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Investor Giving Me Tons Of Work
- Thread starter Kate
- Start date
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Kate
Senior Member
- Joined
- Aug 24, 2003
- Professional Status
- Certified Residential Appraiser
- State
- New Hampshire
How can I get hard evidence that I should be doing more work for him? In other words, how do I know I am not getting involved in some scheme?
Pam may be right. It is actually VERY wierd that he calls me before the LO. In his defence, maybe he just wants to get the ball rolling.
CANative
Elite Member
- Joined
- Jun 18, 2003
- Professional Status
- Retired Appraiser
- State
- California
Dude, we are totally not in the 1960's anymore. :blueflower: [/b][/quote]Originally posted by Tim Hicks (Texas)+Jul 6 2004, 09:29 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Tim Hicks (Texas) @ Jul 6 2004, 09:29 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Doug Bingham@Jul 6 2004, 07:41 PM
Right on Greg!!
Surfer talk from someone 300 miles from the nearest wave. B)
Kate... what hard evidence. If there was hard evidence he'd be in jail trading "favors" for "priveleges" and not wheeling and dealing in real estate.
What helped me out a lot, besides reading the forum everyday, was purchasing an electronic version of USPAP. I read it daily and refer to it when I can't figure something out or some new situation comes up. Heck, sometimes I even read in the .... well you get the idea.
USPAP is like a cook book and all the recipes are in there. It's shame it is written in GREEKPAP, but I'm slowly learning.
Tim Hicks (Texas)
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Texas
The only stupid question is the one that never gets asked.
Michelle Smith
Sophomore Member
- Joined
- May 21, 2004
- Professional Status
- Licensed Appraiser
- State
- Oregon
2 weeks from everywhere, Doug
J/K... Greg - you might want to add a link to a map of Hopland to your signature!
J/K... Greg - you might want to add a link to a map of Hopland to your signature!
George Hatch
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified General Appraiser
- State
- California
Kate,
I wouldn't necessarily be paranoid about the guy (well, maybe I would), but in the end, your best 'defense' is that strong sense of cynicism that appraisers are so well known for. Trust - maybe - but definitely verify.
As for your USPAP references, the Conduct Section of the Ethics Rule covers the prohibitions on being misleading, and Statement 10 deals specifically with (among other things) appraiser independence issues for federally related transactions. There are also some Advisory Opinions (25-27) dealing with readdressing appraisals, doing multiple appraisals on the same property and such. A half hour spent on these sections will be time very well spent in my opinion.
There have also been a number of threads on borrower engagement and readdressing appraisals. You might even find something in the FAQ thread category at the top of the General Forum. Look around, there's been lots of discussion on this topic.
I wouldn't necessarily be paranoid about the guy (well, maybe I would), but in the end, your best 'defense' is that strong sense of cynicism that appraisers are so well known for. Trust - maybe - but definitely verify.
As for your USPAP references, the Conduct Section of the Ethics Rule covers the prohibitions on being misleading, and Statement 10 deals specifically with (among other things) appraiser independence issues for federally related transactions. There are also some Advisory Opinions (25-27) dealing with readdressing appraisals, doing multiple appraisals on the same property and such. A half hour spent on these sections will be time very well spent in my opinion.
There have also been a number of threads on borrower engagement and readdressing appraisals. You might even find something in the FAQ thread category at the top of the General Forum. Look around, there's been lots of discussion on this topic.
Ultraviolet
Senior Member
- Joined
- Dec 31, 2002
- Professional Status
- Retired Appraiser
- State
- Arizona
Kate,
Reporting the listing history is also important on a refi. The way it was explained to me is: if the originator sells the loan and the property sells within a certain period of time (paying off the original loan); the originator may owe the investor all or part of their investment back - including the LO's commission. The originator essentially makes no money on the transaction.
If a property is listed and doesn't sell, then is suddenly taken off the market and refinanced, it is a red flag to the lender that the property is likely to be sold in the near future.
I know, this isn't very clear, but I'm not an LO and don't know all the ins and outs of how it works. Something about "seasoning" of the loan, I think? I'm sure others here could explain this a bit better.
If your client is the morgage company, reporting the listing history is important to them, as well - not just as an indicator of illegal flipping.
Rae Saunders
Reporting the listing history is also important on a refi. The way it was explained to me is: if the originator sells the loan and the property sells within a certain period of time (paying off the original loan); the originator may owe the investor all or part of their investment back - including the LO's commission. The originator essentially makes no money on the transaction.
If a property is listed and doesn't sell, then is suddenly taken off the market and refinanced, it is a red flag to the lender that the property is likely to be sold in the near future.
I know, this isn't very clear, but I'm not an LO and don't know all the ins and outs of how it works. Something about "seasoning" of the loan, I think? I'm sure others here could explain this a bit better.
If your client is the morgage company, reporting the listing history is important to them, as well - not just as an indicator of illegal flipping.
Rae Saunders
- Status