Featured Video Play Icon

According to Ellie Mae, 25% of the deals out there are going to have a problem closing.



additional comments on
"25% of Deals Having Trouble Closing"

  1. Vernon Morrison says:

    Glad you have someone better looking than you!!!

    You need someone from the Midwest…TRUMP country!!!! Us Deplorables hate the CFPB…lets hope they are gone or strangled soon.

  2. The Appraiser Did It, Again says:

    I knew when I read the title of the show that the appraisers were going to be blamed once again. Fair enough, lets look at that shall we? Speaking only for myself, the longest turn time I’ve had this entire year is 2 weeks, that’s 14 days for the loan officer types out there. And that is but a small piece of time out of that 50-52 days of closing time. Of course, that doesn’t include the week or more that the AMC took for shopping the assignment around to find the cheapest fee they could find (they’re not after fast and cheap anymore, just cheap), or, the week or two they take to come back for “corrections and revisions” for items that were neither incorrect or in need of “revision”. And another week for the lender to come back and want statements in the report reflecting a change in the purchase price or to add comments for an addendum that wasn’t originally provided with the PA (or even written at the time of the assignment). As far as unqualified appraisers and “having to send the assignment back to the AMC 4 times”, maybe, just maybe, you should be looking at your AMC. There isn’t an appraiser shortage. There is a shortage of appraisers who are willing to work for free, with hourly “status update” e-mails and 4 to 6 pages of lender or management company “appraisal instructions and requirements” which are different for every lender and management company, or who wish to be reviewed by a 12 year old or a computer algorithm, neither of which seems to be able to actually read the entire report before the report gets kicked back to the appraiser for said “revisions”.
    But hey, just add this to the long list of things that we are responsible for, like the Savings & Loan crisis back in the 80’s or the 2008 mortgage meltdown. I know I personally approved part time cocktail waitresses for $300,000 mortgages with no money down at a 125% loan to value ratio and packaged slices of worthless paper for sale to investors which were insured by an AIG who …..sorry, got off topic there…..Maybe if you found a decent AMC who was willing to take a reasonable cut, instead of 1/2 or more of the $500 to $600 (or more) that the borrowers are actually paying for an appraisal, reviewed reports in a reasonable time frame, had a professional staff and reasonable assignment requirements or additional “technology upload fees” you wouldn’t be in this boat. These AMC’s are actually out there, you will find them in the Unicorn aisle of your local supermarket.

  3. Ken MacDonough says:

    Appraisal Management Companies do not pay customary and reasonable fees. Many appraisers will not work for those companies. What is left of the Appraisal Corps will do the appraisals for the AMC’s, but there are too few of them, thus extended turn times. Pay reasonable compensation and the work will be more distributed and will be completed in a reasonable time frame.

  4. Ken MacDonough says:

    Appraisal Management Company’s do not pay customary and reasonable fees. Many appraisers will not work for those companies. What is left are appraisers who are underpaid and overworked. Pay reasonable appraisal fees and the work will be better distributed and will be completed in a more timely fashion.

  5. divedude says:

    A certified appraiser not qualified to appraise a duplex or any other 1-4 family property? I doubt it! On the other hand, there are realtors and LOs that will deny access to a property if they were unhappy with a previous assignment from a particular appraiser. Does this sound a little more truthful?

  6. jan mcnulty says:

    The biggest problem is that the loan officers are missing out on future business and referrals. 26%–horrible.

  7. kev says:

    Couldn’t hardly make a living for years. Now I won’t leave the house for less 400. If it is complex 800 to 1500. AMC’s call all day long. They don’t care the house is 20000 sqft on a postage stamp sitting along the gulf of mexico with a 200k chandelier. A week or 2 goes by and no one else will do it for a variety of reasons and they call back and try to negotiate me down. I won’t. Hell I have charged more when they come back a couple of times because the date I quoted them is no longer achievable. Now it’s a rush. Yea I am 61 years old and you want me to work all weekend or till 10 pm for 3 nights in a row to get it done I am going to charge the hell out of you. I have friends that fill the same way. Abused for years by the loan originator or agent. I went to a ethics course one time and the instructor said if you are not losing a third of your business a year you can’t possibly be honest with the current work environment late 90’s early 2000’s. I do better than I ever have. I will retire or do something else before I put up with much more. I am sick of the whining. Realtors think that if the buyer is stupid enough to sign the contract then so be. They are salesman it’s what they are supposed to do. Make as much as they can. The appraiser is there to keep everyone honest and in the end as we have seen over the past 15 years is the one that pays the ultimate price in being sued, jailed and blamed for everything wrong in real estate. But you want to pay me 300 to take on all that liablitiy. Realtors have got more disclaimers rules to their favor in the contracts they are virtually untouchable unless they flat brake the law. Appraiser can 100 pages of disclaimer and they get sued anyway. The fees are lopsided. I am doing appraisals on multi million dollar homes and they scream over a grand for the appraisal. You get what you pay for. Appraisers earned 300 a piece in 1994. Who the hell can work for that now and do a competent job. You can’t. All you get is a guy that can fill out the form and make sure all the squares fit. That is who is doing the bulk of the amc work, then if it is going to require real research and analysis they are backed up or quote a high price to get rid of it. I have amcs call and tell me they can’t find someone qualified because that is what their regular appraisers tell them to get rid of it gracefully. Double the fees and they will be a line of trainees coming out of college raring to go. It’s economics. Most people will put up with a lot more crap for a lot more money. AMC’s create alot crap

  8. dennis says:

    This was a good vid today ….pretty much most of the year last year I was closing all types of mortgages in 27 days…..some a little more some a little less…December…what happened …everything became a fight to get done once December started……I have been doing this for a long time and have so many wierd things happen in the last month and half it is mind boggling…sellers not wanting to close fully approved loans??..then why did they have their house on the market …..I have rebuttal ed more appraisals in the last 2 months than I have in 10 years …and come to find out some of them werent even putting the correct pictures in the reports…you know its bad when an appraisar who just undervalued a home by 10000 has to go back out and meet with the consumer to take a picture of their attic …LOL…and raises the appraisal 10000 beyond me?? …. and underwriting….ah yes …..their have been lay offs again and the underwriters are making us all feel the pain of them creating their worth by overstipping and not following guidelines so they can keep their jobs
    …basically making judgement calls …..so the last 2 months have felt like I have been going around chasing my tail all day …..12 hours a day and pretty much no new business ….On the positive side I woke up this morning and the suns out!! ..and I am here at work again making phone calls looking for business …on Saturday ….Gotta hit those goals come Hell or highwater …Momma needs a new pair shoes dont ya know!!!

  9. Anne James says:

    AMCs are an unecessary third party. Created as another boondoggle of the Barney-Frank (How is old Christopher Dodd doing out here in Hollywood now he’s no longer needed as a collection-plate-passer for the Motion Picture Association for the DNC?) Act. Time for Part II of the Act to phase out the scandal-ridden CFPB and AMCs. Goodbye for eight years and good luck coming back!

Comments are closed.