Judge Rules Appraiser/Lender Owe no duty of care

[Huds_Harm]

Because the lender and/or HUD have not gone after the appraiser?

And the lender did file a cross claim against the appraiser for Fraudulent concealment and negligence and breach of contract, but once the appraiser was found to owe me no duty of care they dropped it.

Meaning a lender only cares if it affects them NOT the consumer.

Also they have no need to if FHA insures the loan.

Now the recent policy update requiring Indemnification of the loan may make them change their mind.

 

[jay trotta]

You keep saying that without apparently realizing that the appraiser is completely accountable to their client and their intended users.

Negligence might get you access to their E&O. "intentional fraud" might not.

negligence of one among multiple parties involved in an injury that is measured (as in percentages) according to the degree of its contribution to the injury

IMO-the 90-day question as to why the system failed has not been answered, also where or when, during the inspection of those systems is there a noted possible problem. If no inspection was completed by the "expert in their field" (most home inspection companies, I know of perform a water flow test to find seepage/failure of some type, if any). We have not been provided the Revised Sales Agreement or copy of the Home Inspector report.

 

[Huds_Harm]

negligence of one among multiple parties involved in an injury that is measured (as in percentages) according to the degree of its contribution to the injury

IMO-the 90-day question as to why the system failed has not been answered, also where or when, during the inspection of those systems is there a noted possible problem. If no inspection was completed by the "expert in their field" (most home inspection companies, I know of perform a water flow test to find seepage/failure of some type, if any). We have not been provided the Revised Sales Agreement or copy of the Home Inspector report.

I am not suing for a failed septic system. I am suing for a property that did not meet FHA minimum property requirements working or not.

I'm not sure what you mean as to why it failed nor how to determine when. Problems occurred 3 months later.

There was not an official septic test since the location was unknown until weeks after my home inspection.

I asked for the tanks to be pumped to make the seller locate it and naively thought if problems were revealed at that time of maintenance the seller would have been required to disclose.

I did have a septic company come fill the tank to ensure it was draining properly.

This does not negate the fact or absolve the appraiser from their duty to disclose the fact the property was septic and well.

Had that been done the following was required per the AMC's checklist on this appraisal.

 

[Zoe]

That should be health and safety issue with FHA..

They could throw that loan back in lender's lap.

 

[Huds_Harm]

That should be health and safety issue with FHA..

They could throw that loan back in lender's lap.

Should be but wasn't because the incompetent loan review determined "there was no way the lender could've known" of the error despite it being public information.

I am not after the appraiser only.

It clearly starts at the top with HUD's lack of oversight and enforcement that allows a culture of fraud/negligence.

 

[Zoe]

Should be but wasn't because the incompetent loan review determined "there was no way the lender could've known" of the error despite it being public information.

I am not after the appraiser only.

It clearly starts at the top with HUD's lack of oversight and enforcement that allows a culture of fraud/negligence.

Wow, you have several professionals involved. They have insurance.

 

[Zoe]

Hope your lawyer is good. Hire Chopra with CFPB.

 

[Huds_Harm]

That should be health and safety issue with FHA..

They could throw that loan back in lender's lap.

and despite HUD's rules and regulations stating,

Interior reviews are an important part of the field review since a serious oversight by the appraiser of a noticeable defect in the property could affect the health and safety of the occupants or the continued marketability of the property.

and confirming through a congressional inquiry it was owed,

Ms. XXXXXX correctly states that the Mortgagee is required to perform a field review when they receive a complaint from a borrower. HUD Handbook 4000.1 – II.V.A.3.c.ii.(C).(1).(b) Property and Appraisals, Field Reviews, states “The Mortgagee’s appraisal field review sample must include the following… all Mortgages for which the Mortgagee has received a Property complaint from the Borrower(s).” However, this requested review must be ordered by the lender. HUD doesn’t perform or direct valuation reviews. Ms. XXXXXX should request such a review from her lender.

They told the lender they do not have to perform one.

 

[Zoe]

CFPB is not scared of anybody. It don't matter. HUD, ABA, etc.....etc.

Just get Chopra on your side. VA would have already been on it with an attitude.

Chopra can fix it in a heartbeat.

 

[Huds_Harm]

CFPB is scared of nobody.

The lender used HUD's response that there was no way they could've known to close my CFPB complaint.