I am very frustrated this evening.  I submitted a purchase money loan needing a Jumbo Conforming Loan of 80% LTV and debt ratios of 24/36%.  Buyers are W-2 salaried, 20+ years on the same job, have $150K in the bank plus $250,000 in retirement assets, zero debt, 781 Middle FICO scores and have lived in their present residence for 20 years.  Mr. and Mrs. Stability and the type of client or borrower we all strive and hope to find and represent.  I had my lender 'Approved" appraiser who used  3 comparable closings all within 2 months and 1/4 to 3/4 miles away from the subject plus two supportive listings and it was appraised at the sales price.  (My instructions were the usual "Bring it in at a value you can support").   I received the "Conditional Approval" and an AVM was completed and the lender is indicating the value is 100K (20%) below the appraisal and we need to obtain another  appraisal from another "Lender Approved" Appraiser.  These clients did a lot of market research, looked at numerous homes and found what they wanted and made an informed offer.   If the lenders are going to look sideways and make this type of full documented transaction difficult or impossible then we are reallllllllllly going to struggle turning this market around.  I KNOW.....we must need to kill good transactions and provide more lower comparable sales to help the market recover.  That will help.