Investor Giving Me Tons Of Work

[Stone]

No offense taken, Doug. I probably wasn't clear enough. My point isn't that we have to run anytime we get a call like this in advance. My point was more to always getting a call in advance from one particular investor, who gives someone a lot of repeat business. I don't think it would take a lawyer or investigator very long to determine that the bank is a client in name only, under this scenario. Receiving a heads up from time to time, particularly if speed is of the essence, is one thing. Always (or almost always) getting a call from this investor before the bank engages you is another. Since Kate is saying in her reports that the bank is the client, perhaps the client should do the bulk of the actual engaging. Not just engage after the fact. Sure would make her seem more impartial.

BTW - Kate, I am not saying you are not being impartial, but it might not look like it to someone on the outside. You have to do whatever you are comfortable with. We all do. And, for me, I would not want this guy always calling me before the bank does.

Just my two cents.

 

[Amy Grande]

Originally posted by Lee Ann@Jul 7 2004, 01:39 AM
I wouldn't cut off my nose to spite my face, but I'd take a REAL careful look at how and why that borrower wants to drive that part of the train.

Bingo.

While I'll readily admit this is an exception, this happened in Rochester, NY (where I live). A man had a slew of houses, got them overappraised and sold them to people unable to pay the mortgages. At the end of the FBI investigation, it was determined that the "flipper", the appraiser and the loan officer at the lending instituation were all in on it together. The buyers income was falsified to get the bank to approve it.

I shutter to think that the appraiser was a victim of being so new to the industry that he or she never knew what was going on...and simply trying to rack up training hours.

I don't mean to scare you....but PLEASE listen to these people. They have your best interests in mind. You can NEVER be too careful.

 

[Kate]

Never mind