jeff samolinski
Senior Member
- Joined
- Apr 18, 2003
If I owned a bank and wanted to lend money on real estate, this is how I would do it. I would have my loan officers be in charge of which appraisers they use. Then I would give them a low base salary with a monthly quota on loans they had to close. Oh don't forget the generous monthly bonus for closing more than their quota balanced by of course potential loss of their jobs if they don't meet their quota. I would have no fear of losing the banks money because I can trust the appraisers to provide me with honest quality appraisals so my money would be collaterized. If I start to experience too many foreclosures, I can insist that it must be due to bad appraisers and not this perfect system that I have created to protect my bank's money. If all else fails I can hire some underwriters to protect my interests. Their job will be to argue over the details of such documents as USPAP, fannie mae guidelines and such. They will be paid typical salaries but cannot be bothered with ensuring that the loan officers don't try to influence the appraiser. Yes by George I think I've done it, the perfect system to protect my money.