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Underwriter changes

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Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Warning, this is gripe session!!

Just got a fax from the loan officer with Underwriter requests. Most are valid. But get this one!

*REMOVE COMP 3 & 4 VALUES ARE TOO LOW THEY WILL LOWER OVERALL VALUE

*PROVIDE DIFFERENT COMPS

Even I was surprised at the boldness of this one. And in writing too!

After they show me his/her appraisers license and the better comparable sales I will then CONSIDER this request.

(And for those of you that like correct and question, I struggled to find 4 sales that were even close to comparable. Its a rural market and I explained so in the report)

SHEEEESH!!!!!!!!!!
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Jeff-

I like gripes!!!

I've never had a request quite like this one. I do get request for additional comps though--usually when the client's trying to shop the loan.

I've received two request somewhat recently. The first was a request for two additional comparables (I provided 5 comps originally!) within 5 blocks of the subject!

The second was for two additional comps (I provided 4 comps originally) within 1 mile of the subject, in a semi-rural area.

Typically, these kind of request come when the investor just doesn't want the loan--it's rarely because they don't like the appraisal.

However, your situation sounds slightly different. Did you ask if the Underwriter would like to buy a couple homes in the area to help you out? I'd just reiterate what you've already stated in the report regarding the market area--they probably didn't bother reading it--apparently there are those deciding some appraisers addenda are too long, and rather than read it they'd prefer to take up everyone's valuable time with silly conditions.

Here's what I say about semi-rural market areas; The subject property is located in an area less densely inhabited than other areas through **** County. With a smaller population base homes (hence comparables) tend to be more spatially dispersed necessitating the expansion of search parameters in both time and distance to include those homes which have sold and closed with the past 12 months. These properties were situated within nearby competing neighborhoods offering similar locational influences and amentities. The comparables presented were considered the best available at the time of the inspection.

This always works for me.

Good Luck

-Mike
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Now that's really brazen!!!

Back to the drawing board on who should be ordering appraisals! Told you guys a while ago that underwriters get canned if they don't pass the bad ones too. This underwriter is either in cahoots with the LO or afraid of losing their job.

The mortgage world is so sick.

:(
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
AMEN PAM!!

This is why I have advocated that we create a group or web site or something to collect these kinds of things and then forward them to our congressmen, Bank Commissions, and anyone else that we can think of. We need to show them the REAL problem! And then of course the Sleazy appraisers that will do what they ask.

If I can get cleaver I will post my reply the Underwriter. Am thinking I will just say I will make these changes if he will sign it an put his appraiser lic. number on there. :)
 

Cowgirl

Sophomore Member
Joined
Jan 22, 2003
Professional Status
Certified Residential Appraiser
State
Texas
I have serious questions about this underwriters intelligents. Most would know better than to put that in writing. Are you sure that was not LO using the underwriter reference as a way to convience you to change the appraisal? I have know them to do that before the underwriter has ever seen the report, so they can secure that commission.

I learned from an article in my Appraisal magazine that you can report these LO and underwriters for these issues as well as non-payment to your state authority that governs them. Here in Texas is is the Enforcement Dept. of the Texas Savings and Loan Dept. in Austin. I also fax them the information for those lenders that stiff me.

Those are the kind of LO and underwriters that have such a great affect on our business not to mention the real estate market as a whole. That would be out right asking you to commit fraud. Which is a Federal Offence.
I personally would report them. Those type need to be weeded out and should be afraid of losing their jobs.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Hear, hear, Teresa!!!!

If we don't, who else do you think will?

Every one that we turn in helps when they try to blame Appraisers for the next mess like the S&Ls.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I have serious questions about this underwriters intelligents. Most would know better than to put that in writing. Are you sure that was not LO using the underwriter reference as a way to convience you to change the appraisal? ..............

I personally would report them. Those type need to be weeded out and should be afraid of losing their jobs.

That has crossed my mind that it might be the Loan Officer rewording the UW request. I have worked with the company for several years. I do anywhere from 4 to 10 a year from them As far as I know I have never had any requests for changes from them before. Never anything like this. And this is the first time I have dealt with this particular loan officer. So I am wondered the same thing.

Also thinking it might be time to call the State Banking Commission and have a talk with someone.
 

Cowgirl

Sophomore Member
Joined
Jan 22, 2003
Professional Status
Certified Residential Appraiser
State
Texas
Well, at least they are not a big customer with only 4-10 per year. But they my just be the kind that would not mind hanging you out to dry. With that few orders I would wonder if they are just using me for the tough ones or probably just their over flow. I should not get to critical.

Good Luck! I really hope you do contact the Banking Commission for all of our futures.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I've been asked to remove some comps before, usually older sales that were added because of an atypical feature, but I have never been asked to remove comps, and provide better higher $$ sales...... except from the LO. I'm with Teresa, I'd bet that request is actually from the LO, NOT the UW. The UW probably does not even know the report exist.

But if I'm wrong, that is the craziest, most fraudelent UW in the world. They have liability and ethics to answer to too.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Jeff:

What ever you do, keep a copy of that fax. I don't believe we should ever remove a comp from a report unless we found out it was not legit & therefore misleading. Adding some additional comps is obviously different as long as you do the necessary CYA. I agree with Pam that underwriters can get the axe for killing too many deals but this one be paid on commission or just stupid for putting a request like that in writing. I use to put underwriters at a higher level that LOs or Realtors but I'm changing my mind on that notion based on this info & a couple of my own run ins with them lately.
 
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