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Comment on Financial Reform Implementation
October 6, 2010
To Whom It May Concern,
I am sure you have heard from numerous parties during your rule drafting process.
I came across a blog from a Mortgage Banker in Florida that is a prime example of how the appraisal process and the "value" of the appraisal as a collateral tool as part of the lending process.
An excerpt from the blog states the following:
"SORRY, WE CANT CLOSE BECAUSE THE APPRAISER FROM THE AMC GAVE US A VALUE THAT IS MUCH LESS THAN NEEDED!"
Bankers/Brokers are not looking for accurate valuations, they are looking for "values that are NEEDED" to close a deal. Isn't that what got us in trouble in the first place?
|Last Updated 10/22/2010||FinReformComments@fdic.gov|