Who do they think they are?

I'm not sure if this is an isolated trend specific to the Phoenix real estate market or not, but we're starting to come across loan underwriters who think they are appraisers.

Now, I understand that banks are scrutinizing every loan these days with a fine toothed comb. However, appraisers are now being ultra conservative in their property value assessments. Add to it that some of these underwriters are contesting values on R.E.O. properties and now you have just pure audacity. I'm not talking about the audacity of hope here.

For an underwriter to sit at their desk, pull up some tax records they find online and override the opinions of two professionals (the BPO and the appraiser) takes some cajones. Especially when they've never seen the home, don't know the neighborhoods, and don't understand the market conditions in our local area.

This is another example AND reason why the financial institutions are in such trouble. They have non-professionals making decisions that affect their bottom line. Sorry any underwriters that are out there reading this, prove me wrong. You guys were giving the thumbs up on all these bad loans just 3 years ago, now you're going to the other extreme and making what is already a difficult market nearly impossible.

Let the professionals do their jobs and have faith in their opinions. Any appraisers who are out there still working are the good ones. And their scared out of their gordes to make an over evaluation of a propertie's value.

If the underwriters want to become appraisers go get your appraisers licenses.

Now let's get to approving some of these loans for good, hard working, honest borrowers.

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