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TOPICS, COMMENTS OR CONCERNS OF THE APPRAISAL INDUSTRY

$11M For Influencing the Appraiser
July 14th, 2017 9:38 AM
Summer is suppose to be a time for vacations, rest and relaxation. This summer, it appears something is always happening to detour us. 

VaCAP learned yesterday, U.S. District Judge John Preston Bailey of the Northern District of West Virginia has ordered Quicken Loans to pay $11 million in damages to 2,770 residents of West Virginia for attempting to influence the appraiser.  The news was released by The Intelligencer: Wheeling-News Register yesterday.  Quicken Loans has a history of providing a suggested value to the appraiser which is a violation of the West Virginia Consumer Credit and Protection Act.

There are some pretty awesome quotes in the article from the Judge's order: 

“Quicken has to this day never offered any legal or industry source that would indicate that suggesting values to appraisers was considered a best or even valid lending practice."

“Quicken’s uniform practice of providing estimated home values to appraisers constituted unconscionable conduct under the West Virginia Consumer Credit and Protection Act.”

"motivated by greed.”

“truly egregious, in that it flew in the face of prudent lending practices for the benefit of Quicken’s bottom line, and at the expense of each borrower’s right to a fair and unbiased appraisal"


Something to think about.... if each borrower has the right to a fair and unbiased appraisal, are the property waivers by Fannie and Freddie legal? 

See the entire article here

Back in April, Appraisersblogs published an article entitled 
I Must Apologize; I Got it Wrong…
The article is about Quicken Loans and many of their other indiscretions.  This is an interesting read. See that article here.




Posted by Virginia Coalition of Appraiser Professionals on July 14th, 2017 9:38 AMPost a Comment

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