Monday I completed a report for a purchase ordered by an AMC as a drive-by at lender request. This signals me immediately that the loan is going to be made based upon the borrowers' good credit and the appraisal is merely a required formality. I completed the report which was located in quite a rural area. No comps were available within the defined market area so comps were taken from an adjoining and competing market area. The AMC approved the value and the report based upon my extensive commentary. Then, on Wednesday, they called requesting additional data - copies of the MLS sheets for the comps. It seems they have an internal computerized program which verifies the information against public records, which are not readily available in this area. They also needed it immediately to close so that the tax credit would not be lost. They are a good client so I quickly furnished a brief print-out of the comps.
As I think back in retrospect, several questions cross my mind. If HVCC has successfully distanced the appraisers from the lenders, why is there such a suspicion on the appraiser so as to cause a verification of data? If an AMC hires good appraisers, why is it necessary to verify the data provided. If the value was of such nominal importance in this loan that they ordered a drive-by, why are they scutinizing this report?
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