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What A Country!

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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.
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Well Hell...
When you put it that way.. I'm going to go apply at McDonalds tomorrow.. Maybe for the "Clowns" Job!
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Jeff-

Were have you been? Newbie status, relatively few posts, whit & brutal honesty!

I look forward to your future posts.

-Mike
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
AKKK, ACCKK!

Intruder alert!

Sound the alarms, the walls have been breached by a member of the enemy squad :ph34r: ..

oh. :huh:

that was sarcasm, wasn't it :redface:

we must be vewwy careful... they are out there.. lurking...

now you done gone and gave it away that we are ON to them.

watch your back....
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Good Lawd, man!
Do you always just come burstin' through the door like that???!!!! :lol:
 

Sean Wagle

Sophomore Member
Joined
Apr 18, 2003
Professional Status
Banking/Mortgage Industry
State
North Carolina
Jeff, Jeff, Jeff.

You can't let LO's choose any appraiser. You use an industry "approved list", (kinda like the choice of doctors the employees have in their HMO plan.) The "approved list" is of course ranked by performance and efficiency. (i.e. percentage of appraisals that "make value".)

And don't be a penny pincher, it's worth spending an extra $100 for a "good appraisal". After all, a "bad" one means risking an opportunity to loan out more money on these very profitable 97% LTV deals. Better safe than sorry!

(running and ducking! :twisted: )
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Jeffrey,
With a little Machivellian thought you don't even have to
"own a bank". Be a mortgage broker, find out from realtors
which "appraisers" to use. Charge 3% origination fees at
closing. When things get hot, move, change name, start over.

See its even easier than you thought.

elliott
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
oh, ps. Stiff the appraiser, cause you pick up an extra $400+.
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Jeff, would you lend me money on a land scheme on a local river? My wife made $100,000 on $1,000 stock options and we need an investment. LOL

All kidding aside, welcome aboard.
 
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