Let the borrower order it. The case for it.

[TC]

I made it very early on in this thread ... ALL appraisal reports done for mortgage lending purposes will be required to be reviewed by someone certified a minimum of five years. I dont care who orders the report.

Who pays for the review? I've heard some reviewers on this board state that they get paid more to do a review than an appraisal. Are we looking at a consumer forced to pay over 700 bucks to obtain a mortgage?


TC

 

[Hamlet]

Who pays for the review? I've heard some reviewers on this board state that they get paid more to do a review than an appraisal. Are we looking at a consumer forced to pay over 700 bucks to obtain a mortgage?


TC

$700 doesn’t sound exorbitant considering how many people got into their houses with no money out of pocket.

 

[TC]

$700 doesn’t sound exorbitant considering how many people got into their houses with no money out of pocket.

When I refied last year I wrote a check for 275 to my local bank for the appraisal. If they asked for 700, I'd be out the door.


TC

 

[Hamlet]

When I refied last year I wrote a check for 275 to my local bank for the appraisal. If they asked for 700, I'd be out the door.


TC

Why, do you only think an appraisal report is only worth $275?

 

[PropertyEconomics]

When I refied last year I wrote a check for 275 to my local bank for the appraisal. If they asked for 700, I'd be out the door.


TC

For that price you must have gotten the value you needed. :blush:

 

[Mike Boyd]

In my opinion, the ONLY solution is intensive education of loan officers. I don't mean a BA degree but intensive education of the appraisal process and the real estate market.

It is only natural for mortgage brokers and loan officers to not want to incur the expense of an appraisal....or to even pass the cost on to the borrower, if the appraisal report will not meet their needs. I blame the mortgage broker who hires the loan officers. The broker should belong to the local MLS and require that loan agents join also. Then, the loan officers should be trained on how to run comps....correctly.....not just look for some sale, anywhere, that appears to support the value they need to make the loan.

Then, before ordering an appraisal they should fill out a loan prospectus based on an honest evaluation and a REAL underwriter should review that prospectus. Only then should an appraisal be ordered. Loan officers should be salaried and no commissions involved.

So, it goes BACK to the mortgage broker. He or she makes the decision knowing that it is his money at risk if a less than honest appraisal is needed to make the loan fly. Take away the incentive for fraud and there should be fewer problems in the mortgage business.

 

[Mr Rex]

When I refied last year I wrote a check for 275 to my local bank for the appraisal. If they asked for 700, I'd be out the door.


TC

So was the Appraiser properly dressed for $275?

 

[TC]

So was the Appraiser properly dressed for $275?

Sport coat and tie, I was impressed.

TC

 

[TC]

Why, do you only think an appraisal report is only worth $275?

In my market, that's a good fee.


TC

 

[Mr Rex]

Sport coat and tie, I was impressed.

TC

Late model car and ID with glamour shot?