Prospect Mortgage Ameripath Mortgage Appraisal Scam Internet

Per the new federal laws the lender can not use your appraiser. They have to order the appraisal through a middle man company. Prospect probably didn't even know who the appraiser was until they received the report. Look up the HVCC guidelines. The guidlines apply to Fannie, Freddie and now FHA.

Bill

Prospect Mortgage sounds more like a mortgage loan originator then a mortgage company that will service the loan; kind of like a broker mortgage company. They write them, then sell them off to bigger banks like BofA, Chase, Citi, etc.

He is what might have happened:

You pick the appraiser, first mistake and a big one.  Never pick the appraiser yourself, let the mortgage company find a third party to find the appraiser for you.

The appraisal was done, Prospect Mortgage tried to sell the loan to a large bank(BofA, Chase, Citi, etc.).  If the appraiser himself popped up on an appraisal watch list, the appraisal would have gone to a appraisal review board(every large bank has one).  If the comps used were questionable, or out of line, the large bank itself could have dropped the value using on-line comps.

Appraiser watch list:  appraisers that have not been in businees long, or have a record of over inflating appraisal values will be put on theis list.  And large mortgage companies share this list between themselves.

 These are just thoughts a may not be 100% correct, but it sounds like what happened to you.