Class Valuation sucker punches appraisers! Class Valuations has been celebrating completing 1,000,000 orders and sent a Tweet thanking their clients and staff. There is no mention of the boots on the ground licensed professional appraisers who actually completed those appraisals. Is this the true feelings of Class Valuations? Do they not realize not one order would have been completed without appraisers? Not one simple thank you…..
Meanwhile VaCAP has learned InHouse Solutions, the amc division of Get Connections, Inc. is ceasing all operations as of February 28th. Appraisers on their panel across the country have been getting this email:
Olde City Lending has merged with Nationwide Property and Appraisal Services. Going forward, all orders will,be processed under the Nationwide Property and Appraisal Name.
Fannie Mae tells lenders “Do your Job”
Fraud is fraud! In a recent article published in HousingWire, Fannie Mae has found lenders are not performing their due diligence in underwriting mortgage loans being submitted to Fannie Mae. Fannie Mae has cited a growing number of loans submitted with falsified employment information. Verification of income and employment is a key component in the borrower’s ability to repay the mortgage. Relying on submitted documents without any type of verification is just as bad, if not worse than those stated no doc loans.
What we must realize, the lenders are only following the lead of Fannie Mae on the need for speed and the use of aggregated data sources. We can only hope Fannie Mae’s own due diligence in risk management leads them to see the error of their thinking. See the article here.
VaCAP cannot encourage you enough to work with people who know and appreciate your value. The value and experience of a professional licensed appraiser should never be compromised.
Thank you for supporting VaCAP!