GC in Delaware said: “I was in process of borrowing from HSBC. The appraiser who was initially scheduled to come out, called and cancelled. She stated HSBC cut the fee through their IREP management company. The next appraiser they sent out has been in business for 6 months. She appraised my house for $210,000, when the highest sale in my area was only $135,000. I feel very sorry for customer that would have borrowed $210,000 based on this appraisal and find they would never be able to sell their home and pay off their mortgage. It is interesting, HSBC was forced to use a management company for all the appraisals and titles based on pressure from their loan officer and now the IREP company uses an inexperienced appraiser to earn more money. When does it all stop?”
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