*This is not good for the public at large! *Not only do we get subtle overtures to make value, we will be the first to get blame when loans go south. *It’s time to clean up this crap! Regulate and institute the lending institutions. *22 years as an appraiser this practice worsens every year. *L.O.’s (loan officers) have no standards or ethics, that I can tell. *This is an unfair practice and puts far to much pressure on the appraiser, since his/her livelyhood is involved. *I remember the late 80′s to early 90′s when I was appraising properties for the FDIC during the bank take-overs. It’s coming. *Appraisers are like pawns in some mortgage brokers game. If they don’t get what they want, they blacklist you. *This list will become a ‘blacklist’.
A mortgage broker was “instructed” to do (namely: to add $40K to stated income of the applicant — without the applicant even knowing!).
That means everybody got a loan then & now all everybody is paying for it…….
@economonitor: Full article link below:
Author: L. Randall Wray · March 9th, 2012