Appraisal Independency Requirements-Who do you report it to?

[apprtech]

I recently had two different appraisals canceled and both properties had the same lender, same buyer/seller and Realty company involved. The first time okay, but a second time there is something afoot. There is no AMC the lender orders their own appraisals. I called after the 2nd cancellation and asked to talk to the AIR violation person at the lending company. The first time they said it was due to ignorant or not well educated appraisal scheduler. The 2nd time she didn't comment on at all. Nothing more was done about it, and the lender made loans on both properties. Past the lender or a AMC, who do you report a violation to? I work in Florida and I have already made two separate complaints to Florida Office of Financial Regulation. The first time they acted like it was not in their wheelhouse to make a decision on the complaint so they closed it without doing anything about it. Is there a federal agency you are suppose to let know about this?

Jeff

 

[alebrewer]

CFPB

 

[CGinMN]

You are not entitled to work or an explanation. This isn't an AIR violation.

 

[TerryRohrer]

You are not entitled to work or an explanation. This isn't an AIR violation.

What is an AIR violation? Of course, there are none because lenders are complicit and intend to ensure there is no enforcement, but beyond that, what would at least meet the definition?

 

[apprtech]

You are not entitled to work or an explanation. This isn't an AIR violation.

So, they employed me twice, I called the Realtor to set the appointment up, and both times in a day they were canceled and given to someone else on their list. There isn't any conflict of interest. More likely the owner who is also a Realtor talked the lender into side stepping me and going with a different appraiser.

 

[alebrewer]

So, they employed me twice, I called the Realtor to set the appointment up, and both times in a day they were canceled and given to someone else on their list. There isn't any conflict of interest. More likely the owner who is also a Realtor talked the lender into side stepping me and going with a different appraiser.

Wait - so all you've got is a theory on why the assignments got cancelled? Best of luck, man. You're pushing rope, though.

 

[CGinMN]

Ok, that is a new detail. I still don't see the violation. What if the lender pulled the orders because this was part of a larger portfolio of properties and they wanted all their orders to go to the same appraiser?

Read AIR and tell me the violation.

https://singlefamily.fanniemae.com/media/4711/display

 

[apprtech]

Wait - so all you've got is a theory on why the assignments got cancelled? Best of luck, man. You're pushing rope, though.

I was told the first time it happened it was due to a poor education of one of the schedulers, the 2nd time the person at the lending institution didn't even call me back to explain.

 

[alebrewer]

Ok, that is a new detail. I still don't see the violation. What if the lender pulled the orders because this was part of a larger portfolio of properties and they wanted all their orders to go to the same appraiser?

Read AIR and tell me the violation.

https://singlefamily.fanniemae.com/media/4711/display

My guess is that he's gonna lean on 4.A.2.b... although without some sort of documentation or paper trail, I doubt anyone's gonna listen to a theory - even if he does find a friendly ear over at the CFPB.

 

[J Grant]

So, they employed me twice, I called the Realtor to set the appointment up, and both times in a day they were canceled and given to someone else on their list. There isn't any conflict of interest. More likely the owner who is also a Realtor talked the lender into side stepping me and going with a different appraiser.

It is possible that this happened, but there does not sound like there is any way to prove it - there is at this point no grounds for a complaint.

Fair or not, if you keep making a fuss about it to your lender client and accusing (who?) of an AIR violation the lender might drop you as an appraiser.