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[Fly On Wall] Mortgage Lending Status Quo – Appraisal As Nuisance

Here’s a communique we received yesterday from a national lender (who took TARP money). The focus of this dialogue is only on the customer, and not assessment tools to measure risk – aka the appraisal. Of course, if we complied with this request, it would be a direct violation of appraisal licensing law.

Good grief.

From: [redacted]
Sent: Tuesday, June 16, 2009 11:38 AM
To: Orders
Subject: RE: Need unti Analysis letter

Hi ,
I need a reply back asap please by today…Our underwriter is ONLY need ing a rough estimate on how much is the specific unit is worth. Appraiser’s opinion will be acceptable on the given subject’s size and location on you company letter head for the property located at [redacted]. We are trying to save our client extra fees on any and everything so if you can let me know how much will be your fee ,the cheapest as possible pls..Let me know if this request is possible. i was told that it maybe No Fee involve at all. Please let me know asap.

Thank You,

Remember this is from a LARGE national lender in serious financial distress. We do work for them occasionally, but they rely nearly exclusively on appraisal management companies [1].

As I have said before – not much has changed with the interaction between appraisers and lenders.

Sad, really.

Important: Fixing this situation is as easy as this [2].