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Here is a new twist

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Karl

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
We have a case here, where a Mortgage Co has turned an Appraiser in to the Board, because regardless of what they put for an Estimated value he hit it or was slightly over everytime. Questions were raised when they started putting Page 2 side by side & seeing same comps having different info depending on what was needed. REMEMBER this is the MORTGAGE Co that had probablly asked this guy for a FAVOR more than once. I'm betting that this was discovered during an AUDIT, not just a mortgage Co having a concern for the buyer's well being. Just something to think about while that Loan Officer is asking for that little extra.
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Karl

I think that it shows the difference between the "loan officer" and the "mortgage company".

You may be correct the LO encouraged the appraiser to hit a value, but that does not that was the company's expectation in this case.

The appraiser lost his customer, but any LO that is caught may have lost his job.

I, have in the past, contacted a manager to discuss a particular loan officer's attitude. If you do that, you can tell if this is company policy or if the LO is a rogue out to make a fast buck at the employer's expense.

From what your post says, I would like working for this mortgage company, as a relationship with them would be long term and respected.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
This is proof positive that these customers will not stand behind a 'cooperative' appraiser when things get tough. The appraiser who labors under the mistaken impression that his customers will support him no matter what is only kidding himself. When it comes to playing by the rules and doing the right thing, we have to look out for ourselves; we can trust no one to do it for us.

I hope the appraiser wasn't actually hitting numbers and making up or altering comparable data to produce the desired result. I hope it was an unscrupulous insider at the mortgage company making unauthorized changes to the reports. But if the allegations are true, that appraiser should lose their license. No suspension, no fine, no letter of reprimand or reproval, just yank that sucker. And maybe the case should be referred to the U.S. Attorney for criminal prosecution.


George Hatch
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I would like to work for that Mortgage Company!! I would probably hate the Loan Officer though. :) I agree that the Loan Officer was probably looking to make the deals work and the appraiser did him/her a favor.

I am about to do some marketing and try to pick up a couple more local companies to work for. I have decided that once I get my foot in the door I am going to have a heart to heart talk with them. I am going to lay it out plain and simple. Tell them what I will and won't do. Just be polite but blunt that if they are looking for number hitter to not waste my and his/her time. If they won't someone honest and will look out for their interest and that of the borrowers then I am their man.

Saying that I have to brag on my main coustomer. He has never pressured me and appreciates my honesty with him. Never any pressure. WE do a lot of joking and kidding about values but never has he ever pressured me. Never 2nd guess my work either. Those kind are rare but such pleasure to work for!!
 
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