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The mortgage trade group said it was concerned that the CFPB and DOJ would hold lenders liable for the actions of an appraiser, who is neither an employee nor an agent of the lender, a reference to a case in U.S.
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.
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 mortgageappraisals. They may not be familiar with reporting requirement for other appraisal purposes.
After the homeowner raised concerns of discrimination, Rocket Mortgage canceled the refinance. The homeowner filed a complaint with Department of Housing and Urban Development (HUD), which found that there was probable cause of Fair Housing Act violations and referred the case to the DOJ.
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