Mortgage Lenders Fail to Offer Appraisal Reconsideration

Migliaccio & Rathod LLP is investigating nationwide mortgage lenders’ failure to offer appraisal reconsideration policies, an industry-wide practice that may violate federal laws. The Consumer Federal Protection Bureau (CFPB) recently warned lenders of their duty to provide clearly outlined opportunities to consumers for requesting redone appraisals. The valuation process is of fundamental importance to consumers as it relates to their financing and mortgage decisions. Mortgage lenders, therefore, must offer fair and reasonable policies around appraisals so that borrowers may appropriately determine their options without feeling under duress by potentially inaccurate values. Many lenders, unfortunately, have yet to establish such practices, not only leaving the door open for abusive and predatory practices, but also posing a direct risk of violating federal laws.

Migliaccio & Rathod wants to hold lenders accountable to their customers for failure to offer appraisal reconsideration policies to meet federally mandated standards.

Are you a borrower of a mortgage lender who has no established policy for appraisal reconsideration or who has denied you the opportunity to request a reconsideration?

If so, we would like to speak with you. Please complete the questionnaire below, email us at [email protected], or give us a call at (202) 470-3520.

Attorneys Committed to Consumer Protection

The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving illegal repossession. More information about our current cases and investigations is available on our blog.