Consumer complaint received 2022-01-31
Company: AmWest Funding Corp.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am an XXXX man. Im also a XXXX XXXX homeowner who was termeritous, foolish enough to present my own home to 30 year veteran, XXXX male appraiser, XXXX XXXX XXXX, of XXXX & XXXX XXXX ( XXXX  XXXX # : XXXX ) thinking hed fairly and diligently evaluate my property. He was hired via XXXX XXXX XXXX XXXX XXXX, an XXXX-owned appraisal management company located in XXXX, CA, who was secured as the AMC for AMWEST FUNDING CORP , the lender. In pursuing a modest Cash-out refinance of my home, the appraisal conducted XX/XX/XXXX, returned on XX/XX/XXXX gobsmackingly $ XXXX under the expected valuation. My house, located in XXXX XXXX, is a custom-made, XXXX, XXXX square foot, beautiful XXXX XXXX style home in good shape ; most people consider it to be the best house on the cul-de-sac ; the crowning jewel at the very top of our hill. On XX/XX/XXXX ( just 2 months prior ) a neighboring home XXXX doors down is a XXXX sq ft, XXXX XXXX bth house XXXX remodeled in XXXX to emulate mine ; it sold for $ XXXX. Somehow XXXX appraised my, again XXXX sq ft, substantively larger by XXXX sq feet, luxury home at just $ XXXX, literally $ XXXX LESS than a similar quality, smaller house, with nearly no amenities ( no hot tub or pool, garden, XXXX views, fireplaces, etc ) and the jokes on me, because the lender had me pay for it! 
In searching for a 2nd appraisal yesterday, I happened to find and spoke with a XXXX star XXXX reviewed XXXX veteran XXXX, who gave a careful and detailed examination of the XXXX appraisal and after XXXX XXXX minutes of going through the document, he called this appraisal " Criminal '', " packed with errors '', and he further explained that my house can not come in lower than $ XXXX ( on the low end ) due to recent sales ( particularly the home XXXX doors down on the same block ), very obvious missing adjustments, and guided me towards filing a formal complaint against the lender 's appraiser at the California Bureau of XXXX XXXX XXXX XXXX XXXX XXXX. This debacle is costing me time, mental anguish, and his appraisal is not just a libelous insult, it would take over $ XXXX off of my Cash out refinance and be undeniably financially damaging to my net worth. It is my contention that Zhangs appraisal is out of compliance with Uniform Standards of Professional Appraisal Practice ( USPAP ) Standards Rule XXXX which states, When a sales comparison approach is necessary for credible assignment results, an appraiser must analyze such comparable sales data as are available to indicate a value conclusion. '' I have written a detailed report which lays out why XXXX XXXX appraisal is not only in violation of the USPAP, and Fair Housing laws, but that his entire report is completely indefensible and should have immediately been rejected by the lender. I will enunciate on how he is a promulgation of a systemic XXXX system which is growing in saliency robbing XXXX American homeowners like myself from our duly earned wealth.

Company response to consumer: Closed with explanation