Read Guidance for Lenders and Appraisers, efanniemae.com

Jack,

It sounds like you're dealing with a bad appraisal and believe me I feel your pain. The bank is ultimately accountable for the work the appraiser does because it's their money on the line if something goes wrong.

As I understand it, mortgage brokers are no longer allowed to even speak to the appraisal and the person selected is supposed to be randomly assigned to keep fraud and outside influences out of the equation.

I have had many appraisals that were just plain wrong, and when that happens I always go directly to the loan officer and work with his broker to resolve the issue.

Scott Newman
Newman Realty