PAREA program

[alebrewer]

As with most analyses, its not that difficult to find data to support a position - either position.

 

[gregb]

Appraisers trained by WAMU, Home Savings, World Savings and Wachovia continue to show their background training to this day.

 

[alebrewer]

They would literally hire people off the street on Monday and have them looking at properties (alone) that same week.

And usually the supervisory appraiser would sign as 'having inspected'. Of course, at that time, there was no way to monitor the debauchery. Once XML became a thing, there were a lot of appraisers caught with their trousers (or skirts) down.

 

[glenn walker]

I was trained by my father as well but had the opposite experience. He was designated from both American Institute and the Society (res and com). An outstanding educational start for me.

I don’t recall any mills back then in the 1980s. The mills seem to have come along in the early 2000s about when AMC started to really come into play.

You were not aware in the eighties because you thought everyone operated like your operation and you only associated with others like you.

The old fee shop's didn't advertise their dirty deeds and what you thought was Old Man Bob, reallly had 10 people working on 30% or less splits.

The mid eighties were the years the original large training operations made big money'. I knew guy's racking up $200,000 a year before licences were mandatory.

 

[alebrewer]

10 trainees X 10 orders a week X $400 X .75 split = $30k/month for those fine, upstanding appraisal mill owners. They're not the bad guys, though.

 

[glenn walker]

10 trainees X 10 orders a week X $400 X .75 split = $30k/month for those fine, upstanding appraisal mill owners. They're not the bad guys, though.

They were the AMC before the AMC and then Corporate figured out they could use those same approved appraisers and they could collect the spread.

Bank Americans AMC became a big part of the profit center until Frank Dodd screwed it up. The same with Wells Cargo.

The stupid old fee mill operator didn't have the ability to create a legitimate AMC so the corporate world did it for him.

 

[TerryRohrer]

All the comments seem to suggest that folks believe "appraisal mills" are a thing of the past. In my view, they are now more prevalent than they have ever been, and are operating in broad daylight with the support from lenders and the GSEs.

 

[alebrewer]

Bank Americans AMC became a big part of the profit center until Frank Dodd screwed it up.

Actually, it was Countrywide at that time. I went to work for LandFill in 1996 - worst (and shortest) job I've ever had.

 

[glenn walker]

Actually, it was Countrywide at that time. I went to work for LandFill in 1996 - worst (and shortest) job I've ever had.

Bank Anerican started it before they even owned Countrywide, but it's name may not have been Land Fill at that time.

 

[gregb]

but it's name may not have been Land Fill at that time.

Appraisers Win $36 Million Class Action

The award amounts to roughly $100,000 per appraiser, before attorney’s fees.

www.workingre.com