Brokers frustrated by appraisal management companies may have to look to lenders to bring about change.
Brokers came forth to air various grievances with Nationwide Appraisal Services (NAS) after the appraisal management company gave an exclusive interview with MortgageBrokerNews.ca explaining its business practices.
“[Brokers] have had issues for a long time and we need to go to the lenders to put pressure on the appraisal services if we want things to change,” Kim Gibbons of Mortgage Intelligence told MortgageBrokerNews.ca. “There are a lot of problems with delivery”
The recent article sparked a response from brokers who have had issues with the company in the past. Some of those issues were broached with Tom McCormick, president of president and CEO of The Nationwide Group, parent company of NAS, who would not delve into specifics.
“It’s really hard to respond to hearsay,” McCormick said. “Once the appraisal gets put into the system it is tracked thoroughly and brokers can always see the status, they’re always notified of any delays and once the appraisal is complete.”
However, Gibbons shared a specific complaint about one experience she had in August of 2013.
“[A] NAS appointed appraiser appraised one property at $915,000 and I had an approved appraiser appraised the same home at $1.3 million.”
According to Gibbons, that same home was appraised for $1 million in 2007.
“It doesn’t make sense for a home in Toronto to be appraised for less in 2007 than it was in 2013,” she said.
Still, according to McCormick, the company accepts broker feedback and even acts as a safeguard to protect brokers.
“The brokers that really like the system, they want to keep the separation between them and the appraisers,” McCormick told MortgageBrokerNews.ca. “Heaven forbid that something goes wrong and they may look like they had something to do with it. Mortgage brokers generally like the fact that they can hand off a piece of their workload.”
“[Brokers] have had issues for a long time and we need to go to the lenders to put pressure on the appraisal services if we want things to change,” Kim Gibbons of Mortgage Intelligence told MortgageBrokerNews.ca. “There are a lot of problems with delivery”
The recent article sparked a response from brokers who have had issues with the company in the past. Some of those issues were broached with Tom McCormick, president of president and CEO of The Nationwide Group, parent company of NAS, who would not delve into specifics.
“It’s really hard to respond to hearsay,” McCormick said. “Once the appraisal gets put into the system it is tracked thoroughly and brokers can always see the status, they’re always notified of any delays and once the appraisal is complete.”
However, Gibbons shared a specific complaint about one experience she had in August of 2013.
“[A] NAS appointed appraiser appraised one property at $915,000 and I had an approved appraiser appraised the same home at $1.3 million.”
According to Gibbons, that same home was appraised for $1 million in 2007.
“It doesn’t make sense for a home in Toronto to be appraised for less in 2007 than it was in 2013,” she said.
Still, according to McCormick, the company accepts broker feedback and even acts as a safeguard to protect brokers.
“The brokers that really like the system, they want to keep the separation between them and the appraisers,” McCormick told MortgageBrokerNews.ca. “Heaven forbid that something goes wrong and they may look like they had something to do with it. Mortgage brokers generally like the fact that they can hand off a piece of their workload.”
