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#2258951 - 08/30/21 06:49 PM Unable to Get Appraisal
Tarhe Offline
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Joined: Nov 2006
Posts: 1,188
California
I know I've seen another post on this but I can't find it.
We have contacted over 30 appraisers (and still working on it) and all appraisers are too busy with work and booked out over a month so they wont even give us a quote or timing. If we deny the loan because we can't get an appraisal, what would be a reason? Unable to engage appraiser?

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#2258960 - 08/30/21 09:40 PM Re: Unable to Get Appraisal Tarhe
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,006
Galveston, TX
Is this the only application in your pipeline? Are you putting a moratorium on accepting future applications?
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#2258962 - 08/30/21 09:56 PM Re: Unable to Get Appraisal Tarhe
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,188
California
This happens to be a loan that we will sell to an investor and they require that we use a certain Appraisal Management Company - and the property is located in a more remote area. So, if we want to sell it - we can't get an appraisal that the investor will accept. Our other option is to portfolio the loan and use an appraiser on our approved appraiser list - which we prefer not to do. So, kind of unique in that the property is in a small town and appraisers are too busy doing other appraisals to bother with it - so it seems. So, the bank is looking to decline the loan.

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#2258988 - 08/31/21 02:19 PM Re: Unable to Get Appraisal Tarhe
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,006
Galveston, TX
Since you have multiple mortgage loan products, the choice of which product the borrower wants is theirs, is it not, after delivering the anti-steering disclosure? What do you mean you would rather not do a portfolio loan? You either do portfolio loans or you do not. Redlining rural properties especially if this in your assessment area is probably not something that you want to engage in.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2259005 - 08/31/21 03:36 PM Re: Unable to Get Appraisal Tarhe
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,371
Bloomington, IN
Redlining rural properties

That thought didn't occur to me while reading the question.
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#2259038 - 08/31/21 05:42 PM Re: Unable to Get Appraisal Dan Persfull
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,475
Up North
I mean, is the appraisal company saying they CAN'T do the appraisal or that they won't get to it for more than a month?
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#2259102 - 09/01/21 05:49 PM Re: Unable to Get Appraisal Tarhe
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,188
California
The pricing options are better when we sell the loan so that is what was discussed with the customer during the initial phone call and he elected to go with that product. However, we could not get an appraiser to quote or give a timeline on an appraisal. So, the MLO said he could counteroffer a portfolio loan however the pricing is much higher - and our dollars for portfolio loans are limited (we are a small shop). Good points above on the redlining - and also the steering. Thank you for that!!

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