Appraisers vs. Underwriters

So…while the lender is responsible to ensure that the appraisal gets conducted, if the lender, according to FMNA: “has concerns with any aspect of the appraisal that result in questions about the reliability of the opinion of market value” then they get to do one of three things before rendering their decision:

Contact the original appraiser to deal with the perceived deficiencies
Acquire a field or desk review of the original appraisal
Get a new appraisal

Fannie Mae Gets the Picture

And we’re not talking the staged shots taken for the MLS listing where the fruit-filled bowl is spotlighted on a gleaming mahogany table…we’re talking photos that are more forensic in nature…..images taken at the time of the appraisal. Dare I say more crime scene oriented? Like evidence of a refrigerator that has gone missing in the night?

Mortgage Proof and Barbarians at the Gate

I know that borrowers sometimes feel like their privacy is being invaded, but if you deal in a cash only business and have no paper trail to show where the money came from, (then trust me on this)…the underwriter will kick you to the curb.