In underwriting an appraisal, there are many areas of which we have to look for in the appraisal. I have a friend that is head of the appraisal department at FHA and has given me some very good advice as to what to look for. There are so many areas on an appraisal that can be incorrect information, whether it be a typo or just plain incorrect that we have to look for. Should the underwriter not see errors, then whomever purchases the loan in the end may or may not find something wrong. We just have to make sure that the appraisal is concrete in value.
I have also, in the past had an appraiser ask what value is needed. Appraisers that will ask that question need not be used. It is not our job as loan officers/processors/underwriters to do their job. That is what they get paid to do. I don't mean to be bagging on appraisers, but it has become a major issue here. Any comments are welcome.
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