Removing the appraisers name prior to review.....

[Pamela Crowley (Florida)]

Leart3 wrote:

Consequently they could administer the entire Appraisal System, and their operating cost would be covered by deducting a percentage from each Appraisal.

Oh NO! The lenders should pay; they need the appaisal and created this mess, they pay. They should need to put at least $1,000 into the escrow account for this service plus money in an escrow account to pay for all appraisals ordered!

 

[P.Johnson]

I think USPAP requires a reviewer to include the appraisers name in the review report or to state the items which were not provided to the reviewer.

 

[Blue1]

leart3,

I assume you mean a state agency and not a federal one. Sounds like a fairly good idea to me. However, I fear that their percentage would soon be too high. Why not make the fee part of every loan fee? Would this agency control our fees? Lots of questions. But the basic idea seems sound to me.

 

[Ray Ohler]

conclusion. Unfortunately, I don't think a "central appraisal agency" (CAA sort of like CIA :lol: ) OR individual state systems would work too well. Just would wind up costing somebody a LOT more money and where there is MORE MONEY you have MORE THIEVES. We just had an EX-HUD official indicted here (he was with Philly office but I believe the gypped up sales took place in Reading, about 45 miles NW of Philly) for...helping "investors" gyp up sales and supply phony documentation to unqualified buyers. I'm out of "answers" and even forget half the questions.

 

[Anonymous]

Yet, if there is a bad appraisal, and it should be brought before approriate authorities. I think the lender is suppose to do this.

I could't find the comps on one report, so the client called the lender, who talked to the appraiser in question. The appraiser refused to give the lender a copy of the map!!

I would like to know who allows these lenders to avoid following
the law??

 

[Ray Ohler]

if it isn't a Federally Regulated Institution there IS NO law (at least it becomes difficult if not impossible to figure out who has jurisdiction). The "private investors" or "note buyers" who buy the toilet paper have free reign to do whatever they want. More loan "programs" out there than the proverbial liver pills. They could give a rat's ***. They don't hold the loan anyway, it might be shipped all over the country and by the time the loan goes bad the "paper trail" is too convoluted to follow. Everybody makes their margin and ships the paper down the line. Even if it winds up in some bank's portfolio they know HOW to shuffle it around so "too much" doesn't wind up in one place. They KNOW the FBI doesn't investigate until a loss exceeds $100,000. MOST (not all) of the "Charmin" is UNDER that amount and comes from a load of different places. Package up $1,000,000 in loans, throw in $500,000 or $600,000 of...well, you know. I need a change of scenery.

 

[Anonymous]

Manyunk?

 

[Ray Ohler]

Schuylkill County and the Blue Mountains.

 

[Leon Stewart]

Pamela:
Blue:

I believe the Lender should be removed from the process, other than collecting the fee from the Borrower and fowarding it to an independent "Appraisal Agency" who would deduct it's fee and forward the balance to the Appraiser to complete the Report. The ordering process would be on a rotating automated basis. That way the Lender would have nothing to do with the Appraiser or the Appraisal Report. The Lender would not be able to submit any comments or complain in any way with the final product it's the Appraisal Agency that would review and discipline the Appraiser. It would not be a function of the Lender to complain about the quality of a Report when the Value is less than his needed value.

leart3

 

[Daniel Williams]

I think USPAP requires a reviewer to include the appraisers name in the review report or to state the items which were not provided to the reviewer.

P....help me out here, my Mom (a central Illinois Appraiser)agrees with you, can you cite any refrence?

I agree that there needs to be oversight in the order process, but how do you decides Who has it and Who pays for it? Would all appraisers get the same Number of orders? make the same fee? and deliver the same quality work..I think not! at that point the state (bar any "private owner"/ legal/Specialty non Mortage) would be controling our income.....hey maybe I'd get a rasie!

I don't do reviews as I'v only been appraisng for 5 +/- years, The work i get IS that "Charmin paper stuff"......I do a darn goood job on the appraisals that I do and would WELCOME an honest review, I would welcome a fellow appraiser to either "agree with" or constructivly critique my report. In 5 years I have had 1 reviewer call to comfirm data and one other that i rebutted (the reviewer was wrong about zip code ) thats it. Do I think I have been reviewed only twice....heck no!