Comments for News for loan lenders america

Comment on Appraisal by consult

consult — Tue, 18 Jan 2011 12:50:18 +0000

No, you do not hace to give her the appraisal. The company you work for is the actual customer and in order for the new lender to use the appraisal, your company must release that appraisal to the new company. Let her try to sew you. What is she going to pay her lawyer $1000+ to get a $300 appraisal. she’s all bark and no bite. Plus, if she took you to small claims court the judge would throw it out in a flash as a waste of his time. He probably would even make her pay for the appraisal just for wasting his and the court’s time. Turn the tables on this person, and I use that term loosely. Tell her you have a signed loan application and good faith est. with the amount of the appraisal on it. That constitutes her willingness and ‘good faith’ that she was going to go thru with the deal and thus authorizing the appraisal to be done. She further authorized the appraisal by letting the appraiser in her house to finish the appraisal. So, if she doesn’t pay for the appraisal, at which time you will give her a copy of the appraisal and a signed release letter, you are going to take her to small claims (no lawyers involved) and get a judgement in your favor. If she doesn’t pay, guess what, in order for her to do a new loan, she’ll have to pay you in order for you to sign the Satisfaction of Judgement, which you’ll tack on interest to the $300!! Also, in addition to having to pay for the appraisal plus interest and “fees”, she’ll have a judgement on her credit that will lower her scores and possibly damage her chances with the new loan!! Believe me, she will not be able to write the check fast enough. But, hold on, you don’t accept personal checks, only cash or a cashier’s check! Take it from me, I’ve done it, and I’ve also had my bluff called and have won in small claims.

Comment on Appraisal by Penny

Penny — Sat, 15 Jan 2011 11:01:24 +0000

I do full-time appraisal work for lenders and brokers (as a Cert. Gen.). The appraisal is the property of the client who ordered it. See USPAP link on my website. It doesn’t matter who pays for it. Your nosey neighbor can order an appraisal on your cousin’s home in Jersey and have your mother-in-law in Las Vegas pay for it. BUT, your neighbor ordered it, so your neighbor owns it. Not even YOU are allowed a copy of it without permission from the actual client (that nosy neighbor who ordered it!). The borrower is definitely due a copy of the appraisal (from the client, not the appraiser) if requested in writing (Equal Credit Op. Act) IF the appraisal was used to make a lending decision. If no lending decision was made, the borrower doesn’t have a right to the appraisal- regardless of who paid for it.

Comment on Appraisal by admin

admin — Fri, 14 Jan 2011 08:50:12 +0000

I read a most where someone stated that you “had” to provide her with a copy the appraisal by federal law and that is NOT TRUE in your case. I client is due a copy of the appraisal AFTER THE LOAN closes. If she backed out she is not due SQUAT. As far her suing you, SHE NEEDS TO GET A GRIP!!! You can AND SHOULD go after her!!! I was working a loan for a client in OH and she was suppose to pay the appraiser at the door and told the appraiser the same thing. She did not pay and the appraiser never asked for the money so he could not come after me and he did not however I paid him anyway and placed the debt with a collection company after the lady backed out of the deal. The services were rendered and she knew that she had to pay no matter what took place with the loan. If she says that she is going to take your company to court, she can’t sue you, place the account with a collection company and sign up for pre-paid legal. The monthly cost of the service is WELL WORTH IT and they will work with you on a pre-existing issue. You can have the attorney will write a letter to her stating that your company will release the appraisal to her when she pays for it by a certain date and if she does not pay for the report you will place the account with a collection company which will result in it being reported to all 3 credit bureaus. If someone says that you can not place something in a credit report with out going to court 1st they are wrong. Dr.’s and hospitals do it all the time. You should also add a service agreement to your loan disclosure documents that says what will happen if the client backs out or does not pay for services provided.

Comment on controlled business arrangements by admin

admin — Sat, 09 Oct 2010 12:45:31 +0000

Section 3500.15(b) sets out the three conditions of the controlled business arrangement exception. The first condition concerns the disclosure of the relationship. The rule provides that the person making the referral must provide the consumer with a written statement, in the format set out in appendix D to part 3500. This statement must be provided on a separate piece of paper. The referring party must give the statement to the consumer no later than the time of the referral. 24 CFR 3500.15(b)(1).