Often it is better that the
homeowner orders the appraisal directly from the appraiser.
Federal law says an appraiser works for who orders the appraisal.
And not who pays for the appraisal.
Did
You know
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 $200,000 less 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.
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. A written request to
the head of the mortgage-lending department, mentioning the Act,
should free up a copy. Under this law lenders are required to
deliver the copy "promptly" after a borrower requests it. A call to
your state Banking Commission is your next step.
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
