mortgage loans: Fall out from Predatory Appraisals
- 05/22/08 01:45 AM
55% of appraisers say they have been uncomfortably pressured to overstate property value 99% of appraisers believe that other appraisers sometimes go along with these requests.- 2003 Appraisal Intelligence: National Appraisal Survey produced by October Research Corporation Current Impact of Predatory Appraisals These statistics clearly demonstrate the reality of predatory appraisals in the marketplace. When Predatory Appraisals are used as the property value basis for a lending decision, the outcome is be the same for brokers, lenders, investors and borrowers - everyone loses. In many cases as a trained underwriter, one could easily see with the adjustments to the comparables, that … (0 comments)
mortgage loans: We've become so smart, we're dumb!
- 11/05/07 07:03 PM
I was thinking the other day we are getting too sophisticated with some of the investment strategies and advice being used for home financing today. My thinking is it is going to get a lot of folks in some big deep trouble.
You see more and more people use their primary residence as some kind of credit card or ATM machine. I am especially speaking of over persons over 50 years old who have gone through s few job changes over the past few years and seen their incomes significantly cut as a result of the transitions in their … (7 comments)
55% of appraisers say they have been uncomfortably pressured to overstate property value 99% of appraisers believe that other appraisers sometimes go along with these requests.- 2003 Appraisal Intelligence: National Appraisal Survey produced by October Research Corporation Current Impact of Predatory Appraisals;)
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