Pretty blatent wouldn't you say?

[Webbed Feet]

Eve,

Stay calm. You never agreed to be paid at closing or when the transaction takes place. You are in the clear, but just have a deadbeat mortgage company to take care of. Now you know why a whole bunch of us will not invoice these companies. CAD only! Next time ask for a 50% payment and give them another 30 days if they comply. Again, all this is symptomatic of an entire industry that fails to work like actual businesses being asked for credit to be extended.

Webbed.

 

[Lee Lansford]

Just got this email when I came back from my USPAP class today.
I wondered if you can assist. I have a client in Fairview OR. Residential SFR property and we are trying to refinance his loan
Our problem is we do not know the market property values that well in that area.
Here is the info on the property:

Joe Borrower
zzz Bridge St
Fairview OR 97024

Client estimates his value at least 400k.
Online gave me a value of 335k
I would really appreciate it and happily order the appraisal however I can’t order an appraisal without knowing roughly where the value is at as I am sure you understand. Look forward to hearing your ballpark comp opinion.

Shameless
Loan Consultant
--
...
So gee.. If I just do this and if the value is just right, shameless will be happy!

Oh my day is complete! Life has a purpose once again. :new_multi:

PS. Oops spelled blatant wrong!

I'm shocked...absolutely shocked...to learn that a MB (I imagine) would stoop so low!

 

[Lee Lansford]

...

Also, am I now in VIOLATION because I signed a cert that says my fee is NOT conditioned upon the closing and now it is?? So cert. 18 is a lie ???

The certification that YOU sign is not enforceable against your MB client.

 

[Richard Johnston]

I just got off the phone with a Mortgage Broker with the same shi_. I would not oblige with the standard value question, and instead turned the conversation around. I stated that "I am planning on going into the mortgage business, but I am concerned about the moral turpitude section of licensure." After all, "I could not ask an appraiser what the value of a property is without gathering the data, inspecting the property, and performing the reconciliation process."

I told her that "I know you don't want the borrower to pay for an appraisal if the deal does not work", which she quickly agreed to.

I asked "what is the address, name of the borrower, and phone numbers?....I need to call her to discuss the condition of the property. By the way, what is her current interest rate, credit score, and income?" She stated that she just needed the value....I almost stated that I needed the information as I was contemplating selling this lead to other mortgage brokers. I had fun


Moral turpitude refers to "conduct that is considered contrary to community standards of justice, honesty, or good morals."

 

[Riick]

I'm beginning to think that if, as, and when I get one of those broadcasts,
(I've seen nothing but REOs for last two months)
I'm liable to respond with:

The value of 123 Mainz St. might be as high as (Pick the highe$t $ale price in 2 mile radiu$), depending on it's style, size, location, and condition. We will be happy to make an appraisal of the property for $zzz.xx on a C.O.D. basis.

Wonder if the Idiot will bite.