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appraisal: “Check Your Appraisal” - 08/24/07 10:19 PM
….was the heading on yesterday’s email from Wells Fargo Wholesale.  This is a heads-up to Realtors and home buyers… Fast Rewind In mid July, FannieMae issued Announcement 07–11, entitled Collateral Valuation Practices and Declining Markets. Here are several key points from the memo:
FannieMae’s Desktop Underwriter (DU) Version 5.7 released July 22, will now generate a message when it thinks that a property is located in a declining market.The appraiser must also indicate when the property is in a declining market.The lender is responsible for ensuring the accuracy of the appraiser’s work.Any pressure by the lender on an appraiser will cause … (37 comments)

appraisal: Appraisers Pressured to Falsify Findings - 02/15/07 02:09 AM

It’s an ugly fact of life in a declining real estate market. Real estate appraisers are under pressure from all sides. Here’s a recent article I saved.
Daily Real Estate News | February 2, 2007
Appraisers Get Pressured to Falsify Findings The pressure is on property appraisers to come up with the right number, say 90 percent of appraisers surveyed by October Research Corp., which publishes Valuation Review, an industry newsletter.
That percentage is much higher than it was in 2003, the last time the survey was conducted, when only 55 percent of appraisers reported attempts by others to influence … (0 comments)

 

Marc Brinitzer

Sacramento, CA

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Big Valley Mortgage

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