AMC Exposed… Getting the Value Needed
Are AMC appraisers pressured to inflate property values? We stumbled upon this article yesterday from WSB Atlanta and thought it was worth sharing. Jim Stickland, a Channel 2 Consumer Investigator with Atlanta TV News, covers the story of a lender colluding with an AMC to inflate property values. Stickland reports that John Laymac, a new homeowner was denied a mortgage on his $390,000 home when the appraisal came at $365,000. Consequently, the builder, SR Homes, had Laymac apply with its preferred lender, Brand Mortgage, claiming that they will get the value needed to close the deal. In an email to...
