How would you answer this?

[amluscombe]

Well, I did finally reply late this afternoon.
My response was simply, "....Mr. XXXXX,

Thank you for your confirmation on receiving my FHA appraisal report that I sent yesterday. I do not make the data, I simply report it as accurately as possible. I cannot comment as to the prior appraisal because I have not reviewed it.

Have a nice day."

This was before I noticed Mr. Kennedy's comment.......:icon_idea: Mr. Kennedy, I have read many of your comments on the forum over the last several years. Thanks in part to you, I have actually greatly expanded my interpretation and improved my implementation of the Standards on a daily basis. I respect you & Pam immensely. Appraisers all across the nation battle this every day and wonder.....what recourse would any entity actually have for something like this? Is there any history of brokers being punished for this typical type of bullying behavior? Do any of these people ever get punished? By anybody?

PS...there are many of us that DO greatly appreciate your efforts to educate and change the industry. Lord knows it needs it.

 

[Mike Phillips]

I'm not interested in seeing borrowers getting screwed for no reason. This broker should have taken steps to determine if his client's home was likely to appraise at the value necessary to make the loan workable. The trouble is, he is placing the blame on the appraiser instead of accepting responsibility for his action.

As I said, he had options but they were options that would have cost him time and/or money. And we all know what many brokers want is a guarantee of value before the appraisal is accepted and the property is inspected - and they want it for free. We clearly can't stand for that and I'm not suggesting we should.

But at the same time, I cannot justify any appraiser accepting an assignment when they know in advance the property will not appraise at the value necessary to make the loan. Obviously, you never really know until you see the property and complete the appraisal.

But everyone knows their are many cases where the information is available to allow the appraiser to draw some pretty accurate conclusions about the property's value before leaving the office. In those cases I don't think providing a "heads up" to the lender/broker is too much to ask. We need to find a USPAP-compliant way of doing it.

Here is the point: our "profession" needs to find a way to command the respect of consumers. Our failure to do so is one of the reasons why we are at the mercy of mortgage lenders. It is true that all many users are interested in is us hitting a number and the only reason why they call us is because they have to obtain an appraisal - they have no other choice. But that is not true for all users. We need to become a recognized, reliable, trustworthy source of advice and guidance for the public.

I don't do comp checks and I let lenders know that. And I sure as hell don't offer any guarantees in advance. But I also let them know I not interested in taking the borrower's money if I know in advance the outcome is very likely going to be negative.

 

[Mike Boyd]

Most mortgage BROKERS are not FHA approved and are working illegally through an informal agreement with an approved mortgage BANKER. Report him to FHA....and to Pam's website.

 

[BR549]

HI, I just attended the FHA training course in San Antonio. I do not know where your service center is but HUD wants to know about there, If you call them, they will flag the case number and investigate. Also we have a guy in the name of Everett Ives in Texas, who is on the legislative board of the Texas Association of mortgage brokers and is VERY active in making these brokers accountable, if you email him, maybe he can give you a contact for your state
everett.ives@tamb.org