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Is you is or is you ain't?

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Will Granger

Thread Starter
Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
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)
 
A

Anonymous

Guest
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

Thread Starter
Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Walt,
I think you nailed it. Unfortunately, money will always talk.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
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)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I can't resist, Walt. Why is a 2055 not an appraisal? Did you mean a 2075 or 2070 or 90210?
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
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

Senior Member
Joined
Feb 2, 2002
Walt --

Read the conditions attached to your 2055 and 704 appraisals!

Whatever it says it is, it is...

That's what "is" is!
 

jtrotta

Senior Member
Joined
Jan 16, 2002
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)
 
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Anonymous

Guest
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.
 
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