1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Wells Fargo / Valueit

Discussion in 'General Appraisal Discussion' started by CANative, Sep 17, 2004.

Thread Status:
Not open for further replies.
  1. CANative

    CANative Elite Member

    122
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I'm pretty disgusted with the following email I received a few minutes ago. This is a strongarm tactic and I can see no good coming of it. The local offices continue to order appraisals from me because they know that between me, my dad and my brother we have a combined 40+ years of experience in our service area. By forcing this issue, valueit will select unqualified, inexperienced and less than ethical appraisers based solely on fee and turn time. What kind of policy is this?

     
  2. Caterina Platt

    Caterina Platt Senior Member

    0
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Greg,

    It's not only that, it's the revenue issue! :angry: When the LO's order directly from us, V IT doesn't get to skim our fees. :angry: :eek:nfire:

    A couple of the local LO's are also hopping mad about this policy.
     
  3. Wally Jones

    Wally Jones Senior Member

    0
    Jan 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Our local WF office sent us most of their requests over the past two years. In the last three months, zero. The local branch office says, according to ValueIT, our performance was below standards. We haven't been able yet to get a clarification.

    It's definitely about the bottom line. As business has tightened up for all real estate folks, these management companies have to justify their existence to the corporate heads or else risk elimination. The "we can manage everything at less cost" selling concept is nice as long as they can produce results. By cutting service provider costs (e.g., lower appraisal fees) and charging their customers more (e.g., $100-200 more than they paid us for an appraisal) they can keep the operation in the black. As they continue to seek out the cheapest appraisers in the market, however, future portfolio audits, foreclosures, etc. may eventually bite them in their management butt. Hopefully, this will happen sooner than later.
     
  4. CANative

    CANative Elite Member

    122
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    So the bottom, bottom line is that the borrower pays the same or more for a low quality appraisal by a questionable appraiser, and Wells Fargo, via ValueIT, pockets the difference as a profit center? And then WF shuttles off the loan as fast as possible to bulk investors.

    It's outrageous.
     
  5. Randy Beigh

    Randy Beigh Senior Member

    0
    Jan 16, 2002
    How timely.

    I just hung up the phone on a LO that tried to tell me, our appraiser didn't get enough money to make his deal work. I told him this was not "Let's Make A Deal" and that he needed to contact ValueIT.

    I used that letter to tell him to get back into the system. He continued to argue, but I was clear that he needed to talk with someone else, not me. Very argumentative fellow of Fort Myers, FL.

    In other words, this letter works both ways. I have no reason or business talking with whining LO's.
     
  6. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I did some for Wells Facko about a year ago - took forever to get paid. In fact I threatened to sue the LO, LA & borrower, as well as file a lien against the property. They started cutting checks so fast that I got paid 3 times for the same property. Of course I haven't gotten any jobs from them. I'm not going to worry too much about it. They typically have such idiots for UW's.

    I love the line:

    Hey - it's your house! Clean up your own mess! If I get an order from someone it's not my job to do your job! I'll do the appraisal and move on. No VIT # - get a pen and write it in!

    It kinda comes back to my old saying: "A screw up on your part does not make it an emergency on my side!"

    :rainfro: :rainfro: :rainfro: :rainfro:
     
  7. Dave Smith

    Dave Smith Senior Member

    0
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    I, too, recently had a conversation with a WF Lo who tole me his primary local appraiser was going to retire, due in part to the WF change. The LO said he didn't know how he was going to continue in business either. He is concerned that he will lose all control of the process in his small town,m local setting.

    I seldom get any WF or valuIT work, thank goodness, so it won't make much difference to me.
     
  8. mdappr

    mdappr Guest

    Also, Wells Farto- ValueIdioT are one of the few out there which will except trainee appraisers. Quality is the least of their concerns.
     
  9. Farm Gal

    Farm Gal Elite Member

    0
    Jan 14, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Nebraska
    Seems to me this whole movement is precisely counter to the intent of the regulators: USERS OF APPRAISAL SERVICES ARE SUPPOSED TO BE RESPONSIBLE FOR SELECTING RELAIBLE PROVIDERS OF APPRAISAL OPINION Seems that they are making the corporate entity 'responsible' and removing local oversight of who is and who is not reliable!

    Hope they budget for reviews... but lessee they are going to use VIT reviewers right :rainfro: soo how GOOD do you think those reviews are going to be when repsonsible relaible REAL appraisers (there are soem now working for VIT) bail out of theri new improved fee and turn structure?

    VIT is lowering the bar in many areas below a living wage!!....and insuring lack of geographic competency in any area which is less that urban or proximate to a major urban area... where trainees do the work (nevermind who's signature is on the line :rolleyes: !

    Isn't it ironic that the proferred reason and rationale of this major corporation - cleaning up the business - reducing inappropriate pressure on appraisers - and supposedly insuring that appraisers and loan officers do not collude against the public and lender's better interest, is submitted to the providers of the referenced services in such a self-serving and self-injuring manner?

    Like others I see this as a very thinly veneered grab for the lining out of our wallets.

    Side note:

    How nice! :yellowblack: They reset the clock! Of course ;) this wasn't exactly a pioneering move, Landsafe did the same thing about two months ago. I got three orders from Landsafe :cool: ... but declined two on the basis of fee impossibility. The one I did accept was not returned timely (it was a hairball). Guess I am on the LS blacklist again hunh :rainfro:

    I won't be getting any work from VIT despite the 'new rooles'. I never bothered to submit to their idiocy in the first place.
     
  10. Bobby Bucks

    Bobby Bucks Elite Member

    106
    Jan 27, 2002
    Professional Status:
    Real Estate Agent or Broker
    State:
    North Dakota
    Whenever I see someone post a complaint about an AMC I always wonder if I'm the only one out there who reacts the way I do. I make a note to myself that before the end of that day I will call either the local branch or the main office of that particular AMC (or both) and raise hell about something. What I raise hell about is irrelevant, because “most” AMCs I've done work for have at some point in time screwed me or angered me, so it is always called for. I feel better already and it isn’t even cocktail time yet. :)
     
Thread Status:
Not open for further replies.

Share This Page