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The end of LO's looking for number hitters

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WadeKoutnik

Sophomore Member
Joined
Feb 27, 2007
Professional Status
Certified Residential Appraiser
State
Florida
All that has to be done is simple:

If an appraisal doesn't make it through underwriting for quality issues ie. inflated value. The LO (or whoever ordered the appraisal) must refund the borrower the appraisal fee. I think they would care more about the quality of the appraiser when their pockets are at risk.

Problem solved. Discuss.
 

Caligirl

Senior Member
Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
All we need is a law that requires the appraiser be paid regardless of the outcome.

Similar to the Cuomo-proposed 'solution' to the credit rating companies' recent lack of independence due to being compensated by the very companies who's products they were rating. See today's WSJ, or follow the link to an online version at CFO.com.

http://www.cfo.com/article.cfm/11488682/c_11485705?f=home_todayinfinance
 

hovious

Sophomore Member
Joined
Mar 14, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I have a better idea..

Whenever an appraiser receives a "comp check request, range of value, pencil search, etc." the appraiser can then call a task force. That task force IMMEDIATELY calls/sends notice to the LO/MB who asked for this crap and tell him/her that they are no longer allowed to originate loans (terminate their license, if they have one), their personal tax returns will be audited for the next 5 years and send them an invoice/civil penalty fine of $10,000.

Think that would work?

All that it would take is for US, the appraisers, to stand by this and actually do it and report these people.
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
Of course that would work Dan, I've been screaming more or less that same thing for the last 2 years. Seems to me it's not only reasonable, but apparently entirely to easy for the geniuses who insist on finding the most complex way to solve the simplest problems.

Ockham would not be impressed.

Dave...
 

WadeKoutnik

Sophomore Member
Joined
Feb 27, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Wouldn't they just continue with the good ol skippys they have been working with?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
All that has to be done is simple:

If an appraisal doesn't make it through underwriting for quality issues ie. inflated value. The LO (or whoever ordered the appraisal) must refund the borrower the appraisal fee. I think they would care more about the quality of the appraiser when their pockets are at risk.

Problem solved. Discuss.

Horrible idea. Not all loans are Fannie/Freddie quality.
LO's are not held to USPAP, it's not illegal for them to ask. Until we have a level playing field, no amount of regulations, rules, and Gobment interference will help.
 

Amy Perkins

Senior Member
Joined
Jul 20, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
why not license underwriters and have them order and pay for the appraisal
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
Money (fines) talk, b.s. walks. Until it hits their wallets harder than it hits their deals things cannot, and will not, ever change. Ever.

Dave...
 

WadeKoutnik

Sophomore Member
Joined
Feb 27, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Money (fines) talk, b.s. walks. Until it hits their wallets harder than it hits their deals things cannot, and will not, ever change. Ever.

Dave...


Exactly, thats why I think the idea should work.
 

hovious

Sophomore Member
Joined
Mar 14, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Man oh man do I long for the good old days...

Receive an order via phone (fax was not around back then). Got all of the borrower data, name, address, phone numbers, and that was it. Off you go to do your job how it was meant to be done. No mention of value not even a mention of loan amount!
 
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