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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (13718)	9/17/2003 11:39:42 AM
From: Les H	Read Replies (1) \| Respond to of 306849

Most appraisers report pressure to hit the numbers WASHINGTON — Do loan officers, mortgage brokers and realty agents pressure appraisers to raise their value estimates on properties in order to "hit the number" needed for the sale or refinance transaction to go through? Preliminary results from the first independent national study of the appraisal industry suggests the answer is a resounding — and disquieting — yes. Nearly three out of four randomly selected licensed appraisers interviewed as part of the ongoing National Appraisal Survey said they had been pressured over the last year by a mortgage broker "to hit a certain value." Fifty-nine percent reported similar pressure from a loan officer working for a lending institution or mortgage company. Fifty-six percent said they had been pressured by a realty agent and 22% by a third-party "appraisal management company" that provides local appraisal services on contract to national lenders. more at... latimes.com