Lender Guideline Against Value Requests?

[tommcsherry]

I have called, I have wrote, I talk to my state and federal elected people, I have called all the major papers in the area. The radio and TV stations. No one seems to give a hoot.

Ray...did anything ever come of that complaint we sent in?

 

[Bill Rose]

There seems to be only one way left to get the message across. Stop appraising. Boycott the mortgage industry. Of course, this is impossible for those who rely on it for a living, but not for those who have another income.

 

[tommcsherry]

I'll keep running an appraisal/property management business

Bill...just curious how you're going to do this if you sent your license back into the state?

Recently noticed work load for this particular client was very fast declining. Spoke with *head honcho*. At first it was denied - but then admitted that LO were now allowed to choose their appraiser

Caitlyn,
As a parting shot across the bow to these folks, you might remind them that allowing their loan officers to select teh appraiser is in direct violation of the OCC guidelines (as referenced in the above letter). Send them a copy with that area highlighted....they'll get the hint....

 

[Otis Key]

Caitlyn - ask the "head honcho" for a copy of that appraisal from several years ago. You want to see if maybe you missed something. WHAM! You've got Mr. "Beneficial" appraiser. You've already lost the client so it's not going to hurt any work you might get in the future, since you said it's dropped off to nill.

 

[Bill Rose]

You don't have to have an appraiser's license to hire appraisers.

 

[tommcsherry]

So, you were serious.

 

[Bill Rose]

Sure. It's called free enterprise. I can start any business without having performed the work myself. If you hire an accountant for your business, do you have to be a CPA? No. It's called Management.

 

[tommcsherry]

No...I meant about turning your license in.

 

[J in Florida]

n Florida Statues chapter 494.0072 of the Mortgage Brokerage and Lending law it states:

"q) Commission of fraud, misrepresentation, concealment, dishonest dealing by trick, scheme, or device, culpable negligence, or breach of trust in any business transaction in any state, nation, or territory; or aiding, assisting, or conspiring with any other person engaged in any such misconduct and in furtherance thereof."

The appraisal law, Florida statutes chapter 475.624 part 17 describes as a violation... "17) Has accepted an appraisal assignment if the employment itself is contingent upon the appraiser reporting a predetermined result, analysis, or opinion, or if the fee to be paid for the performance of the appraisal assignment is contingent upon the opinion, conclusion, or valuation reached upon the consequences resulting from the appraisal assignment. "


I am by no means an attorney, I just play one on TV tongue.gif , and I might be reading more into this, but could this be the connection we are looking for? Since contingent assignments appear to be by definition illegal, would it not be a violation of FS 494.0072 to ask an appraiser to violate FS ch 475.624 by basing the appraisal assignment and/or compensation contingent on the attainment of "the magic number"?

 

[Bill Rose]

I think you've got the wrong thread.