Consumer complaint received 2016-10-07 00:00:00
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Credit decision / Underwriting — 
Company: NAVY FEDERAL CREDIT UNION
State: MD

Complaint narrative:
I filed an appeal based off 3 issues : 1 ) Appraiser did not have qualifying knowledge of the competing XXXX in XXXX XXXX XXXX XXXX. There are only 2, XXXX home XXXX. He selected at least one comp in a neighborhood ( with XXXX total homes ) with none of the XXXX amenities yet listed that both neighborhoods were equal. 2 ) The appraiser selected 100 % ( XXXX ) sold properties that were Bank Owned/REO/Tax/Short Sale instead of the other XXXX normal sales. 3 ) Of all of the sales in the required time frame, only 2 sales were XXXX lots. None were selected. Since there is a builder verifiable cost for XXXX lots, those two properties should have been considered for comparable homes yet they were not. The appraiser erroneously lists COMP # 3 - XXXX XXXX XXXX as a XXXX lot. It is NOT located on the XXXX whatsoever but in the " VIEW '' category lists, " B ; XXXX '' for XXXX view. Completely false information ( XXXX XXXX XXXX included in attachment ). The appraiser also elected to give no value to XXXX lot properties even though builders in the neighborhood are currently charging a {$25000.00} premium for XXXX lots such as mine. A visit to the sales center in the neighborhood would have confirmed this information. 4 ) There was a home in my section of XXXX XXXX that was built less than ( or equal to ) 1-year before my home, sold originally in XXXX within 60 days of my new home purchased ( for $ XXXX more ), and based on Maryland Tax records was sold XXXX/XXXX/XXXX for $ XXXX ( also XXXX, sold, XXXX lots ). My appraisal date was XXXX/XXXX/XXXX yet the appraisal said that home was excluded because it was n't within the 6-mo period. XXXX to XXXX is not 6-months. Based on his valuation, that same house that was $ XXXX more than my home in XXXX is now worth $ XXXX with no changes to the home. That house gained $ XXXX, my house again based off his numbers, lost $ XXXX. I have official bank ordered appraisals from XXXX and XXXX valuing my property at $ XXXX. 
In a neighborhood where home sales have skyrocketed since XXXX ( $ XXXX to the $ XXXX range ) he has my home dropping $ XXXX over the same timeframe. XXXX Several omissions and errors were also identified. When I alerted the lender ( NFCU ) they did n't respond to the above questions/concerns, nor respond to the information that was identified as erroneous based off Maryland tax records and verifiable map locations. At least XXXX comps were omitted because they contained upgrades the appraiser failed to mention inside my home. By listing homes that are foreclosures, he is severely devaluing my property. XXXX XXXX XXXX is listed ( recently placed on contract as of XXXX ) for $ XXXX but by using the foreclosure in XXXX # XXXX on his appraisal, the value takes a 17 % hit. He did that across the board for XXXX homes in the comparable section. Every foreclosure listed had an alternate property available. The appraiser also elected to give no value to XXXX lot properties even though builders in the neighborhood are currently charging a {$25000.00} premium for XXXX lots such as mine. Lastly, I had an independent appraisal done ( by a state certified and bank approved appraiser ) one week after this appraisal being disputed and the value came back {$120000.00} higher than the first disputed appraisal. Quite a bit of XXXX Sales-Record data was verified and included in the secondary appraisal. None of that information was provided in the first appraisal. 
*Additional justification information attached*

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation