Texas Bad Appraiser Finally Loses!

[Joe Sloan]

Over the past year, I have carped and whined to anyone who would listen, and many that wouldn't, about the worst appraiser in the state of Texas. FHA knows he is bad, the state of Texas knows he is bad, but nobody would take the steps necessary to remove him from the business.

Guess what? He still has his license, and can still do FHA appraisals. One problem though. No lender, or underwriter will accept his work anymore. The lenders actually got together and entered his name in the dead-beat appraiser list. His work was so bad, and the reviewers were so honest in their reviews, that the corruption and fraud were finally too much liability for the lenders and they dropped him.

All of this has taken place in the last 30 days, but the roar of exclusion from the approved ranks is deafening. Unless the FBI reports are conclusive, he may have avoded jail time. I would like to be the first to say good-bye and good luck in one of the other 49 states where you are not as well known.

 

[Pamela Crowley (Florida)]

How did you find this out??? If the lenders are the ones that are finally saying 'No' to this fraud, how can he start up in any other state? This is great if the lenders finally ended this. My biggest question is why the lenders didn't just send every appraisal report he did with a complaint to the state? At least this must make you feel a little better!

 

[Karl]

TWO States & counting The same thing happened here in Pinal County Arizona The MORTGAGE CO's turned him into the BOARD. Think this is a trend WONDER if it is the same Mortgage Co's?? This Pinal County one MAY be facing LawSuits with losses from BAD Loans.

 

[Pamela Crowley (Florida)]

Sounds like maybe the tide is beginning turn just a little!

 

[J in Florida]

If the guy does inflated appraisals and ignores property deficiencies, I know a couple of (dis)honest mortgage brokers that want his name and number. they've got a ton of business to send him 8)

 

[Paulette in Texas]

Nobody wants to admit it, but it does exist. Joe and many others were inundated with requests because of this very poor appraiser and their work after a huge stack of closings didn't happen. The lenders actually sent stuff back to the brokers or lenders and said get a new appraisal cause we won't accept this crap. It wasn't that he inflated his appraisals. (his/her) It was that they did just plain CRAP work. For those deals that were honest and there were plenty of those, he still produced crap. For those that were fraudulent...we obviously, not a problem. Or at least that's the local take. They just produced such crap and did such a huge volume though that they have the entire county of Montgomery which is just north of Houston in a huge problem. What Joe didn't mention was that they also have a HUGE batch of foreclosures which have inundated this market area or are in the process of coming on line. But guess what? It wasn't just the "BAD" appraiser. It was the "Crooked" broker/lender who was on board too. It doesn't just happen with one left cog. It happens when a whole host of people get on board and walk down this crooked lane.

We are so swamped with great clients and good business, that can't say we have gotten more than 4/5 extra deals this month as a result of this guy/gal going on blacklist. BUT we have gotten at least 12/15 calls which have taken up an awful lot of my time. But then, I don't want this jerk's business. Most of it shouldn't go to closing cause the buyer is so weak and the expected appraisal is so OVER value that it is a foreclosure in the making. Once these brokers find out that you are not going to MAKE THEIR number, but expect to be paid in full...they go elsewhere. NO problemo.

Had fun today though when one jerk called and wanted to pick over what we knew about the area, yada, yada, yada and could we make value? Seems the report (by this same appraiser) was not acceptable and what would we do and how fast would we do it? My response was to send over the over report for OUR PRIVATE review (maybe some of their stuff was accurate) along with the request, etc., and I would call them back and discuss whether we would be able to accept the order or not. NOT whether we would make their value just whether we would be able to accept the order. Seems he wasn't comfortable with giving us copy of the other report. I told him...no problem. Get yourself another appraiser. Don't need him or their grief. Let me see? B/C paper and number wanted? What do you want to bet. We accept all data known for information on any report we are working on whether it is to our standard or not. Actually the crap is kind of fun to look at. Keep a running file on the really bad ones. Just hung up on thisone. Let him go down the street. PLEASE...and go fast.

Between HB 1869 and now this blacklist, we may actually have a great system going in Texas. There's hope for us down here. Y'all keep the faith. Paulette in Tx
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