Wanna be an underwriter

[DeKay Bayliffe]

What makes underwriters think they can send you emails demanding you change your appraisal? I got this order for Fairbanks (FHA), which is a 6 hour drive...and they needed a rush! Wanted it back in 2 days. Up here, people are lucky if they get them back w/in 2 wks now. Okay, did the appraisal. By the way, this was one of my best appraisal reports. Not boasting...well, okay I am. But it was a great report. They wanted interior pics...okay, took interior pics. Now they want them out because it shows a broken window. (mentioned in the report) Mentioned the brown stuff on the bathroom ceiling and walls, took pics, quoted 4150.2, and CB4'd it. Now they have sent me the "correct" verbage I should put in the report. It was my understanding that the underwriter would take it from here. They want me to pull the appraisal, make the homeowner get the brown stuff inspected by an environmental specialist, then go and re-inspect. (at $150 re-inspect fee) I'm not going anywhere for $150!!! I think I'll stop being an appraiser and be an underwriter now...I like the idea of bullying people around, messing with their work, and just making sure they have a bad day!...not really, just venting:new_2gunsfiring_v1:

 

[Carnivore]

Dekay,

With CB4 you have put the monkey on there back which they dont like. Also, it is my best guess that hiring someone to deal wth the CB4 cost more then a $150 bucks. Since this is what they want to pay, there back to bullying you!

This is typical QLC Crowd behaviour. Stand tight.

 

[RSW]

Don't change a thing in the original appraisal report. The only changes that can be made are errors such as spelling, wrong zip codes, and other errors. The request from the underwriter should be turned over the the HOC. About the return inspection. Unfortunately, you should have considered that an FHA appraisal could have to be made subject to and a re-inspection would have to be done. When you CB4'ed the appraisal it automatically set it up for a re-inspection. Now, you just have to work out a fee that is fair to you and to your client. I don't think I would have driven 6 hours to do an FHA appraisal.

 

[Mztk1]

Doesn't sound like underwriter stips but like someone at the mortgage company pre-underwriting the appraisal to make sure your report can make it through underwriter.

The reality is, a mortgage broker's idea of a quality appraisal and an appraiser's idea of one are often antithetical.

I wouldn't change a thing.

 

[Mztk1]

When you CB4'ed the appraisal it automatically set it up for a re-inspection.

I don't think that is true. CB4 is subject to a professional inspection to ensure a condition is not more serious than meets the eye. I don't think that is an automatic resinspect.

 

[NUTSaboutAPPRAISING]

job well done

"Now they have sent me the "correct" verbage I should put in the report. It was my understanding that the underwriter would take it from here. They want me to pull the appraisal, make the homeowner get the brown stuff inspected by an environmental specialist, then go and re-inspect. "
You have disclosed all that was required in the URAR, our job is finished, and do not remove anything. you are, of course, not responsible to ask the owner remove the mold, not responsible for having any inspections completed, nor for the reinspection. this is not your "expertise". I think the request is the not from underwriting but from the guy who will not receive a commission if this loan crashes!!! good luck with it.

 

[RSW]

I don't think that is true. CB4 is subject to a professional inspection to ensure a condition is not more serious than meets the eye. I don't think that is an automatic resinspect.

The majority of the time a re-inspect would be necessary in a situation like this one.

 

[Bombadil]

Carefull about doing the re-inspect. You need to make sure that the correct professionals in all those areas are the ones that do the work and re-inspection to make sure all is clear. I have made mistakes as an appraiser, but have learned alot. I have even learn more in the last 4 years being in the Real Estate Risk dept of a very large relocation company. The name of the game is CYA always make sure that if its mold, a professional company tests and remediates. Nothing worse then the home owner using some bleach water to fix it up. Windows and other items need a contractor to quote the cost. One of our last clients we had as appraisers asked us to ignore the cracked windows on a FHA deal. We told him to take a hike.

 

[Elliott]

DeKay, grow some thicker skin. I thought it was 'tougher in Alaska.'
UWs don't like lose ends. I don't like 'brown stuff' either. They are just
trying to get the property to normal. Sometimes you do more work
on a 'perfect' report than the others.

 

[DeKay Bayliffe]

How does this sound to you?

Repair broken window in bedroom. Environmental inspection is required due to brown substance on ceiling/walls, structural engineer report needed to determine the source of brown substance and state that the home is structurally sound. Walls and ceilings must be repaired per engineers and inspectors recommendations.