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Reporter wants examples
- Thread starter Bob Ipock
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Bob Ipock
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I would tell you I am dyslecsic....but I can't spell either.
You know, I was thinking about the "local' angle. This is not a local issue at all. 60% of mortgage loans in NC are now done by brokers....and most of those by internet.
I get orders from brokers in Texas, California, Georgia, Maryland, Florida, New York, SC....just to name a few.
Does it really matter where an improper request comes from...or where the property is located ? These lenders are doing the same things all over the nation.
You know, I was thinking about the "local' angle. This is not a local issue at all. 60% of mortgage loans in NC are now done by brokers....and most of those by internet.
I get orders from brokers in Texas, California, Georgia, Maryland, Florida, New York, SC....just to name a few.
Does it really matter where an improper request comes from...or where the property is located ? These lenders are doing the same things all over the nation.
Thank you Bob for ALL you try to do.
Now that the Market is Turning the Reporters that start showing the problem COULD wind up with a pulitzer, has happened in the past. In the event there are reporters lurking on here PLEASE get ALL the Info out that we have supplied in various threads.
There is a LARGE percentage of Appraisers & Lenders trying to do the right thing.
UNFORTUNATLY for the Genral Public GREED from (MANY) Appraisers, Mortgage Brokers, Invstors have created a FALSE economy that is going to be devastating to this Nation. The 80's at least you had to put a "LITTLE" money into the Deal this time around NOT only did you NOT have to put any money in. MANY were able to actually take additional money OUT thru the Loans. Very shortly SOMEONE is going to want money paid back. OOOPS!!
Now that the Market is Turning the Reporters that start showing the problem COULD wind up with a pulitzer, has happened in the past. In the event there are reporters lurking on here PLEASE get ALL the Info out that we have supplied in various threads.
There is a LARGE percentage of Appraisers & Lenders trying to do the right thing.
UNFORTUNATLY for the Genral Public GREED from (MANY) Appraisers, Mortgage Brokers, Invstors have created a FALSE economy that is going to be devastating to this Nation. The 80's at least you had to put a "LITTLE" money into the Deal this time around NOT only did you NOT have to put any money in. MANY were able to actually take additional money OUT thru the Loans. Very shortly SOMEONE is going to want money paid back. OOOPS!!
Bob Ipock
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
This is one of the series he recently did on foreclosures.
http://www.charlotte.com/mld/charlotte/news/special_packages/foreclosure/
http://www.charlotte.com/mld/charlotte/news/special_packages/foreclosure/
Austin
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Virginia
We Need The Old Pdf link back
On the old forum software we could post pdf files, I wish we had it back. I will e-mail you a pdf tomorrow Bob. Some of you remember my encounter with old Jennifer up at Superior Mortage. She qualified a borrower for a $60,000 cash out loan. I did the appraisal and collected the fee at the door. The appraisal came up $30,000 short. Jennifer called me and ask if I would give the appraisal fee back to the borrower because they didn't have the money for the fee because they had serious financial problems. They were qualified for the loan, but couldn't afford the appraisal fee? She said I stole their money, I was a blood sucker, and I should have called her if there was a value issue. The faxed request stated a $60,000 cash out loan. The property appraised at $54,000 and old Jennifer needed $84,000 to make the deal work. The house was purchased four years ago for $46,000.
On the old forum software we could post pdf files, I wish we had it back. I will e-mail you a pdf tomorrow Bob. Some of you remember my encounter with old Jennifer up at Superior Mortage. She qualified a borrower for a $60,000 cash out loan. I did the appraisal and collected the fee at the door. The appraisal came up $30,000 short. Jennifer called me and ask if I would give the appraisal fee back to the borrower because they didn't have the money for the fee because they had serious financial problems. They were qualified for the loan, but couldn't afford the appraisal fee? She said I stole their money, I was a blood sucker, and I should have called her if there was a value issue. The faxed request stated a $60,000 cash out loan. The property appraised at $54,000 and old Jennifer needed $84,000 to make the deal work. The house was purchased four years ago for $46,000.
Austin
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Virginia
Bob's article link above
I just clicked on Bob's link to the newspaper story. That is exactly why I never want to get involved with the regulators or the press. The entire focus of the hearing and article completely missed the essence of the problem. Here is what I came away from that article with:
"The problem with mass foreclosures is that mortgage companies are very compassionate people and to make more people home owners they have lowered their credit requirements. This is just the price that must be paid for compassion. Appraisers had a little to do with it but not much. Really, all of these foreclosures are not the result of greed or fraud, it was the heart felt compassion and love of people being expressed by the mortgage companies. The inferred real villains in all of this are those mean old conservative appraisers that keep screwing these deals up. Mortgage phone monkeys are not after commissions, they are just trying to help their fellow man."
I am sorry Bob, but that is the message I got out of that article. Now let me tell you guys what will come out of all of this. PMI insurance with high rates will be required on all loans. We just can't live with people that have bad credit not being able to buy a home and politically we can't have all of these foreclosures. All of you conservative appraisers are nothing but a gaggle of hard A$$es that are standing in the way of progress.
If this is the best this writer can do, I say let the cat die.
PS: This is a political problem and the politicians won't attempt to solve it so I guess we will just have to live with it.
I just clicked on Bob's link to the newspaper story. That is exactly why I never want to get involved with the regulators or the press. The entire focus of the hearing and article completely missed the essence of the problem. Here is what I came away from that article with:
"The problem with mass foreclosures is that mortgage companies are very compassionate people and to make more people home owners they have lowered their credit requirements. This is just the price that must be paid for compassion. Appraisers had a little to do with it but not much. Really, all of these foreclosures are not the result of greed or fraud, it was the heart felt compassion and love of people being expressed by the mortgage companies. The inferred real villains in all of this are those mean old conservative appraisers that keep screwing these deals up. Mortgage phone monkeys are not after commissions, they are just trying to help their fellow man."
I am sorry Bob, but that is the message I got out of that article. Now let me tell you guys what will come out of all of this. PMI insurance with high rates will be required on all loans. We just can't live with people that have bad credit not being able to buy a home and politically we can't have all of these foreclosures. All of you conservative appraisers are nothing but a gaggle of hard A$$es that are standing in the way of progress.
If this is the best this writer can do, I say let the cat die.
PS: This is a political problem and the politicians won't attempt to solve it so I guess we will just have to live with it.
Last edited:
Bob Ipock
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Austin,
That was one of his old stories that was part of an ongoing series. It has nothing to do with the story he is working on now. That story was about foreclosures....not lender pressue.
Contact him or not...makes no difference to me. I am just a messenger boy.
That was one of his old stories that was part of an ongoing series. It has nothing to do with the story he is working on now. That story was about foreclosures....not lender pressue.
Contact him or not...makes no difference to me. I am just a messenger boy.
Pamela Crowley (Florida)
Elite Member
- Joined
- Jan 13, 2002
- Professional Status
- Retired Appraiser
- State
- Florida
Keep them coming in to me!!!!!
The response to my request is growing - and so is the response from the regulators and others that I'm sending them to!!!!!
Without the evidence, it's all just 'hearsay'. With the evidence I'm receiving from our forum members, the evidence can no longer be denied.
Again, EVERYONE here needs to first ask for what they want to be sent to you via email or fax. Tell them you're driving or whatever it takes to get it in writing. Then, start sending every unethical / illegal request / demand to me at pec514@yahoo.com AND to your State regulatory agency that handles lending and lending personnel - and your appraisal regulatory agency. Ask for, even demand, some relief and action.
The response to my request is growing - and so is the response from the regulators and others that I'm sending them to!!!!!
Without the evidence, it's all just 'hearsay'. With the evidence I'm receiving from our forum members, the evidence can no longer be denied.
Again, EVERYONE here needs to first ask for what they want to be sent to you via email or fax. Tell them you're driving or whatever it takes to get it in writing. Then, start sending every unethical / illegal request / demand to me at pec514@yahoo.com AND to your State regulatory agency that handles lending and lending personnel - and your appraisal regulatory agency. Ask for, even demand, some relief and action.
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