What if....

[Elliott]

What if each appraiser kept track of the
mortgage companies that do 'comp checks'
or put on their requests sheet 'got to have $zzz,zzz.+',
and at the end of the year sent them to their
state mortgage commissioner and said, "Here's
a list of companies that shop for appraisals based
on a pre-determined value."

It would just be an annual exercise to let them know
one of the ways we are pressured.

elliott

 

[Frederick R. Ruffell]

I 'm game. Got lots of names for you with the hard copies to back it up.

 

[Verne Hebert]

Great idea!

Here in Montana there is no mortgage commissioner. No license required to sell loans other than a business license.

There is a board of realty regulation-----they are in bed with NMAR and can't get any help there. I was thinking about buying them a season pass to the buffet line so I could find them with my complaints at 10 minutes to 5 o'clock.

 

[Terrel L. Shields]

I have a very busy schedule. But on that schedule is exactly 1 secondary market appraisal for a bank who does business with Wells Fargo and PHH Mortgage. I rarely hear from these folks so I tolerate them.

I do not work for AMCs. I do not work for Mortgage Brokers, especially those who are unlicensed in this state. I do not work with the high risk borrowers, take checks at the door, and have not for years.

Believe it or not, I am busy. Panicked mortgage lenders seeking to close on Friday need not call. One of my colleages in the business hardly does business in our hometown because local banks got tired of her tardiness. She must put twice the miles on her car as I do, going 40-60 miles one way to appraise for every screwball AMC and internet lender in the nation. Often does not get paid. Often gets jobs jerked out from under her. Often gets repeated calls and complaints from clients over not coming in on target, lateness, etc. And all at a cut rate price. She has actually done some reviews for $80 and drove 30 miles to get there.

Like drugs, just say "no".

 

[Mike Garrett RAA]

I am willing to do it!

 

[wade3333]

I'm willing, let's go for it. Wadei

 

[Frederick R. Ruffell]

OK,
What do we do from here. Can we start a list here on the forum much like the good, bad and ugly? I think we would need some guidelines also.
For example, my best client always provides me with the "owners estimate of value" but has never, and I mean never asked me to change or explain my value. On one occasion their chief appraiser called with additional comparables that I had missed and I did add them to the appraisal as they relevant, and I did up the value, but it was still $50K short of the estimate. No questions asked.
So just because they have given me an estimate of value (and their AVM results) I would not list their name on any such list.

The ones Iwant to list are the ones that don't pay or cut the fee after you deliver a report that comes in under their expectations and then say " we told you to stop work on any assignment that would not make our value" etc...

 

[BenLuby]

Posting them on the forum, Frederick, would have some impact, but you could garner a lot more impact if you simply, and I mean just the ones that literally told you to stop if you could not get value, or refused payment, or attempted the strong-arm method, simply faxed them to your congressman, senator, local news paper writer, and located that reporter from the DOW that did that article not long ago. Seems she has a decent head on her shoulders, and, if enough people sent her SOLID evidence of lender pressure, would do another such story. Phone calls, unless recorded, are just your word against theirs, but written forms, that is a whole different boat. Any other ideas?

 

[Frederick R. Ruffell]

Ben I think the forum would be a good place to assemble the information in one coherent piece and location to then be distributed to the various powers that be. To leave it up to us individually is doomed to failure, but to go at it as a group not only encourages particpation from all it adds further creditability. If you and I and 10 other appraisers assemble 12 different instances where one such lender/broker has broken the rules, that has much more creditability and impact than if the twelve of us individually sent the 12 individual peices of evidence to the powers that be. They might sit up and say "hey these guys are organized, active and ready to do something, I better figure out who's side I am on before this sh** gets out and I am caught on the wrong side." That is my thinking, what is yours?

 

[Farm Gal]

Ben:
I have to differ with you re: phone calls are just your word...

IF an appriaser is willing to make notes on who they talked to, from what company (got caller ID?) and the time, it is a valid log. If it comes in as 'private caller' just keep them on line for more than a minute while you 'start to search' fumble for a pencil and take down the particulars, jot down the time of call etc, you CAN compile a valid list that would even stand up in court, :twisted: :twisted: particulary if several of your local peers had compiled the same list...

So if you are going to bother with the written format ones I have no problem including a handwritten list of 'verbal only' conversations.

In fact I just may start making oone of those... to see how mcuh of every DAY is taken up by 'new to me' opportunists of that type, I VERY seldom get any 2nd calls of that nature :twisted: :twisted: