Today our appraisal firm had a typical request from a client who happened to be a mortgage broker. We had submitted an appraisal that was performed by a licensed assistant in our firm. The report was reviewed carefully and the lender that received the report said it was fine except for one thing, they didn’t accept a licensed assistant as the signer. As it turns out, the mortgage broker had submitted our report to a different lender than we had been told, at the last minute. In the competitive world of interest rates, this is a common occurrence.
The call goes like this [names withheld to protect the guilty?]:
Mortgage Broker: The appraiser that signed your report is not approved by the lender we are submitting the report to. [because he was a licensed assistant]. The report looks fine but we need the appraiser’s name changed.
Appraiser: What do you mean?
Mortgage Broker: Just have another appraiser sign the report.
Appraiser: Do you mean, claim that they inspected the property and performed the analysis?
Mortgage Broker: Yes, all of the other appraisers we use do this.
Appraiser: No, we can’t do that. We did complete the report in compliance with the lender you indicated you were sending it to. However, we can send a certified appraiser to the property again quickly and do the report over at a discounted fee since the research has been done. The appraiser needs to verify the research and may or may not agree with the original result.
Mortgage Broker: Oh, ok. That’s fine. But please hurry.
Note: This client is one of the good ones – they will try to ask for this sort of thing but accept our logic and keep using us, indicating there is hope for humanity, or at least wholesale lending.