Appraisals order by lender only
April 1st, 2009 | 
Author: In the past mortgage brokers were able to order appraisals, and in doing so they appraiser and the mortgage broker formed a special relationship. This relationship can be use for good and it can be use for evil. In this post, I will summarize my thoughts on the issue.
The good that is from the mortgage broker and appraiser relationship is the need for speed. For example, if you can to us after being turned down by another company or if you were unhappy in any way with the other mortgage company performance. I could call my trusted appraiser and request a favor on your behalf. This a favor could be a simple evaluation of the value of the property or a full aprraisal in a very timely manner.
As a result of the timely appraisal, I would be able to get you a mortgage approval in as little as 1 days. Yes, the last mortgage loan that we were able to secure for a client was 24 hrs. This would have been impossible if the appraisal was order through the lender. At the end of the day you get your loan in a speedy manner and you are super happy with our service.
Now let’s look at the other side of this picture, when the appraisal is order by the lender the appraiser and the mortgage broker does not have any business relationship. The appraiser will not care if the customer has ordered the rental truck, their landlord is kicking them out at the end of the month, and friends and family have requested time off from work to help with the move. This is especially true at these larger appraisal management company, where they will que the orders received. This result in a long wait and many head aches for the customer.
Regarding the negative side of this relationship, the special relationship that is formed between the mortgage broker and the appraiser can lead to undue influence by some mortgage brokers on appraisers. This influence can be use to push the value of a property up, but the appraiser has an ethical obligation to correctly value the property with supporting comps of recently sold house in the area,too bad this is not always done. But ultimately it will be up to the lender to place the final value on the property. Shouldn’t the buck stop there?
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August 21st, 2010 10:55 pm
between lenders and borrowers and between entrepreneurs and investors. Congress would be smart to toughen enforcement of the CRA, especially on any financial institution seeking federal
September 25th, 2010 12:53 am
between lenders and borrowers and between entrepreneurs and investors. Congress would be smart to toughen enforcement of the CRA, especially on any financial institution seeking federal
September 25th, 2010 12:53 am
Congress would be smart to toughen enforcement of the CRA, especially on any financial institution seeking federal
September 25th, 2010 12:54 am
toughen enforcement of the CRA, especially on any financial institution seeking federal
September 25th, 2010 12:54 am
especially on any financial institution seeking federal
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