Re-Fi's in 2005-2007

[Michigan CG]

I am doing some retro reviews from 2005-2007.

About 1/3 are totally fraudulent.

About 1/2 of the appraisers came from very far away.

About 80% did not verify anything.

80% of the appraisals have no property/neighborhood/market area specific narrative; commentary is canned and could apply to Juno, Alaska or Reno, Nevada, maybe even London, England or Damascus, Syria.

All of the reviews I get have the appraiser listed and they appear to be new folks at the time following their "mentors" guidelines.

The MLS photos are very prevalent.

I have not seen one yet that says anything bad about the subject property. There are NO references to deferred maintenance; there are never any negative property aspects. But then again, there are no property descriptions saying anything positive either.

Most of it is form filling at its best.

 

[gregb]

Care to cite the lenders/clients that ordered these apparently negligent and misleading appraisals?

 

[Craig in Oregon]

But, but, Mich, the mortgage brokers who ordered these from their pet(s) were so happy to get them!

 

[Michigan CG]

Care to cite the lenders/clients that ordered these apparently negligent and misleading appraisals?

You already know the answer to that question. Mortgage brokers. All of them.

 

[gregb]

You already know the answer to that question. Mortgage brokers. All of them.

One more question if I am not over-stepping, do you get to see the lenders' review of the appraisals submitted by the mortgage brokers as part of your review assignment?

 

[Michigan CG]

One more question if I am not over-stepping, do you get to see the lenders' review of the appraisals submitted by the mortgage brokers as part of your review assignment?

No. I am not sure if there is a review prior to mine. Maybe, maybe not. Don't really care.

I do know that the reports are marked up a little verifying the license of the appraiser and some check marks indicating they did look over the appraisal and did some verification.

 

[gregb]

I am doing some retro reviews from 2005-2007.
....
I have not seen one yet that says anything bad about the subject property. There are NO references to deferred maintenance; there are never any negative property aspects. But then again, there are no property descriptions saying anything positive either.
....
Most of it is form filling at its best.

This pretty much describes what the MB environment was like in that period of time. I do not see the AMC's today making any difference toward a more cedible appraisal.

 

[Meandering]

Mich,

Have you been seeing a lot of those reviews saying good condition or good quality without any explainations? I did see a bunch like that awhile back.

 

[Michigan CG]

Mich,

Have you been seeing a lot of those reviews saying good condition or good quality without any explainations? I did see a bunch like that awhile back.

Explanation. Of what? All canned comments. My daughter could write these reports better and she hates what I do but did some clerical work for me a year ago.

The canned comments have NOTHING property specific, NOTHING neighborhood specific and NOTHING market specific. These reports are two hours, tops.

Zoning is mostly made up. The one I am reviewing now has a "regional map". It is the entire state of Michigan.

The Cost Approaches are a joke.

I could teach the house mom across the street to do this garbage in two days since they all have MLS photos.

 

[Doug DeMars]

Hey Mich...

Are you able to see who the "appraiser" is? Do you bother to see if they are still licensed? My bet is that 3 out of 4 are no longer have an active license.