How 'bout these stips?

[Indiana Jones]

Per the UW to the processor.

"Couple things on this appraisal, need for appraiser to state that roof shingles do not have to be replaced."
The roof was missing about 5 shingles, no evidence of water leakage anywhere.

"Also appraiser states that kitchen sink does not have a faucet...bifold doors in the laundry room and sliding doors in bedroom 3 are missing. These need to be added/replaced or appraiser needs to not mention it."

 

[Kevin Mc]

Today must be the day.

had to answer an "enhanced desk review" for CW. They provided 4 listings and cut value of my report by $75K. I used 2 sales on the block and one about half mile away. They provided 4 listings. 3 in excess of 1 mile in different neighborhoods and 1 listing on my block which listed after my effective date. I included the listing from my block at their request and they came back saying it was a high listing. They provided it. It was exactly the same as the subject less 300SF and the listing price is identical to my reported value. Apparently now it is no good. Amazing.

 

[Webbed Feet]

had to answer an "enhanced desk review" for CW. <.... snip......>

No you did not have to answer. Did your engagement contract call for answering any and all BS reviews? Certainly, not if the reviewer was not licensed in your state. Interestingly, I don't have to explain myself based on the work of somebody else that is violating state administrative rules, and hence law.

http://oregonaclb.org/media/Spring2008Newsletter.pdf

Page 35. Right hand side information box entitled "Unlicensed Out-of-State Reviewers"

Webbed.

 

[Webbed Feet]

Per the UW to the processor.

"Couple things on this appraisal, need for appraiser to state that roof shingles do not have to be replaced."
The roof was missing about 5 shingles, no evidence of water leakage anywhere.

"Also appraiser states that kitchen sink does not have a faucet...bifold doors in the laundry room and sliding doors in bedroom 3 are missing. These need to be added/replaced or appraiser needs to not mention it."

Dear Processor,

If the underwriter is unwilling to place that in writing on the stationary of the company the undewriter is working for, sign it, and have a copy of that sent to the state banking and securities authorities, then I suggest none of this should have been transmitted back to me in any form whatsoever.

Your faithful servant,

The Appraiser.

 

[Kevin Mc]

No you did not have to answer. Did your engagement contract call for answering any and all BS reviews?

I know I didn't but given my often combative nature, ripping into some slag of a review can often be too tempting to avoid. I'll assume it was a Landsafe LARA report, which may give CW an idea of a neighborhood but to assume the review is correct and the appraisal is not is just plain ignorant. No mystery to me why they are in crisis mode. I truly believe the folks doing these things are instructed to cut value, period.

 

[Webbed Feet]

Kevin Mc.

Wanna bet if you were to see a copy of the loan application all your lights would go off and stars fall into alignment? What a slick way to just reject an application, without rejecting it, and to create an appearance of increased underwriting standards at the same time. .. ... Right as lenders, like bunches of bananas, are all in a duck and cover position regarding their underwriting practices during the recent past.

I could be wrong, but then I could be right.

Webbed.