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Insurance Corporation

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Comment on Financial Reform Implementation

August 18, 2010

I have been in the mortgage business for 30 years. The appraisal system in place now is just a nightmare. I get appraisals with typos, cut and paste from other appraisals that have nothing to do with my appraisal or the suject being appraised. I get paragraphs that make so sense to my appraisal because they are copied or cut and pasted from some other appraisal. The appraisers don’t know the market at all. When the suject is Ocean front they use comps off the barrier islands. I have a resume from an appraiser who has been appraising 1 year and his previous job was delivery from PAPA Johns and clerk at the dry cleaner. I guess by being a pizza driver that got him familiar with the streets. Its costing the consumer too much money and the quality of the appraisals is very poor. Several underwriters with Wells Fargo and Sun Trust have told me that they reject 50% of the appraisals they receive, that means the customer has paid for an appraisal that can’t be used. Again more cost to the consumer. A new appraisal has to be ordered at the customers expense and they nor the loan officer picked the appraiser. They make us use the manangement company to order the appraisal, we get it and its not acceptable to the bank, lender. Its wrong for the consumer to pay $400 for something that is not even usable for their mortgage. The quality and work that we are getting from the AMC's is beyond terrible. I hope something can be done to revamp or get rid of HVCC. The housing market will never recover until we fix this issue with HVCC. Republican Tax payer

Sue Weeks
Senior Loan Officer
Sterling Asset & Equity Corp.

Last Updated 9/14/2010

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