HUD Files Against Appraiser & Rocket Mortgage

[shrubberyvaluation]

From the complaint: "Property values in the area were generally increasing around the time of the Subject Appraisal, which was the only appraisal of the
Subject Property out of seven conducted over nine years that indicated a drop in the property’s value."

That's a lot of appraisals.

Generally increasing doesn't always go with all properties and all areas within the same census or zip code. 2-4 may run differently than single family. There does seem to be a lot of red flags based on the complaint.

 

[Mejappz]

From the complaint: "Property values in the area were generally increasing around the time of the Subject Appraisal, which was the only appraisal of the
Subject Property out of seven conducted over nine years that indicated a drop in the property’s value."

That's a lot of appraisals.

Spin the wheel until you get the number that works. Lol

 

[Joe Flacco]

Not only did they look at the subject appraisal and compare it to other appraisals of the subject property, they looked at other appraisals developed by the same appraiser in the same neighborhood.

 

[George Hatch]

Treating properties in the same neighborhood differently is a self-pwn

 

[Tiffany Gibbons]

Meanwhile FHA has serious issues of their own.

https://appraisersblogs.com/uncovering-flaws-in-FHA-appraisal-n-loan-review-process/

That's our old friend Bayouplace713 or "Septic Tank Lady". Still no mention of either realtor. Wonder why?

 

[shrubberyvaluation]

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Not only did they look at the subject appraisal and compare it to other appraisals of the subject property, they looked at other appraisals developed by the same appraiser in the same neighborhood.

As long as this is actually the same neighborhood that is at least damning for incompetence at best.

 

[djd09]

Our Story​

The story of Maverick AG goes all the way back to the streets of Philadelphia and the Liberty Bell. The company was founded in the suburbs of the great state of Pennsylvania under the pledge to profoundly impact the real estate appraisal business and to transform the industry in an unprecedented way.
The company started out of a small college apartment in 2015 in Ardmore, PA. The owner and the founder of the company, Max Mykhailyna, was inspired by the lack of advancement and innovation in real estate appraisal. So, he set his eyes on changing the nature of the industry by implementing a collaborative and streamlined approach in the real estate appraisal business. Currently, the company continues nurturing and developing its ideas in Denver, Colorado, which was chosen as a perfect location for such an ambitious undertaking.
Maverick AG is changing the traditional appraisal profession from a one-man show to a highly collaborative and technologically integrated approach that is set to increase the productivity of the appraiser, to improve the work/life balance, and to better the working conditions as well as to ameliorate the report writing process. The purpose of the company is to make the appraisal business a collaborative venture by organizing the workflow in a streamlined manner that will produce more refined and accurate appraisal reports and reduce the turn-time for our clients.

About - Maverick Appraisal Group

maverickag.co

they want cheap and fast...they get cheap and fast

 

[djd09]

and what do they expect from companies like rocket and solidifi...there is no amount of money they could pay me to work for those unethical stakeholders

 

[djd09]

“The Fair Housing Act protects all of us from discrimination throughout the process of buying a home or securing a home loan,” said Damon Y. Smith, HUD General Counsel. “As this Charge demonstrates, HUD is committed to ensuring that no one is denied a home or a mortgage because of a discriminatory appraisal.”

A United States Administrative Law Judge will hear HUD’s Charge unless any party to the Charge elects to have the case heard in federal district court. If an administrative law judge finds, after a hearing, that discrimination has occurred, the judge may award damages to the homeowner for her losses as a result of the discrimination. The judge may also order injunctive relief and other equitable relief to deter further discrimination, as well as payment of attorney fees. In addition, the judge may impose civil penalties to vindicate the public interest. If a federal court hears the case, the judge may also award punitive damages to the homeowner.

just hit the dang number...

 

[Tiffany Gibbons]

From the complaint: "Property values in the area were generally increasing around the time of the Subject Appraisal, which was the only appraisal of the
Subject Property out of seven conducted over nine years that indicated a drop in the property’s value."

That's a lot of appraisals.

And a lot of closing costs lenders are getting if those were all refinance appraisals...or was it a flip? I can't imagine having that many duplex sales to pick from. The last duplex I had was a new one in a small rural town. I had only 1 comp in town, had to go to 2 other nearby towns for sales. Rental comps too.