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They will not put it in writing!

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just got a call from a lender that I was getting three or four orders a month from for the past six months or so. They call to inform me I was costing their clients money by accepting appraisal orders then not coming in with the value needed to close the loan or noting things in the appraisal report that could be over looked that was causing the loan not to closed.

They went on to say that I would also need to start giving them value checks of sales in the area and guarantee that I can get the value of the subject before they could send any more orders my way. If I found after starting the appraisal I could not get the value I would be required to refund the money to the borrower. They are finding more and more appraisers willing to accept there terms.

On the matter of fees they wanted me to cut my fees back to $250 an appraisal for the area I cover. The $375 to $475 is way out of line for the amount of work it takes to complete an appraisal and what there borrowers can afford.

I tried to get the LO to put it in writing. So we both could sign it as an agreement. He would not do that.

I will be talking with Pam and giving her the name of this lender/loan broker in the next few days.

Kiss another one good by from the twin cities. They are now getting as bad as Ca. about pressure.

I just hope that all those appraisers who are doing the free bees have a work file on all there value checks. As far as USPAP and the fee depending on the out come. That now appears to be a paper tiger.

This profession appears to be sinking fast.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Post the name of the company so lenders and GSEs won't buy their paper anymore or fund their loans.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Put it on the Deadbeat List. Also try to get it in writing and go after him for RICO. And I bet you that they are charging the client full fee and pocketing the rest. I would also call each of those borrowers.
 
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Mike Plumlee

Junior Member
Joined
Feb 21, 2007
Professional Status
Certified Residential Appraiser
State
Texas
four words: voice activated tape recorder
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I would tell that client that if they have appraisers who are willing to work under such an arrangement, that they are working with unethical appraisers.

If the client is a MB, I wouldn't bother to communicate the above. If the client is a bank, I would send a letter to the president of the bank and outline the communication that I had with one of the bank's employees.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
four words: voice activated tape recorder

Against the law unless they are notified they are being recorded. It would be a violation of THEIR civil rights and one can be prosecuted.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I would tell that client that if they have appraisers who are willing to work under such an arrangement, that they are working with unethical appraisers.

If the client is a MB, I wouldn't bother to communicate the above. If the client is a bank, I would send a letter to the president of the bank and outline the communication that I had with one of the bank's employees.

I agree with that advice............also, send the info. you have to Pamela.
 

Sheikh Yerbouti

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arizona
Against the law unless they are notified they are being recorded. It would be a violation of THEIR civil rights and one can be prosecuted.
Not necessarily. Different states have different laws. In Arizona it is legal as long as just one of the parties to the conversation knows it's being recorded.
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
This from another post by Rich Heyn. Write a letter and comments naming names to the Feds.

The Federal Reserve Board is proposing changes to Reg Z that among other things would prohibit creditors and mortgage brokers from coercing a real estate appraiser to misstate a home’s value. I'm told that very few public comments have come in from the appraiser community so I thought I would pass this link along. The comment period is still open.

http://www.federalreserve.gov/newsev.../20071218a.htm
 
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