article thumbnail

Rocket Mortgage wins $10 million dismissal in 2012 lawsuit

Housing Wire

Rocket Mortgage has faced other legal activity over the last year. In June, HUD charged the lender, two appraisal companies and one appraiser with allegedly issuing a biased valuation and denying a refinance loan to a Black homeowner in Denver.The Department of Justice followed suit in October.

Mortgage 370
article thumbnail

loanDepot settles appraisal bias lawsuit 

Housing Wire

California-based loanDepot will pay an undisclosed amount and commit to improving its mortgage appraisal practices. The settlement requires loanDepot to implement enhancements to its mortgage appraisal policies and procedures within 120 days. But the company hasn’t admitted any fault.

Appraisal 464
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

MBA: Lenders shouldn’t be held responsible for appraisers’ actions

Housing Wire

Because of rules put in place following the Great Financial Crisis, lenders subcontract the appraisal to third-party valuation companies, which are independent and provide a valuation that often determines whether the loan is funded.

Appraisal 435
article thumbnail

From Forms to Reports: A Look at the UAD Overhaul

Appraisal Buzz

By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports. Most appraisers have diversity in their business channels.

Appraisal 397
article thumbnail

How To Find An Appraiser

Padove Appraisal Service

When selecting an appraiser, it’s important to choose someone who is licensed and qualified to perform the type of appraisal you need. Many appraisers’ professional experiences are limited to mortgage appraisals. They may not be familiar with reporting requirement for other appraisal purposes.

Appraisal 145
article thumbnail

How Residential Real Estate Appraisers Can Benefit and Help Accountants Do Their Job

Birmingham Appraisal

By providing accurate appraisal reports, appraisers enable accountants to make informed decisions and advise clients on property investment strategies, including rental income projections, capitalization rates, and return on investment calculations.

article thumbnail

The Top Benefits of Getting a Residential Appraisal in Toronto

Appraisal Hub

Appraisal firms in Toronto can offer unbiased valuations that are essential for legal and financial planning, ensuring fair distribution of assets. Helpful in Property Tax Disputes: If you believe your property tax assessment is unfair, a professional appraisal can be your best defense.