Lender Pressure?

[Colleague]

Todd, I do appreciate your feedback. The broker is a woman and she never once told me to not worry about it if it did not appraise "as close to $320k as possible" Again, you don't know the history with the mortgage broker and It's OK with me to agree to disagree...I just feel like some colleagues are not being open minded and are rushing to judgement. I'm not mad at you and hopefully you are not mad at me. Life's too short. I'm also not losing sleep over losing this client because most all her loans were cash out refi's, so I wouldn't call it good business.

 

[William Rightsell]

I just wanted to know - what it was like working with Adam West?

Good one....

 

[Kevin Mc]

There you go......

You should not be jumping to conclusions...

Nor should you. I think most people understand where you are coming from with this however my position is ALWAYS I cannot form an opinion of value, nor will I discuss value until I have inspected the property and comparables. You stated it was a cash out refinance. What if the sceanrio was such that if you appraised the subject for $310K....perhaps the transaction would still go through with just a bit less cash than the borrower was hoping for. I think you jumped the gun and shot yourself in the foot in doing so. I NEVER discuss value with MBs until after the fact, to do so is irresponsible,a violation of USPAP and bad for my checking account...Just my 2 cents.

 

[Colleague]

PL, you must be a secret agent the way you are hiding behind your identity.

 

[TC]

I just wanted to know - what it was like working with Adam West?

Holy Dictionary, it's Burt Ward, Batman!!!


TC

 

[Colleague]

TC, you are a funny guy. When I grow up I want to be just like you.

 

[Mr Rex]

Bert, what the heck is wrong with a cash out refi? Seems you have decided which loans are OK and which aren't. Doesn't really matter if its a 120% HELOC or a 20% LTV purchase, the value is the value. MB are the devils first cousin in a lot of cases, but you have mentioned cash out refi more than once (I think) as if there is something wrong with that. If you listen to the economic news, that whats driving the economy right now.
Not trying to rile you up or anything, I just find it odd that you have some kind of negative vibe for cash out refis.

 

[TC]

TC, you are a funny guy. When I grow up I want to be just like you.

You can do better than that Robin, I'm only a scumbag residential appraiser. :new_all_coholic:

TC

 

[Colleague]

Mike, there is nothing wrong with cash out refi. However, more often than not, the mortgage brokers (as in this case) are pushing to appraisers to appraise homes for more than they are worth. Everthing is fine unless the home goes into forclosure and then we start talking about what is happening in Colorado and Florida right now.

 

[Bill_FL]

PL, you sound like a mortgage lender. The fact is the people who were trying to sell their home and exposed it on the open market for 6 months. The market proved it was not worth $320,000. There is no bias here. Had it been worth $320,000 someone would have paid them $320,000. If you don't understand this then you don't understand the Sales Comparison Approach, which is based on what other people are "paying" for similar properties.

Bert

Fist, I hope you made a work file. When you told the MB that it was not worth $320, you made an appraisal.

Second, what is typical marketing time for a similar proeprty in the area? I could easliy understand why it wouldnt sell with some of the seller scenarios someone else mentioned. You might have jumped the gun on this one.

That said, the MB is playing games, and I dont like that.