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Refinancing ... lender wants an appraisal field review

Amerisave, the company I am applying with for refinance asked me to pay for a field review.  Apparently the appraisal they ordered (and I paid for already) "failed" their internal process.  Now they want me to pay for a "field review" at $475 which they say afterwhich they can 1. fail the appraisal and loan will not go through, 2. pass, and the loan will go through or 3. come up with another value for the home, in which case they will use this suggested value instead of the appraisors value.  My questions are this:  Is this reasonable that I be asked to pay AGAIN for a review of an appraisal I already paid for (they selected the professional appraiser, not me).  There was no mention of this possibility in ANY of the disclosures or GFE.  Is it fair they are questioning this appraisal to begin with?  The guy used comparables that were 1.5 miles from my home because there were not reasonable comparables within 1 mile.  By the way this is a Fannie Mae mortgage.  Can they force me to pay for this?  Also, is this within Fannie Mae guidelines?  My feeling is that if they can do this, what else can they ask for outside the realm of what was agreed to.  Next week they could ask me to pay $475 for something else.  PLUS they aren't even committing to the loan yet. If I pay this money and the loan doesn't go through then I am out almost a thousand dollars for nothing. I feel like I'm being played. 
  • August 01 2012 - North Port
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Answers (7)

Profile picture for mymortgagebrokerjoe
i realize your issue is with paying for a field review, but how about some loan details? maybe you should just move on to another lender. do u know if you qualify for a harp loan? how much in closing costs are you trying to roll into the loan? is your home a single family home in a subdivision or do u live in a unique type of property that is harder to value? the way i see it, you are already out the money for the first appraisal, perhaps getting some additional quotes or loan scenarios would prove beneficial to your situation.
  • August 03 2012
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Agreeing with "Go Huskers" with one exception: if the loan program requires all files to have a review and the cost was not disclosed, the borrower is only responsible to the 10% aggregate ceiling of allowable increases to box #3 of the GFE.
  • August 02 2012
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Profile picture for Go Huskers
" However, depending on how/when loan fees were disclosed to you by your lender, you may have a RESPA issue. In short, once fees are disclosed to you, many of them can not be increased/added to. Often, the lender/mortgage broker must absorb the excess. You might ask them about that."

An appraisal review would be a valid change of circumstance and redisclosure with a revised GFE is allowed. They can ask them about it but it won't help. The only problem I see is the cost of the review, that seems like more than a review to me.
  • August 02 2012
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Hello,

You asked the question, " Is this reasonable that I be asked to pay AGAIN for a review of an appraisal ..." . Is it reasonable,no. Is it allowed,yes. Since the Financial Reform Act was enacted, much of what consumers are now faced with makes very little sense, and is often more expensive.

However, depending on how/when loan fees were disclosed to you by your lender, you may have a RESPA issue. In short, once fees are disclosed to you, many of them can not be increased/added to. Often, the lender/mortgage broker must absorb the excess. You might ask them about that.

Good Luck.
  • August 02 2012
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The Underwriter has the authority to increase or decrease the value of the appraisal with documented reasoning.  At this point the appraisal in hand does appear to be conclusive in it's opinion.  The underwriter can ask for a 2nd opinion or just deny the loan based on inadequate collateral.  What would you like the underwriter to do?

p.s. The appraiser is not the lender's appraiser.  Appraisals are ordered "blind" from a 3rd party management company.
  • August 01 2012
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Unfortunately this can and will happen from time to time. The mortgage company is not responsible for the appraisal, and if the appraisal comes back and there is a field review required the lender needs to disclose any fees associated with that service after identifying that change in circumstance.

You could negotiate that they pick up the charge. You are in the drivers seat, remember that.
  • August 01 2012
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Is the loan your are applying for HARP?
  • August 01 2012
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