Fifth Third Bank / will not honor own appraisal

United States

Applied for a mortgage with them and paid for an appraisal. They refused to honor the appraisal (by one of their approved appraisers) and said my home was valued at 30% less than the appraisal, and in a declining market, which is not borne out by average home values in my area for the last 6-9 months.

I am self employed, and am convinced that they low balled the appraisal because they won't loan to a self employed individual. This is discriminatory, but they got away with it by ditching their own appraisal. This from a bank that received $3, 408, 000, 000 in Tarp funds!

Post your comment