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

[Mike Boyd]

TE,

At least they would be out of your hair, then. In CA, most loan officers have to be licensed real estate agents and thus eligible to join MLS. Most of my effort responding to these......leaches, was to get them to join MLS and run their own comps. That kind of relieved some of the comp search requests but it opened another can of worms. They would want assurance that I would use the sales that supported their own interpretation of what the value should be.

Mike

 

[DB]

Sure they do .... but I haven't talked to one yet that knew their butt from a hole in the ground. AMC's don't particularly mean that you are dealing with appraisers. Come to think of it .... I have never been pressured for value from an AMC either .....

 

[Pamela Crowley (Florida)]

AMCs would be great IF:

#1: They were paid by their own clients instead of finding the cheapest appraiser that too often also means the least competent.

#2: They communicated with knowledge of appraisal.

#3: They want a comp check guess they can order and pay for an AVM guess!!!

 

[Dan Leggett]

Good points Pam. They sell their services under a 'Value Added' facade but they're getting greedy and trying to skim off the appraiser's efforts also.

 

[Farm Gal]

Ladies and Gents... the majority of AMC's are now bank owned...

Thasss right the skimming is straight into the lenders coffers as conducted from our 'fee' to their internal process, but it actually winds up on the HUD as 'appraisal fee' <_<

Doug:
I HAVE had pressure from an AMC. Not often but often enough.


Not ALL lenders (or MB's) want untruth <_< , but as things slow more and more are going to be tempted in the short term , as only a certain percentage of loans will initially be reviewed.

I agree completely that the LO's and Underwriters are not the savy and capable persons of the past, but instead formfillers in theri own right! and cannot bend the rooles on their end so pressure us to bend them on ours.

 

[Mike Simpson]

"It's such a condescending attitude."

I give it right back to em...

"I'm sorry...I don't do work for mortgage lenders (handful of AMC jobs a year aside)."

When asked, "why not?"

I ask, "where've ya been?...how long you been in this business?...I can't make a living doing free comp searches, giving a heads up, and having my bills padded & being stiffed. Until you guys & gals clean up your business I'm not interested in doing work for you."

Anything less than professionalism on their part results in a hang-up. If they call back repeatedly...they get blocked. The way I see it...we've a duty (to a reasonable point) to be professional ourselves butt, when somebody mistakes us for toilet paper...they don't deserve the time of day.

-Mike

 

[TC]

Mike,

I, along with no doubt, a lot of other posters on the board appreciate your passion for the biz. But, guy, you gotta calm down. Have you checked your BP lately? My advice, stop cutting the pill in half and take the WHOLE prozac!


TC

 

[Will43]

Originally posted by Mike Simpson@Aug 7 2004, 07:57 PM
I give it right back to em...

I no longer even talk to these scumbags. All requests must be in writing. If they really want an appraisal, they will order. What is there to talk about?

It is very difficult to deal with their condescending attitude.

They only have a few questions for appraisers.

1) Do you do comps? No!

2) Will you invoice us? No!

3) Will you stop if value is not there? No!

They usually hang up after one of these questions. Occasionally they will move on to the next 2 questions.
4) How much?

5) When can you do it?

I had a loan officer tell me that he needed me to get a value of zzz. I told him that I would not know until I completed the appraisal. He said, " I don't like your Fuc*** attitude." I told this jerk that I didn't like his attitude and hung up the phone. Amazingly, he sent the order. It was about 5 miles away. I got paid C.O.D. and completed the report. I never heard from him again.

One of my mentors would just laugh at loan officers when they became belligerent. I wish I could do this.

Mike your experience with criminals should be very helpful in this business.

 

[DB]

I have long held to the monikers that: "MY attitude is subject to change in direct proportion to yours" and follow that with :"An emergency on your part does not necessarily correlate to an emergency on my part" .... Gets me through the day ...

 

[xm39hnu]

Call this pre-comping if you want to, but it worked:
Had an assignment from an AMC (unproven) pay-at-inspection, about 40 miles away. Checked the city map. Hmmmm. Is it B-1 or R-1? Couldn't tell. Made inspection appointment for next morning. When I arrived, siding (stone) was completed halfway up, and the upper story foam sheathing was all that was keeping the rainwater out. Upper story window missing, and lumber was grey from exposure. Knocked on door, did not ask for check, told HO that something had come up and I'd be back later. Took pix of the house, the two businesses next door, and the two across the street. Went to city hall, checked zoning: B-1, General Business.

Called AMC back, and relayed info: "Your property is in B-1, legal nonconforming. It has lots of deferred maintenance, and is in a transitional area which will necessitate a complex highest and best use analysis, and a complex appraisal. I'm afraid the fee for this will be $1,000 instead of $300. Do you wish to proceed? The trip and research fee will be $125 if you want to cancel."

He called back a couple of hours later and cancelled, and paid the $125. They seemed to be pleased with their decision.

No pre-comp, no "it won't make value," just the facts.