New Underwriter Stupidity

[Mark A Rewbury]

I did an appraisal on a newly constructed dwelling. The previous sale was $40,000 for the vacant land. The appraised value of this newly built home was around $250,000. I received a stip to go back and take interior photos since the UW was baffled that this property increased in value by $210,000 in one year.

 

[TC]

I did an appraisal on a newly constructed dwelling. The previous sale was $40,000 for the vacant land. The appraised value of this newly built home was around $250,000. I received a stip to go back and take interior photos since the UW was baffled that this property increased in value by $210,000 in one year.

Gotcha beat, Mark. Had to explain to a UW why a property that sold for One Dollar had increased to $250K in 3 years.


TC

 

[TJSum]

The sad part is, the UW is probably making more money than we are!

From what I hear, UW don't make much money at all...

 

[tjcou812]

You guys and girls just crack me up. After a long day I needed to laugh .
Thank you all!!!

 

[TXCBoy36]

Yeah!

And why they don't require them licensed I'll never know. Perfect example.

I completely agree and then they will not allow us to speak to these UW, which is suspicious also.

The whole thing is stupid..but that is my opinion.

JC

 

[JFulmer]

I had a condition from a lender here that asked for:

Appraiser to comment if home can be rebuilt if home is 100% destroyed. Subject is legal non-conforming grandfathered use.

So I quoted their direct text in my addendum and added:

This was addressed in the original report under the Zoning section. Please see the original report.

20 minutes later the LO forwards me the UW's reply e-mail to my addendum and it said:

I saw the addendum, but the appraiser did not comment on the condition.

Please have the appraiser comment on the condition in another addendum and forward it to me.

When I saw that I about lost it. I called the LO and asked why the UW did not feel like reading my addendum. I told him the report did not end at the bottom of page three (although we know thats what they think). I told him that I would have to charge him for the additional work to RESTATE what I already had done.

10 minutes later the UW responded with: (This is the best one yet)

Ok, I found it. It was in the middle of the report. I did not see him reference that in the addendum he just sent!!!!!

So not only did the UW not read the addendum, they didn't read the next addendum I sent them telling them to READ the addendum.

And they wonder why there are more REO properties now than ever before.

-J m2:

 

[Pamela Crowley (Florida)]

Hey, if your appraisal report was 'converted' by that third party software, your comments very well might not be there anymore!!!!!

 

[Lost Cause]

Hey, if your appraisal report was 'converted' by that third party software, your comments very well might not be there anymore!!!!!

Every time someone writes complaining that an underwriter can't find something in an appraisal report, that is the first question that comes to my mind. Does the underwriter have the complete report as originally written?

 

[444nutman]

I got a great one to add. I did an appraisal of a home with small GLA on 3 AC a couple weeks ago. I get the stip back that they need a home of the same GLA within a mile. I had addressed the issue in the report. The UW told me they were going to get another appraisal because I could not provide them what they wanted. I got an email today from the LO telling me they are giving the other appraiser greive for not providing a home with similar GLA within a mile. I went back two years and found nothing with that GLA.

 

[William K]

Just in from yesterday , my report states

" The subject is a custom built home designed by the owner who is an architect, and is located on 10 acres of land which they purchased 2 years ago. After an exhaustive search of MLS, and public records in the subjects market there were no recent comparable sales (within last 12 months) similar in size and located on similar acreage available for comparison"

Underwriters condition: "Appraiser to provide 2 GOOD comparables that are recent comparable sales (within last 12 months) similar in size and located on similar acreage as the subject"


My response:
" OK , YOU CAUGHT ME, I normally keep the GOOD comps for my GOOD clients but since you insist on me providing you 2 GOOD comps that I HAVE ALREADY STATED DON'T EXIST , I HAVE PROVIDED THE NEXT BEST THING WHICH IS THE SAME 5 COMPS IN THE ORIGINAL APPRAISAL REPORT IN REVERSE ORDER, I HOPE THIS NOW MEETS WITH YOUR APPROVAL AND I WILL FROM NOW ON PROVIDE YOU WITH ONLY THE GOOD COMPS IN MY REPORTS"m2: