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This is for all those Gov. people that read here:

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Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Lender ordered an FHA appraisal, (with case # and assignment in my name) for a FSBO. It couldn't come close to making the sale price, I completed it with 6 comps, (proof of value). We are now at 90 days and the jerk manager argues with me about the fee and late charges that he had no intentions of paying. He's furious that I'm going to turn him in to FHA and the State Dept. Banking & Finance if he doesn't pay me my full fee and claims he's going to sue me!!! Yadda, yadda.... "worthless appraisal, didn't make value...." Of course, I told him that FHA and HUD would love to hear that!!!!

So.... all the people that read here that would like to know about lender pressure, payment of the appraisal fee being withheld because it didn't make the value wanted.... etc. HERE IT IS!!! Any of you want the name of the lender, just email me.
 

BenLuby

Senior Member
Joined
May 28, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Pamela,
Just a quick thought... the VA requires that all their appraisals also get a copy sent to the VA for review. Too bad the FHA doesn't do that as well. It would end a lot of the games of lenders shopping around for value, and make it easier for the FHA appraisers to do their job right, as well as making the number rollers think twice about fudging.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Pamela,

There is a HUD Fraud Hotline # as well as e-mail address, on the HUD website. This lender is not in compliance with USPAP and is required to be so by HUD. He is in violation of his HUD/Lender agreement as well.

If you are done with him, file a complaint and be specific.


Bob
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
The Minnesota Commerce Department website shows a $750 fine against a mortgage company that didn't pay an appraiser.

It was still there about a month ago when I was browsing through the disciplining of mortgage companies and bad appraisers.

I always put the maximum effort into a collection action. Been very lucky. Didn't even get beat by GreatStone!

Go for it. I support you.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
After 30 days I call FHA in Atlanta. No matter if they pay you tonight, you need to call them & tell them the situation.
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Hey Larry,

They discipline mortgage companies in Minnesota. No disciplining here-No licensing required in Montana. Loans in the front, cell phones in the back, break jobs on the side.

Who gets the $ 750? The appraiser I hope.


Pamela---------You go girl!

Verne Hebert
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
Go get'em Pamela!

Proud of you.

I had a similar experience several years ago that I will write-up sometime. You'll like it -- I promise. When I post it, I'll also email it to you so you'll be sure to catch it. For now:

Get'em!

dcj

PS. Remember, it nothing personal on your part at all -- just business (i.e., business ethics)
 

Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Update:

The check just arrived. Now... I get to deposit it and inform FHA of what this lender/broker did. Maybe.... just maybe..... if he had paid the late charges I might not be quite as inclined to inform FHA of this blatant lack of respect for FHA rules/guidelines. After the conversation I had with him on Monday, he absolutely set himself up for this and I do hope that FHA investigates him and takes him off the approved lender list. NOBODY needs a lender like this.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Verne, Ah-hah ! So, you guys are state #3. Had thought it was just CO and WY which did not license loan originators and brokers. Our legistlature says it "may be debated soon", which was the comment 1 and 2 and 3 years ago also. What is it with we northern Front Range states ?
 
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