Using Collateral Underwriter to Turn Appraisers In

[djd09]

they only want the mortgage brokers to look at the data. ironic, eh? which cert confirms that the appraiser has access to all data sources? what a bunch of scammers

 

[residentialguy]

Why?

Because I am the man behind the curtain. I know all

 

[Terrel L. Shields]

urious what quality would you call a house if a lot of expensive materials that are not good building materials were used.

I am simply pointing out that Condition and Quality are oft confused. And why not? This house was well above the "average" quality when built 90 years plus ago. Today, it lacks simple things common to housing. It is probably not as energy efficient, etc. But it has 9' ceilings, wood floors, high quality trim and solid wood doors. You cannot compare that "quality" with a "quality" house and as I inferred, we find an older home may be graded as a lower grade simply based on age and condition. But it has features like columns uncommon on a Q4 or lower home. I am implying that such quality levels are pretty vague in that they do not take age into consideration, but 'normal' people do.

 

[Rlong]

I can't (or won't) blindly jump on the side of an appraiser who gets a complaint. And the interviewers biases tend to make it sound "less credible" than more ("we have the right to face our accusers"/If there was no financial loss than no harm no complaint, etc.). That’s just not how it works! I have ample sympathy for the lady too; but I have seen so many bad appraisals including around quality and condition adjustments, some clearly just to "make value".

I have similar concerns as expressed in comments by George and others. Too often appraisers focus on the wrong things in a complaint situation…and in this case starting with the repurchase letter; spending all their time discrediting the review (or say reconciliation of value request) and not looking at their own report with an unbiased eye!

I DO NOT support FNMA turning in appraisers via "algorithm" although I do not take this interview as proof they are; I’m also not sure how having an employee’s name attached to the complaint would help me in ANY way.

If their "coming after you"; going with, “I did nothing wrong!! YOUR WRONG” will probably not aid you in your defense. I’ve been through two state complaints (survived), and a repurchase letter with a “terrible” non-local review (prior to UAD/CU etc).

I started with how terrible the review was…. and got nowhere. I was given ”another bite at the apple” (fortunately for me and the lender) and created a matrix of my comps and how each represented the subjects (diverse) features, and went line by line attempting to demonstrate compliance with requirements (again pre UAD/CU), and never heard another word.

If they (whomever) is "coming after you" your better off taking an unbiased and humble look at what you presented in rush at 10:30 at night...and then formulate your defense plan... I would also get respected peers opinions, talk to E&O and/or an appraisal focused attorney.

 

[George Hatch]

I think it's downright dangerous for a reviewer to get into arguing that an opinion is wrong. The catfight which ensues invariably makes both parties look petty. It's so much more direct and to the point to speak to the accuracy of the facts being asserted. The GLA at 1600sf is either sufficiently accurate to contribute to a reasonable value conclusion or it isn't. The condition is either a C3 on the objective basis or it isn't. The comps being presented either are the most similar in attributes overall or they aren't.

Once identified as a substantial error or omission there is no rebuttal to that. As far as getting to a reasonable conclusion goes, problems attributable to methodology are far less common; they seem to comprise just a tiny percentage overall. Apart from that, if we're primarily talking about the facts then it's all just business, not personal. There's no reason for the respondent to go to war if their facts are wrong.

 

[djd09]

yeah it is a good idea to hire a constitutional lawyer. the kangaroo court's head would spin. and when you clear yourself from the intended users bias accusations, counter sue for defamation and emotional distress

 

[chad hampton]

Is Fannie the name of the person filing the complaint? I will need to know a name.

 

[djd09]

Anyone filing a complaint with the Division of Real Estate and Professional Licensing should be aware that if a
license law violation has been committed, the Division only has jurisdiction to take action against the perpetrator’s
license. The Division does not have the authority to compel the licensee to perform under the terms of a contract
or award damages to a complainant. Any such action must be initiated in a court of law. Additionally, Ohio law
prohibits the Division from giving private legal advice or opinions. If legal advice is desired, please consult with
an attorney.

When the Division initiates an investigation, it is not assumed that a violation of license law has occurred or that
anyone will be charged with a violation. Only after reviewing the evidence obtained from an investigation may the
Division allege the existence of a violation and bring charges against a licensee.

FILING A COMPLAINT

The Division requires all complaints be filed in written form. Upon receipt of a complete complaint form, the
enforcement section will review the matter to determine if it falls under the Division’s jurisdiction. For such
jurisdiction to exist, the complaint must concern the conduct of a real estate appraiser certified, licensed or
registered by this division and acting in such capacity.

If it is determined that the complaint is within the Division’s jurisdiction, the complaint will be assigned to an
investigator, and the complainant and the licensee will be notified. They will both be asked if they would like an
opportunity to meet with one another to discuss the complaint at an Informal Meeting. The informal meeting
allows the complainant and the licensee to discuss their differences and attempt to reach a resolution of the
problem. If held, the informal meeting will be confidential. An informal meeting will only be conducted if both
parties agree to attend. There is no obligation to attend and non-attendance will not be held against either party in
any way.

If the complainant and the licensee/certificate holder reach an agreement at the informal meeting, the complaint
will be closed upon the Division receiving satisfactory notice that the agreement has been fulfilled.
If the complainant and licensee do not agree to an informal meeting or if no accommodation is reached, the
Division will proceed with its investigation of the complaint.

Upon conclusion of the investigation, the investigator will prepare a report of the findings. The report will be
internally reviewed to determine if sufficient evidence of a license law violation exists. If it is determined that
there is not sufficient evidence to prove any violation, no further action will be taken.

If it is determined that a violation can be proven, formal charges may be filed and a Formal Hearing held. In the
event of a formal hearing, the complainant and licensee will be notified of the date, time and place of the hearing.
The hearing is similar to a court proceeding but not as formal. It is held before a hearing examiner who is an
attorney. An Assistant Attorney General represents the Division. The licensee has the right to be represented by
legal counsel and can have subpoenas issued to witnesses to testify. The complainant will usually be called to
testify and may also bring legal counsel if desired.

The examiner’s report will be distributed to the concerned parties. Within ten days of receipt of the report, the
Division or licensee may file written objections to the hearing examiner’s findings and conclusions. The Ohio Real
Estate Appraiser Board will then review the report and any written objections at its next meeting. The complainant
and licensee may appear at this review and present testimony. The Board will decide whether or not to adopt the
hearing examiner’s findings and recommendation. It may then order disciplinary sanctions against the licensee.

Be certain to sign and date the form where indicated

https://com.ohio.gov/static/documents/real_COM3685AppraiserComplaintForm.pdf

informal meetings wtf. anyways someone needs to sign and date the ohio complaint form

 

[residentialguy]

I listened to this podcast. Wow. I've had many a good conversations with Danielle on forums and she is a knowledgeable appraiser; this CU complaint to the state nearly ruined her.

 

[Terrel L. Shields]

problems attributable to methodology are far less common

Would not only providing an X in the HBU box be a "methodology"
Would valuing land by PFA not violate "methodology"?
Would saying the CA is NOT APPLICABLE when it is APPLICABLE but not NECESSARY be an issue of methodology?

What is "methodology" then?