- Joined
- Jan 17, 2002
- Professional Status
- Certified General Appraiser
- State
- Illinois
A couple months back I posted in title "Lost My Virginity" or something similar. It was about a client who told me to change the value or I would never work for them again. The day before the banker faxed over some bogus comps he wanted used in the report. When I told him, no, he said I would not be paid for the appraisal. Furthermore, he was taking me off the list. Then some time later in another post I told how I contacted AI. They gave me the names of the top dogs at the Federal Reserve and the FDIC who regulate situations similar to mine. I contacted both with a lengthy letter telling what happened.
Today I received a letter from the Federal Reserve and they said that they had completed their investigation and found no wrong doing on the banks part. Then at the end of his letter it was almost condescending. He stated, word for word:
Steve Vertin
Today I received a letter from the Federal Reserve and they said that they had completed their investigation and found no wrong doing on the banks part. Then at the end of his letter it was almost condescending. He stated, word for word:
It seems appraisers have problems telling the difference between lenders pressures and legitimate questions concerning the report. Furthermore, we spend our time teeing off clients so we never work for them again. What a joke. The problem with dealing with lender pressure, is most occurs one on one. It is a he said she said situation. How can you ever regulate this? How can you prove it?"As a matter of course, it should be expected that a client might have questions of an appraiser after reviewing an appraisal report. In fact, the Federal Reserve expects a bank to have appropriate procedures in place to review an appraisal to ensure that the appraisal meets the requirements of the appraisal regulation and, more importantly, provides sufficient information to support the bank's decision to approve the loan. In your case, you indicated that the appraisal report was a summary report and that information supporting your analysis was retained in your files. This may be the reason that your client had questions about the comparable sales used in the appraisal.
For further information on appraisal assignments for a federally insured depository institution, you may wish to refer to Statement 10 or the Uniform Standards of Professional Appraisal Practices for appraising a property in a federally related transaction."
Steve Vertin