Is this what they call "lender pressure"?

[Doug in NC]

'I need at least $150,000 or more would be better for a home appraisal for my property, please do not contact us if you can't do this amount."

Got an email from some online company today. As much as I need the work, I'm not going to touch this one. Talk about pressure, they require a 3 day turnaround, and from the tone in the message they don't want to pay a normal fee for the work. I might consider giving them "fast" or "cheap", if not for the value requirement; but they definitely are not going to get both from me. You get what you pay for right? :evil:

 

[Caterina Platt]

On that note, you might appreciate this one.

Forwarded call from office rings on my cell, I'm out in the field measuring. Kinda frantic frazzled lady I've never spoken with, from an out of state company I've never heard of. Says she reaaaaly needs an appraisal yesterday and btw, can you hit $155K on this rather rural property? 'Hmm. I say. I would have to know more about the subject and do market research prior to any clue, and further, I don't do the appraisal prior to recieving the order. If I may ask, what has caused this urgency?'

Seems she got her appraisal and closed/funded the loan. Later she finally looks at the appraisal. This is hands down the worst case of "nobody reads our reports" I've heard of. She based the loan on a LTV with the value estimated at $155K, appraisal in hand states $142K 8O 8O Wonder who did the underwriting? No one perhaps?

 

[Farm Gal]

Doug:
Just tell 'em they can have

Fast, Cheap, or Right, Pick any one or two NO-body gets all three!
USPAP specifically requires we be right: the rest of the excercise is left to a client 'needs' test

!~
:twisted:

 

[Joe Birrell (NY)]

If these people could only hear themselves - it's incredible !

 

[Tim Hicks (Texas)]

They don't have to. They have too many mindless goldfish circling the fish bowl ready to deliver whatever is asked. They work on commission, they don't have liablity. They shop until they get what they want and it is way too easy!

 

[Stephen J. Vertin MAI]

Doug:

You need to turn the lender in. I am surprised at how many will say turn in an appraiser; however, let lenders slide. It does not do any good if one or two of us are willing to turn these scum balls in; however, if a number of us start doing it, it could have positive results. Bill Garber at AI has all of the lending investigators names and addresses. It depends on what type of lender as to who you turn it over to.

All you guys and gals willing to turn in appraisers should be more then happy to turn one of these buzzards over. It is my opinion we need to start attacking the source of this crap. Hit it where it starts. If you would like direction say the word. There are a number of people on the forum who will help with directions.

Think of it this way, you could be saving some poor appraiser a lot of grieve in the future because he/she was weak or he/she had to make the car payment and business was slow. Think of it as removing temptation from the market. It would be a great service to all of us in many ways.

Steve Vertin

 

[The Bob]

Stephen,

Who would you suggest we turn them in to?

 

[Karl]

Start with Attorney General - Bankin Commisioner-Governor - Senators - Congess Person - News Reporters - Some of the GOOD Mortgage Co's Hey anybody got other places Jump In. How about Your Appraisal Boards?? Show em the pressure!!

 

[Stephen J. Vertin MAI]

JimBob:

That is a very good question. The answer depends on the lender. For example, if the lender is a Federally Insured Bank you turn the matter over to the Federal Reserve or the FDIC. If it is a mortgage broker you turn it over to the licensing agency in your State. If it is a State Bank you turn it over to the Office of Banking. Bill Garber gave me a website address sometime back. You typed in the name of the lender and it tells you its regulator. I put a call into him this morning to get the address. I have since lost it. I will provide it on this string as soon as he gets back to me. Furthermore, Bill is a wealth of information on the subject and a nice man. You may want to call or write him.

Bill Garber
Director, Government Affairs
202-298-5586
bgarber@appraisalinstitute.org

Karl, AI has set it up so you do not even have to look up your elected representative. They have a grass roots movement site that gives you all the info. You do not have to be a member to use the resource. It is free to anyone. Here is a link to the site.

http://www.appraisalinstitute.org/govtaffa...irs/default.asp

Steve Vertin

 

[Stephen J. Vertin MAI]

Bill called back. Here is the site address that I talked about in the above post.

http://www.ffiec.gov/nic

Steve Vertin