Tagged: lawsuit

Uncovering Flaws in FHA Appraisal & Loan Review Process 32

Uncovering Flaws in FHA Appraisal & Loan Review Process

The story of this single mother’s harrowing experience with a defective home purchase and HUD’s negligent oversight exposes deep flaws in the FHA appraisal and loan review process. After sacrificing for years to rebuild her credit and earn the right to become a homeowner, this borrower found her dream home in the country – or so she thought. During the home inspection, several issues were flagged. The seller, an investor who had purchased the home in an estate sale, was unaware of the septic system’s location. The seller agreed to have the tanks pumped so the location could be determined....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Alleged Racial Discrimination Debunked: Security Bars Removal Required by Law 15

Security Bars Removal Law Debunks Alleged Racial Discrimination

Complainant stated appraiser told them they should remove security bars from windows. Complainant stated this is evidence of “racist discrimination”… Security bars on bedroom windows is against code…  This morning I received the results of a California State Information Act Request I made regarding an alleged case of racial bias in Allendale, Oakland, California which was settled May 2024. I requested any and all documents in the case involving the appraiser because I didn’t have the complainant’s name or property address. I only had the appraiser’s name which I won’t post in text. Complainant stated appraiser told them they should...

Appraisal / Appraisal News / Appraisers News

Gov't-Indulged Middlemen Are Wrong RX for Battered Borrowers, The Infirm 14

Gov’t-Indulged Middlemen Are Wrong RX for Battered Borrowers, The Infirm

The U.S. government impoverishes homebuyers as it does the chronically ill – by promoting the use of middlemen who prey upon them. A cadre of such middlemen was created decades ago as a firewall between Big Pharma, the insurance companies and the pharmacy chains. Called “pharmacy benefit managers,” they were to negotiate drug prices, streamline distribution and manage lists of prescription drugs covered by insurance plans. But since the government has gone whole-hog into health care under the Affordable Care Act and into drug-price controls under the Inflation Reduction Act, things have gotten crazy at the slop trough. Today, according...

AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Federal Officials Team up with Freddie, Fannie to Deceive Investors | The Censorship of Appraisers 34

The Censorship of Appraisers

Thirty-seven hours after President Biden took the oath of office, White House officials met with executives at social media companies. The officials threatened restraint-of-trade lawsuits and regulatory action if the companies failed to censor what the White House deemed “misinformation.” In a parallel development, we can now connect the dots that similar talks occurred among White House officials, employees of government-sponsored mortgage giants Fannie Mae and Freddie Mac and private vendors to throttle the protected speech of individuals and firms in the mortgage industry engaged specifically for their independence. The latter serve as bulwarks in federally backed mortgage transactions. In...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

Shane Lanham Countersuing Black Homeowners for Defamation 31

Shane Lanham Countersuing Black Homeowners for Defamation

Shane Lanham, a Maryland appraiser, has found himself in a difficult situation as he is being sued in The United States District Court of Maryland. However, he is not backing down and fully intends to fight these allegations through trial. In addition, he is countersuing the accusers for defamation and seeking $500,000 in damages. Lanham firmly believes that the accusations of racism against him are baseless and he has engaged a consultant with significant experience in handling such cases. To ensure he has the best chance of success, Mr. Lanham has engaged a consultant with extensive experience in similar cases....

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Trending

Foreclosures in Black Communities Due to Overvaluation 13

Foreclosures in Black Communities Due to Overvaluation

What were the results? Most had foreclosures. They bought a house worth much less than they paid for it and never planned or budgeted to make a mortgage payment in the first place.  About 2 years before the crash of ‘08, I ran across a company out of DC called “Metro Grapevine” and “Metro Dream Homes.” It was a Ponzi scheme marketed by a black to blacks only. It was by invitation only. They promised if you bought your home through their program, they’d pay it off in seven years and you never had to make a payment. The requirement...

Appraisal / Appraisal News / Appraisers News

Agent Management Company 10

Agent Management Company, a Familiar Ring

We will call it “AGENT MANAGEMENT COMPANY”. We will ensure that the use of runners is prohibited…  Public trust. It’s a real thing. It appears that this recent lawsuit that the NAR LOST has exposed antitrust, collusion and price fixing between agents. I am thinking about creating a new AMC. We will call it an “AGENT MANAGEMENT COMPANY”. We will create a buffer per say between the buyers agent and the sellers agent thereby protecting the buyer and seller. We will have a roster of approved agents nationwide. They will be thoroughly vetted. Routinely background checked. Ensure they are fully...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / NAR

Reality of Today's Appraisal Environment; Discriminatory Falsehood 10

Reality of Today’s Appraisal Environment

Proving discriminatory activity is hard, which is probably one reason HUD is dragging their collective feet in resolving the filed complaints.  The real scourge of what’s been happening to appraisers for the past 5 years (yes, it started prior to the last election) has been revealed by Mr. Isaac Peck, in this article. You really need to read it, perhaps again, if you saw it come through your email on Wednesday October 25. Isaac has allowed me to “re-broadcast” his article. Yes, it’s a ‘sales promotion’ but it contains critical information appraisers need to know about. The first paragraph, contained...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / HUD / The US Department of Housing and Urban Development

VA Appraisal Request Form at Heart of AIR Violation Class Action 61

VA Appraisal Request Form at Heart of AIR Violation Class Action

While the statute doesn’t explicitly mention that providing a loan amount is an AIR violation… When a mortgage lender seeks to make a Veterans Administration-backed home loan, the lender requests an appraisal from the VA’s appraiser panel by using a form entitled Request for Determination of Reasonable Value. For many years, until it was revised in July 2022, this form had a box labelled “Refinancing-Amount of Proposed Loan.” This box asked the lender to fill in the proposed loan amount for refinances. Once submitted, the form begins the appraisal process and is provided to the appraiser assigned by the VA...

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / Trending / VA

Are the Courts a Remedy for Nation's Financial Truth-Tellers? 8

Are the Courts a Remedy for Nation’s Financial Truth-Tellers?

Politicized boards and commissions with little accountability to the electorate want to deplatform these truth-tellers at every turn.  This month, the U.S. Supreme Court dealt a blow to the Regulatory State. Financial analysts, fiduciaries, auditors and appraisers should take heart. Those targeted by a growing number of independent agencies, boards and commissions may now immediately challenge an agency’s constitutionality in federal court without having to submit to a drawn-out administrative process that frequently serves only the interests of the agency being challenged. The decision couldn’t have come soon enough, as an army of assorted technocrats, believers, grand viziers, cronies, hustlers...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

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