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Complaint Details
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Initial Complaint
01/11/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
Paid for a Apprisal report for property legally we never recived . We filled an appeal with comps for support .in their portal . And since Appriser got paid he will not redo and states nothing needs to be redone . When clearly we provided all comps . Axis is 3rd party and they need to take proper steps . And **************** axis has several issues please read their reviews they do this to everyone
Business response
01/17/2024
In response to Complaint ID ********:
The appraisal report was completed for AXIS lender/client and the report was delivered to the lender/client. The lender/clients customer has filed the above complaint.
The total fee for the appraisal report from AXIS was $675 (**** and **** Forms completed). It is unclear what the figure of $850 represents as a refund claim. Nor is a refund appropriate pursuant to Appraiser Independence Regulations:
No person is allowed to influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation,inducement, intimidation, bribery, or any other manner including, but not limited to:
(1) Withholding or threatening to withhold timely full or partial payment to an Independent Party;
(4) Conditioning the ordering of an appraisal report or the payment of an appraisal fee, salary, or bonus on the opinion, conclusion, or valuation to be reached by, or on a preliminary value estimate requested from, an Independent Party;
Pursuant to federal laws: a creditor shall provide 1 copy of each appraisal conducted in accordance with this section in connection with a higher-risk mortgage to the applicant without charge,and at least 3 days prior to the transaction closing date. AXISservice level agreement with this lender is clear that the lender, and not AXIS supplies their customer copies of the ********************** pursuant to this federal statute. It is our understanding that the lender-clients mortgage broker has delivered a final copy of the appraisal with the 2nd ROV included to the lender-clients customer.
AXIS is compliant with Federal Regulations including: Interim Final Rule 226.42(c)(3), Appraiser Independence Regulations (AIR) as outlined by both ****** *** and ****************** as well as all other federal and state laws, rules, and regulations. AXIS role is to facilitate the appraisal process by engaging experienced and screened appraisers that have undergone a rigorous background check. AXIS supplied a very experienced and local appraiser to provide an independent professional opinion of value for the customers lender. It appears from the complaint, that the borrower was unhappy with the appraisers opinion of value. In order to comply with laws as well as to give a customer a chance to share information, AXIS utilizes an appeals process that allows the client or borrower to ask additional questions and have the appraiser analyze additional relevant information, which upon consideration may impact his/her original opinion of value. This appeals process - via a Reconsideration of Value (ROV) was employed. In fact, the borrower was allowed a rare 2nd opportunity to provide additional closed sales in their efforts to support a higher valuation. The appraiser dutifully responded to each sale submitted, determined that one was a duplicate submission, one was a pending sale and two were active listings (none of which meet the legally required threshold of a closed sale), or were not comparable to the subject property. Appraiser also explained why, or why not, the value warranted any change. Furthermore, each iteration of the report was analyzed by Axis Appraisal Management Solutions Director of Quality Control & Escalations and the appraisal report was not deemed flawed; and based upon the data,determined to be a reliable appraisal report.
No failure of process or flaw in the management of the appraisal report took place. No refund is warranted.
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Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.
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