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Lazy Home Appraisers (1 Viewer)

J

James Daulton

Footballguy
Now I'm not saying all home appraisers are lazy, just that the ones who are suck.

I'm in the middle of a refi. Everything going swimmingly, credit's good, income good, now we just need the appraisal. Guy walked through Thursday and I get the report in the mail on Saturday. He appraised the house $100k less than the house directly across the street that sold one year ago and $165k less than the house directly next to me that sold in the spring. He pulled three comps, the only bearing they had to my house was square footage. I live in a neighborhood of 1950's houses, and the houses can vary greatly in worth depending on the upgrades and renovations that have been done. My house (imho) is one of the nicest in that we opened up the house when we moved in so it's not all small rooms and boxy like most of the house are, we replaced the kitchen shortly after moving in, and we added AC. We also have a kick ### pool and nicely landscaped yard with tons of room to play wiffleball, volleyball, whatever (.5 acre).

He appraised the house exactly the same as one that sold about 5 months ago across the street (diagonally). This house has 1 bedroom and 1 bath fewer than ours and hasn't been updated at all since 1950. In fact, he appraised my house just $8k more than when we bought it in late 2002! This ######## clearly did no homework on the area and was appraising by numbers like we live in some sterile, McMansion community where every house is basically the same. Older neighborhoods with character and uniqueness take some local knowledge and research to appraise appropriately.

I have no idea what recourse I have or if PNC can pull another appraisal but I'm going to call this jackhole and let him know what I think about his "appraising" skills.

Oh, and this stupid #### appraised the house $100k less than the last PNC appraiser did when we refied 5 years ago. I hate him I hate him I hate him.

 
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You can appeal the appraisal. Good luck with that.

For future reference, if you had communicated these upgrades to him before he did the appraisal, and told him your estimate if the value, he might have come in much closer to your needed validation.

With the crash from '07-'08, it's not surprising that he came in close to the'02 value, but it sounds like he didn't do a great job with comps or upgrades.

Just out of curiosity, what area are you in, and when did those higher priced comps that you mentioned sell?

 
How different were the square footages to the comps you wanted? A year old comp is pretty old to use. It's not surprising he didn't use that one.

 
Psychopav said:
You can appeal the appraisal. Good luck with that.

For future reference, if you had communicated these upgrades to him before he did the appraisal, and told him your estimate if the value, he might have come in much closer to your needed validation.

With the crash from '07-'08, it's not surprising that he came in close to the'02 value, but it sounds like he didn't do a great job with comps or upgrades.

Just out of curiosity, what area are you in, and when did those higher priced comps that you mentioned sell?
Click to expand...
The house across the street sold one year ago. The house next to me sold in the spring. He didn't use either as comps.

The housing market has recovered significantly since 2008 and I bought mine 5 years before the crash so I never became underwater.

 
Juxtatarot said:
Also, how close was he to your expected value (as a percentage)?
Click to expand...
He came in about 68% of what I think the place is worth and only 75% of the value of the house across the street that sold a year ago. And this house is not as updated or well maintained as mine.

 
Juxtatarot said:
How different were the square footages to the comps you wanted? A year old comp is pretty old to use. It's not surprising he didn't use that one.
Click to expand...
The square footage was the only similarity in the comps he used. One of the three was a 2 bed / 1 bath house that had not been touched since 1950. The original owner just died so I'm really familiar with the house as we looked in on them from time to time. Original windows even.

 
Happened to me last time I refi'd. Our home is pretty new, 2008. A home that is the same model and same square footage in my neighborhood sold 3 months early for a certain price. I even provided 3 comps that I felt were reasonable based on location and size. His office was in Philly about 60 miles from my house and when he came out here, he chose homes that were about 6-10 miles away and were not the same model (different builder and size). Appraised it 30k lower than what we felt the value was. Ended up not being able to do the refi.

The bank refunded the fee and apologized for the appraiser even though it wasn't their fault. They all seem to under value anymore because of the crash. It's like they swung the pendulum the complete opposite way.

 
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.

 
Same thing happened to us a couple of years ago. Appraiser pulled the selling numbers from houses within a mile radius? Well a mile from our house gets into to some shaddy looking homes.

 
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
In my case I have no idea the problem. The house I provided was the same model, same square footage, same neighborhood sold only 3 months earlier and he disregarded it.

 
There is tons of subjectivity allowed in home appraisals. We had two appraisals on our place when we were getting a mortgage. They came in with a 45,000 dollar difference. 195,000 and 240,000

 
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.

 
the moops said:
There is tons of subjectivity allowed in home appraisals. We had two appraisals on our place when we were getting a mortgage. They came in with a 45,000 dollar difference. 195,000 and 240,000
Click to expand...
The thing that sucks about this one is that it's so glaringly wrong. How can an included comp use a 2 bed/1 bath house? The step up to 3 beds/2 baths makes a house significantly more marketable. The appraisal is off by a minimum of $100k, that's nuts to me.

 
Last edited by a moderator:
James Daulton said:
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.
Click to expand...
The point of an appraisal requirement on loans is to prevent fraud in the real estate business. We had several serious financial crisis based on shady business practices in real estate where appraisals over-inflated values. The rules really do not care about correct values only that they are not over-inflated.

 
the moops said:
There is tons of subjectivity allowed in home appraisals. We had two appraisals on our place when we were getting a mortgage. They came in with a 45,000 dollar difference. 195,000 and 240,000
Click to expand...
I assume they relied on different comps. Not all areas have a ton of comps to choose from which fit the criteria.

 
jon_mx said:
James Daulton said:
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.
Click to expand...
The point of an appraisal requirement on loans is to prevent fraud in the real estate business. We had several serious financial crisis based on shady business practices in real estate where appraisals over-inflated values. The rules really do not care about correct values only that they are not over-inflated.
Click to expand...
That crisis was not caused by inflated appraisals. It was caused by lending to folks who couldn't pay. The appraiser will likely cost the bank business.

 
James Daulton said:
jon_mx said:
James Daulton said:
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.
Click to expand...
The point of an appraisal requirement on loans is to prevent fraud in the real estate business. We had several serious financial crisis based on shady business practices in real estate where appraisals over-inflated values. The rules really do not care about correct values only that they are not over-inflated.
Click to expand...
That crisis was not caused by inflated appraisals. It was caused by lending to folks who couldn't pay. The appraiser will likely cost the bank business.
Click to expand...
Ability to pay was the most important factor, but over-inflating appraisals was an important contributing factor which compounded the problem. A bank will be happy to lose business instead of being at risk of having a home under water. It takes a dozen good loans to cover the lose due to a bad one.

 
In 2010 we lost a buyer on our home because of a bad appraisal. That prompted me to do a lot of research then, but given the time that has passed, forgive me if my memory is faulty.

Before the housing bubble burst, appraisers were largely better off by over-estimating prices. The banks wanted to manufacture these loans and if an appraiser got in the way, they simply weren't called for the next job.

The fallout from the crisis brought about the Home Valuation Code of Conduct. This legislation rocked the appraisal business. I forget exactly how, but appraisers could be held accountable to some degree if they inflated a property value, so suddenly it was in their interest to under-estimate values. Secondly, and perhaps more importantly, it brought about the rise of Appraisal Management Companies. These companies apparently take half the fee, for little more than assigning the job. Basically for appraisers to maintain their salary, they had to nearly double the number of appraisals they performed, meaning a lot less time is spent on each appraisal, and in many cases appraisers are coming from far away without any knowledge of the local market.

Anyway, if you want to know more, do some research on Appraisal Management Companies, and the HVCC.

 
jon_mx said:
James Daulton said:
jon_mx said:
James Daulton said:
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.
Click to expand...
The point of an appraisal requirement on loans is to prevent fraud in the real estate business. We had several serious financial crisis based on shady business practices in real estate where appraisals over-inflated values. The rules really do not care about correct values only that they are not over-inflated.
Click to expand...
That crisis was not caused by inflated appraisals. It was caused by lending to folks who couldn't pay. The appraiser will likely cost the bank business.
Click to expand...
Ability to pay was the most important factor, but over-inflating appraisals was an important contributing factor which compounded the problem. A bank will be happy to lose business instead of being at risk of having a home under water. It takes a dozen good loans to cover the lose due to a bad one.
Click to expand...
A house being underwater doesn't hurt the bank.

A house being underwater and a crappy borrower definitely hurts the bank.

 
I'm SHOCKED that a homeowner thinks their home has been drastically undervalued. Oh, and sleep with the appraisers wife.

 
Appraisers are there to cover the lenders liability, not to appease the seller. Lenders got stuck with excess inventory after the foreclosure boom & don't want to deal with that mess, so the appraisers are typically encouraged to be conservative.

 
Bucky86 said:
I'm SHOCKED that a homeowner thinks their home has been drastically undervalued. Oh, and sleep with the appraisers wife.
Click to expand...
I'm not talking about a couple tens of thoughsands different, I'm talking about in excess of $100k wrong. The report even listed the home prices in my area as stable, time on market < 3 months, and somehow my house is worth $100k less than a house that sold a year ago and isn't as nice?

Now I'm probably going to have to go to a new lender when I really really like PNC and want to stay with them.

 
RedmondLonghorn said:
jon_mx said:
James Daulton said:
jon_mx said:
James Daulton said:
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.
Click to expand...
The point of an appraisal requirement on loans is to prevent fraud in the real estate business. We had several serious financial crisis based on shady business practices in real estate where appraisals over-inflated values. The rules really do not care about correct values only that they are not over-inflated.
Click to expand...
That crisis was not caused by inflated appraisals. It was caused by lending to folks who couldn't pay. The appraiser will likely cost the bank business.
Click to expand...
Ability to pay was the most important factor, but over-inflating appraisals was an important contributing factor which compounded the problem. A bank will be happy to lose business instead of being at risk of having a home under water. It takes a dozen good loans to cover the lose due to a bad one.
Click to expand...
A house being underwater doesn't hurt the bank.

A house being underwater and a crappy borrower definitely hurts the bank.
Click to expand...
Are you arguing just to be arguing? If you don't want to acknowledge the role how appraisals contributed to the problem, whatever, it is not worth it to argue the sky is blue anymore.

 
jon_mx, on 05 Oct 2015 - 05:26 AM, said:

jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Click to expand...
The bank prefers recent comps but there are no rules on which comps we have to use. If I'm appraising a good condition home and use only poor conditions homes then I'm doing it wrong. Would be better to expand the search area and use good condition comps in a different neighborhood and make neighborhood adjustments. I can prove a neighborhood adjustment much easier than a condition adjustment.

Regarding the bolded, it's almost all subjective. That's why I'm switching over to commercial which is almost all income based.

 
Last edited by a moderator:
Walking Boot said:
They just deliver whatever number they're told. Mine did a drive by appraisal. Never went inside the house. Appraised exactly the number she needed to hit to get the deal done.
Click to expand...
Doing a drive by of a purchase is rather shady. What bank was this?

The appraiser does need a good reason to cut the value on a purchase and kill the deal so that's why you'll be appraisers come in at the purchase price or just over. If they come in too high then that opens up a can of worms as well.

 
James Daulton said:
Bucky86 said:
I'm SHOCKED that a homeowner thinks their home has been drastically undervalued. Oh, and sleep with the appraisers wife.
Click to expand...
I'm not talking about a couple tens of thoughsands different, I'm talking about in excess of $100k wrong. The report even listed the home prices in my area as stable, time on market < 3 months, and somehow my house is worth $100k less than a house that sold a year ago and isn't as nice?

Now I'm probably going to have to go to a new lender when I really really like PNC and want to stay with them.
Click to expand...
Can you take the appraisal to the county to get your property taxes lowered?

 
The whole appraisal business seems pretty terrible to me. It sounds like they're more likely to just match the price up with a dis-similar house that sold recently than a very similar house that sold a year ago.

And isn't it magical how on the majority of sales they happen to appraise the house at exactly the sale price? What a crazy random happenstance! These guys must be really good at nailing down that number to the dollar!

Comps are such a weird thing. It makes sense when there actually is a near identical house that sold recently but even in that case, what if the seller was just in a rush to sell and way underpriced it? What if some person fell in love with the place and bid way over asking price?

Is being an appraiser a full-time job? If so you would think these people would have the expertise to look at a house and an area and come up with a value for it. But none of them seem to be capable of doing that. Looking at what another house in the area sold for and writing down the same number is something anyone can do, and often times does not reflect what the house should actually be worth.

 
I have a feeling what the appraiser did - he ran the comps prior to the inspection, which were all in your neighborhood. When he got there and found your home in better condition he didn't want to go back home to more comps and come back out again to take photos of the comps.

Lazy is right.

 
The home that was a year ago is too old to show as a comp. Though the one from the spring time may be used- you might be asked to provide the info for them to look at and add as a comp. If upgrades are missing- you can point that out as well.

The bank is extremely limited in what they can do now. It use to be that we could call and talk to the appraiser and point out information- not anymore. There usually needs to be an error in the appraisal for there to be any movement on appraisal these days.

A couple of notes on value of a home. The amount you spent on an upgrade has no bearing on what it actually brings value wise and in fact, depending on what you did- you could have in fact, devalued the home if it is an unusual upgrade or makes the home unusual for the neighborhood. So, your $15K spent on XWZ does not mean your house is now worth $15K more. In the same vein, things you may think are awesome about your house may not be awesome to other people and could actually be something that people look at and think "I will have to spend money to change".

Finally, an appraisal is much more of an art than a science. They are using data points to come up with an educated guess as to what someone would be willing to purchase your home from you right now. Someone may come through your house and think it is their dream forever home and offer you much more money above "market value" while you could also march 1,000 people through your home and none of them like it as much as you and no one will give you what you are asking for or what is "market value".

 
Walking Boot said:
They just deliver whatever number they're told. Mine did a drive by appraisal. Never went inside the house. Appraised exactly the number she needed to hit to get the deal done.
Click to expand...
It is extremely common that if an appraisal would come in higher than purchase price they will reduce it to purchase price.

 
FreeBaGeL said:
The whole appraisal business seems pretty terrible to me. It sounds like they're more likely to just match the price up with a dis-similar house that sold recently than a very similar house that sold a year ago.

And isn't it magical how on the majority of sales they happen to appraise the house at exactly the sale price? What a crazy random happenstance! These guys must be really good at nailing down that number to the dollar!

Comps are such a weird thing. It makes sense when there actually is a near identical house that sold recently but even in that case, what if the seller was just in a rush to sell and way underpriced it? What if some person fell in love with the place and bid way over asking price?

Is being an appraiser a full-time job? If so you would think these people would have the expertise to look at a house and an area and come up with a value for it. But none of them seem to be capable of doing that. Looking at what another house in the area sold for and writing down the same number is something anyone can do, and often times does not reflect what the house should actually be worth.
Click to expand...
There's two different things you're talking about - what the appraisers really thinks the value is and what the bank needs to be told. It's a bit of a game to keep everyone happy and get the deal done.

Regarding the bolded, that's why we use a bunch of comps - usually four solds and two active listings. If one sale is an outlier we can't explain then we can decide to give that one less weight in determining the value.

With all this said, there are a lot of lousy appraisers out there. Prior to this year in California you didn't need any college education to become an appraiser (they now require a bachelor's).

 
The bank is extremely limited in what they can do now. It use to be that we could call and talk to the appraiser and point out information- not anymore. There usually needs to be an error in the appraisal for there to be any movement on appraisal these days.
Click to expand...
He's got a good argument if what he says about his house and this is true:

$165k less than the house directly next to me that sold in the spring.
Click to expand...
 
Had a nightmare with current house as well. Real estate agent warned me that the comps they would pull from the recent time period would not come close to making the number we needed. We even explained this to the sellers and explained all the comps in detail and asked them to come up with other FSBO comps if they could or stand to lose out on this deal.

Appraisal actually came back 20k higher than what was our expected value given the comps.

At the time I still had not sold my existing home and bank wouldn't do the deal unless we got a sales price for the appraised value. 40k off their list. They ultimately took it and hated us for it forever.

 
jon_mx said:
RedmondLonghorn said:
jon_mx said:
James Daulton said:
jon_mx said:
James Daulton said:
jon_mx said:
Unfortunately appraisers can not use comps older than 6 months. So if only houses in poor-conditioned sold recently, it will be tough for an appraiser to get comps which support the true value of the house. There is not allowed too much subjectivity in doing appraisals.
Click to expand...
Isn't the point of an appraisal to assess the current market value of the house? If all they do is pull prior sales, what's the point of having them? The bank can certainly do that just as well.
Click to expand...
The point of an appraisal requirement on loans is to prevent fraud in the real estate business. We had several serious financial crisis based on shady business practices in real estate where appraisals over-inflated values. The rules really do not care about correct values only that they are not over-inflated.
Click to expand...
That crisis was not caused by inflated appraisals. It was caused by lending to folks who couldn't pay. The appraiser will likely cost the bank business.
Click to expand...
Ability to pay was the most important factor, but over-inflating appraisals was an important contributing factor which compounded the problem. A bank will be happy to lose business instead of being at risk of having a home under water. It takes a dozen good loans to cover the lose due to a bad one.
Click to expand...
A house being underwater doesn't hurt the bank.

A house being underwater and a crappy borrower definitely hurts the bank.
Click to expand...
Are you arguing just to be arguing? If you don't want to acknowledge the role how appraisals contributed to the problem, whatever, it is not worth it to argue the sky is blue anymore.
Click to expand...
Correcting incomplete or inacurrate statements doesn't have to lead to an argument. :coffee:

 
cstu said:
The bank is extremely limited in what they can do now. It use to be that we could call and talk to the appraiser and point out information- not anymore. There usually needs to be an error in the appraisal for there to be any movement on appraisal these days.
Click to expand...
He's got a good argument if what he says about his house and this is true:

$165k less than the house directly next to me that sold in the spring.
Click to expand...
Click to expand...
Yea, they can present the comp. Not a given that things will change but they can send that info in along with pointing out upgrades etc that may not have gotten enough attention.

 
When we bought last year I got a detailed report from the appraiser. He comped everything from house style - (we bought a contemporary with a loft) to lot (our lot backs up to city woods/parkland) to condition (1-5) of 4-5 homes. It was fascinating and very helpful.

 
You're lucky. Wish my appraisal was too low...mine went up $15k for no reason this year and now I'm stuck with a higher tax bill every year.

 
Warrior said:
You're lucky. Wish my appraisal was too low...mine went up $15k for no reason this year and now I'm stuck with a higher tax bill every year.
Click to expand...
those two really aren't linked at least in az.The tax assessor does their own evaluation.

 
Warrior said:
You're lucky. Wish my appraisal was too low...mine went up $15k for no reason this year and now I'm stuck with a higher tax bill every year.
Click to expand...
Unless your specific area is different- the tax appraisal and the home valuation are different in the areas that I am familar with.

 
I am in the middle of a refi also. My lender was looking at house values on Zillow.com (He said he usually gets a fair estimate) and the appraisal came in $40k under the Zillow estimate. The PITA was the fact that with the estimate we could have easily walked in and out without putting out a dime, now with the lower appraisal, we will have to shell out ~$6k in order to not have PMI on the loan.

Was talking to my lender about this whole thing, and I jokingly said that wouldn't it be nice if we could just go to the appraiser and say "Can't you just give us $10k more?" He came back with that in the past they could, and that is partially what lead to the Housing Crisis people were mentioning above. Since 2007, the lender isn't allowed any contact with the appraiser, there is a dept in their bank (SunTrust) that deals with them solely. Now I understand that $10k on my place isn't going to cause the world to end, but you can see how lenders saying to appraisers, "give me X on this house or you won't work for me again" and the X being large, could lead to bad things.

In the end, since we are not financing what amounts to the closing costs, we will actually save more per month on the new loan, and with a skipped payment with the timing of the old and new loans, we will make up the amount we shelled out in about 6 months, so it will not be a big deal.

 
Mr. Ected said:
I am in the middle of a refi also. My lender was looking at house values on Zillow.com (He said he usually gets a fair estimate) and the appraisal came in $40k under the Zillow estimate. The PITA was the fact that with the estimate we could have easily walked in and out without putting out a dime, now with the lower appraisal, we will have to shell out ~$6k in order to not have PMI on the loan.

Was talking to my lender about this whole thing, and I jokingly said that wouldn't it be nice if we could just go to the appraiser and say "Can't you just give us $10k more?" He came back with that in the past they could, and that is partially what lead to the Housing Crisis people were mentioning above. Since 2007, the lender isn't allowed any contact with the appraiser, there is a dept in their bank (SunTrust) that deals with them solely. Now I understand that $10k on my place isn't going to cause the world to end, but you can see how lenders saying to appraisers, "give me X on this house or you won't work for me again" and the X being large, could lead to bad things.

In the end, since we are not financing what amounts to the closing costs, we will actually save more per month on the new loan, and with a skipped payment with the timing of the old and new loans, we will make up the amount we shelled out in about 6 months, so it will not be a big deal.
Click to expand...
There is no doubt that used to go on. When I worked in the appraisal field in the early 90s that was actually super common.

Combining overly optimistic appraisals with Low/No documentation loans is a recipe for a disaster, as we saw.

Now it appears the pendulum has swung back too far in the other direction. I just completed a refinance on my home and some of the the documents I had to provide to satisfy the underwriters were quite ridiculous.

 
The other thing that drove the bubble was mortgages were being bought up so fast so a quick close was what people wanted at the banks. Close the loan, sell the loan, next.

Now there isn't nearly the mort. resale market and banks are actually hanging onto the products. So they are a little more cautious.

 
culdeus said:
The other thing that drove the bubble was mortgages were being bought up so fast so a quick close was what people wanted at the banks. Close the loan, sell the loan, next.

Now there isn't nearly the mort. resale market and banks are actually hanging onto the products. So they are a little more cautious.
Click to expand...
Majority of conforming loans are still sold to secondary market. It is the non-conforming loans that used to be packaged in MBS that have dried up.

 
Chadstroma said:
culdeus said:
The other thing that drove the bubble was mortgages were being bought up so fast so a quick close was what people wanted at the banks. Close the loan, sell the loan, next.

Now there isn't nearly the mort. resale market and banks are actually hanging onto the products. So they are a little more cautious.
Click to expand...
Majority of conforming loans are still sold to secondary market. It is the non-conforming loans that used to be packaged in MBS that have dried up.
Click to expand...
How many conforming on a % less are sold now? If they aren't packaging them up then why the difficulty getting them to appraise in your opinion, where is the risk I guess is the question?

 
Why do they insist on comparing my 5 bedroom house to 4 bedroom houses that are 500-800 sq feet smaller

 
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