While looking through the StreetLinks web site I noticed a couple of things that brought questions to my mind.
On their Valuation Tools page they say:
Estimating value prior to ordering an appraisal is critical to sales efficiency and customer credibility. Traditional methods of appraiser contact are already illegal in twelve states and many more states have pending regulatory plans to do the same. We anticipate that soon regulator and/or investor policies will impose strict fines and penalties on originators, appraisers and lenders that informally "collaborate" regarding values prior to completing an official appraisal.
Question:Can that be true? "Traditional" methods of appraiser contact are ilegal in 12 states??
Another section of their site deals with their Warranty of Appraisal Quality. On the surface that sounds like a GREAT deal!
"We back-up every appraisal with one simple commitment available nowhere else – in the unlikely event an Investor suffers a loss related to a proven defect in our valuation – we will pay it – period. "
Question: Are StreetLinks appraisers required to sign "Hold Harmless" agreements as part of a "Users Agreement? I wonder if this warranty carries any additional recourse or unforeseen liability to the appraiser?
Maybe one of our readers or a StreetLinks representative can provide a link to the Users Agreement, if there is one.
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