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Old 12-03-2003, 01:11 PM
bobby462 bobby462 is offline
Join Date: Nov 2003

Posts: 38

You appraisers are going to love this story.

Two years ago I had a trainee and she had developed a relationship with a mortgage company called Aames Mortgage ( I think that is the spelling). Anyway, She was doing very good work and I had begun to trust her with more and more "judgement" calls while still reviewing everything. This one client had an in house rep that had a client that needed an appraisal and they called my trainee direct. She began working on the job and she was concerned about the value and she told the client. The client then began to manipulate her and coerse her and never once did the client go through me or talk to me, at this point I thought the job was going smoothly. The broker then went and gathered three additional comps and gave them to my trainee and talked her into putting them in the report. Still nobody talked to me. When the report was ready I reviewed it and did not like the overall picture. After talking to the trainee, I became more comfortable. She is a good person that was simply being manipulated. She said that the comps were the best available and most overall similar so, after looking at the market, I too decided they "fit" the property.

Here is the good part. The in house mortgeg broker then took the appraisal to underwriting where they cut the cut the value slightly and then placed my name a a blacklist. Only after I was notified of the slight cut did I dig further and learn of the broker's coersion. The trainee left my guidance and went to work with another appraiser and, I am told, continued to do work with the mortgage company. Meanwhile, every six months or so this company reviews a file that has one of my appraisals and then tells the broker that they will get another appraisal because I am blacklisted at their place. Not their broker, not the trainee, me! You want to know why I am blacklisted, it was not really for appraisal problems. When I discovered the level of coersion that the broker had engeged in on my trainee I threatened to report them for coersion (to whom I don't know) and told them I would never perform work for them again. They then acted against me.

Every six months or so I decide to sue them and then I get busy and forget about it. I have never been removed from an approved list. Today I am mad, but they are a small company and I don't hear of them much, by the end of the day I will forget about it again. What a crock!
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Old 12-03-2003, 01:39 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254

I had a brief and not nice experience with Aames a few years ago. Don't know if they blackballed me but I did them!

Same ole 'Do what I tell you to, not what's right, or we'll never give you any more work!"
All that is necessary for the triumph of evil is that good men/women do nothing.
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Old 12-03-2003, 01:44 PM
Indiana Jones's Avatar
Indiana Jones Indiana Jones is offline
Join Date: Oct 2002
Location: Indianapolis, IN
State: Indiana
Professional Status: Licensed Appraiser
Posts: 807

Ditto for me what Pam wrote.
Old 12-03-2003, 01:55 PM
Tater Salad's Avatar
Tater Salad Tater Salad is offline
Join Date: Jan 2002
Location: St. Louis, MO
State: Missouri
Professional Status: Certified Residential Appraiser
Posts: 777

Same in my market. When they first came to St. Louis, the manager was a good friend of mine. He didn't play that game, and left when he realized that this stuff was from the top down. Don't worry about Aames. I doubt any legitimate lenders share black lists with them. They are not well respected.
Old 12-03-2003, 01:56 PM
Randy Beigh Randy Beigh is offline
Join Date: Jan 2002
Location: Spokane,WA

Posts: 3,334


There is so much in your post, but I'm going to address a couple of things.

One, Aames is no small lender. See as an idea.

As the trainer, supervisor, employer, or whatever, you are 100% responsible for what the trainee does. It doesn't matter if the trainee wasn't communicating with you nor does it matter if the lender wasn't communicating, this is your baby. At least this is true in Washington.

Don't know how much experience you have with employees, but it sounds like you need better communications skills with them. The lender issue is a different issue as far as I am concerned, but your employees should be keeping you informed of what is going on, but you need to ask the right questions and that didn't happen.

"She is a good person that was simply being manipulated."

Man, I gotta be honest. If I had an employee that did not communicate what was going on, ultimately, getting me into trouble, I would really be mad and that person's job is history. You, however, continue to give her the benefit of the doubt. Why? You could lose your license over this behavior. I don't think you are taking this whole thing as seriously as you should be.
Old 12-03-2003, 02:07 PM
aprazer aprazer is offline
Join Date: Feb 2002
Location: New York
State: New York
Professional Status: Certified Residential Appraiser
Posts: 270

I interviewed with Aames for a staff appraiser job a few years ago. It was bizarre. I came real close to telling the interviewer to go ...................

The only form they used was a 2055 or a 704, and you worked on this escalating commission thing. You got a certain amount just by getting an appointment, and you were supposed to have the owner fill out the loan paperwork when you got there, and you got extra for each level of paperwork you could get them to provide. It something like an extra $25 for a W-2, $25 for last two pay stubs, etc...

They were using software to locate people with low balance mortgages or no mortgages and offering re-fi's and equity loans. No "A" or "B" quality borrowers. They seemed to be very interested in older people with lots of equity. I got the impression they would get a name and be very aggressive. You were basically making a sales call. Actual appraising was barely discussed. I remember hearing a few years ago that they were accused of predatory lending.
Old 12-03-2003, 02:32 PM
bobby462 bobby462 is offline
Join Date: Nov 2003

Posts: 38


I appreciate your concern but the trainee left for reasons directly related to this type of situation. It was dealt with and I take it very serious.

As for Aames, they are a small lender here and they have a very poor reputation. I will tel you how serious I took it, I called the corporate headquarters and eventually got in touch with the head of the company and explained what they had done. Communication is not a problem for me. I found out about what had been hidden from me after the fact......that is part of the reason the relationships were terminated.
Old 12-03-2003, 06:42 PM
Claude From NY Claude From NY is offline
Join Date: Jan 2002
Location: NYC - Long Island
State: New York
Professional Status: Certified Residential Appraiser
Posts: 2,563

aprazer: Yes, that's too funny. Back then I was going on a number of interviews just to check out the competition and I went on the Aames one also. When I heard the part about having the borrower fill out and sign the paperwork I could not help but laugh in their faces and run faster than the wind from there.

By the way, do you remember where the interview was, Westbury??
Old 12-03-2003, 06:57 PM
aprazer aprazer is offline
Join Date: Feb 2002
Location: New York
State: New York
Professional Status: Certified Residential Appraiser
Posts: 270

Of course Claude-You don't forget interviews like that one. It was at the Marriott residence inn in Plainview. I think they wanted to open a branch in Westbury.
Old 12-03-2003, 07:06 PM
George Hatch's Avatar
George Hatch George Hatch is offline
Join Date: Jan 2002
Location: Carlsbad, California
State: California
Professional Status: Certified General Appraiser
Posts: 16,794

Hey Claude,

I gotta hand it to you, that's the coolest avatar around. The only thing is that you can't use my likeness without my permission (just kidding!)
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