Let The Borrower Pick The Appraiser

[ucbruin]

Let's suspend reality.....

Once the lender and borrower agree to loan terms.....
The lender provides the borrower with a list of say 5-10 approved fee appraisers located within the subject's location....
And it will be the borrower's responsibility to call and interview the appraisers on the list and decide which appraiser to "hire"....based on fee, due date (obviously the due date will have go reflect rate locks), appraiser's personality, availability, etc......

If that could happen would appraiser be at peace with this system???

 

[Howard Klahr]

If that could happen would appraiser be at peace with this system???

No

 

[ucbruin]

No

Why????

 

[Howard Klahr]

I really need to explain to you why the appraisal assignment performed on behalf of the lender shouldn't be selected by the borrower?

 

[ucbruin]

I really need to explain to you why the appraisal assignment performed on behalf of the lender shouldn't be selected by the borrower?

What's the issue???
The list of appraisers are all part of the lender's approved panel....

 

[Howard Klahr]

What's the issue???

Why don't you go back and re-live the 1980's

 

[ucbruin]

Why don't you go back and re-live the 1980's

That's not an answer....
That's not even a bad pivot....it's a poor pivot.....

It seems to me that many appraisers on the AF have expressed the opinion that AMC/lender are keeping fees and turn times low and short, respectively....

I'm not talking loan reps picking appraisers....
I'm talking borrowers picking appraisers from a list of appraisers on the AMC/lender approved list of appraisers. Those appraisers located in closest proximity to the subject.

Appraisers get a chance to pitch service to the homeowner...
Negotiate a fee....
Negotiate a due date....
What's not to like?????

 

[Terrel L. Shields]

What's not to like?????

Almost everything. Surely it doesn't need to be explained but for one thing it violates bank regulations that have been in place a very long time.

 

[ucbruin]

Suspend reality....

 

[hastalavista]

OK, let's play the what-if game and assume such a process could be enacted.

So you'd prefer to not bid your services to a lender that, believe it or not, is more concerned about credible assignment results and regulatory compliance and will continue to be in business if they don't make that specific loan...
vs.
Bid your services to the homeowner for a financial transaction that is, in most cases, very significant to them and involves a high level of emotional factors?

I'll take door number one each and every time.