After HVCC, Loan Officers Use Alternate Method To Pressure Appraisers – Through The Borrower
by http://realestateappraisertips.info/ on June 5, 2009
http://www.realestateappraisertips.info/ – After HVCC, Loan Officers Use Alternate Method To Pressure Appraisers – Through The Borrower
I received this below from Dave Towne, Washington Appraiser, and wanted to notify appraisers to beware.
“Appraisers………..
The HVCC supposedly prevents direct interaction between a Mtg Broker or Loan Officer and the Appraiser.
However, there is a loophole, described to me yesterday by an appraiser:
The appraiser received two separate orders from two separate AMC’s for two separate properties in different locations. In both cases, the borrower was present at the time of inspection. According to the appraiser, both borrowers made a statement to the appraiser similar to “the loan officer said I should mention to you that we need XYZ $$ value to do the loan.”
So what to do, besides just ignoring this obvious attempt to influence the value opinion of your appraisal? Report it in the appraisal report! Get the name of the MB/LO from the borrower. Write down the statement made as you heard it in your workfile notes taken while on the property. Then put that info into the report…in a separate prominent paragraph under the heading “Attempted Value Influence” or something similar. (I suggest asking for the name ‘casually’ and not in an accusatory or punitive way. The borrower can be told it’s just part of your fact finding responsibility while on their property.)
If this is done enough times by appraisers, the ‘salespeople’ in the lending industry will be forced to change their practices.
Keep in mind that next year, we will be reporting the license numbers of MB’s/LO’s in our reports, so info like the above will tie directly to the perpetrators.
‘Let’s be careful out there!’
Dave Towne
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Tagged as:
HVCC
After HVCC, Loan Officers Use Alternate Method To Pressure Appraisers – Through The Borrower
by http://realestateappraisertips.info/ on June 5, 2009
http://www.realestateappraisertips.info/ – After HVCC, Loan Officers Use Alternate Method To Pressure Appraisers – Through The Borrower
I received this below from Dave Towne, Washington Appraiser, and wanted to notify appraisers to beware.
“Appraisers………..
The HVCC supposedly prevents direct interaction between a Mtg Broker or Loan Officer and the Appraiser.
However, there is a loophole, described to me yesterday by an appraiser:
The appraiser received two separate orders from two separate AMC’s for two separate properties in different locations. In both cases, the borrower was present at the time of inspection. According to the appraiser, both borrowers made a statement to the appraiser similar to “the loan officer said I should mention to you that we need XYZ $$ value to do the loan.”
So what to do, besides just ignoring this obvious attempt to influence the value opinion of your appraisal? Report it in the appraisal report! Get the name of the MB/LO from the borrower. Write down the statement made as you heard it in your workfile notes taken while on the property. Then put that info into the report…in a separate prominent paragraph under the heading “Attempted Value Influence” or something similar. (I suggest asking for the name ‘casually’ and not in an accusatory or punitive way. The borrower can be told it’s just part of your fact finding responsibility while on their property.)
If this is done enough times by appraisers, the ‘salespeople’ in the lending industry will be forced to change their practices.
Keep in mind that next year, we will be reporting the license numbers of MB’s/LO’s in our reports, so info like the above will tie directly to the perpetrators.
‘Let’s be careful out there!’
Dave Towne
If you enjoyed this article, you might also like...:
Tagged as: HVCC