Will 2 Pounds do it?...P.S. I just love your Underwriter(s)
Saturday, 31 January 2009 16:00
Aaaaahhhh, February, for some, the month before spring should arrive, for others Ground Hog’s Day, a Presidential Birthday Holiday month, and for many – the month of love and chocolate!


While my wife would prefer I recall the more romantic side of February 14th last year, I must admit a different event of the day ran a very close second. 


You see, as I opened a large Fedex box delivered to me that day, a rather thin file slid out, and then the package with a note – “Will 2 pounds do it?....P.S., I just love your Underwriter(s)” it proclaimed.
As I curiously opened the package, I was presented with a classic symbol of underwriting communication; chocolate, two 1 pound bags of pink M&M’s, one plain, one peanut.


We use love in so many ways these days, we love our cars, we love our home, we love our loved ones, and we love our Underwriter(s)!


While the chocolate isn’t necessary for us to do our job, (and many of us certainly do not need the calories!), I have often thought of sharing the “love” and the chocolate in reverse to some of the “villagers” whose efforts brought the file before me that I am going to underwrite as I munch my way into sugary bliss.


Honestly, that day, I would have “loved” to send a pound to the appraiser who chose to do the appraisal on the manufactured home before the foundation inspection, couldn’t read the tags, and left enough white space in the report to verify the loss of a current copy of the Appendix “D” appraisal protocol. 


Perhaps the chocolate would have given him/her the required energy to go that extra mile and fill in all of the spaces, make appropriate comments, and incorporate all of the required documentation.


Too often we accept reports from our vendors without questioning quality or content. More importantly, we do not set the appropriate expectations for the final work product. Some of the things I would especially “love” to know as I read through an appraisal report are:
• The name of the lender for whom the report was prepared.
• Property tax amounts and homeowner information
• The FHA Casefile box was filled in with what number?
• The comparable photos were clear and correctly matched to the correct properties.
• The Location Map indicators were on the right side of the highway that divided the subdivision.
• The functional obsolescence comment of tandem bedrooms was drawn on the sketch without two separate entry doors.
• Oil tanks, outbuildings, septic fields, well location, patios, gazebos, and other site improvements were drawn and/or commented on.
• Interior photos depicting the hole in the floor behind the toilet, the big grey spot on a wall, the missing tiles in a ceiling, a dangling light bulb, and other notable features of interest were described and a recommended/lack of need for repair action/inspection proposed.
• And my remaining economic life is?
• And how about that site value?
• The pavement that split left to the subject property and right to the next parcel, is it a private road?
• That large black line that runs from one pole to another across the back of the home – is it a power line?
• That puddle in the corner of the basement – is it sewage, seepage or a surprise?
• The report mentions a scenic and picturesque landscape (??), the rear photo was shot from across the creek in the back of the yard to get the gazebo, pool and patio in one frame – the report says flood zone “X”.
• The report legal description indicates, “see attached legal description” or “refer to preliminary title report”, yet the pdf of the report has no attachments.
• The subject photos remind me of a winter wonderland scene from a postcard. How’s that roof doing under all of that snow?
• The unit has space heat. And?
• Nice electrical box photo – any idea why one fuse is missing?
• The blue tarp on the back of the roof in the photo was for?
• Thanks for comp 4,5 and 6 – what are they for?
• Is 35 DOM in a stated declining market a typo?
• What a novel idea, every subdivision should have an equestrian estate as one of the comps.


So, as those bags of pink M&M’s embark upon their Fedex journey to Underwriter(s) around the country (I like the M&M Peanuts!) in the next few weeks, why not start a new tradition and don’t forget your quality appraisers - drop them both a good appraisal checklist and a pound with your note “P.S. I just love your appraisal quality”.
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