Complaint Review: BP Appraisal - Yorba Linda California

So the appraiser is supposed to drive out to the property, inspect it and then have full knowledge of what is or is not acceptable to your lender? And of course, he's supposed to do that for free, right? Walk away from the assignment and any compensation after spending his time doing some research, driving out to the property, photographing, measuring, and taking extensive notes, right? It's illegal for an appraiser to take any assignment in which payment is contingent upon the occurrence of a subsequent event (e.g. a closing, your approval of the property conditions, etc.). The appraisal business is not a speculative one, unlike the mortgage business. You either want an appraisal report or you don't. When someone orders an appraisal report, that is what they are going to get, without any "IF's or BUT's". Or are you asking the appraiser to lie about the condition of the property? Of course, no mortgage broker has ever done that Appraisers have to follow appraisal rules/laws. If you don't like the laws, complain to your representative.

Your mad because the appraiser didnt report what YOU wanted to hear and actually did their job?

The loan agent's logic is just as poor as her grammar. Appraisal services were completed at the loan agents request. Payment is required upon rendered services, not contingent on loan funding. That is how it works. The loan agent assumed the appraiser would act unethically and lie about the subject property's condition and occupancy. So...yes...the loan agent made the mistake of using an appraisal company that actually does it's job and respects the law. BP Appraisal Services has done business with this loan officer for nearly 2 years without any issues. Again, arrangements for payment could have been negotiated had the agent simply acted as a professional and decided the pick up the phone. Sending the agent to collections was not a pleasant decision. Any underwriting issues involving the appraisal could have been resolved had the loan officer taken more initiative. More than likely, the borrower simply got a better deal from Bank of America. "The homeowners could not use the appraisal and furthermore only have a credit card against the property" - does anyone know what the hell this means?

The homeowners could not use the appraisal and furthermore only have a credit card against the property. BP Appraisal could not and was not used for this transaction. Still does not justify them saying the appraisal was worthy when another appraiser had to conduct a new appraisal which was a waste of time. Yes, the loan would have funded if BP appraisal carried out an acceptable report for the loan, but was not done and the loan didn't fund!!! And its a shame the homeowner had to have another appraiser come out. And yes the loan officer had bad judgement and made a mistake by using BP Appraisal!

The homeowners could not use the appraisal and furthermore only have a credit card against the property. BP Appraisal could not and was not used for this transaction. Still does not justify them saying the appraisal was worthy when another appraiser had to conduct a new appraisal which was a waste of time. Yes, the loan would have funded if BP appraisal carried out an acceptable report for the loan, but was not done and the loan didn't fund!!! And its a shame the homeowner had to have another appraiser come out. And yes the loan officer had bad judgement and made a mistake by using BP Appraisal!

The homeowners could not use the appraisal and furthermore only have a credit card against the property. BP Appraisal could not and was not used for this transaction. Still does not justify them saying the appraisal was worthy when another appraiser had to conduct a new appraisal which was a waste of time. Yes, the loan would have funded if BP appraisal carried out an acceptable report for the loan, but was not done and the loan didn't fund!!! And its a shame the homeowner had to have another appraiser come out. And yes the loan officer had bad judgement and made a mistake by using BP Appraisal!

The homeowners could not use the appraisal and furthermore only have a credit card against the property. BP Appraisal could not and was not used for this transaction. Still does not justify them saying the appraisal was worthy when another appraiser had to conduct a new appraisal which was a waste of time. Yes, the loan would have funded if BP appraisal carried out an acceptable report for the loan, but was not done and the loan didn't fund!!! And its a shame the homeowner had to have another appraiser come out. And yes the loan officer had bad judgement and made a mistake by using BP Appraisal!

BP Appraisal Services has only sent 1 loan agent to collections. This was after 5 months of non-payment and un-returned phone calls. The property which is the subject of this "rip off report" is a multi-unit home that was originally 2 units, and had been partitioned by the owner into 3 units with an additional kitchen. Improvements such as these are typical for the subject neighborhood and property type. The property was by no means in unacceptable condition, and properties of a similar nature have been approved for financing in the past. All financing, however, is contingent upon lender & underwriting approval, and in this circumstance, the specific lender did not approve of the quality with which the owner had completed the improvements. Furthermore, the appraiser had been told the property was owner occupied even though tenants granted the appraiser access. The loan agent did not act with integrity or competence when assembling the loan package, and as a result lost the deal. BP Appraisal gave the loan agent every opportunity to make arrangements for payment for 5 months, but the agent declined to return phone calls. A new loan for this property did eventually fund through Bank of America. Further proving that nothing was wrong with the property's loan-worthiness or the appraisal. Had the agent made a stronger effort with the underwriter, this loan probably would have funded. BP Appraisal is committed to treating every client and every borrower with respect and the highest quality service in the industry. If there are any further questions regarding this incident, please contact BP Appraisal Services at 714-757-4283. Thank You. PS: The sister of the loan agent who posted this report continues to do business with BP Appraisal, and acknowledges the mistake in judgment made by her sister. The character flaws of the loan agent is the reason for this posting, NOT the performance or the integrity of BP Appraisal Services.