How Fast And How High Do You Jump?

[Charlotte Dixon]

Underwriters are just magical, warm fuzzy human beings, aren't they?
2 p.m today: Got a call from a processor...."Underwriter wants 3 more comps for the Saxton Road property that's settling tomorrow. She said that in a Suburban area, you shouldn't have comps more than one mile from the subject" (mine are 1.5 miles, 2 miles, and 2.3 miles).....2:30 p.m. Processor called again. "We need you to get those comps now, or the borrower will lose her lock, then she can't settle and the seller has moved out. The loan will fall through if you don't get back to us within 1/2 hour"......So, I lost my head, called the manager of the mortgage company and told him I was going to drop everything and do this menial thing for the Underwriter, but.......don't call me again for anymore appraisal work. (poor pay, anyway). What would you have done?

 

[Pamela Crowley (Florida)]

Uh.... since it's a client you apparently don't want anymore, I think I would have said "No". If the underwriter didn't understand the report, they needed to put that in writing to me or at the very least call me - not put it through a processor. How long ago was the report sent in?

And what is this wanting 3 more comps! Plus, I charge at least $50 for each additional comp when I feel I've already done my job. Ususally it's $100 additional per comp.

I do feel for you and understand what you did. I used to.

 

[Farm Gal]

Don't beat yourself up, hon, Happens to the best and meanest of us sometimes

I don't jump unless I did something wrong.

Under the circumstances the underwriter the LO and the borrower could just go hang. :evil: I am SURE you put in something about the distances, number of available sales and their proximities, basicly why you selected the ones you used-my general "don't call me for better comps" section runs three lines and solves problems before they start. I am willing to bet big $$$ that it was a lie anyway: lock schmock, and if so why didn't they order the report sooner :evil:

I agree with Pam: never, EVER talk through an intermediary.

I will NEVER tell a client who pays fairly regularly to go away, --- but if I am real mad I might tell them that I cannot meet their turn times for a period of time til I have cooled down. This enhances my reputation as a sucesfull in demand appraiser without making them too mad in return :idea:

No lie: if I am mad at them the likeihood of their files somehow sliding to the bottom of the pile gets pretty high :wink:

 

[Mountain Man]

Rant :x Rant :evil: Rant :twisted:
:lol:
You know what to do. :wink:

That UW obviously can still SEE day light over the stack of work on the desk. Jus' let it get a wee bit bigger, then they won't pick so much. :lol:

 

[David S. Roberson]

The lack of ordering an appraisal in a timely manner is not your fault. Asking for additional information in 1/2 hour is absolutely ridiculous.

 

[Wally Jones]

Funny how it's usually a client that is less than one of our favorites who calls with such demands. I usually bring out my "southern gentleman" drawl and in my most polite plantation manner say, "Why, sure, I'd be plumb tickled to take care of that for y'all. Just have that lil ole underwriter write down exactly what they need and what it was they didn't like about those comps I used and as soon as I get it, I'll get right on it. Our standard fee for additional comps is $75 per comp, but since y'all have been so nice to me, I'll only charge you $50. Will that be all right?"

I don't get many "additional comp" requests anymore. :wink:

 

[Frank Bertrand]

use the answering machine more effectively...

 

[Karl]

Asking that they put it in the form of a written request USUALLY does the TRICK. Harder ones $75 per Comp & it's 40 Miles one way to the area so next scheduled time to be in that area is----------Always 2 day minimum before returning to that particular area. Pretty much wraps up that what they have will do.

 

[Richard Carlsen]

If you were going to drop them anyway, just tell them that getting comps on such short notice is not possible because you have an inspection appointment in a half an hour. Then turn the phone off for an hour. (That alone will do you good)

I would also ask them this question: "Besides, if closer, more relevant comps were available, don't you think I would have used them?"

The next question sould be: "Since you've had this appraisal since (list the date that the report was delivered to them) why did it take you this long to determine that you needed additional comps?"

This sort of last minute panic stuff is just an indication of incompetent internal staff work on their part and they are looking to you to fix their problem.

 

[Tim Hicks (Texas)]

If it is a good client with a high volume of orders, very fast and very high. However, I usually "stand up" to most underwriter requests and usually get the ridiculous requests throw out by asking for their request in writing on company letterhead for my file. Are you sure they are not asking for three new comps because the appraisal is over three months old and they are trying to disguise an update (re-cert in their mind) as an underwriter request? I get that a lot. I Kindly explain that if they need new comps and a new effective date, new appraisal. I have pretty much given up the concept of an update and will not "re-cert" an appraisal unless it is a final inspection (true meaning).