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Is the Underwriter God?

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JoeB

Thread Starter
Member
Joined
Jun 1, 2006
Professional Status
Certified Residential Appraiser
State
New York
It seems to me the underwriter is "all of that" ! After spending years working and become a Certified Appraiser,the underwriter can make any demand, and you have to accommodate. Its true. They can make a statement without any supporting data. Example: I want 3 more comps less than 6 months? (best comps or not? )I want data to support your "stable market" checked box? I want , I want, I want ??? What does it take to become an underwriter. An MBA ! I think if you get a miserable person that is an underwriter, You pay for it!! The underwriter should be able to justify the requests they make. Are we not professionals? Do we not deserve the respect of holding a Certification? Does the Underwriter have to become an appraiser before they become an Underwriter? Seems Like it!! Is there any recourse against the underwriter with out damaging yourself?
This profession needs an overhaul from A to Z!
 

Roseybike

Sophomore Member
Joined
Jul 25, 2007
Professional Status
Certified Residential Appraiser
State
North Carolina
I know I know, just justify what & why you did what ever and move on. Yep, I wonder why the lenders are even getting and apprisal done by an appriaiser........who knows. I can not tell you if it "hurts me" or not, but I do a d**m good appraisal and will justify my position however, if I do not feel a need for additional support I will just say so, and if I do, they do not have to ask because I have already put in 4-5 etc comps to support.
 

resiarppa

Freshman Member
Joined
Dec 18, 2007
Professional Status
Licensed Appraiser
State
Rhode Island
god- i think not, perhaps the brother of jesus

I woudl like to trade hats for a day and review UWs...
 

Obsolescent

Senior Member
Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
I woudl like to trade hats for a day and review UWs...

No kidding. Here's mine from the other day.

"Comp 2 is not a comp because it has a room addition."
"Comp 6 is not a comp because it is a listing."

My subject is a top to bottom rehab.
"Appraiser to comment regarding the differences in the comparables' interior. How can interior be commented on by appraiser unless appraiser inspected the interior of each comparable and took photos of their interior."

Argh.
 

Doug Trites

Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
There is no education requirements for being a U/W. If I feel the request is wrong, I will either tell them that it can not be done, or I will not do it, or that this is stuided and the fee for the addtional work will be zzz. Most of the times that I have talked to the U/W by the end of the call, they had removed the request and life was good.
 

Apraysr

Sophomore Member
Joined
Nov 29, 2007
Professional Status
Certified Residential Appraiser
State
Ohio
the underwriter is the only one that is not licensed in the whole mortgage lending process. makes ya feel good doesnt it? All this time of training and licensing, and you have a street entry person telling ya what to do. Got to love this business.
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I don't get too many silly requests like that anymore, probably because I've dropped all of my loser clients like that.

There's no way that I would run my business in such an open-ended fashion where I agree to let them change the rules after the fact and come up with additional requirements other than what they ordered in advance. A demand for more comps is what exceeds their initial 'order' to use the 1004 form which has space for 3 comps. If they want more then they have to pay for it. Same with all the other fields on the form.

The market has obviously changed for the worse and far too many clients still order a 1004 summary appraisal when they actually need something more substantial. Yet, they refuse to pay for it, so why give it to them for free???

As far as other silly requests, simply ask them where in the Fannie guidelines their requirements are. If they can't cite the reference then you've already provided them with what was required.
 

JoeB

Thread Starter
Member
Joined
Jun 1, 2006
Professional Status
Certified Residential Appraiser
State
New York
I cited FannieMae XI 406.02: selection of comparable sales.. She said "I dont want to argue" Thats it. God has spoken. ...and I tend to agree with Pat..poor clients breed that type of underwriter treatment.
 

Annelle

Junior Member
Joined
Jan 26, 2004
Professional Status
Certified General Appraiser
State
Arizona
I ask for the lender requirements and conditions of the apprasial in writing before I do the appraisal. Seems to reduce extra requests.
 

Jan Roseberry

Senior Member
Joined
Sep 25, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
This has been effective for me --

"With the exception of revisions made for the purpose of correction of appraiser errors, appraiser does not anticipate further development or reporting requirements for this assignment. Any additional requests may represent a change in the assignment conditions and require development of a new assignment. Therefore, any additional requests must be in writing and may be subject to additional billing."
 
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