Tena Companies Quality Control

[gregb]

Never received one, never will receive one of those fishing letters.

 

[Digger88]

right into the GARBAGE!!!

 

[Mile High Trout]

Isn't lending tree a source that relates to quicken and tsi? I though that back in the day I ran across the latter two, by soliciting the first.

 

[William K]

My circular file has had many a Tena request stored.

I called my client the first time and informed them of the request. They said appraisal information is confidential and they would not provide a letter to co-operate.

Tena is not my client, why would I just provide info to them because they have a copy of a report?

 

[Mile High Trout]

This touches upon this lengthy conversation me and George had under FDIC sues appraiser or some thread like that recently.

This is an example of an ancillary company that may or may not be legitly interested in the note and instruments. Let's assume it is legit, but is outside the proper chain of command and identification.

The review functions for financial loan instruments and their products are becoming more widespread by the day.

I'd bet it won't take long for the whole circle to catch up with this, although it has not done yet.

As you've dealt with this before william k, you know the deal. But I'd dare to speculate that because the persons buying these notes are utilizing these ancillary companies, it's only a matter of time before they get settled down and will be appropriately and legitimately included in the chain of use and will begin to be authorized users after the fact, by contractual mandate when portfolios are sold and bartered.

It's just that at this time, they have enough success rate in obtaining compliance with these requests, it's not stopping them enough to have to focus on that, YET. yet, being a key word there.

I'm putting my money on incredibly increased scrutiny and an increasing audience of authorized users for notes which are not held in house.

I probably should have at least looked this company up on google, before making that ssumption, but I did not do that.

 

[Roy Courtney]

When I received my first Tena request I contacted the lender(CLIENT). Seems that it was the LENDER who hired Tena to verify that this part of the lending process was reported correctly. Most of us are sick of all the corruption in the real estate industry. I only recieve these letters in regard to one lender that I consider to be one of the best lenders I have ever worked with. If every lender were like them this would be a great business!

 

[Lost Cause]

I'm surprised and disturbed at how many have responded that they comply with such requests. Be careful, people; without specific permission from your client, this is a gross violation of USPAP.

 

[Mile High Trout]

That's what I'm talking about Roy.

It's only a matter of time before these companies change their engagements or lobby exception in USPAP to make their presence fully allowable.

If you're not ready for it, you're living in a dream world. Ancillary companies are going to continue to gain speed, as fraud goes up, defaults keep on trucking, and jobs keep going overseas.

In the early stages many of those types of companies do procure best non AMC lender clients and the likes. But they'll expand, count on it.

 

[Roy Courtney]

That's what I'm talking about Roy.

It's only a matter of time before these companies change their engagements or lobby exception in USPAP to make their presence fully allowable.

If you're not ready for it, you're living in a dream world. Ancillary companies are going to continue to gain speed, as fraud goes up, defaults keep on trucking, and jobs keep going overseas.

In the early stages many of those types of companies do procure best non AMC lender clients and the likes. But they'll expand, count on it.

Lost Cause:
First of all....who said that those of us that respond have not received permission from our client? Violation of WHAT? My client said yes, please do provide Tena with a response.

If appraisers do not want another crisis in the real estate market we should be willing to assist those who are trying to do the right thing. Matter of fact one of our GREAT appraisal organizations should be leading the charge in this issue! What is it again that our great appraisal organizations do to help appraisers, the general public, etc? Opps...that is a different topic!:new_all_coholic:

 

[Mr Rex]

But they are not the client. I already threw it in the recycle bin.

That's what I do.