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Bad Appraiser

By
Mortgage and Lending with Nationwide Funding Group
When i first began doing loans an appraiser called me saying that he had a fast turnaround time but he charged a little extra for a full URAR $450.00. Again i was new and another buddy say that he was really good. My client paid cod and i was promised that the apprasial would get be COMPLETE and i would receive it within 2 working days. About 5 working days went by and nothing. I called several times a day and his secretary would had the worst attitude ever kept giving me the run around. The branch manager for the office i was working at the time told me to look him up on the california lenders banned appraisers list. Sure enough he was banned by at least 34 banks!!!!!!!!!! I got the report almost hours after i told him i had done the research on his background information. He was so scared it wasnt even funny. He refunded the client $350 and ended up only paying $100 for the appraisal. Luckily the bank i went through for the clients loan didnt have him banned. Last i heard this guy was serving time for extortion , fraud and tax evasion. I learned quite a few a few things in this business the hard way. Experience is the best tool you can ever have.

Comments(4)

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Jacqulyn Richey
Prominent Realty Group - Las Vegas, NV
Las Vegas Real Estate
Good for you. Had a similar issue with a title company trying to take advantage of a client.
Sep 05, 2006 02:26 PM
Nima Rezvan CT Lender CT Senior Mortgage Broker
Nima Rezvan Prosper First Funding Corporation NMLS#110681 - Fairfield, CT
First Time Home Buyer Expert - CT FHA Loans - FHA

Experience is the best thing anyone can ask for.  I feel bad because now that the prices are decreasing around here, some appraisers will come in low with their appraised values and it will make a good appraiser look bad but they are only doing their job.  Scary!  Feel bad but it is what it is!

Always,

Nima

Sep 05, 2006 03:55 PM
Brian Brady
Bayshore Commercial - Tampa, FL
858-699-4590

D you have his number?  I need a quick turnaround so i can close this &*^%$ loan. 

Just kidding.  The banned appraisers list is helpful, so is checking with your lender/investor.

Appriasers are turning deals around for me in 3-4 days now 

Sep 05, 2006 05:57 PM
Eddy Martinez
Nationwide Funding Group - Highland Park, CA

Hey Brian i am starting some marketing in san diego for spanish speaking clients. When i do score a deal i am going to need the appraiser you mentioned. Can you send me his info or website. Thanks.

Sep 06, 2006 08:02 AM