Since HVCC reared its ugly head, I have one less job to do as a mortgage person. I don't need to CANNOT order appraisals.
You see, I am forbidden from talking to appraisers (obviously my amazing ability to brainwash appraisers coupled with my ruthless quest for a commission render me completely inappropriate for this job).
Realtors, congratulations. I guess now YOU have the job of talking to the appraiser.
And since you didn't hire the guy (the bank did) you can't fire him if he doesn't give you the right value.
But you can still "INFLUENCE". Kind of like I used to do?
And you ARE an interested party...are you not? Just like me? We are both earning commissions if the appraiser will just give us the right #&*$% freaking value!
I keep wondering this: Why can Realtors (who also have a vested interest in the transaction) talk to appraisers, but mortgage people can't?
Wait. Should I even CARE?
Want to know a secret? I'm glad the appraisal monkey is off my back.
- I used to get stuck paying for appraisals when deals fell though.
- I used to get yelled at by Realtors and clients when "my" appraiser came in with a value too low.
- I used to be the one who had to send all the paperwork to order the appraisal.
- I used to ALWAYS take the time to discuss comps, values, and to answer any questions from the appraiser.
- I used to be in the middle of problems getting the appraiser into the house.
- I used to need to print the appraisals out on the color copier to hand them in to my processor.
- I used to try to calm down agents and clients who were nervous about VALUE before the appraisal was done
- I used to get e-mail after e-mail from the Realtors about when the appraisal would be done...needlessly reminding me of the appraisal contingency date.
- Not to mention the bank, who would call me directly to discuss the appraisal (when doing their review)
And I never thought twice about how much time this took away from my day, because for so long it was just PART OF THE JOB.
Don't get me wrong. I am against HVCC because it is BAD for borrowers.
But is it BAD for me? Anything that is bad for our industry and our clients is bad for me.
But has HVCC saved me time, energy and frustration?
An unintended (and rather sweet) consequence.
Written by Janet Guilbault, Mortgage Banker/Broker Based Out of the San Francisco Bay Area