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Questions Needed For A Panel Discussion
- Thread starter Tim Cullen
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Travis McGee
Senior Member
- Joined
- Sep 18, 2004
Please ask why loan officers are permitted to order multiple appriasals without disclosing that fact to their end user ( wholesale buyer , Fannie, etc, and /or borrower.
1) Loan officers should be required to provide ALL copies of appraisals in a file, and disclose that they ordered them.
I can't tell you how many times I have appraised property that did not meet a sales price or loan value on a refinance, and the loan officer ordered a second appraisal from someone who "made value". The second appraisal was used, mine was simply thrown out. I got paid, but that's not the point- loan officers can do that all day long and it is perfectly legal.
2) Loan officers and realtors HAVE to share accountabliity for any inteference/pressuring of an appraiser. All the powers that be have to do it make them include a signed statement that would be included in the HUD closing file that they have not tried to influence the appraised value, with stiff penalties for lying when they sign the form.
3) They should not allow AMC's to split appraiser's fees. Although Fannie etc might not want to go there- they should. THey can make them tack on their profit as a value added item, not solicit appraisers to work at less than their prevailing fees. You can explain why this is so detrimental to the process (covered many times here) It is necassary for FAnnie to step in, as the AMC's from a monoply on large lender accounts. Their undercutting appraisers have serious ramifications on the quality of collaterall reports ( not just fees- but unrealistic rigid turn times that intefere with developing a report properly)
The AMC's are marketing our service like fast food- this is not the area to do it in- they save the lenders a day turn time and ease of ordering. But allowing this system to flourish puts the nation's collateral reporting at a dangerously low quality level. As well as impacing individual family's equity in their homes with sloppy, rushed work (per AMC's own promotion- the underpaid appraisers have to make it up in volume, which means twice as fast- not possible to do that and a quality report. It simply is not possible, no matter how much the AMC's swear it is. Plus allowing unsupervised trainees to run amock in order to acheive the volume.
Point out that appraiser's fees are low compared to loan officer's charging thousands in points. AMC's should not be allowed to cut into them.
1) Loan officers should be required to provide ALL copies of appraisals in a file, and disclose that they ordered them.
I can't tell you how many times I have appraised property that did not meet a sales price or loan value on a refinance, and the loan officer ordered a second appraisal from someone who "made value". The second appraisal was used, mine was simply thrown out. I got paid, but that's not the point- loan officers can do that all day long and it is perfectly legal.
2) Loan officers and realtors HAVE to share accountabliity for any inteference/pressuring of an appraiser. All the powers that be have to do it make them include a signed statement that would be included in the HUD closing file that they have not tried to influence the appraised value, with stiff penalties for lying when they sign the form.
3) They should not allow AMC's to split appraiser's fees. Although Fannie etc might not want to go there- they should. THey can make them tack on their profit as a value added item, not solicit appraisers to work at less than their prevailing fees. You can explain why this is so detrimental to the process (covered many times here) It is necassary for FAnnie to step in, as the AMC's from a monoply on large lender accounts. Their undercutting appraisers have serious ramifications on the quality of collaterall reports ( not just fees- but unrealistic rigid turn times that intefere with developing a report properly)
The AMC's are marketing our service like fast food- this is not the area to do it in- they save the lenders a day turn time and ease of ordering. But allowing this system to flourish puts the nation's collateral reporting at a dangerously low quality level. As well as impacing individual family's equity in their homes with sloppy, rushed work (per AMC's own promotion- the underpaid appraisers have to make it up in volume, which means twice as fast- not possible to do that and a quality report. It simply is not possible, no matter how much the AMC's swear it is. Plus allowing unsupervised trainees to run amock in order to acheive the volume.
Point out that appraiser's fees are low compared to loan officer's charging thousands in points. AMC's should not be allowed to cut into them.
Jungle Boy
Senior Member
- Joined
- Oct 30, 2002
- Professional Status
- Real Estate Agent or Broker
- State
- Florida
Second that !
Y is it that the Mortgage Co that puts people into the highest debt they'll ever encounter ONLY have to keep the records for ONE Year? Foreclosuers are GENERALLY over one YEAR. Be nice to know if records income ACTUALLY matched that of the borrower & what Property tax wass the borrower made aware of ETC. ETC.. The RE Agent that at the time says this is the best deal out there keeps the records 3 Years & the Appraiser that has to watch the Market on just about a daily basis keeps the records for 5 Years. YET an Appraisal is only good for 6 months??
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