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Tulsa Mortgage : Podcast 144 – Part 1

This is Steve Currington dot com and the Steven Tyler show episode number 144 12 times 12.

Steven Tyler.

Steve and Tyler offer for this very smart good for you they’re talking to us and nobody knows what it is like just get ready.

This is Steve special guest today in the drivetime studios in Jynx America.

We wrote to Ryan O’Brien into coming to Tulsa and then he walked in.

Tulsa Mortgage We’re doing our podcast and we said get in here and do our podcast so welcome our present CEO Brian newer hello. Hello. Today we’re talking about how do appraisals work. We get a lot of questions about that like we order the appraisal and the president comes in and what kind of conditions are there and all that so I will hit. And then I’ll let Brian hit and I’ll let Tyler hit but I’m on a hit. How do we order them. Because a lot of people think well how do you order appraisals and this if you’re a loan officer watching this is a really good point to make when you’re when you’re working with a real estate agent or you’re talking to real estate agent about how TLC is a little bit different. All companies have to use an appraisal management company.

Some companies have an internal prison management company that they own. Some companies use a third party. We use a third party and the company that we use is really more of a technology company than they already thing else they’re actually consider themselves and non AMC. The cool thing is we build our panel of appraisals appraisers. We pick them we have to be complying with those certain appraisals and the whole rules are if your consumer is as tilers the loan officer he cannot have anything to do with who the appraiser is and who’s the appraiser that’s going to do the report. And he also can’t have any contact with the appraisal appraiser that has anything to do that because they don’t want Tyler as the loan officer to influence the value of your property. So the way that we do that is we order our appraisals through a Web site and then we have a pool of appraisers. And then this third party randomly selects one of our appraisers to go out do the report. Right. So what that means is. We have say five or six appraisers that are in Tulsa that we have on our panel and we don’t know if that of course is going to get it we don’t know if Ted Watson is going to get it. We don’t know who’s going to get it until we get the report. That protects the integrity of. Us ordering the report. And that way you know as a buyer that you’re getting somebody who hasn’t been in front of a value and so does the seller.

Tulsa Mortgage But furthermore what we do is we try to keep the cost of appraisal down by having a third party company that doesn’t try to jack up the price of appraisal. That’s what’s happened. If you look at a rebound of this wrong time appraisals used to be 250 bucks three 350 or in your market 350 Now there were 500 650 I think appraisals and I jumped up to 750 and some of our markets. Right.

So they they’re getting expensive and the reason why is because there’s other hands in the pot so this is the you know the Dodd-Frank Act came out they came out with the home valuation code of conduct that says all the things that I just described about picking the appraiser but what would happen is entered another party that now needs to get paid. And so one of our differences is our third party that needs get paid keeps a very low profit margin on what they need to do because they’re they’re a technology company so they don’t have to have human resources literally that are that are handling stuff. So what that means is our appraisers get paid more per report. And our customers pay less per report because there’s there’s a middleman in there that’s making a lot less. I’ve worked for companies that literally our appraisal started getting to five fifty six hundred six hundred fifty dollars an appraisal because the appraisal management company was making 200 bucks an appraisal. The appraiser was making no money on it so they weren’t working very hard for us because they had other people that were paying them way more so our appraisals were taken. Tim Redmon what’s up. Timrod been in the house. So our appraisals are taking longer because the appraisers weren’t getting paid as much as they were from other vendors so we had to make sure that we stayed on top of that appraisal to make sure that gets done. So now we’ve ordered the appraisal. So what can go wrong.

Brian Oh there’s a number of things that can go wrong.

Tulsa Mortgage What we see more than not is when the appraiser goes out to inspect the house the house doesn’t meet the minimum property standards. You know let’s say that the eaves have peeling paint or the gutter downspouts aren’t properly. Properly. Irrigated or what. You know what I’m saying.

You know so they’ve got they’ve got property issues they’ve got like they and depending on loan program you know like FHA is a little bit more strict on the feeling pain or V.A. is more because they’re protecting the veteran and A’s case or make sure that they’re in a house that meets the minimum livability requirements.

Tulsa Mortgage Well and one of the other issues too is that you know that when you sign a contract a contract has an appraisal objection deadline. Well you know. Because we can’t control the appraisal we have no control of that appraisal. We can’t control when that appraisal comes in. Now we make every effort. To get a certain level of customer service from our third party but our third party is relying on a appraiser that just might not get it done in time. This might not happen. So they need to be aware of that. You know we just because the appraisal deadline on the Khant on an FHA contract is the 23rd of the month we might not get that appraisal to the Twenty-Seventh.