Dave Porter of Mortgage Broker Coaching, LLC has written an excellent article, illustrating the issues of dealing with a "declining market" from the perspective of the mortgage broker - How to avoid appraisal problems in your mortgage practice.
But before you continue reading, you might want to read Dave's latest post: I am deeply saddened by the behavior of my industry.
After reading his comments, see if you don't think Dave is one of the "Good Guys"!?
The How to avoid appraisal problems in your mortgage practice article walks you through a Q&A session where a mortgage broker is having to face a loan not being funded because the market he/she is in has been identified as [Declining].
In THIS case, the broker says:
"Perfect case in point, I had a recent loan declined due to an appraisal quality control review. My appraiser provided 7 comps in the area and indicated that he could provide 65 more if needed and the lender stated that the area is in a declining market and they were unwilling to even discuss it with my appraiser."
If you're looking for some insight into the the OTHER side of the mortgage transaction this article is an excellent read.
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