A buyer recently gave us $360 of specialty chocolate b/c she thought we were getting too skinny.

OK – actually, she gave us the chocolates b/c we saved her deal that had blown up at another lender.

Her contract price was $720,000, but her appraisal came in at $625,000 at the other lender.

She came to us on April 26th, 12 days into her contract, and after she had released ALL contingencies.

We closed 13 days later on May 9th, and… our appraisal came in at the contract price.

This is not a “one off” for us but a frequent occurrence b/c we have airtight systems that enable us to close quickly over and over.

In addition, we have our own internal Appraisal Management Company that ensures we get super fast, top quality appraisals.


We recently “brokered” a transaction through a nationwide wholesale lender, instead of funding the loan through our bank, b/c we thought the loan product might be better for our client.

BUT – the wholesale lender forced us to order the appraisal through their Appraisal Management Company. We ordered the appraisal as a “rush” on May 4th, and twelve days later, we still don’t have a signed off appraisal (we get our appraisals back in five days).

This is why we are no longer in the broker channel, and why, once again, purchase lenders need their own Appraisal Management Company (and yes, I know I am beating a dead horse :).


A buyer recently came to us from another lender for a pre-approval b/c she was so frustrated.  This is why: she contacted her loan officer on a Friday for a pre-approval b/c she had an offer deadline of noon on the following Monday.

When no pre-approval was forthcoming on Monday morning, she called the loan officer’s one assistant to ask why. The assistant matter of factly said, “Oh, I am sorry, we had other pre-approvals due and we didn’t get to yours…”

I happen to know that the loan officer is a talented guy too, but he does not have a team to back him up when he gets busy.

This is just a reminder that every lender needs a large and well-trained team to maintain service levels.

Final Point: Many of our agent-partners make fun of me for touting “JVM” too much in these blogs, but I am often just trying to make a point. Here is today’s point: Big Commercial Banks, Nationwide Mortgage Banks, Brokers and Online Lenders do not have the teams, the local appraisal management companies, or the systems to close transactions in a smooth and timely manner. JVM is not the only lender that has such systems and appraisers, but very few of the “big guys,” “online-guys,” or brokers do.

Jay Voorhees at (925) 855-4491
Real Estate Broker, CA Bureau of Real Estate, BRE# 01524255, NMLS# 335646

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