HUD Files Against Appraiser & Rocket Mortgage

[George Hatch]

If there were any indications in the above that the appraiser is getting screwed I'd be the first in line to say so. As I have done in other past examples when I thought that might be the case. I did express me opinion on the if/then basis, subject to the factual accuracy of what HUD said they did and what they found in their process.

If my assumption of the accuracy of the facts proves to be incorrect it would have an effect on my opinions.

 

[djd09]

back in the mortgage broker ordering days they at least wrote a owners estimated value....so there was at least that for the independent appraiser

 

[djd09]

If there were any indications in the above that the appraiser is getting screwed I'd be the first in line to say so. As I have done in other past examples when I thought that might be the case. I did express me opinion on the if/then basis, subject to the factual accuracy of what HUD said they did and what they found in their process.

If my assumption of the accuracy of the facts proves to be incorrect it would have an effect on my opinions.

i dont see HUD whining about $5,000 sales of two families in east cleveland...i guess their generational wealth does not count

 

[Dublin ohio]

i dont see HUD whining about $5,000 sales of two families in east cleveland...i guess their generational wealth does not count

Did anyone file a complaint?

 

[Joe Flacco]

#24 is what really makes the case for racial bias. IMO.

Everything else who knows. The prior two appraisals could have been high, the large site adjustment could be correct, property condition ratings are debatable.

I don't know how he explains why he acted differently when appraising a white persons home than when he appraised a black persons home in the same neighborhood.

 

[djd09]

#24 is what really makes the case for racial bias. IMO.

Everything else who knows. The prior two appraisals could have been high, the large site adjustment could be correct, property condition ratings are debatable.

I don't know how he explains why he acted differently when appraising a white persons home than when he appraised a black persons home in the same neighborhood.

did you see the other appraisals...just hear say

 

[Mejappz]

i dont see HUD whining about $5,000 sales of two families in east cleveland...i guess their generational wealth does not count

The Fudgester is on it. After she finishes lobbying which will be never. Lol

 

[shrubberyvaluation]

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.

Sometimes the best comps are to the east, sometimes the best comps are to the west. Did one recently where the subject was on the west end of the community and all of the comps were in the same community, but all to the east, utilized over more proximate sales to the west in a different community. I just don't have enough information here to make a determination but it does look bad on the surface. We are looking at one side of the story and we don't have the proof/evidence in our hands.

 

[shrubberyvaluation]

#24 is what really makes the case for racial bias. IMO.

Everything else who knows. The prior two appraisals could have been high, the large site adjustment could be correct, property condition ratings are debatable.

I don't know how he explains why he acted differently when appraising a white persons home than when he appraised a black persons home in the same neighborhood.

I also don't know how they define a neighborhood. We have seen instances where it was a census tract where there are wide ranges in different sections and are not the same market areas.

 

[Dublin ohio]

I also don't know how they define a neighborhood. We have seen instances where it was a census tract where there are wide ranges in different sections and are not the same market areas.

I doubt HUD is defining the neighborhood. On the surface it looks like they are using the appraiser's delineated neighborhood