Desktop appraisals and automated appraisals many lenders use
instead of appraisers are so error-ridden that they have been known
to evaluate homes up to either $200,000 less than/or more than they are worth.
You
should ask a lender to use a live appraiser.
Read entire article
here
Did
You know
A lender cannot pay an appraiser $250 and
charge you say $350 at settlement without an additional service. Are
you sure a lender is not using an error-ridden online $29.95
valuation, and charging you for a real appraisal?
Flood Maps
online
You can see a FEMA Flood Map on line for free. Click below
link and put in the address you are checking on the left side
panel. Choose "Public Flood Map". No password or login
is necessary.
Make an offer over $450. Email us at
"Contact us" link below.
Home Valuation Code of Conduct (HVCC)
Can a Lender still order an appraisal
direct from an Appraiser? Yes!
See Question 35 of the Fannie Mae
Fact Sheet:
here
The Home Valuation Code of Conduct (the Code)
is the result of a joint agreement between Fannie Mae, Freddie Mac, the Federal
Housing Finance Agency (FHFA), and the New York State Attorney
General to enhance the independence and accuracy of the appraisal
process, and provide added protections for homebuyers, mortgage
investors and the housing market.
Effective May 1, 2009, Fannie Mae & Freddie Mac will no longer
purchase mortgages from Sellers that do not adopt the Code with
respect to single-family mortgages that are delivered to Fannie Mae
& Freddie Mac.
Also, effective for single-family mortgages with loan application
dates on or after May 1, 2009, Freddie Mac Seller/Servicers must
represent and warrant that the appraisal report is obtained in a
manner consistent with the Code.
The sale of the following mortgages is excluded from the
representation and warranty: FHA/VA Mortgages, Section 184 Native
American Mortgages, and Section 502 Guaranteed Rural Housing
Mortgages.
Appraisers: Beware of the "Lender's Choice"
telephone scam. They telephone you promising you
work if you give them your credit card number. See
here
Did
You know
The Equal Credit Opportunity Act says that the buyer
who pays for an appraisal is entitled see the report. But many
lenders remain secretive and obstinate.
The HVCC that became effective 1 May
2009 says;
Freddie Mac:
The lender may require the borrower to reimburse it for the cost of the
appraisal, but the lender must provide a copy of the appraisal report to the
borrower at no additional cost.
Spray-painting the side of your house does not increase its
perceived value.
Appraisers getting
stiffed by Comp Checks!
Did you
know:
A loan can be funded and points and fees collected with a
comp check (or less) and no appraisal order? Read
here
State License is Sufficient Prohibition Against Discrimination
Lenders and State agencies should be aware that Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
("FIRREA"), prohibits federally regulated financial institutions
from excluding appraisers from consideration for an assignment
solely by virtue of their membership, or lack of membership, in any
appraisal organization.
These
Government organizations may be able to help you. Give them a
call:
Hope Now: a government-organized cooperative effort between
counselors, investors, and lenders: 888-995-HOPE (888-995-4673) or
visit hopenow.com.
FHA Secure: Government-insured refinancing for credit-worthy
borrowers who went into default after their ARMs reset: 800-CALL-FHA
(800-225-5342) or visit
fha.gov
Did you know that the Truth in Lending Act (TILA) gives
everyone the right to change his or
her mind and walk away from a home equity loan – within three days
after the closing. Read more:
here
