Comments on: Hybrid Appraisals, Invitation to Fraud

By: Baggins

Baggins — Mon, 17 Jun 2019 19:59:16 +0000

In reply to Realrose.

Well, it’s true, nobody goes to jail over lending crime. It’s true.

Consumers can avoid the risks created by lenders, by tracking a shortest possible game plan to complete home ownership. There is no such thing as safe debt.

Regarding some individuals at lender outfits spinning tales, telling lies, gaming the system. What’s new?

By: don

don — Fri, 14 Jun 2019 17:40:52 +0000

Fraud is a matter for the civil courts, not for State licensing authority’s. Licensing authorities revoke, fine or censure a licensee. lenders have the obligation to sue for loss, and insurers may defend against the loss from outside contractors. Our justice system is convoluted, difficult to understand. each and every one involved use this system to build a case for themselves.
Does this make us all guilty? or does this obligate us to each their own situation. That is for appraisers to do the best work, clearly written for the protection of our profession.

By: Koma

Koma — Thu, 13 Jun 2019 23:07:10 +0000

AMC’s are coming out of the wood work and emailing me to ask if I would complete Hybrids. Both the report itself or to do the property inspections. I’m guessing they are just going down the state registries and contacting each appraiser because I do not work with them. At first I would tell them no with an explanation, but now I just delete the email since they probably do not care why I will not work on these.

By: Realrose

Realrose — Thu, 13 Jun 2019 18:04:22 +0000

I copied the whole article from Mike Ford who wrote a very clear assessment of what needs to be addressed regarding the danger of hybrid appraisals. You can’t really call it an appraisal, it is just the same as stealing, so it should be a crime that is prosecuted by anyone who is doing hybrids, including corporations and LLCs who request them. This is no less than a new scheme to rid the banks and realtors of the bother and expense of an appraisal, so they can make deals and churn them out fast.

Just yesterday we inquired about a home equity loan; the rate went down in the last two weeks from 4.65% for a fixed, 20 year fully amortized loan; yesterday is was only 4.02%, and I am sure one could even get below 4% under some other circumstances. There are no fees if you don’t sell for 3 years or before; if you do then the fees are added at that time and I bet they will be steep!

The banker told me when I asked about the appraisal and she said: “We have an agreement with some of the local appraisers who do our appraisals”; I told her if it was a hybrid then I wouldn’t be supporting any program that didn’t hire a qualified appraiser; she said they will be doing hybrids. This is Key Bank! This is a national lender! Does anyone know who Key Bank’s AMC is? I want to know!

I am going to ask her for a list of fees that apply if we sell within 3 years or less; then I will ask if there is an appraisal waiver fee, and what we are going to pay for that!

I will also send her the letter I wrote, adding comments about how FNMA hired Interthinx, operating in Agoura Hills, CA (southern CA), a bunch of Pakistani people who were computer trained, but who had no idea what an appraisal was, nor did they even speak good English; this happened after the 2008 Financial crisis where Interthinx was hired to “review” appraisals and the reviewers were former appraisers with Countrywide and IndyMac, so you know what? Nobody was allowed to kill an original appraisal without a field appraisal done by a licensed appraiser and then only if you could kill all their comps! There was no consideration of USPAP violations, so who has ever been penalized for USPAP violations? I have never heard of anyone who has ever been convicted of USPAP violations!

your thoughts please

By: Jon Anweiler on Facebook

Jon Anweiler on Facebook — Thu, 13 Jun 2019 15:41:21 +0000

I have always thought that creative financing means you can’t afford it.

By: Kimberly Pugh DeFilippis on Facebook

Kimberly Pugh DeFilippis on Facebook — Thu, 13 Jun 2019 15:40:43 +0000

Read this and at the end, click on the link to post your comments.