October 1st, 2010 8:29 AM by Eric Fang
I have one borrower appraisal with the value of 360k. And the loan was 288k for 80% LTV.
But the underwriter countered the value as 350k with the new loan amount of 280k. This is the first case for me, and we had another similar case for my friend's client.
It seems like that the underwriter can "lower" the appraisal value.We are planning to fight about this now. And will let you know the status later.