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Letter To Mortgage Broker

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PamPearsall said:
Thanks so much for your advice Matt and Pam!

I have decided go with Matt’s advise because it is more sarcastic.

If they were at least trying to be polite to me and requesting that I consider if these additional Sales were comparable then I think I would go with Pam’s advice.

On the phone yesterday the lady who claimed to be the office manager said among other things that they were going to review my appraisal and if they find anything they can get me on then they will proceed with the appropriate action. No honey at all from them all vinegar.

I guess I have to fire them as a client; hate that because things are so slow for me right now; but I know that clients like this spell T R O U B L E.


If what you say is accurate, you have been threatened with actionsl harmful and detrimental to your livelihood in exchange for participating in Mortgage Fraud. I would not hesitate to go to that persons boss and explain you are turning the entire matter over to the authorities.

Nicholas Durante
 
My most recent (read from bottom) where can I turn them in?

Then all 99% violate the law in accepting assignments with predetermined values and are liable for revocation of their licenses. You pay for an appraisal to determine the value, not determine the value you need and write a report to support it. I think maybe it's more like 9% doing it illegally. If that is how you do business please don't contact me further.

Rex Holtz <theloanguy@wi.rr.com> wrote: NO ONE WANTS TO PAY FOR AN APPRAISAL IF THE VALUE DOES NOT COME IN. 99% OF YOUR COMPETITORS COMP OUT.

THANKS

Rex A. Holtz Sr.
Vice President
The Mortgage Guys
N14 W23777 Stone Ridge Dr. #240
Waukesha WI 53188
262-347-0403 wk
262-347-0437 fx
414-628-7744 cl
theloanguy@wi.rr.com

-----Original Message-----
From: Information [mailto:info@areteappraisals.com]
Sent: Friday, October 06, 2006 10:01 PM
To: Rex A. Holtz
Subject: Re:

Rex,
It is illegal to accept an appraisal assignment under the condition of a predetermined value, this a direct violation of USPAP and Florida law.
I have to decline this order as would any reputable appraiser.
JC
You could order a desktop appraisal for a nominal fee or utilize any of the AVM's available on the web prior to ordering an appraisal, the records for AVM's in Florida are readily available.

"Rex A. Holtz" <holtzra@themtgguys.com> wrote:
I WILL PAY BY CREDIT CARD IF YOU CAN GET VALUE THANKS.

Rex A. Holtz Sr.
Vice President
The Mortgage Guys
N14 W23777 Stone Ridge Dr. #240
Waukesha WI 53188
262-347-0403 wk
262-347-0437 fx
414-628-7744 cl
theloanguy@wi.rr.com
 
Welcome John!!!

Please forward that email to me at: pec514 @ yahoo. com (remove the spaces)

I copy, paste, and send to many in regulation, lender & the GSEs QC & Fraud depts, etc.

You will not be involved at all, but that MB will have their files looked at much more closely and that address will have the mortgage file audited when it shows up.
 
Rex Holtz <theloanguy@wi.rr.com> wrote: NO ONE WANTS TO PAY FOR AN APPRAISAL IF THE VALUE DOES NOT COME IN. 99% OF YOUR COMPETITORS COMP OUT.

Rex is behaving like a loooooooser even if he is successful.....in the short run or mid term:new_smile-l:

Rex, your customers know you for how you behave. You will attract loooooser customers with a low life marketing plan.
 
(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.
 
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Leland: This LO appears to have a severe case of situational ethics. I think he lowered his tone when you demonstrated your willingness to run the regulatory gauntlet. It was an amusingly transparent conversion:)
 
Roger: It was sad to hear the our Economist, Milton Friedman, died. He was my favorite (and obviously...yours also).

What is needed in our profession is much more "give and take" with our clients PRIOR to accepting an assignment. Most appraisers are not fully aware of the goals and operations of a MB/LO and vice versa. Our profession promotes this estrangment and separation...in the name of objectivity and unbias. But, in my mind, we need open communication to understand the roles of all parties at the front end.

Sounds like October foreclosures are up big in many areas. Values are declining in many areas. Sale comps may be less useful in the future as sellers continue to offer substantial price reductions to move properties.
 
Zaio

What do we know about the goals of this appraisal organization? They seem to be growing exponentially. Is this the wave of the future?
 
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