Add a comment | Tuesday, January 19, 2010
Gazunteit!!! With the real estate industry poised in what could be a good recovery there appears to be a Dark Cloud that is Slowing that recovery. HVCC.
We have appraisals coming in our local area thru HVCC, one in particular where it appears the appraiser who is sent by the Appraisal Management Company, may not be the right appraiser for the job, but was sent anyway. One specific case which involves a friend of mine doing a refinance. In my opinion an appraiser doing a manufactured home should know what the data plate is or the appraisal should be assigned to someone else (ya think?)—(the data plate is the piece of paper glued to the wall in the laundry room or under the kitchen cabinet or in a closet that says where and when it was built and by who, with the data on the insulation, snow load roof etc) and the HUD Tag is the metal plate affixed to the outside of the structure, just so ya know, in case you didn’t.
Almost every lender requires a picture of both (proof) i understand. It must have been a bad day for the appraiser because pictures of the data plate were forgotten. Two Weeks Later the appraiser had still not been back to the property to take the pictures that had been forgotten. FINE. So the appraisal was held up by the appraiser, my friend lost his loan lock, costing more $$$. The only thing the loan officer could do is write the appraisal management company and say the the appraisal is still needed, over and over and over again. Good job appraisal management company and it cost my friend more money for you. (Ya Dorks).— It just cost the owner (in this case) more for this appraisal because it is being handled by an Appraisal Management Company and they get paid to manage. So what are they managing? Incompetence? It sure appears so in this case. It has taken TWO Months to get the appraisal done by these yeah-who’s. The loan officer is not allowed to call the appraiser directly because of the hands off rules (HVCC) to loan officers who can have no direct contact with the appraiser and is not allowed to know who the appraiser even is. Otherwise a phone-call would have been made to the appraiser to say, What Are You Doing?
The reason I know is because my friend told me. —So the Net result of that is, the owner, my friend, lost the loan lock because it took this appraisal process TWO Months. So someone has to pay for that. It appears the appraisal managment company should, at least in my opinion pay for that, but of course they will not .
No matter what kind of business you are in there are always going to be the select few who try to manipulate the system by doing unethical things. The end result is more rules to govern us in everything we do. Unfortunately even tho HVCC was put in place with the best of intentions by Congress I believe, there are those things like this, that because you have no control, they spin out of control on their own like a car going 100 mph with no one controlling the wheel.
Now that’s just plain crazy. Ya Think?
