I was talking to the head loan officer today at the largest bank in central Missouri. I asked him if I could be on their list. He informed me that there is only one inspector on the list and that it was going to stay that way (in a round about way). I felt like asking him how much that inspector had to pay to get to be the only inspector on the list? What a racket Oh ya, this inspector is an uncertified one hour and I am out of here inspector. Sad but true.
James…When you are on the approved list for the county, your client can select you and use you over the bank’s choice.
On a Rural Devolpment Loan, the lender usually decides in my area if the client does not care.
I wonder if they are related?
His boss and the share holders might find this to be of some interest!
No they are not related.
Each branch decides on who goes on their list or in this case who pays to go on the list. I wonder if RESPA even cares.
That bank gave me a call today and we got it straightened out. That bank only refers one inspector and only for Rural Development because of the RESPA requirements on giving a more accurate good faith estimate. If they only list one inspector than they only got to keep track of only one inspector’s prices. The inspector was chosen because he was the most popular in real estate circles. They do not seem to cunderstand about the liability they are acquiring by putting a home inspector, who is not a certified home inspector, according to the State, on their list.