying to learn in this instance. I usually try to give 120% so am always surprised when there is a slap back.

 

[Mike Ault]

I put so much effort into my appraisals, do regression & correlation analysis, call all of the county/city tax/building/planning, and do feel that my appraisals are unbiased and well supported. I think this is from a couple of real estate agent complaints....not even sure what to do about that.

It sounds like the production department is getting pressured not to use you. Make sure that their underwriting & compliance officers attend that "hearing" and let them know that the meeting will be recorded. Those panels are not supposed to be "realtor select", and they know that. You've probably already lost this client and certainly won't get them back by playing nice, now make them sweat their future viability as they're making you sweat yours. Ask them exactly what criteria they use to determine the makeup of their appraisal panel. The way you describe it, It sounds to me like they don't have any legitimate reason to exclude you from it so I would let them know that there are other entities interested in mortgage companies excluding qualified appraisers in favor of number hitters and appraisers who will ignore deferred maintenance due to realtor pressure. And they will most certainly flag their originations for closer review and possible repurchase demands.

 

[Tom D]

It sounds like the production department is getting pressured not to use you. Make sure that their underwriting & compliance officers attend that "hearing" and let them know that the meeting will be recorded. Those panels are not supposed to be "realtor select", and they know that. You've probably already lost this client and certainly won't get them back by playing nice, now make them sweat their future viability as they're making you sweat yours. Ask them exactly what criteria they use to determine the makeup of their appraisal panel. The way you describe it, It sounds to me like they don't have any legitimate reason to exclude you from it so I would let them know that there are other entities interested in mortgage companies excluding qualified appraisers in favor of number hitters and appraisers who will ignore deferred maintenance due to realtor pressure. And they will most certainly flag their originations for closer review and possible repurchase demands.

So you think with what you just said, they will say, 'oh, we are sooo sorry', never mind'. I would love to be there when you give you forthcoming excommunicated speech.
Would even pay per view.

 

[J Grant]

I have never been offered a hearing. There were past times when a client dropped me, and big surprise, it usually happened after I came in "low" on a property value. They typically just ghost the appraiser, as others noted - stop sending work, and when asked why, they usually lie and say it is slow, though one said it was a "quality" issue.
One firm later used me again and became an excellent client. The other two parted ways and never heard from them again. A client that drops an appraiser for coming in low or reporting a conditon is going to do it sooner or later.

In this hearing, listen to what they have to say, defend your reasoning for X, and see what happens. I predict they will put you on a probation period- but idk. Just do the best you can, keep your temper under control, better to say too little than too much.

 

[alebrewer]

Regression, like any other tool, works better in some situations and not in others. It is not a stupid tool. That's where the 'experience' portion of the tool set comes into play. Knowing which tool to employ when, and for what purpose.