Residential volume way down?

[James R]

Things actually started to turn around for me Jan-Mar, but then April came and the work just disappeared. I think I am averaging one per week since April 1st. It feels like my 8 years of hard work have gone down the drain. Hopefully I will get the job with Fannie that I applied for.

 

[Financially Feasible]

Things actually started to turn around for me Jan-Mar, but then April came and the work just disappeared. I think I am averaging one per week since April 1st. It feels like my 8 years of hard work have gone down the drain. Hopefully I will get the job with Fannie that I applied for.

James - if you're looking for a job... you're located in Plano, TX which is Landsafe's (Countrywide's) stomping grounds. Of course, I'm not ADVOCATING that you go work for them... but just passing along info. :icon_mrgreen:

 

[James R]

HA! I'm fully aware of that but I have no desire to look like your avatar

I really, really, really don't want to become some corporate drone but my options are dwindling and I have a 2yo daughter to think of.

 

[Financially Feasible]

HA! I'm fully aware of that but I have no desire to look like your avatar

I really, really, really don't want to become some corporate drone but my options are dwindling and I have a 2yo daughter to think of.

A difficult spot on both fronts... I wish you luck! I've been a banking corporate drone and an accountant corporate drone... and I, like you, have no desire to go that route! Been there, done that.

(Gotta love the avatar. :icon_mrgreen

 

[James R]

Thank for the well wishes. I do love your avatar. I can just imagine him saying ooh ooh aah aah (what is your fee and turn time)

 

[William K]

Same thing here. There may be more work if I were to do the $175-$200 AMC work, but I refuse. Most realtors I know are buried in BPO's right now. Maybe lenders are just bagging the appraisal and making decisions based on the BPO.

Worst 2 months ever in May-June. I can't get any new business without comp checking and guaranteeing values, I've been everywhere. I could offer LO's free appraisals and without a guarantee they would pass. Pathetic.

Ditto the above.

For me it's the worst I have seen in over 20yrs.

I even have attorneys trying to low ball me on appraisal fee's! They want to pay standard fee's on appraisal to be used in litigation ( they will pay additional hourly fee for testimony).

 

[Doug Wegener]

business

Last month was the worst month in over 10 years, this month is on pace to break last months record. Is it just me or is anybody else way down in appraisal orders for the last 45 days as compared to the Jan-April?

Talked to a friend who has been a residential appraiser since about 1980. He built his business on mortgage brokers; he says he has absolutely no work now. First time in 28 years.

 

[Doug in NC]

Talked to a friend who has been a residential appraiser since about 1980. He built his business on mortgage brokers; he says he has absolutely no work now. First time in 28 years.

I'm actually glad to hear stories like this. I also recently heard of an appraiser who is about to lose his house because his MB work has dried up. I'll never forget many years ago when I had the audacity to attend a Chamber of Commerce party at a multi-officer mortgage broker office. One guy in the office bragged to me about how their "old" appraiser lost a bunch of work because he couldn't hit the number on a duplex. Another appraiser stepped in and made the deal work and ended up getting most of the work out of that office. I was able to get one girl to give me a few orders. That went well until I mentioned an appraisal condition on one report. House needed to close and I nearly delayed the process because I called for a drainage correction that was washing away a couple foot deep trough in the front yard. Easy come easy go. I think I'll check the state registry to see if that Skippy appraiser is still in business. If not, good riddance. The appraisal world will be a better place w/o him.

 

[The Warrior Monk]

I know of people whose business was based on subprime. There business simply vanished.

Our res lending business has increased slightly. I might do one or two a those types of assignments a week now. Requests for reviews have been increasing, though nobody has yet accepted our fees.

 

[Kevin A. Spellman]

There is one appraiser that I compete with. He told me the bank work will not last and the mortgage brokers have all the work. On his web site it states “free comp check”. I have not seen him in a while.

May and June work load became more normal for me. I’m a solo shop with bank and VA work, no mortgage broker work. All purchases no refinance for the past two months.