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Underwriters

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Joe

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Does anyone have a copy of the guidelines the typical underwriter uses to make the appraiser's life miserable? :x Used a comp that sold 2 months ago within approximately 60 days and the underwriter wanted an explanation as to why this comp was a quick sale? 8O . Also, on the same report, the same underwriter wanted an explanation as to why the current homeowners purchased the property within the last year. :wink:

Would really like some insight on the guidelines of the underwriter. :evil:

Thanx

Joe
 

Dick Dolman

Sophomore Member
Joined
Jan 29, 2002
Professional Status
Certified Residential Appraiser
State
Alaska
Joe,

I am an underwriter and have been for 40 years (appraiser too). On behalf of those of us that have our heads in the fresh air most of the time, I apologize. I don't know where those inane questions come from, certainly not from any book that I am aware of. As to question 1, what is the typical marketing time in the location of the subject? 60 days would be about typical in my area, particularly if the asking price was realistic in relation to the market. As to question 2, which rises to the level of utter stupidity on the part of the underwriter, I would respond that they apparently purchased the property because it satisfied their needs and desires and was within their financial capacity. Appraising is a fascinating pastime and it is unfortunate that we have to endure the twaddling of twits.
 

Grace

Sophomore Member
Joined
Jan 17, 2002
Professional Status
Licensed Appraiser
State
California
Joe,

I think your question is a good one. I would also like to know what the educational and/or experience requirements are for underwriters?

Grace
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Joe --

You're making a hypothetical assumption that UWs know what they're doing.

Let the UW know that just because a property sold in a shorter period than the average marketing time, doesn't make it a "quick sale." That's stupid. If some properties didn't sell under the median and some above, you wouldn't have an average!

On the second question, the appropriate answer is that they needed a place to live.

Remember, common sense is not necessarily a underwriting guideline.
 

Paulette in Texas

Sophomore Member
Joined
Jan 24, 2002
You cannot educate the whole world. If this lender has an idiot as an underwriter, then roll with the punches. Give them an absorption rate analysis and tell him to #$!#1 it. Works for me. Paulette in Tx...attitude always tells.
Rotts rule, shih Tzus thing is hanging on. go w...
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Thank goodness it's not just me that's getting picked on. Whew!

I have been getting innundated with similar questions from underwriters over the past couple of weeks. Please take a look at the thread that I started "The Culling Process". Your homeowners are refinancing within the past year...that seems to be what trips the underwriters trigger.

Dee Dee
 
Joined
Jan 16, 2002
Ah, my favorite people, UW's. UW is a fancy name for a processing clerk that has little to no training, and/or education in the field of real estate.
In the good old days, every lender has an old timer who knew HIS stuff
(yes, in those days they were all men*). He had heard and seen it all, and the only time you ever heard from him was when you made a major error that affected value, and you couldn't talk your way out of it. Today, all you got is young (male and female) clerical staff. There is no book :)

* P.S. forgive me for not being political correct, but that's how it was.
 

Dan/Fla

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
During the rush back in November I had one of the craziest request one could ever come up with and called the Underwriter, for further exploitation, what was she looking for. We got off the subject and were started talking about family and other things. Then got back on subject as was told point blank that she really did not need what she had asked for but had so many files on her desk she just sent a few out just to clear her active file so she could breath. She did apologized when I told her I and other appraiser was just as busy as her, and stopping to back up, was even harder and put us more behind.

This my not answer all your question, or even make you happy that this is happening to us.
 

Dan Tanner

Freshman Member
Joined
Feb 2, 2002
According to Standard 1-5B, you are required to "analyze" any prior sale of the subject with 12 months of the effective date of the appraisal. What is so unreasonable about that...it is only USPAP?
 
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