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What are these LO's thinking?

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John Hassler

Thread Starter
Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
I just received four unsolicited "Comp Run" request via fax. I don't do comp runs. But what really got me was the "Needed Value" was $20k to $100k more than the "Estimated Value". I think the hamster fell off the wheel for this loan officer. Will "CC:" these to the DRE.

John Hassler
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
John it looks like my extended comments need a little updating .....maybe something like this....In the final reconciliation of value, the most emphasis has been given to the Needed Value approach. The Estimated Value and the Market Value approaches were given some consideration, but we believe the Needed Value approach better serves the borrower. :)
 

James Bourgeois

Freshman Member
Joined
May 20, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Go, Bobby, Go!

Wouldn't the loan officers just love that? All those commission hungry, ethically challenged, form filling functionaries down at the B&C Loan Store would just bust a gut to hire the first appraiser using the needed value approach!

Yeah, it's funny, but it's also a sad commentary on the industry in which we work. It seems that the higher an appraiser's standards, the lower the regard in which he is held by those originators. Five will get you ten that a sizeable number of originators can't see the humor in it and would really go for this.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
:lol: That is a good one Bucks. 8)
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Oh, great. Another USPAP revision!

Good one Mr. Bucks.

John, for the next comp run request, just quote them your standard $500 fee and see if they're still interested. (I also enjoyed the oxymoronic title of your post - LO and thinking used in the same phrase!) :mrgreen:
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
What are these LO's thinking?

They don't. Maybe can't?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Hey let's fax John, Mr. AVM Man :!: He can leap to grand values in a single bound, scan the MLS for the "best" sales in 2.5 seconds, and doesn't mind giving a committed answer: I think I can, no wait, here is a new sale today that is $18,000 higher than the others. Now THAT is your best sale :!: Comparables, we don't need no stinkin' comparables. Just gimme some sales.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
In regards to hunting for a value - just got an order. Home sold for $1.5M a year ago, was listed in June for $1.6M, taken off the market and owner wants to refi. LO states that estimated value is $2.5M. What part of 'this dog just ain't agonna hunt' does this LO not understand? Don't they know we look at the MLS too?
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Loan officers thinking? They do not want ot do anything that would inhibit their commission. Thinking, having a conscience, doing the right thing, putting the customer first, these are not options for a loan officer. Well, Maybe some do. Highly unlikely though. These are the same people that manipulate credit, employment histories and income histories without batting an eye.
 
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