That's It! I Have Had It With Lenders.

[Stone]

However, you have a better chance of hitting the lottery than finding one.

Guess I'll start playing the lottery, since I have two. Loan officers, not MB's(and I believe people use the terms loan officer and mortgage broker interchangeably here). At this point in time they are my only two steady mortgage clients, and since we are booked out so far with our non-mortgage work, I am not taking on any others.

I have said it many times in the past when this discussion comes up. I realize that I am lucky with who my clients are and where they work. However, the sweeping pronouncements of ALL loan officers are bad is just plain inaccurate. Even if someone has dealt with hundreds, what kind of a percentage is that?

Perhaps one problem for many of us is that the "good" lo's are less likely to be shopping around for multiple appraisers. I know the one's I currently deal with use a couple of other appraisers each, but I also know they aren't out there calling around playing "lets make a deal." Hence, they are less likely to make contact with a bunch of appraisers. The bad ones, on the other hand, are quite likely to constantly be calling around, making contact with many, many appraisers.

BTW - I don't particularly enjoy doing mortgage work, and if/when my good one's get out of the lending business, they will not be replaced, unless I am desperate for work.

 

[jay trotta]

same old, same old stuff; remember gang these guys are "Selling" -to the people who are trying to do business with them, puts them in an awkward position to start off; now their trying to make a weeks pay (not like the past couple of years - but they've already pissed that money away, so they're idiots, not us) - how would you respond to a telephony solicitor :rainfro:

anyway, do business only with people that respect Your position, all the rest can pop suds in the bathtub :rofl: -cause there stinkin up the planet :lol:

Fee's; I just on a "Truf N Lending" we happened to aquire, that the Appraisal Fee was $40 higher - are these clowns still rippin off the "Public"


h34r:

 

[Otis Key]

Originally posted by Doug in NC@Aug 5 2004, 01:19 PM
Here is what an honest appraiser gets for doing his job:

Doug,

I have an appraisal from last year on this exact property for a value of $xx,000. Now, a year later you are telling me the value has gone down to ($7K less). This is unacceptable and a company wide email has been sent out to delete you from our preferred list of appraisers. I regret that I have already referred one other loan officer to you. Your practice of increasing the cost of an appraisal and not properly researching the property to make extra money for your company is unethical and will be reported to the appropriate agencies.

JC

And he thinks what I do is unethical. Is this what they call "lender pressure"?

I've said it before to clients and here on the forum.

I don't make the market - I just report what it is!!! If it's changed, up or down, then it is what it is!!!!!!!!!!!!!

Just the FACTS!

Oh, and BTW, the phone number to the Real Estate Appraisers' Board if (505) zzz-XXXX and the administrators' name is YYYYY YYYYYY and the assistant to her is WWWW WWWWWWWWWW. Would you also like the fax number for there?

 

[Ray Miller]

Tina,

I do have some good clients. Just needing a few more. May have already reached those few more. Or the current good ones are sending us more and more work. Just loved those Reviews, REOs and RECs.

The problem also is the area, I work in. Redneck for one thing. Then we have the super rich and we have the super poor. The problem is when the super rich build a super rich home, the super poor seem to think there home has increased to the level of the super rich.

So they apply the BS to the LO who's ad they just received by; Email, fax, TV, Raido, Mail. Telling him ya I got a 3000 GLA home, top notch shape on the lake. LO's got him/her a dealing working. Calls appraiser and he/she blows it all to hell. Then LO's needs to start hunting for Skippie or Skippet.

Just did a FR on a Mobile Pre 76 had to cut value $50,000. Just had another one comps sales over 50 miles away and double the acreage. That is going to get cut somewhere around $250,000.

Had a couple of those last week.

The best one in the past month is a subject that the FMV is $21,000. Appraisal last year brought it in at $55,000. I did the appraisal a couple of weeks ago and it came in at 22,500. LO is mad, home owner is mad and the home owners COD check bounce twice that cost me $50 in service fees. So I am out $350 now. The borrower sent me a copy of the letter that she and the LO sign and sent to the state. A complaint on how bad an appraiser I was, that I failed to the get the needed $75,000. "Homes in that area are selling for that figure."


Just talk with a senior review appraiser who works for a wholesaler tonight. (I get a lot of FRs from them). He said about everything coming across his desk is over valued. They are doing a lot of review work of appraisals going back two years now and may start to go back three years, because it is so bad.

I think I am starting to find that nitch, where the phone is ringing less and less. Less and less pressure.

 

[Karl]

My pool is clean & my Motorcycle is runing great. All of the Above postings are irrelivant.

 

[Will43]

Originally posted by Otis Key@Aug 5 2004, 05:18 PM


I don't make the market - I just report what it is!!!

We just show up to the scene of the murder and report the facts.

Unfortunately, most loan officers want us to plant evidence.

 

[Doug in NC]

Talked to second loan officer about his appraisal that didn't come out where expected. This guy was a little more reasonable, wanted to know "what we can do to get the value up". I told him, 4 comps were used from the subject's subdivision- all were 2004 sales. He says "But, what if you went out of the subdivision, couldn't you do that if it would help raise the value". I told him that I would be violating my appraisal standards if I did that. He, of course, could care less about whether I lose my license.

I got a look at the previous (one of the guys who will stay on the lender's "preferred list") appraisal. My enemy, the dealmaker, used 4 comps too. Three were out of the subdivision, all had larger lots, were larger in size, and were overall superior to the subject in every aspect. His fourth comp was from the subject's subdivision but it also just happened to be the one comp that indicated the lowest value ($4K below appraised value). It's true, other appraisers are our own worst enemy.

 

[Jim Hill]

Saying that, on a case by case basis an appraiser doesn't have much to worry about. A friend of mine tried to turn an obviously fraudulent report (bogus and non existent sales and addresses) over to the FBI and was told that they don't follow up on single appraisals only cases where a pattern of multiple transgressions can be established. His experience pretty much mirrors mine with respect to client lenders, and the state board, if there isn't a pattern of multiple abuses they don't give a rip.

Why is it that appraisers are put in the position of always having to turn in the bad guys? When was the last time a lender turned in an appraiser for pushing values?

I have talked with appraisers who tried to turn someone in and they tell me they would never go through it again because of the time lost from work and when they added up all the costs of trying to do the right thing it cost them a great deal of money going to meetings.

I am not really sure how states are going to regain control of this problem and I know that here in Florida they do go after many appraisers and really try hard to enforce the law and get rid if the bad guys.

Maybe the fines should be much larger then they are now in the range of $5,000 to $10,000 dollars and maybe this might get their attention.

J. Hill

 

[jeff samolinski]

The Appraisal Standards Board promulgates USPAP for both appraisers and users of appraisal services.


from USPAP preamble

 

[DB]

But it further states: Neither The Appraisal Foundation nor its Appraisal Standards Board is a government entity with the power to make, judge, or enforce law.

Which Something that I really don't understand about the whole thing. They can establish the rules, but they can't enforce them. They have no authority over the lending industry, only the appraisers. They can say that they must comply, but they can't make them comply .....