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Underwriters' Qualifications?

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liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
I have been performing a number of reviews and was wondering why the underwriter does not catch some obvious inconsistencies and/or lack of adjustments which should at least result in questions from the underwriter....

We all have had our share of strange requests from underwriters.


Why are these obvious problems being overlooked?

What are the experience requirements and/or qualifications needed to become an underwriter? Surely, they must have some kind of training in the appraisal process?!
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Liz I've always believed that underwriters are at about an 8th grade reading level, so with addendums you want to use words which will intimidate and impress them to an extent that they won't embarass themselves by asking their supervisor what the word means. Underwriters are one half tier below AMC telephone monkeys who must be able to dial a phone. As for any requirements, underwriters only need to be able to breathe. :)
 

Ed Potrafke

Sophomore Member
Joined
Dec 17, 2002
Underwriter qualifications????????? :rofl:

Here's a story for you.
When I was still a trainee I was sitting at a Big Boy with my mentor. The waitress mentioned that she is quiting next week. My mentor asked where's she's going. Her reply, " I got a job as an underwriter." So my mentor asked if she went to school for that. She said that she didn't even finish high school.

And now my friends you know the rest of the story.

Good Day :D
 
Joined
Jan 16, 2002
Most these days are dumb as wallpaper. Using the term
"UW's" is really a misnomer for "clerks", which is all they
really are - paid to push papers from one side of their desk to the other side. The latest is "contract underwriters" which are brought in from out of town to help with the workload (that the regulars are buried in).
These people measure their IQ's in the minus range.. At least the regular idiots who live and work in the area might have a few clues to work with. :blink:
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
I guess it's all relative...I know underwriters and processors with college educations who are quite reasonable to work with. The pain in the necks seem to come from those entities who's sole mission is to cut up the appraisers fee and take as much of it as possible.

"You get what you pay for (sometimes)!"

"You wanna pay peanuts?...hire monkeys!"

"You wanna pretend to pay them?...they'll pretend to work!"

-Mike
 

Paul Ness MAI

Member
Joined
Jan 14, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
Underwriters should absolutely be trained in at least some fundamentals of appraising, but many are not. They are not expected to have the depth of understanding of USPAP, appraisal theory and practical application that a certified appraiser should have who holds himself or herself out as a valuation expert. Why do you think they pay you to do reviews?
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Just had a UW tell us that they can not close the loan because the subject is vacant and unless we state that the subject is owner occupied it will never close. It is new construction so I guess no one will ever live there. So of course you have to write the stupid addendum explaining this to her.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Originally posted by Dale Smalley@Jul 15 2003, 02:31 PM
Just had a UW tell us that they can not close the loan because the subject is vacant and unless we state that the subject is owner occupied it will never close. It is new construction so I guess no one will ever live there. So of course you have to write the stupid addendum explaining this to her.
:rofl: :rofl: :rofl:
 
Joined
Jan 16, 2002
Why do we pander to these idiotic questions ? Has anybody ever refused to repond on the basis that the
question and/or request is unreasonable and idiotic ?
 
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