Newsflash: Refinance Appraisal questions.

Hi, not sure if this is the right place to ask, but if not I’m sure someone will help point me in the right direction.I have been working with a credit union to refiance my first and second mortgage to eliminate MIP on the first mortgage. First is held with a different bank, second is with the lender I’m working with.The bank ordered the appraisal and it came back low. The loan officer asked for a realtor input and mine as well and countered the appraisal and got the value increased from 147,000 to 156,000. I need to be at 160,000 to be at 80/20.Recent home sales of comps have been varying, but my realtor said the home should be worth at least 172k, and I have a list of comps that support that. I finally was sent over the appraisal report last Friday and found issues right away.In the report, one of the addendum properties the appraiser did not consider because of the marketing remarks. In this case, the appraiser made a statement that was not true. He said the it was not comparable because he said it was “updated and remodeled according to the MLS remarks”. The marketing remarks only said updated, not remodeled. The listing did not have any pictures of the inside of the home. The second issue I found was on the original appraisal, the 3rd comp was almost a year old (allowed to use), but there were so many better comps in the last 12 months that I have been watching. Opinion aside, he listed the price of this comp at $5,000 lower than the actual sale price. This was something the loan officer did not address and was not corrected in the addendum.Before receiving the appraisal report, the loan officer offered the option to buy a few points to cover most of the closing costs, but I would still have to bring 4-800 to close, and with a half a percent higher interest rate to do so. I was hoping to cash out even, or at least get some money back to do some improvement projects.I sent an email to the loan officer and junior mortgage processor to address my concerns. Today he replied that the appraisal is what it is, and they may not accept a new appraisal because underwriting has already approved it. He also stated my rate lock will cost more to renew as well as having to pay for a new appraisal even if they did accept that option.I feel the loan officer did not represent me well in this situation. So, besides walking away and going with a different lender, how would you address these issues? I have already called and left a voicemail with the junior mortgage processors manager (don’t know if she is who I should be talking to).



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