- Jan 11, 2008
- Professional Status
- Certified Residential Appraiser
As the market has gotten worse and worse, the more desperate mortgage lenders/loan brokers are becoming. I have several requests lately from loan officers, who, until recently, were always honest and ethical in their dealings with me. It is really sad and disappointing to me...the requests made to me were as follows: 1). I appraised a property for an FHA refinance transaction and at the time of the inspection the owners were in the process of constructing a small addition oin the rear of the house and had just gutted the kitchen in order to completely renovate the kitchen. Of course the homeowner failed to tell me or the loan officer this prior to the inspection. I informed the loan officer that I would have to make the appraisal subject to completion of the rear addition and kitchen. The loan officer asked me to ignore these items and make the appraisal report "as is". I told him that I would not do this and even if I wanted to do this, it would never get past underwriting due to the rear picture of the house, which showed an uncompleted addition. The loan officer told that alll I had to do was take a picture of the rear of a neighboring house and use this. Naturally, I told him to go pound sand and I had a sit down with him to tell him that him that what he was trying to do was just not worth the risk. I don't think that he is bad guy and I may have even gotten through to him, since although he was ****ed at me, I still seem to be getting the bulk of his appraisal work (he works for a bank that has a panel of aproved appraisers which is not a huge panel, but there 3-4 other guys he is authorized to use in my area).