[jpinpb]

flu – I guess in your case there is no way your appraisal was not going to come in b/c you have enough equity. But I suspect any people that are hovering that 20% figure that will decide whether the loan will cost them or not, apparently it will come in just shy.

[jpinpb]

We ended up going with Loan Depot and closed at 30 yr fixed @ 3.25% and got rid of our PMI. LD was great.

[jpinpb]

Just wanted to say that I mentioned Provident in the Some areas have less than a month inventory thread.

Specifically:

“This was after we had gone through one of his other lenders that guaranteed no cost IF we had 20% equity. Needless to say, that appraiser came in lower of the 80% LTV.

This isn’t my first rodeo. I have checked the comps in my area and coming in at 80% LTV was easy, considering view and improvements compared to other properties that sold in the area.

After wasting so much, time, effort and energy, maybe they thought we’d pay to do the loan, regardless of the appraisal amount. However, for us, it mattered to get rid of PMI. We didn’t do the loan w/that lender.”

“I’ll also add, Mr. jpinpb just found a website where people were posting about complaints of this lender, and I’ll just go ahead and name names. Provident Lending. Some of the complaints were pretty much exactly as ours. Too bad we didn’t stumble upon the website months ago. Would have saved us a lot of anguish.”

This is the website that Mr. jpinpb came upon recently:

Provident Funding Complaints

This particular comment pertains to appraisals:

Provident Funding – Don’t DO IT

[jpinpb]

We just closed our escrow at 3.25% (30 fixed) last night w/Loan Depot. The appraiser came in slightly above the 80%LTV we needed, though I don’t think it was a favor. It was appropriate according to the comps and conditions of the properties that have sold. Unlike the appraiser that Provident sent.

[jpinpb]

This is the website that Mr. jpinpb came upon recently:

Provident Funding complaints

This particular comment pertains to appraisals:

Provident – don’t do it

I don’t think my case was unique or the exception. I only wish we would have found this out earlier and it would have saved us a lot of grief.

[jpinpb]

I’ll also add, Mr. jpinpb just found a website where people were posting about complaints of this lender, and I’ll just go ahead and name names. Provident Lending. Some of the complaints were pretty much exactly as ours. Too bad we didn’t stumble upon the website months ago. Would have saved us a lot of anguish.

[jpinpb]

SDR – I can only go by my most recent (past 2 months or so) experience w/lenders and appraisers. It was an ordeal that was stressful and frustrating. You can tell me all about the new rules, etc. etc.

The original broker we were dealing with ASKED me what number we needed b/c he knows an appraiser that can come in at whatever number we want. This was after we had gone through one of his other lenders that guaranteed no cost IF we had 20% equity. Needless to say, that appraiser came in lower of the 80% LTV.

This isn’t my first rodeo. I have checked the comps in my area and coming in at 80% LTV was easy, considering view and improvements compared to other properties that sold in the area.

After wasting so much, time, effort and energy, maybe they thought we’d pay to do the loan, regardless of the appraisal amount. However, for us, it mattered to get rid of PMI. We didn’t do the loan w/that lender.

We ended up going w/a totally different broker-lending company. That appraiser that came to the house said to me when he was here, “Off the record, do you need to come in at a certain amount?”

I’m not making this up. I was so stressed about all this, I was talking to CAR about it.

Is my situation the rare exception? I am too skeptical to think I’m the only one.

My conclusion: They can come up w/any number, high or low. It is so subjective, variable, etc. Rules or not.

[jpinpb]

I know that “technically” there is no contact between appraiser and lender. I can tell you I know a broker that knows a lender and off the record, they can come in at any number requested, high or low.

[jpinpb]

I’ll add that it is my belief that some of these appraisers ARE working w/the lenders to come in at a price that suits the lenders and their criteria and to benefit the lenders.

[jpinpb]

[quote=AN]I hate appraisers. Most have no idea what they’re doing.[/quote]

Wish Rich would have a like button. 😉

One thing we can agree on. Appraisers are either very lazy and don’t care about doing a good job, very busy and can’t be bothered do to their job right, or just plain stupid.

[jpinpb]

Well, I had the thought there’s not much buildable land along the coast, but just driving back from Carlsbad along the 5 south there is a LOT of mowed down, graded land. I mean a LOT. Not sure what’s getting built, but surprisingly, there’s still land that’s available to be built. I want to say it’s the Leucadia area, west of 5 where I saw the graded land. In that vicinty thereabouts.

[jpinpb]

If you don’t get a correction notice in the mail, they have to dismiss it. They have to send you a correction notice w/proof of service. If the cop happens to look at his notes and doesn’t send a correction notice it is a dismissal based on a vehicle code section about filling out the ticket properly.

[jpinpb]

92117 inventory is down 75% from last year. 92107 is down 67% from last year. This according to Redfin. As for interest rates, I had seen it as low as 3.125 for a 30 year fixed on bankrate.com for re-fi with 740+ score and 80% LTV.

[jpinpb]

Thank you, CAR. Exetremely well said and I agree wholeheartedly.

[jpinpb]

There’s a lot of mentally ill and seriously troubled people out there that are not receiving proper healthcare/treatment.

[Author]

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