Tagged: unacceptable assignment condition

Borrowers to Refinance with No Appraisals 3

Knowing When to Say NO

I wish I never took that assignment One comment often encountered when investigating a complaint is “I wish I never took that assignment”. Another is “I should have walked away when I saw the property.” How can you avoid that uneasy feeling when completing an assignment? If this is a typical residential mortgage transaction, things may go fairly smoothly. If the assignment involves appraising a property in a divorce, estate, tax appeal, or anything that might end up in litigation, you should meet with your client to assess whether there could be trouble ahead. One way to avoid this type of surprise is to not consider assignments as being routine. Each assignment regardless of purpose or intent has...

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing 3

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

Frank Gregoire’s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the real property value is sufficient to collateralize the mortgage, 2) protects the mortgagor, 3) allows secondary markets to have confidence in the...

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To Permit or Not to Permit

Excluding additions which may require permit issued by an agency of government… OK, it isn’t Shakespeare, but, it is something of interest — and concern — to licensed appraisers in Illinois. The concern begins with an appraiser accepting an unusual assignment condition. An AMC, acting on behalf of a lender is demanding that appraisers exclude from the Gross Living Area areas of the subject residence, additions to the original construction unless it is proven that the additions were legally permitted. We must understand that what is asked of the appraiser is not couched in terms of a guideline; this is...

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