Tagged: appraisal problem

The Appraisal Problem and Undue Diligence 8

The Appraisal Problem

Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not misleading. An appraisal report can be on time, have all the boxes checked, no inconsistencies, meet all the...

New Client, Same Property... Allowed Options - Appraisers Blogs 2

New Client, Same Property

There is a problem that I would guess most appraisers run into on a somewhat frequent basis. Imagine the following scenario (it probably won’t be too hard since you have likely encountered something similar): You do an appraisal for Client A. Somewhere during the loan process, the loan is turned over or changed to Client B. Client B knows you recently completed an appraisal on the same property for Client A and asks for a copy of the appraisal in their name. What do you do next? It seems to me, at this point, you have at least four options:...

Oh My God, Don’t Talk to Me!!! Appraisal communication 5

Oh My God, Don’t Talk to Me!!!

Are realtors, loan officers allowed to talk to appraisers? I was amused at a phone message that was on my voice mail recently. A realtor spent 3 minutes apologizing for the phone call, explaining that she understood she was not allowed to speak to appraisers anymore for fear she might sway the appraisal process. The funniest part was that while she did tell me which file the message was regarding, she failed to leave her phone number. Are realtors, loan officers allowed to talk to appraisers? Can the appraisal be discussed? Okay. I am sorry, but has this world lost...

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