mortgage issues: Subprime Loans - here we go again........ - 04/12/12 02:06 AM
A story which first appeared in the New York Times on April 11th, "Lenders Again Dealing Credit to Risky Clients", was posted on MSN on the 12th as "Big Banks woo subprime borrowers again".  Summarizing, Capital One and GM Financial are issuing credit cards (they never really stopped).  Meanwhile, HSBC and JPMorgan Chase are moving again into subprime mortgage lending.  As always, the lenders rationalize their actions as the best interests for the consumers while watchdog groups forewarn of repeated risky practices. 
This is one of those times when a reader almost bangs his head against the wall wondering why the … (1 comments)

mortgage issues: Disturbing Trends in the Appraisal Industry - 09/27/11 02:35 PM
A colleague sent out a chart which shows the decline in appraisers in the state of Michigan from 6/15/2010 to 9/25/2011.  The trends are dubious for the future of the industry.  Even worse, are some of the interpretations of the data.  Excluding limited appraisers who are not permitted to do mortgage work, a summary is shown below:
                              6/15/2010                          9/25/2011           % change in 15 months
Licensed                       1,382                               861                          -37.7%
Certified Residential       1,036                            1,019                          - 1.6%
Certified General            1,059                               950                         -10.3%
Totals                            3,477                            2,830                         -18.6%
To … (6 comments)

mortgage issues: 60 Minutes Segment on Mortgage Fraud - Unbelievable!!! - 04/05/11 02:48 AM
I received the following from an appraisal organization in Illinois.  One must stop and wonder, at what point will the lenders be held accountable?  The lenders claim they are not to be held accountable since they contracted the work out.  This is akin to a broker not being responsible for the actions of their agents.  The public needs to know this!!!;cbsCarousel

mortgage issues: What does a California underwriter know about Michigan? - 02/13/10 12:44 PM
Just got a rather typical idiotic request from an underwriter which will appear commonplace to appraisers and shed some light on the difficulties of this profession for others.  I valued a lakefront property for a refi on a popular, highly valued Northern Michigan lake.  The site had 2 parcels - 2 lots on the lake and 2 lots along the road.  Waterfront sites are commonly valued according to front feet in Michigan.  The property was valued based upon all 4 lots which were contained in 2 separate parcels.  The underwriter has requested that the site be stated in terms of acreage, … (4 comments)

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Richard Glesser

Gaylord, MI

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North Country Appraisal Services

Address: P.O. Box 1271, Gaylord, MI, 49734

Office: 800(806) 107-5101

Mobile: (989) 858-0528

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