Lender forced to buy back loan from fannie mae

[Terrel L. Shields]

Did that make you a hostile witness?

It didn't please me any too much...but the court reporter was cute... [this was a tele-conference deposition. The lawyers were in Little Rock. I met the Court Reporter who was from Tulsa in my hometown. I bet she knocked down some change. Charged by the word...and there were two hours of this.]

 

[Kim Whiting]

Brought this same thing up 7 months ago.......intended user was never fannie but they got their hands on it somehow because the original Bank I did it for went bankrupt. Some credit union bought the loan then tried selling it to fannie who said no way.......for trumped up reasons I could never even rebutt!!!! Boycott fannie is the ONLY solution. Ever since boycotting fannie my health has improved 100%. I absolutely don't miss those revisions coming back 15 times.....

 

[factsandtruth]

Brought this same thing up 7 months ago.......intended user was never fannie but they got their hands on it somehow because the original Bank I did it for went bankrupt. Some credit union bought the loan then tried selling it to fannie who said no way.......for trumped up reasons I could never even rebutt!!!! Boycott fannie is the ONLY solution. Ever since boycotting fannie my health has improved 100%. I absolutely don't miss those revisions coming back 15 times.....

Kim...I can imagine it's alot less stressful.

 

[Joyce Potts]

Brought this same thing up 7 months ago.......intended user was never fannie but they got their hands on it somehow because the original Bank I did it for went bankrupt. Some credit union bought the loan then tried selling it to fannie who said no way.......for trumped up reasons I could never even rebutt!!!! Boycott fannie is the ONLY solution. Ever since boycotting fannie my health has improved 100%. I absolutely don't miss those revisions coming back 15 times.....

Read Cert 23.

 

[Joyce Potts]

The client and intended users are NOT a rock solid defense against any litigation, either criminally, civilly or regulatory. Get real.

 

[Terrel L. Shields]

The client and intended users are NOT a rock solid defense against any litigation, either criminally, civilly or regulatory. Get real.

Nope, but it got a lot better with that recent ruling Privateer brought up in AZ....Privity is a real defense.

 

[Joyce Potts]

Nope, but it got a lot better with that recent ruling Privateer brought up in AZ....Privity is a real defense.

Cite the source, please, but the name of the game is who has deeper pockets to see who folds first. Besides I've got Federal case law that states otherwise.

 

[Pittsburgh Pete]

If the OP has revealed that the E&O Binder page was part of the appraisal report, this is a prime example of why that should NEVER BE INCLUDED.

Quit putting that document in reports. And also quit putting a FULL SIZE copy of your license in reports.

Neither of these have anything to do with loan underwriting.

You're 1/2 right. No need for the E&O Binder (it's presence or absence won't impact whether one gets sued or not). However, I would think the loan underwriter and everyone else involved in the process would want to know that the appraisal was prepared by a licensed/certified appraiser.

Your hair dresser, dentist, etc. has their license framed on the wall for all to see. No difference.

 

[Delta85]

I agree with putting a copy of your license in reports. What is the downside to doing that?

 

[Terrel L. Shields]

Cite the source, please,

http://appraisersforum.com/showthread.php?t=203491

You can't keep anyone from suing you. I was sued with the claim that the plaintiffs "relied" upon my appraisal....only fly in that ointment was that I didn't do an appraisal of the place until 4 days after the property closed. The bank discovered at closing they had forgot to order the appraisal but closed anyway. (The property would have went into default and they were toting that note too, so they were going to make the loan regardless the value.)

That in itself does not keep a suit from going forward. Nothing does until the judge rules otherwise. But the two defenses for an appraiser commonly are privity and statutes of limitations.