The Daily Ramble: How Dumb Are Bank Underwriters?……VERY!
Do not get me started. They are plenty dumb. I have always found it amusing that an under trained underwriter in Kansas will rip apart an appraisal performed by a professional in NY, when they have never been here, and know absolutely nothing about NY.
That’s bad, but this story is far worse.
I read a board called Appraisers Forum, not because I like torture, but because i was an appraiser for so many years. It is in the blood I guess. Not surprisingly as regulations have become more convoluted, the interplay between appraiser and underwriter has become more problematic. Day after day I read complaints by appraisers against banks and underwriters for the stupid things they do to screw up deals.
But this is the best.
Yesterday a contributor to the site (no names here!) posted the following comment from an underwriter about a house appraisal her had completed:
“It is raining in the subject photos. Appraiser to state whether home was damaged by rain”.
Do I have to REALLY have to comment on this?? i will let the appraisers speak on it:
“Yeah, the house is made of straw and was damaged. If only this was the smart pig’s house of bricks.”
“In Re: Damage to Subject From Rain
Dear Mr. Moron,
As anyone who has lived since the time of Noah knows, rain can cause damage. As the rain that was falling the day of the subject inspection was not a Biblical type deluge the only damage to the house would be the minute deterioration of any exposed exterior surface exposed to said rain. As such damage from this rain event would be so small as to be unmeasureable the appraiser deemed that no adjustment for condition was required. Also the appraiser observed that all other properties in the subject neighborhood were undergoing the same damage from same said rain. And before you ask, no I cannot provide two additional comparables within one block that were being rained on when they were sold. Looking forward to your next stipulation on my next appraisal in reference to if the sunlight is damaging the subject.
Sincerely,
U Gotta Be Outta Your Mind
Appraiser
CC: Your supervisor”
“Tell them the rain had just started when you took the picture and you don’t know if the rain caused any damage by the time it stopped. Ask if they would like you to reinspect and take more pictures. The fee is only $150.”
“Tell them it is a proven fact that the sun can cause more damage than rain and if they would like, you can monitor any damage that might occur for rainy OR sunny days. Your daily rate is $250 per day plus expenses (replacement of faded shirts, sun glasses and mold inhibitors.)”
With all the millions of people out of work and desperate for employment, this moron has has a job. WHY????
