Bakersfield's Official Real Estate and Economic Site
From their website:
appraisers are indeed the heart of the problem. "if the value is not there, there is no loan". Period. A mortgage broker cannot do a thing if the value is not GUARANTEED as reasonably accurate by an appraiser. The borrower cannot lie about their income to compensate for a lower than required apprasial value. It's value or nothing. I don't care what sort of 'pressure'; these crybaby liar appraisers were faced with, they sold their souls for the lousy $350 they got paid for an appraisal. Title companies are also culpable. There's no cash back unless they allow it. Checks are disbursed by title companies and a check would never go to the buyer without great debate and verifiactions, unless they are involved in the fraud. Mortgage Brokers simply offer programs that are supplied to them. Simply, they offer a program with the greatest reward to the broker, just as a car salesman, a dentist, an optician, that girl at Nordstroms that lied and told you how great you look in that vomit green cardigan, any other 'paid per piece' salesperson would. They are not priests, they are salespeople. If brokers don't offer it, they are discriminating. Since they aren't appraisers, they by law cannot dispute the value presented to them. it requires aappraisal license issued by the State to dispute the value. Brokers have to by law offer every loan available to any liar/buyer that walks through the door and then have to consider the appraisal correct. If you [you personally] qualified for a loan and thought the loan officer kicked it out because he believed you were a fraud or that the value was incorrect, or that you were not understanding the ramifications of an ARM, you'ld sue the hell out of him, and win with a jury because the appraisal 'expert'appraisor would cry at the trial, and the liar borrower would say they were turned down because the loan officer disliked Smurfs or Cenobites or poor people, or the 'truth challenged' or whatever flavor would make the jury believe that discrimination took place. Lord help you if you run into one of these borrowers. They lied on the 1003 [maybe with a prompting but there would be no prompting if the value wasn't there, it's a case of appraisal lies allowing all other lies to anifest], why wouldn't they lie to the jury. I don't believe it takes any sophistication to lie. It's the second talent learned by a every child, right after begging, potty training is way down the line on learned activities.
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