Limiting Liability Folder

[Don Clark]

I am starting a folder in which I am going to keep copies of all letters I receive that aske me to do Comp Searches, or include statements to the effect "we must have $xxxx, please notify us if value will be lower", or any such statements of a similar language. I will also keep copies of all orders that contain any remarks about any attainment of any value with the exception of a stated sales price in a sale.
This folder will also contain any articles such as the wall street journal article of 12-13-2002 mentioned elsewhere on this forum. It will also contain a VA letter that applies for the time being only to my part of the country. It is a program where the lender can instruct the appraiser to notify them if the value is going to be lower than the sales price. This program then allows the lender and realty agent the opportunity to give the appraiser any new comparable sales they want considered, and the appraiser has 2 days in which to respond. It was developed due to agent pressure on lenders and the VA claiming that VA appraisers were low balling values in a rising market. I will include every letter, article, notice, order of any sort that pertains to the subject along with any cautions sent by my E & O carrier.

Why have such a folder? When the Sushi hits the fan in the next year or so, I want to have some defense. I wasnt to be able to show the degree of intimidation that I have worked under for several years.

Along with all the above, i am going to have a copy of the appraisers petition available on this forum. It will also include the FHA Appraiser Watch program.

I will include every request for reconsideration of value, and all notes, fax, or other communication from lenders and agents in regards to same. It will also include a very large form printed in the local newspaper by the mortgage bankers association that ask agents to fill out the form if they are having problems with appraisers not hitting the sales price.

As a long ago and almost forgotten period of time in the Boy Scouts, I have always believed in being prepared. I sugguset you might wish to do the same.

Any other ideas on what the content on such a file/folder might contain would be welcome.

Don

 

[Terrel L. Shields]

And VA is supposed to be better because it has a Roster?

Only supports my contentions in my lastest post concerning FSA and FmHA lending.

 

[Mike Garrett RAA]

Don, I don't have to have a folder....EVERY order I receive from the conventional market has it on there somewhere. I can just go to my work files and there they are!

The HUD/VA 1805 has the sales price (item 34) or refinance amount (item 35) right there, don't you think this is "influencing the appraiser"?

Until the secondary markets issue guidelines and regulations to the lenders, brokers, and loan officers...this will never stop. While I don't want to go so far as to create a federal agency to act as an appraiser clearing house for all appraisals...USPAP should apply to no only appraisers but to users of appraisal services and it should be illegal for the above mentioned to attempt to influence an appraiser.

 

[Jim Bartley]

It will also include a very large form printed in the local newspaper by the mortgage bankers association that ask agents to fill out the form if they are having problems with appraisers not hitting the sales price.Don

Don,

THAT is truly amazing! Could you please tell me which paper this was in. I would like to get a copy. Thanks

 

[Jeff Horton]

Good idea Don. I had an idea I posted in another thread that was ignored but I think goes along these lines, well sort of anyway.

Seeing as we all have stories of lender pressure and the like why don't we gather all these stories up and send them to Fannie Mae or someone? I don't know who exactly to send them too but if appraisers would get their stories together and keep sending copies to the right people maybe eventually it we could see some change.

Maybe we could set up a web site for us to post the stories too? Or someone would be willing to set up an email address to collect them? I am open for ideas. We are all pretty good at complaining (self included) so lets get pretty good at doing something.

Anyone have any ideas?

 

[Don Clark]

This was in the Virginian pilot (www.pilotonline.com) in the saturday 12-14-2002 Real estate Weekly section. If you would like, send me an e-mail and your Fax number and I will e-mail to you.

Don

 

[Carol]

Jeff, there is a web site "The Resource for Predatory Lending Opponents".
We could set up our own site, give it some appropriate title and let it be a clearing house for documentation, published news artlcles and personal accounts or whatever. Then we could refer the proper authorities to this site in addition to other efforts. Just an idea.

 

[Jo Ann Meyer Stratton]

I heard a rumor that Clint Chappell with Fannie Mae in the Washington, DC office is handling the predatory lending and appraiser number hitter situation. His email address at one time was [email protected], you might try that out.

 

[George W Dodd]

I've been thinking lately about having the phone answer with "this call may be recorded for quality contol"

Might be interesting just to gauge the reponse

 

[Jeff Horton]

Thats not a bad idea Carol. I would like to hear more ideas. Maybe I need to start a new thread on this. However the one thing I am seeing is that no one really want's to do anything but complain.