Have an LO that keeps asking me to tell her what various properties are worth without ordering an appraisal this week. "I don't know. Could be somewhere between $10,000 and $500,000."
Had a Realtor ask me if I knew the difference between a purchase appraisal and a refinance appraisal. "There is no difference." He though I was an idiot since everyone knows the refi appraisal is always higher than the purchase appraisal.
Listened to a LO talking to borrowers while I'm doing the property observation. The son and daughter understand english, the parent/borrowers do not. LO tells them what they are going to borrow and that the appraisal will be $zzz,zzz. Huh? I don't know that yet, how did she????
Many more stories this week, but I'm going out to dinner now.
I couldn't help but notice in the 3rd paragraph of the first link.
"MBA believes that reputable lenders do not engage in the practices cited above because lenders have a strong economic and legal interest in ensuring that an appraisal is accurate and that they lend no more on a property than what the property is truly worth. "
Shouldn't they have put the word "reputable" in italics?
I think the Reputable part is from school. LO's go to the same school, for the most part, of ethics as the accountants for ENRON and worldcom.
The best answer I've heard for a value was from Mark. Customer called and asked him, How much is my house worth?
He hesitated about 2 seconds. "About $zzz to me." (His appraisal fee).
He got the appraisal too.
Not quite sure what is happening but 18 assignments in the past 8 days...half of them from unknown out of state lenders and all say ......."if you can't get the value, stop and call us". Turned down 6 requests in the last three days for "comp searches". I have been faxing them Opinion 19 with the comment...."this applies to users of appraisals". Usually don't ever hear from them again.
1. No free comp searches
2. You can say what you want on the order form BUT I will not stop if the value isn't there. You ordered it...you get it...and you pay for it.
3. If you are from out of state and not an existing client of mine, it's COD.
4. 2055s with interior inspections are the same price as 1004.
5. If you need it in 3 or 4 days...find another appraiser.
6. Don't call me every day for a status report, when it's done I will call you.
Would you believe the orders still are piling up! God bless America!!!
1) Whats a comp search :?: you mean your ordering an appraisal- oh you want something for FREE - so do I - heres an address to send my mortgage pymnt. to, then we can talk business.
2) Will stop at anytime, but what must be included on the order form is a "minimum" Fee payable of $250 or we go nowhere.
3) All Fees are Cash At Inspection - checks are excepted, but you'll only get the report AFTER the check clears.
4) Single Family is a standard Fee - you choose the form you would like it on.
Am prepairing some new additions and have begun implementing already and the everyday fax people will get cut off. They don't even pay attention when I bring them up to date- tere at the point of being "twice baked" in my book - which means their overdone.