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Valued Member
Posts: 39
Registered: ‎08-18-2011
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local lender and appraisal bias



I'm debating between choosing a local lender versus Chase. 


Could someone please help me with the following questions?


* I would like my appraisal to be fair and impartial.  My local lender was referred to me by my Realtor.  Can appraisal agents employed by local lenders be trusted to be impartial?


* Local lender is a bit more expensive than Chase. Interest rate is higher by 0.125% on 15-yr FRM, and about 1000$ higher in fees.


* I like my local lender's loan officer - I somehow trust that he will close without hiccups. Do you think my personal choice worth the above cost? The bank's loan officer is OK too. My credit scores above 780, putting 20% down, no outstanding debts... so I feel any reasonable officer should be able to get the job done, and don't feel the need to pay a premium for service.


I know it is a personal choice, but what would you do? Chase or local lender?




Valued Contributor
Posts: 2,691
Registered: ‎07-29-2009
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Re: local lender and appraisal bias

Most of the "good old boy" appraisers are gone. Lenders....local or otherwise...shouldn't even be talking to the appraiser. The appraisal industry is one of the most regulated out there today.


I don't think the integrity of your appraiser is dependent upon whether the lender is local or not.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: local lender and appraisal bias

Totally I would look at the dollars and cents. Would you leave a 1k tip to a really nice waitress?

Plus I think chase has incentives such as mortgage cash back bonus once per yr...

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