This Industry's Out Of Control!

[Pam Wyant]

I wish it would do some good to turn in the "numbers hitters" around here. I turned one in that was flagrant in several areas & the state board found "no USPAP violations". Why waste my time?

 

[jtrotta]

Mikeeeee

ya don't have ta waste yer time; when your report gets back, the phone tag lines will be flamin - bank ta bank, the only thing they may use him for is a "set up" to git taken down at a later point in time. Use yer time more wisely, benjamins / Benjamins / BENJAMINS

jus so ya know, it takes bout 3-5 years, before ya get results and it usually gits a heavy fine wit it fer the bad guy. we had a few git taken out over the past 2 years, not only did they loose their license, they all are obligated ta pay back about $250k each; now lets see, no mo good income / a serious new debt on top of all the other ones, oh ya and the Felony Conviction stays wit cha the rest O year life.

tears lookin at cha
B)

 

[Randy Beigh]

Mike S

Just came back from the state's board meeting last week.

They are saying that investigations are being made smoother and faster. Call Denise or Cleotis and ask what they want you to report and the process for that. Ask how long it will take.

I have, like you, not bothered turning people in for some time, because it seemed like a waste of my time, but they indicate that it is improving at their end.

Providing non-existant sales should be just cause for reporting them to the state.

As far as when it will stop, it won't. As long as there is a market for folks like this, there will be somone to fill that market.

One of the most interesting things I learned at the 2 day seminar was that appraiser's that commit fraud, almost never, take bribes or kickbacks. The reason? They don't see the ethical line they have crossed. In other words, they don't think they have done anything wrong. That is amazing, to me. How do you teach ethics to adults? Most of us know right from wrong, but there seems to be a group that do not.

 

[Ross (CO)]

Sure do agree with Randy ! ...... "Providing non-existant sales should be just cause for reporting them to the state"....AND, should be so easy for the state board to impart swift justice to deal with the individual. It was one of my rants in a recent posting on a similar topic of discussion. The notion of attempting to broil someone over their opinions, conclusions, thoughts or judgments is often so hard to do and takes up too much time and taxpayer money. Every state could, and should, begin to clean-house by removing those appraisers who have fabricated data so as to complete a report. NOT sanctions that he/she must take some class, or write on the blackboard 100 times that "I shall not make up sales data", and then be allowed to return to the profession 90 days later. So, what are the rest of us up against then when those individuals are removed. Since they have no legitimate license they can then go out and sell their services as Valuators of Real Property and go do those CVI assignments, et al, and provide value numbers completely outside the realm and control of the USPAP standards that will apply to the rest of us who have stayed-the-course.

 

[Mike Simpson]

Randy-

That's great news...if they'd just get rid of the worst of the worst--maybe honest, hard working professionals wouldn't have such a hard time competing in the mortgage loan end of our business. The best appraisers I know absolutely refuse to work for mortgage lenders...we're working toward a similar goal.

I think the most amazing part of this whole sad story is the fact the guy didn't have to do what he did. He could have used the two story--explained why (due to the lack of more similar sales in close proximity), provided some additional support and he's off to the races. Some peoples thought process is just whacky I suppose.

I've worked hard to maintain a working relationship with this client and can't stomach the thought of a newbie hack ruining that relationship. I can hear it now..."well the other appraiser doesn't call for conditions," or "so-n-so says they can get $50,000 more...easy!"

Doesn't matter in the long run I suppose...it would take an act of God to stop the chain of events we've set in motion now--I can see the light at the end of the tunnel and hear the chant...No More Mortgage Brokers...No More Mortgage Brokers...

-Mike

 

[Dee Dee]

Several years ago an appraiser set up shop in my area and quickly became very popular for his low fees (undercut everyone by at least $100) and his sales pitch that he could 'make the deals work' before seeing the subject or looking at comps. No surprise that he was never lacking for work. Last year one of his bogus appraisals got a critical review and as a result he lost his license.
Now he's a loan officer (no licensing required or regulation in this state) and hires his former apprentice to appraise his deals.
And the beat goes on. :blink:

 

[Mike Simpson]

Dee Dee-

I think that's a worse story than mine...the guy loses his license and goes on to make more money and endanger the economy on a grander scale...GREAT!!! :blink:

-Mike

 

[David Mullen]

Does anyone know if any state licensing agency has a policy of notifying the borrower and the lender when an appraiser is disciplined for doing something wrong involving their transaction?

Seems like any fines levied by the states might pale in comparison with the lawsuits that would follow or if nothing else, the word would probably spread quickly about that particular "appraiser" and his or her business practices.

 

[Travis McGee]

Hey Mike- cheer up! The only saving grace is that eventually, some of the banks get wise and put appraisers like this on their "Do not use lists" As to how it will stop- I think a requiring a college degree in appraising would change the whole profession . If people had to pay money and devote 4 years to do this, a different group of people would enter the business. Right now all you need is a high school degree. This would also keep fees up, as then it would really be a profession. Guess we'd all be required within a certain number of years to make up the credits, but it would be worth it.

 

[Austin]

Jo Ann:
Yea, right! Look at what a college degrees did for the legal, teaching, and political professions. The largest gaggle of idiots in the universe are college professors & public school teachers and they are all college grads. Not to mention our nations corporate CEO's. Go fishing. All you need to know is how to put a worm on a hook and take the fish off.