Lender requesting removal of verbiage

[Caterina Platt]

My report currently reads: The two page document dated 6/20 was submitted to the appraiser for analysis. No atypical terms in the agreement were noted with the exception of the Ameridream Contribution of $12,000. In the contract analysis section.

And this in the section pertaining to concessions:

Seller is to contribute $12,000 to The Ameridream Foundaton for the benefit of the buyer's closing costs and downpayment requirements.

The LO is stating thier underwriter requires only this verbiage in the section regarding concessions: Seller is to contribute $12,000 to The Ameridream Foundaton.

Seems to be a problem regarding my statement about the buyer's downpayment and closing costs. This shouldn't be a problem in my book.

Am I being stubborn regarding not removing the verbiage? Note: this loan officer has been very shaky. Word has it she re-wrote the purchase agreement (I kid you not. Took the contract matter into her own hands and took the buyer/seller from a Realtor's approved form to her own 2 page quickie. The Realtor was floored. Practicing real estate without a license from several states away.) The LO moved the closing date up two weeks for her own benefit (no one else needed to close by 6/30 but it HAD to be moved says she). I don't trust this woman as far as I can throw her. She won't put the request in writing, can't show me the underwriting guidelines that supposedly require this, but demands the change.

 

[PropertyEconomics]

My report currently reads: The two page document dated 6/20 was submitted to the appraiser for analysis. No atypical terms in the agreement were noted with the exception of the Ameridream Contribution of $12,000. In the contract analysis section.

And this in the section pertaining to concessions:

Seller is to contribute $12,000 to The Ameridream Foundaton for the benefit of the buyer's closing costs and downpayment requirements.

The LO is stating thier underwriter requires only this verbiage in the section regarding concessions: Seller is to contribute $12,000 to The Ameridream Foundaton.

Seems to be a problem regarding my statement about the buyer's downpayment and closing costs. This shouldn't be a problem in my book.

Am I being stubborn regarding not removing the verbiage? Note: this loan officer has been very shaky. Word has it she re-wrote the purchase agreement (I kid you not. Took the contract matter into her own hands and took the buyer/seller from a Realtor's approved form to her own 2 page quickie. The Realtor was floored. Practicing real estate without a license from several states away.) The LO moved the closing date up two weeks for her own benefit (no one else needed to close by 6/30 but it HAD to be moved says she). I don't trust this woman as far as I can throw her. She won't put the request in writing, can't show me the underwriting guidelines that supposedly require this, but demands the change.

If the original contract verbage says its to benefit the buyers downpayment and closing costs Id definately leave it in your report. The original contract is a legally binding document that she cannot change at her whims. Perhaps the Realtor would like to find a new lender ... bet she would change her tune then ... what say yee?

 

[Carnivore]

Caterina,

You are an experienced and well respected appraiser at this forum. You know when something is fishy or just doesn't seem right.

Hold your ground.

 

[Webbed Feet]

Ms. Platt,

Two can play that game. Verbally tell her because she will not place her request in writing and can't show any underwriting guidelines (not that this matters Ms. Platt as underwriting guidelines do NOT supercede your duties to not cause misleading appraisal reports.), that you never had any such conversation with her. You know this to be a fact because if you had of ever had any such conversation with her then she would have been required to place it in writing and you have no written document regarding any such request. So have a nice day lady L.O.!

You know what you have to do and not do.

Webbed.

P.S. If all your information is accurate, this loan officer is damn lucky that I was not one of the Realtors involved. Interfering with an agency relationship of mine in a manner like that would have me immediately on the phone with all the pertinent governmental departments.

 

[LordofTexas]

If you've ever wondered who will last longer: the pushy underwriter/lender, or the appraiser. Well, I've been doing this 25 years and my track record is:

First Lender Appraisal Job with Cal Fed of 8 years, they're gone.
Second Lender Appraisal Job with American Savings of 6 years, they're gone.
Third Lender Appraisal Job with Washington Mutual of 9 years, almost gone.
Fourth Lender Appraisal Job with United Pacific Mortgage of 1 year, they're gone.
Fifth Lender Appraisal Job with Capital Six of 3 months, they're gone.

Hold your ground. If the duck quacks, shoot it.

 

[Lobo Fan]

If it is an FHA appraisal I would call Denver and get a ruling. I thought Ameridream was an FHA program. I also thought that FHA was clamping down on these nothing down programs. Just a thought. How's it going Cat?

 

[Caterina Platt]

Well Lobo, they're not dead yet. Not that FHA is happy about them, but they haven't yet sufficiently killed them.

I did call the HOC as some of these replies were coming in. Thanks to all, BTW. Some days you just wonder if you're dying on the wrong hill. Apparently not in this case.

Luck of the draw, I got my 'favorite' person in the Appraisal department in Denver. This is a rather loose cannon lady I've dealt with before. She's stated things like cash sales aren't good comparables, tried to nail me to the wall last year on a reconsideration of value issue over $500 (total BS situation caused by WF, but that's another long story). I was doing what I should have been doing, and ended up going over her head and got an apology later.

Anyway.......her latest is, in our non-disclosure state, we FHA appraisers are EXPECTED to have an AVM program such as Corelogic to make sure we have the best sales. No matter how I tried to explain that public records will never show the transfer amount, she seemed bent that these AVM's would pick up on my private transaction sale and some appraiser out there would use it as a comparable.

What say the crowd on that one? Anytime I've seen an AVM report from this area, it's been complete fantasy. How in the h#LL is that considered 1) a reliable data source and 2) a verification source? Finally, (and I did ask her this one) where in the protocol or mortgagee letters can one find such a requirement?? She didn't have one, just that it was implied. <can you see my screwed up, WTF is that? face I'm wearing????> These people have the power to remove you from the roster. She flat out said there have been people from Texas claiming non-disclosure and that they didn't use X comparable because it wasn't available to them. It wasn't a good enough explaination. !?

 

[Michigan CG]

What say the crowd on that one?

I say have a cocktail and make a toast to yourself because you are one of the good guys...er...gals.

 

[LordofTexas]

Caterina,

That's one of the primary reasons I did not subscribe to RealQuest data for my area of Texas, non-disclosure. But, the AVM models that you can run from RealQuest sure can give you a value! Yep, albeit an averaged "tax assessed" value which sooner or later some mortgage broker, lender, or unknowing reviewer in another state can't seem to clue in on.

Here, if you ain't called the broker on the sales; you ain't doing your job. It was a nightmare reviewing other non-disclosure states last year when the market started to tank. It still is.

 

[Caterina Platt]

I say have a cocktail and make a toast to yourself because you are one of the good guys...er...gals.

:new_all_coholicon't have to ask me twice. Thanks, Tim.

Mr. Webbed,

Had I been that agent, in a heartbeat on the phone with the powers that be.

This was one of those, where if it weren't for a good agent and nice seller involved, I'd have turned down once this loan officer showed her colors. No one else involved in the transaction was trying to pull antics, or I would have had no problem walking away. Unfortunately, we may back out for all the right reasons from one of these, yet to our local customers and agents, it's a poor reflection on our own business. We look like weaklings if we do such. What a crummy position to be in. So we put on our armour and battle through it with them.

Here's to all us warriors. This is getting uglier every day, isn't it?