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Quotable Loan Officers

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Joined
Mar 19, 2002
Professional Status
Certified General Appraiser
State
Illinois
We all get irritated by some of the things loan officers say to appraisers. I wonder what has a loan officer said to you that was memorable. There are quotes that loan officers must share with one another, because I sometimes hear them from different ones.

Here's one. The loan officer disagrees on value and says "you better go sharpen your pencil."

After sharpening the pencil, I should tell them where to stick it. :p
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I had a mortgage broker admit in an appraisal/real estate continuing education class that as a mortgage broker he didn't care if the appraisal was vaild or not, only if it made value. He had no liability in that he sold the loan with no recourse. When another class member asked him why, he said that he didn't make any money if the loan didn't close. If it was a sale, the brokers didn't make any money, the borrower didn't get his loan and didn't care if the appraisal was valid or not so long as the loan closed, and the seller just wanted the sale to close. So he would use the appraisers that made the deal work.

Remember, this was in a continuing education class.

Roger
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Roger,

What's your point?

:D

TC
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Loan Officer:
I KNOW I TOLD YOU TO NOT RUSH MY APPRAISAL BUT, WITH THE LENDERS & TITLE COMPANIES DRAGGIN' *** I MIGHT LIKE TO GET THAT APPRAISAL MOVING.

:unsure:
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
"IM PULLING THIS FILE, OF COURSE A 2500SF HOME IN XYZ SUB IS WORTH $XYZ"

Son of owner of mtg CO. His first and last deal. His qoute of 2500sf included basement area.

I guess they can talk to investor reps that way, go for it!
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
My favorite is ...."what do you mean you can't do a comp search for me...my regular appraiser does it all the time!".
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Mike,

Sing along, you all know the words: 'Then call your regular appraiser!!'

Hmmm. How 'bout my favorite latest one, 'Wow! 3 weeks? How are you staying in business? We get our appraisals in Georgia in about 3 days.' Toto, we're not in Georgia.

Or my other favorite, 'We're opening up a whole new market in your area. We have zzz loan officers in our branch alone and are ready to supply a 'good' appraiser with a lot of deals.' :rolleyes: Read this to mean: I've got 10 loan jockeys calling a 'hot' telemarketing list and we're ready to rape and pillage. Wanna help?
 

Tony in Ohio

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
"But they are real nice people, I'm sure you can help them out"
 

Tony in Ohio

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
How about:

" I can't possibly make it work with anything less than $150K"


You send it out at $125K


A week passes and you get a call from the same LO


"I neek a copy of your license right away, This loan is closing tomorrow"
 

Compass Rose

Sophomore Member
Joined
Apr 16, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
LO: "We paid $zzz for that appraisal, why didn't you stop when you realized it wasn't going to make the value?" "I've never had an appraisal come in at less than the sales price"

Guess she hasn't been in the business very long.

I started the "My compensation is not contingent upon.... Are you familiar with the Uniform Standards of Professional Appraisal Practice?

Obviously she wasn't cuz that kind of shut her up! :D
 
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