HUD Files Against Appraiser & Rocket Mortgage

[Zoe]

GSE might be called in too. It could go there too. Chopra might be like how much damage can I do here? Chopra ain't scared of anybody.

 

[Tom D]

some of the defenses given here won't hold up in court. if you take 2 appraisals done somewhat near each other and you put the subjects & comps on a map,. then you see all the black owner comps are to the right of the house, and all the white owners comps are to the left of the house you have no defense. this appraiser will be bankrupted, or just plead guilty. E&O does not cover fraud, in which this case it is racial fraud. and the appraiser deserves it. solidiffi was a canadian co that paid very well when they started in this area long ago. it was mostly foreclosed stuff. but eventually they paid less, and it was a pain dealing with them. no sympathy for them. but nothing will happen to anyone there. they will close, then open up again as another AMC. a while back rocket employees were posting how bad it was working there. are they doing r.e. sales now on line, i saw rocket realty on tv.

 

[Zoe]

some of the defenses given here won't hold up in court. if you take 2 appraisals done somewhat near each other and you put the subjects & comps on a map,. then you see all the black owner comps are to the right of the house, and all the white owners comps are to the left of the house you have no defense. this appraiser will be bankrupted, or just plead guilty. E&O does not cover fraud, in which this case it is racial fraud. and the appraiser deserves it. solidiffi was a canadian co that paid very well when they started in this area long ago. it was mostly foreclosed stuff. but eventually they paid less, and it was a pain dealing with them. no sympathy for them. but nothing will happen to anyone there. they will close, then open up again as another AMC. a while back rocket employees were posting how bad it was working there. are they doing r.e. sales now on line, i saw rocket realty on tv.

The problem will be that HUD has already hired at least one or two appraisers that will defend HUD's position.

That's why i say don't jump areas to get comps. Stay in the very small geographical area that competes with subject.

If you can't do that, then make location adjustments.

If this homeowner had very close comps, think about it.

It is not rocket science.

 

[chad hampton]

A word salad. Looks like their goal is BS with no substance.

Exactly what I was going to say. Word salad. Looks like an AI/chat gpt printout. Lots of words, nothing meaningful.

 

[Zoe]

I know some of you don't like talking to homeowners.

I have no problem with it. I have many ask me if I can send the appraisal to them. I tell them I can't do that. I am not doing this appraisal for you. You are not my client.

I will be happy if you give me any information you can provide to me.

The more information you give me, the more it helps my client and me.

And helps YOU

 

[Zoe]

I feel bad when a property is over appraised. I am serious.

What got this appraiser in trouble is jumping best comps imho.

Same with GSE, etc. etc.

Same thing.

 

[Zoe]

I don't know the address, but if you pay me enough money, I can make the homeowner trust me before I am done.

 

[Zoe]

I did a bunch of work for HUD directly. They are good client if you work for them directly.

HUD hires appraisers directly where HUD is the client.

 

[djd09]

it is possible the appraiser may have saved the homeowner from being underwater...and being part of the next foreclosure gate...and without all the appraisals it is tough to tell but do not hold your breath waiting for the gov to be transparent

 

[jay trotta]

If the facts alleged are as presented then this looks like a legit allegation insofar as the value is concerned. It's kind of interesting that an appraiser would have to leave the neighborhood at all in order to find any comparable but that's exactly the reason why the problem identification phase of the assignment should ideally include an analysis of the sales histories for the different areas to see how they have done in comparison with each other in the past. I'd be looking closely at rental rates to see what the tenants think about these locations, and I'd be looking at the SFR sales to see how those buyers are reacting to these locations.

Per your comment in post #6 - used properties to the East and Not the West, which would be cause for the questions HUD has.