New Underwriter Stupidity

[TJSum]

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?

Maybe we could use these request as opportunities to get them to email back to us the version of the report they have, so that we could actually check to see if our reports have been toyed with.

 

[KinIL]

How about this one I got yesterday:

Appraiser to provide: closer comps, per history pro. there are several comps in the nieghborhood - Appraiser is showing comps from a diff.neighborhood used comp. from 2mile 4mile and 6 miles - History pro. shows .15 mile and .12mile.

My grid clearly indicates that the comparables are 2, 4 and 6 city blocks from the subject... as does the comparable map. When I called the UW to discuss, I was met with "I've never known an appraiser so ignorant as to go out 2 to 6 miles for comparables in an urban environment."

 

[LEE VITELLO]

Somewhere I missed how you can extract a 5 acre tract out of a 25 acre total parcel if you didn't have the 5 acres re-platted out of the total tract.

 

[Tim Schneider]

Lee, it is a long running joke around here.

 

[Ken B]

"I've never known an appraiser so ignorant as to go out 2 to 6 miles for comparables in an urban environment."

Response to U/W. "Me neither."

Let it go downhill from there.

 

[Webbed Feet]

Maybe we could use these request as opportunities to get them to email back to us the version of the report they have, so that we could actually check to see if our reports have been toyed with.

TJ

Darn good point. I recently posted about one that the MBer did not submit the sales contract to underwriting that was given to me. One of the stips sounded just like the UWer and I had different contracts.... we did!!!!

Webbed.

 

[Mike Boyd]

The problem is that we get this kind of stuff all the time. And you are so right, if they would have read the comments instead of just looking at the grid they would have seen the explanation.

I had one of those just yesterday. I think we should tar and feather them with honey, throw them into the forest and tell them to grin and bear it. :icon_mrgreen:

What do honey feathers look like? I think the tar is sufficient. LOL

I have become complacent, but I used to write an expanation that listing prices are not SALE prices and the actual sale price will not be known until the property actually sells and escrow closes. I no longer do that but, as yet, have not had an UW ask for an explanation of why all the listing prices are higher than the sales prices. I will, however, state that listing # 1, or whatever, is priced over the market, if that is the case.

 

[William K]

Just in from yesterday , my report states

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:

This just in UNDERWITER ACCEPTS my response with the "newly ARRANGED comparables" ( Original comps 1,2,3,4,5/ Same comps only now 5,4,3,2,1).m2: m2: