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HUD Files Against Appraiser & Rocket Mortgage

CGinMN said:
Appraiser was licensed in Colorado May 2020, having moved from PA/NJ. Effective date of the report was January 2021. Maybe bias, likely lack of competency, maybe both
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Did anyone notice the "below grade" basement room count gripe. ANSI got him, lol
 
Dublin ohio said:
This is somewhat damning

d. Associating the Subject Property with Areas That Have Higher Concentrations of Black Residents

23. On several occasions and for a variety of purposes, Mr. Mykhailyna needed to identify the geographic area most relevant to the Subject Property. In each instance, Mr.Mykhailyna did so by focusing on areas with relatively high concentrations of Black residents, ignoring closer, more predominantly White areas. For example, he defined market area by ZIP Code and considered the Subject Property’s marketability tied to that of two ZIP Codes with higher concentrations of Black residents but not to two closer ZIPCodes with lower concentrations of Black residents.

24. In selecting comparables, Mr. Mykhailyna chose properties only to the east of the Subject Property, in areas with higher concentrations of Black residents, ignoring several closer duplexes to the west in a more predominantly White area. In contrast, Mr. Mykhailynaused comparables from that area when appraising a property with a White owner in the same neighborhood as the Subject Property. Five other appraisals of the Subject Property relied heavily on comparables to the west of the Subject Property in more predominately White areas. Mr. Mykhailyna’s purported justifications for not using any comparables from these areas are belied by his practices when appraising nearby properties with White owners, as well as by the characteristics of the comparables he did use.

25. Mr. Mykhailyna was more willing to view the Subject Property’s neighborhood favorably when appraising nearby properties with White owners. For example, he made area adjustments reflecting a more favorable view of the neighborhood, and he described thearea’s access to amenities more favorably. He also incorrectly associated the Subject Property, but not a White homeowner’s nearby property, with a local school that had a higher concentration of Black students.
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He is a flipper investor who was a realtor prior to being an appraiser. Now he has an Equity Company.
 
shrubberyvaluation said:
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.
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This duplex with finished basement rooms below grade also mysteriously doesn't age either in 7 years. I managed a group of 14 duplexes in Memphis long ago. You would not believe the wear and tear in 6 months. The owner would have to get new carpet, new windows, and new doors on half the units every year.
 
As usual, there are no appraisal to see and far too little data provided to draw any solid conclusions.

The building was owner occupied. Was this an investor property or did it appeal to owner/users with a smaller second unit?

Were the claimed closer comps similar two unit properties or were they newer/larger?

Were the other appraisals from the same neighborhood collected from that appraiser the same product (SFR’s or 2-4s) as this could impact the effective market area upon which to draw comps?

How does HUD know the alleged errors were due to bias and not professional difference or general incompetence?

I’m not saying they shouldn’t investigate but until it’s proven it’s nothing more than an allegation of bias at this point, and a rather weak one based on the filing.
 
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djd09 said:

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A word salad. Looks like their goal is BS with no substance.
 
John Hassler said:
As usual, there are no appraisal to see and far too little data provided to draw any solid conclusions.

The building was owner occupied. Was this an investor property or did it appeal to owner/users with a smaller second unit?

Were the claimed closer comps similar two unit properties or were they threes and fours.

Were the other appraisals from the same neighborhood collected from that appraiser the same product (SFR’s or 2-4s) as this could impact the effective market area upon which to draw comps?

How does HUD know the alleged errors were due to bias and not professional difference or general incompetence?

I’m not saying they shouldn’t investigate but until it’s proven it’s nothing more than an allegation of bias at this point, and a rather weak one based on the filing.
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I'm not a lawyer so maybe I'm off base but I would think in the filing you would want to specify its apples to apples if it were, to have this missing does reek of it not being apples to apples. They make it sound more compelling then any other case I have seen, but it still does come off that they are hiding specifics.
 
You know dang well some appraisers that are very familiar with the subject area will be called in to witness on HUD's behalf.

I take that back. The other appraisers have already been called in by the time HUD filed the complaint. HUD is the other appraiser'(s) client.
 
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