Revision Request

[Carnivore]

OK, lets look at this a little differently. Why is there a ROV?

First let me say whats below is for Humor..I don't view the world this way. I understand why many do!

Your a Moron and everyone else is smarter than you.

Refinance
1. Refinance loan paper work has to be done over Settlement people are mad because of you MORON
2. Borrower is mad because he cant do everything he/she wants to do Thanks MORON
3. Borrower is smarter than you and his house is worth X Your wrong MORON!
4. Closing is delayed and is rescheduled...All because of you MORON
5. Loan officer risk losing the loan to a competitor, Your off the List MORON
6. AMC is mad at you because they may lose the lender as a client No WORK FOR YOU MORON

Purchase money
1. Realtor has to explain to seller they are getting less money and Realtor is getting less money - MORON
2. Seller is PO'd because he knows more than you and Realtor told hims so, MORON
2. Buyer should be happy, but in some cases they are not because YOU caused a a delay of the getting the keys - MORON
3. It may delay loan closing - buyer/seller moving van's are out front, - See what you did MORON
4. Realtor want to go to beach, cant because of you MORON
5. AMC's lose another lender client all because of you MORON

 

[residentialguy]

What do you guys do when a borrower comments to you during the inspection "we're looking for the highest value we can get"? Send your bodycam footage to the FBI along with a complaint that they tried to influence you into dorking your appraisal?

If all I had to do was smile with ROVs and there wasn't a law against lender inducing value pressure when they send inappropriate sales chosen only for their higher price, I wouldn't have a problem.

 

[Pittsburgh Pete]

If all I had to do was smile with ROVs and there wasn't a law against lender inducing value pressure when they send inappropriate sales chosen only for their higher price, I wouldn't have a problem.

May be a valid point Carnac the Magnificent!

 

[George Hatch]

What is it about sending you higher priced comps that amounts to an inducement? What if/then contingency has the lender explicitly conveyed? What exactly did they ask you to do? How much of this "inducement" you're referring to is never articulated in any way shape or form?

Not only is intent hard to prove, but so is an unexpressed request.

Tell you what. Show us an example. Post a screenshot that you think articulates an improper contingency and highlight the verbiage of that contingency.

 

[residentialguy]

May be a valid point Carnac the Magnificent!

If you really think that's what it takes to tell that a larger, nicer, newer house on a larger lot in a higher end neighborhood is going to sell for more money, then you're really in the wrong business.

 

[Pittsburgh Pete]

If you really think that's what it takes to tell that a larger, nicer, newer house on a larger lot in a higher end neighborhood is going to sell for more money, then you're really in the wrong business.

Larger and nicer are clearly traits readily available for anyone to discover. But the data and detail you use are available to everyone and everyone knows what you know about those sales? Does the borrower who sees a higher price house blocks away know about it what you know about it.

God sakes--you're the professional. Act like one.

 

[Carnivore]

I sense that some of you may feel like your being pushed in the direction of Advocacy when you are sent a ROV.

I get it...grow some thicker skin. Write more comprehensive reports. Do your best to make it bullet proof.

If you think your going to be challenged with an ROV. Then create defence and put a list of comparable in your report that you considered and did not use.
For example, on a FNMA series you indicate how many comparable active and sold listing there are. Provide that list in your report as alternatives.

 

[residentialguy]

Does the borrower who sees a higher price house blocks away know about it what you know about it.

No, but the lender who sends the ROV order over has access to their review appraisers.

 

[Eli]

It’s simple folks. Just send a reconciliation of why the ROV is sent. Let’s reconcile that with contract price or refinance amount?

Let’s get a signed ROV request form from somebody who is licensed to perform appraisal practice in Tennessee.

 

[residentialguy]

It’s simple folks. Just send a reconciliation of why the ROV is sent. Let’s reconcile that with contract price or refinance amount?

Yeah, not difficult. That's what VA and FNMA requires of their alternative sales.

Let’s get a signed ROV request form from somebody who is licensed to perform appraisal practice in Tennessee.

Sending over better comps wouldn't take a licensed appraiser...just someone who knows how to compare properties.