appraisal problems: FDIC lawsuit against Appraisal Management Companies - 05/13/11 12:36 PM
FDIC is going after Appraisal Management Coupanies for Appraisal Deficiencies - mostly work from the height of the market.
List of some problems found:
1) inadequate analysis of a purchase contract, or failure to report prior listings.
2) Failure to report prior sales within 3-year of the subject property
3) use of improper comps or avoiding better comps
4) applying improper or inconsistent adjustments to comparables
5) omits or misrepresnets significant physical or locational characteristics of the propety
6) Appraiser reported "stable" prices when prices were declining.
 
75% of the appraisals reviewed - provided - were found to contain multiple … (4 comments)

appraisal problems: Are you having Appraisal Problems, now? 6/19/2009 - 06/19/09 11:55 AM
Here we are out 50 days from the May 1 - kick off the the HVCC (the Home Value Code of Conduct) required on all loans headed to Freddie Mac or Fannie Mae.  It is the "code" that prohibits loan people from engaging the appraiser.  It was designed to stop the pressure loan originators sometimes put on appraisers to help them make their loans. 
Before the HVCC - it was not unusual that appraisals came in at or above the purchase contract price; but now we are starting to hear of appraised values coming in below the contract prices.  If this is … (0 comments)

 

Beverly Bayer

Moreno Valley, CA

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BAYER APPRAISALS

Address: 25232 Fir Avenue, Moreno Valley, CA, 92553

Office: (951) 247-3674

Fax: (951) 243-5709



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