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  #1  
Old 09-17-2004, 12:08 PM
CANative's Avatar
CANative CANative is offline
 
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Location: Ukiah, CA
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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?

Quote:
September 16, 2004

Dear Appraiser Partners:

This announcement is to notify you of changes to the Wells Fargo appraisal ordering process, which will greatly affect all Value IT appraisers.

Effective September 13, 2004, Wells Fargo Bank, N.A. has created a new centralized appraisal ordering process to be in compliance with regulatory appraisal guidelines. The goal of the new process is to provide independent appraisal assignment to Wells Fargo approved appraisers. This will help Wells Fargo achieve a level of separation between their production staff and the independent, 3rd-party appraiser, which is in line with OCC and other regulatory requirements. Please be advised that HMC’s and processors may no longer order reports directly from an appraiser so if you receive an appraisal requests please make sure that you also receive a corresponding request from Value IT before beginning the report. It is critical that you do not start any appraisal assignment before you have been notified by Value IT of the order assignment.

Included in these changes is the requirement that to be considered a “Wells Fargo Approved Appraiser” you must be Value IT Contracted and EDI compliant. This benefits Wells Fargo by increasing the utilization of OPUS (Online Property Underwriting System).

Wells Fargo has established specific assignment criteria for routing of their appraisal orders. One of the critical components of the assignment criteria is appraiser turn around time (TAT). A Wells Fargo HMC is able to recommend an appraiser for a particular appraisal order. The recommended appraiser must pass the assignment criteria which include a turn around time standard of 5 business days or less.



On Monday September 13th Value IT reset all “approved appraisers” TAT to zero to start everyone on a level playing field and not allow “old” orders to affect an appraiser’s new TAT requirement. (On the website you will see this as a TAT of 999.99 which in essence is a null value / 0 TAT in our system). As you complete reports and submit through the normal EDI method, your turn around time will be updated daily and you will be able to view your current TAT on our website at www.evalueit.com.

Thank you for your help in making these changes successful. If you have any additional questions please contact the appropriate Value IT Regional or Area Manager or the Quality Assurance Department at 888-672-8180, Option 2.

Value IT Management



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  #2  
Old 09-17-2004, 12:11 PM
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Caterina Platt Caterina Platt is offline
 
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Greg,

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

A couple of the local LO's are also hopping mad about this policy.
  #3  
Old 09-17-2004, 12:27 PM
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Wally Jones Wally Jones is offline
 
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Location: Lakeland, Florida USA
State: Florida
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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  
Old 09-17-2004, 12:50 PM
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CANative CANative is offline
 
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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.
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Old 09-17-2004, 12:53 PM
Randy Beigh Randy Beigh is offline
 
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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  
Old 09-17-2004, 12:55 PM
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Otis Key Otis Key is offline
 
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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:

Quote:
so if you receive an appraisal requests please make sure that you also receive a corresponding request from Value IT before beginning the report. It is critical that you do not start any appraisal assignment before you have been notified by Value IT of the order assignment.
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  
Old 09-17-2004, 01:11 PM
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Dave Smith Dave Smith is offline
 
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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  
Old 09-17-2004, 01:36 PM
mdappr
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Also, Wells Farto- ValueIdioT are one of the few out there which will except trainee appraisers. Quality is the least of their concerns.
  #9  
Old 09-17-2004, 02:18 PM
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Farm Gal Farm Gal is offline
 
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State: Nebraska
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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 !

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 ... 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.
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  #10  
Old 09-17-2004, 02:45 PM
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Bobby Bucks Bobby Bucks is offline
 
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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.
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