Re-Fi's in 2005-2007

[Restrain]

Wife had one, appraiser no longer licensed. Did not even define the neighborhood, even citing a street that did not exist in the area. No data about the neighborhood, no data about the site other than generic data, no data about the subject. Good thing he is gone.

 

[Michigan CG]

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.

I am able to see who they are and so far this year only one is not still active.

 

[Michigander]

Par for the course my friend, par for the course. In the meantime, those who do good quality work couldn't (and still can't) get any work. *******s all!

 

[J Grant]

Will these appraisers ever go away? Will some of the buybacks or retro reviewing finally, ever, make them go away?

2005-2007 it wasn't about report comments, accurate description of neighborhood conditions, or lack of comments or use or non use of MLS photos.

Did the number on the value line make the LTV ratio for the loan. If it did, the report went through.

Would love to see the original work order on these reports...MB brokers used to send the order with comments such as "need 250k", or, "owner estimate of value, 250k"

Would be interesting to see how many of the reports somehow, coincidentally, met the exact number.

 

[Lee Lansford]

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

My best guess as to the answer? Everything and anything (assuming appraisals for loans which were headed to the secondary market) beginning with the letter A and and all the way through to the letter Z.

Until the demise of the mortgage broker as a significant player in the "management" ("heh-heh") of the appraisal process, I would cringe whenever I had an appraisal given to me that had a MB as a client. Inevitably, the appraisals were "not-so-good" (at best) to friggin' unbelievable.

 

[David Mescon]

I used to do a lot of fee work for BOA. Since I specialized in big 'n scary stuff my addenda tended to be rather voluminous. Their regional appraisal manager called me in one day and suggested I keep my addenda down and stuff as much onto the form as possible because... they just throw the addenda in the trash. Wasn't that sweet.

 

[Carl Pylant]

So are the values reasonable?

 

[gregb]

I used to do a lot of fee work for BOA. Since I specialized in big 'n scary stuff my addenda tended to be rather voluminous. Their regional appraisal manager called me in one day and suggested I keep my addenda down and stuff as much onto the form as possible because... they just throw the addenda in the trash. Wasn't that sweet.

Sounds like the review appraiser who said that an appraisal addendum should fit like a short mini skirt, covering only the vitals.

 

[timd354]

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.

One thing that reviewers need to remember is that they are generally seeing the worst appraisals (that is why they are often picked to be reviewed). I am the chief appraiser at a secondary market insurer of mortgages and sometimes I get a little depressed because of the appraisals that I see, but I have to remind myself that the appraisal reports that are referred up to me are generally ones that our underwriters realize are problematic....the good appraisal reports are never sent to me.

 

[Terrel L. Shields]

Heck, 90% of the houses we did in that time frame were brand new or plans and specs...what would you say and what could you find that would have been negative?

Sales were abundant, if not adjacent. I remember one where we had 3 comps on the same street by same builder all within 6 months. New subdivision, 50% developed....all lots presold on dutch auction....then it froze...it took 90 days to go from 90 mph to dead stop.