Is you is or is you ain't?

[Will Granger]

A friend of mine faxed me this letter from a lender to a borrower. I won't mention names.

"Dear Client:

Congratulations on the successful completion of your mortgage transaction. We appreicate your business.

Enclosed please find a copy of your property appraisal for your records. Please note that not every property appraisal has a value listed on the appraisal. In many cases, the computer determines the value, while the appraiser validates the findings.

It was a pleasure working with you on your mortgage........"

Say whaaaaaaaaaat? I think I'll scan this in and send it to Kenneth Harney, the sydicated columnist, who has not been our friend until MOTIVE (Mortgage Originator Technical Information Valuation Estimates).
Have a great eday!

Will Granger, RFV (Residential Findings Validator) 8)

 

[Anonymous]

This is just a thought but shouldn't we as appraisers define what is and what isn't an appraisal! Allowing lenders or anyone else to call an automated value gimmick an appraisal will not advance the interests of professional appraisers.

Each time that I do a 704 or a 2055 or any other shortcut form job I state that an appraisal has not been completed.

 

[Will Granger]

Walt,
I think you nailed it. Unfortunately, money will always talk.

 

[Ben Vukicevich SRA]

Hey Walt,

Wait till the USPAP gurus on the forum get through with you.

You said: Each time that I do a 704 or a 2055 or any other shortcut form job I state that an appraisal has not been completed

Everytime we open our mouths, it's an appraisal thanks to USPOOP.

Have a nice Memorial Day Weekend

Ben ( The guy 6 towns down from you, just off the White Horse Pike)

 

[Tim Hicks (Texas)]

I can't resist, Walt. Why is a 2055 not an appraisal? Did you mean a 2075 or 2070 or 90210?

 

[jtrotta]

Wil
a classic in every way, shape, and lender 8O

8)

 

[Farm Gal]

It's OK Walk: I got it :lol:

Gentlemen

Each time that I do a 704 or a 2055 or any other shortcut form job I state that an appraisal has not been completed

Added emphasis mine.

 

[Larry Lyke]

Walt --

Read the conditions attached to your 2055 and 704 appraisals!

Whatever it says it is, it is...

That's what "is" is!

 

[jtrotta]

Larry
bet there are people in DC, that wish they knew where you were a couple of years ago - "is", those two little letters have caused a lot of damage over the past couple of years. Interesting how much strength it has.

8)

 

[Anonymous]

Larry,
Do you remember when the 704 form said that it was to be used for home improvement loans of $ 15,000 or less? If a company wants me to fill in a form for a low fee I will, but I won't call it an appraisal.