Okay – let’s dissect this. Appraisals were performed before the homeowner signed. The appraisals were used as an inducement to borrow against the property. Anybody see a connection here?
39% of appraisals contained property quality or condition ratings that conflicted with previous ratings on the same property in the third quarter of 2015, according to a report from Platinum Data Solutions.
For the report, the company analyzed its database of over 300,000 appraisals that were evaluated by RealView, its appraisal quality technology, in Q3 2015.
This infographic shows what the company discovered.
(Source: Platinum Data Solutions)
“More than one in three appraisals contain inconsistencies in property ratings,” said Phil Huff, president and CEO of Platinum Data Solutions. “Causes aren’t easy to determine, so they need to be investigated. Doing this after Uniform Collateral Data Portal (UCDP) submission opens lenders up to numerous issues. Costly delays are just one of them.”