What blew my mind is that this bank went out and got another appraiser who they certainly know has a generally more optimistic viewpoint and they wereok w it bc trends in that area were hitting hard, but want it was several months into an unprecedented market boom, and they likely told the second appraiser the first appraisal was too low or someone probably got that info to number two and knew to point out the improvements and all that… and then everyone got smacked right on the nose. Now of it was two communal agreed to be similar appraisers and they do it on the same week and whitewash, then I’ll admit that’s the culprit, but this is not some stagnant market and the pudding just isn’ts high proof. .. needs more and these college professors know people are too simple to question the veracity of the study

To me, this is why I hate lenders that try to push values. Banks will be banks, but private equity lending that aint banks is something like half of lending now? This is why the systems will snap sooner than they otherwise would and everything just switching names because at the end of the day Joe wont lend to Jack unless Fred says it’s a good deal. Sorry, but that’s how the industry began long ago, rich people protecting their money. Get rid of the sales approach? Maybe on government forms, but that’s the crux and it will just end up with different names. Good fucking luck to all