Nothing has changed on the appraiser pressure front. with or without HVCC.
Appraisers are subject to the same sales force pressure as before. Here is a [redacted] email conversation with a loan consultant yesterday at a large national bank when the value was not high enough to their liking on a refi. We initially assumed this person from the bank was an underwriter, although in retrospect, it was obvious from the beginning he was not.
Bank (loan consultant): I really hope this is a joke he paid xx and put in xx milllion in work.
Appraiser: …if you have [new] data we can always take a second look.
Bank (loan consultant): please have [appraiser] call the client [actually it was the borrower!] to discuss asap the client [borrower] is furious
Appraiser: …have the head of your appraisal department call us. I didn’t realize you are the loan officer. It’s a violation of ethics law for you to be contacting us.
Bank (loan consultant): [Another bank] allows us to contact the appraiser.
Isn’t this an amazing conversation?
This practice continues to happen and we continue to be just as flabbergasted each time it does. The loan officer wants the appraiser to answer to the borrower [News flash: the appraisal was done for the bank].
Don’t lenders want the collateral assessed accurately? Are they even aware that this sort of thing remains fairly common?
The mortgage lending process continues to remain broken, a joke.