(1) From: Leland Turner
Hi (Loan Officer’s Name),
Attached is the appraisal for the property at (Address of Subject Property). It has been my pleasure to serve your appraisal needs.
(2) Hi Leland,
Just for future reference, please try to help out the client by reading the order next time. We had indicated a call back request to confirm a value range from $340,000-$375,000. If you believed that we weren’t able to meet these numbers, then you shouldn’t have proceeded with the appraisal. Now the client is upset that you took her money, knowing well that we wouldn’t get the value, and I have a useless appraisal. She feels robbed from you and I cannot do a loan for her. I was hoping to develop business with you, but with such unethical practices, and I compelled to seek appraisal services elsewhere for my numerous orders I would have provided you. I have worked for over 7 years in the loan industry and no one has taken advantage of their skills over a client.
Also, your farthest comparables are being used to provide the value of this property and per appraiser guidelines; you have failed to compare value to those of closer range to the subject. That service was not provided here. I am sorry to be blunt, but you were blunt with me over the phone today.
Thanks.
(3) From: Leland Turner
Hi (Loan Officer’s Name)
Please feel free to refer me to OREA if your think I have been unethical. They have a complaint line and will be glad to get unethical appraisers off the street. Their address and phone numbers are;
Office of Real Estate Appraisers
1102 Q Street
Sacramento, CA 95814-6539
916-552-9000
(4) Hi Leland,
I actually apologize for my feedback. It seems that the client was devastated by the appraisal and felt abused, but in turn I am able to work with this appraisal. Whatever was said today, let us erase the history. Thank you for your kind feedback, and I would still be glad to use your services in the future.
Sincerely, (Loan Officer’s Name)
Here is a series of emails I had with a MB/LO. I sent the appraisal by email as I normally do. (1) The MB/LO reply (2) was answered (3) the MB/LO Apology (4).
I believe the email exchange is revealing, in that it shows the MB/LO is working a different side of the brain. I call it “Right-Side Ethics” vs. “Left-Side Ethics” One side of the brain is logical and rational and the other side is creative and artistic. Mortgage Brokers are required to be creative hence, the term “creative loans”. The appraiser is logical, hence the term “logical conclusion” many of these MB/LO don’t have the any concept about our role, as appraisers. Most think they are the client and we are employed to help them create a loan.
For the purpose of this discussion I’ll leave out the fact that some MB/LO as well as some appraisers are simply unethical. I used to find it disturbing, that the ethical MO/LO didn't recognize my role, but now I understand it to be a simple metaphor for the Yin&Yang of life, it is simply their different way of thinking/solving a challenge. There will always be tension between the “Right-side Ethics” and the “Left-side Ethics”, it is made inevitable by the different laws regulating our different industries.
PS: I haven't had any more orders from this MB/LO, but I don't miss them, good appraisers will always have work and my plate is very full even in this slow market. Currently, 20% of my work load is pre-foreclosure/forclosure assignments. I will continue to use my logical skills to solve underwriting challenges and they know it.