- No appraisal or property evaluation in file.
- Mortgage broker or borrowers that always use the same appraiser.
- Appraiser bills association for more than one appraisal when there is only one in the file.
- Unusual appraisal fees (high or low).
- No history of property or prior sales records.
- Market data located away from subject property.
Unsupported or unrealistic assumptions relating to capitalization rates, zoning change, utility availability, absorption, or rent level.
- Valued for highest and best use, which is different from current use.
- Appraisal method using retail value of one unit in condo complex multiplied by the number of units equals collateral value.
- Use of superlatives in appraisals.
- Appraisal made for borrower.
- Appraisals performed or dated after loan.
- Close relationship between builder, broker, appraiser, lender and/or borrower.
- Overvalued (inflated) or high property value.
Office of Thrift Supervision May 2010 Examination Handbook 360.1
No comments:
Post a Comment