Mille
Winter Park,#2Consumer Comment
Sat, December 06, 2008
Just for your edification: By taking the appraisal assignment on contingency, the first appraiser was in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) and most likely, the laws of the state in which she practices. An appraiser cannot legally take a fee payment only if she "hits the number." That practice is blatantly illegal and flies in the face of the very concept of appraiser ethics and independence. The whole purpose of an appraisal is to develop an opinion of value once the property has been inspected (if this is part of the scope of work) and the relevant comparable sales data analyzed (among other things). Lenders need to learn that they should not hire appraisers who will communicate an opinion of value or even a "likely" range of value until they have completed the full appraisal procedure. This situation is an example of why ethical and professional appraisers don't do "comp checks."
Mille
Winter Park,#3Consumer Comment
Sat, December 06, 2008
Just for your edification: By taking the appraisal assignment on contingency, the first appraiser was in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) and most likely, the laws of the state in which she practices. An appraiser cannot legally take a fee payment only if she "hits the number." That practice is blatantly illegal and flies in the face of the very concept of appraiser ethics and independence. The whole purpose of an appraisal is to develop an opinion of value once the property has been inspected (if this is part of the scope of work) and the relevant comparable sales data analyzed (among other things). Lenders need to learn that they should not hire appraisers who will communicate an opinion of value or even a "likely" range of value until they have completed the full appraisal procedure. This situation is an example of why ethical and professional appraisers don't do "comp checks."
Mille
Winter Park,#4Consumer Comment
Sat, December 06, 2008
Just for your edification: By taking the appraisal assignment on contingency, the first appraiser was in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) and most likely, the laws of the state in which she practices. An appraiser cannot legally take a fee payment only if she "hits the number." That practice is blatantly illegal and flies in the face of the very concept of appraiser ethics and independence. The whole purpose of an appraisal is to develop an opinion of value once the property has been inspected (if this is part of the scope of work) and the relevant comparable sales data analyzed (among other things). Lenders need to learn that they should not hire appraisers who will communicate an opinion of value or even a "likely" range of value until they have completed the full appraisal procedure. This situation is an example of why ethical and professional appraisers don't do "comp checks."
Mille
Winter Park,#5Consumer Comment
Sat, December 06, 2008
Just for your edification: By taking the appraisal assignment on contingency, the first appraiser was in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) and most likely, the laws of the state in which she practices. An appraiser cannot legally take a fee payment only if she "hits the number." That practice is blatantly illegal and flies in the face of the very concept of appraiser ethics and independence. The whole purpose of an appraisal is to develop an opinion of value once the property has been inspected (if this is part of the scope of work) and the relevant comparable sales data analyzed (among other things). Lenders need to learn that they should not hire appraisers who will communicate an opinion of value or even a "likely" range of value until they have completed the full appraisal procedure. This situation is an example of why ethical and professional appraisers don't do "comp checks."
Rick Drake
CHESAPEAKE,#6REBUTTAL Individual responds
Sun, September 14, 2008
I am very sorry that you are not 100% completely satisfied with your experience in working with me as a Sr. loan officer at Dominion Financial Mortgage Corp. Although i disclosed properly the paperwork that was required to perform an appraisal on your property and I was able to get the 1st appraiser to void their costs in doing their job . I was not however able to have the 2nd appraiser do the same. I am very sorry that you were confused in this very crucial process and as 1 of over 10,000 contracts that i have been involved in over the last 21 years that is not happy I with the counseling of my President and Vice President am willing to pay for the appraisal of your property . Please understand that the appraisal cost of your property does not benefit Dominion Financial Mortgage Corp. nor myself. The cost of the appraisal goes 100% to the appraiser. I am willing to pay for this appraisal out of my own pocket and have now changed my policy of not charging clients on the spot. It use to be that I would allow the client to not pay untill the loan closed. Or at least to not charge them untill the entire loan process had expired , whether they got the loan or not. Thank you for your response in this matter which indirectly will save our hard-working company thousands of dollars in the future. Sincerily, Richard A. Drake Sr. Loan Officer Dominion Financial Mortgage Corp.