Review for Valocity/IndyMac Made Me Mad

[Robin Anderson]

I received a retro field review through Valocity for Indymac. It was a 'level 2' review which requires 2 add comps if reviewer agrees with opinion of value, 3 add comps if not.

I did the review and found lots of errors in the appraisal and noted them. There was no problem with value.

However, the property did not appear to be lived in which leads me to believe that the review was because the borrower defaulted. Valocity sent my review back to me THREE times! Wanting me to add certain verbage to the review. It was as if they had already done the review and just wanted a local appraiser to do it for proof that the original appraisal was fraudulent.

I felt very uncomfortable about this because this has never happened to my reviews before and I may have been manipulated on this one.

To top it off, the fee I was paid was not CLOSE to the time, effort and frustration this review caused me.

Anybody else done one of these?

I will probably drop/fire Valocity for this. I called myself doing something by only being available to do reviews and not appraisals because of their low fee schedule. My thinking was WRONG!!!!

Thanks

 

[The Warrior Monk]

I received a retro field review through Valocity for Indymac. It was a 'level 2' review which requires 2 add comps if reviewer agrees with opinion of value, 3 add comps if not.

In order for the reviewer to agree with the value, there would be nothing wrong with the development of value in the report under review. Additional sales are not necessary.

Sales are not "added" to a review. That is an appraisal. So the client is requesting both a review and an appraisal. An appraiser should charge accordingly.

 

[Carnivore]

Wow, that sure is news about valocity and Indymac.

Its very troubling that the AMC is manipulating the review developement and report.

Robin, you came to the best place for answers and help!

 

[Kevin Mc]

Ditto.

In order for the reviewer to agree with the value, there would be nothing wrong with the development of value in the report under review. Additional sales are not necessary.

Sales are not "added" to a review. That is an appraisal. So the client is requesting both a review and an appraisal. An appraiser should charge accordingly.

What is a "level 2" review?.....is there a special form for this particular review?...I agree 100% w/ David, NO ADDITONAL COMPS unless there are value issues,period. Dump them.

 

[Mike Kennedy]

is Indy Mac aware of this "request"/"instruction"/"demand"????

 

[Fred]

I received a retro field review through Valocity for Indymac. It was a 'level 2' review which requires 2 add comps if reviewer agrees with opinion of value, 3 add comps if not.

So, if the original appraisal includes 2 "additional" comps and agrees with itself, the appraiser can collect both fees? I never could get a grasp on the whole "agreeing" thing.

I "agree" with the other posters, though. If you have to compare the results of the original appraisal to see how much they match the results of a second appraisal, you must have developed the second appraisal. That is more than just a review.

 

[Pamela Crowley (Florida)]

A few months ago it was brought up at the Florida Quality Council meeting that defaulting or foreclosed properties are having the appraisals reviewed and that review appraisers are being pushed hard to make sure they find errors in the original appraisal - almost to the point of 'you will find something wrong no matter what'. These were the lender QC and fraud Dept people saying this!!!!!

Shocking, sickening, and makes one not want to do reviews.

 

[Randolph Kinney]

Maybe these type of review appraisal assignments will be to Skippy as the original appraisal was. Maybe not. Maybe Skippy will be doing the review appraisal. :new_all_coholic:

 

[Renee Healion]

A few months ago it was brought up at the Florida Quality Council meeting that defaulting or foreclosed properties are having the appraisals reviewed and that review appraisers are being pushed hard to make sure they find errors in the original appraisal - almost to the point of 'you will find something wrong no matter what'. These were the lender QC and fraud Dept people saying this!!!!!

Shocking, sickening, and makes one not want to do reviews.

I got a call back after a review where this small AMC's clerk wanted to know if I "learned anything" based on their call-back questions. I said I learned your preferences. (Two questions: one was why didn't I say that an age adjustment was needed on a sale that was 195 years old versus the subject's 210 years old. Answer: because it is not needed and I simply never foresaw it as an issue for comment. The other was that a number with a leading zero can refer to the same document as a number without the leading zero, but that it needs comment.:new_smile-l: )

She went on to assert that "These appraisers are being singled out for a reason. We want to know what fraud they committed." I replied that, as my review reported, in my opinion the report was credible, if light on commentary.

"It is what it is" applies to reviews as well. As does pressure to reach a predetermined conclusion. So if you think greedy sweat shopowners' hungry trainees were a problem with regular mortgage biz, just wait.

(edit: not Valocity nor IMB in my example--but I couldn't resist Pam's remarks )

 

[Rudy Canoza]

"These appraisers are being singled out for a reason. We want to know what fraud they committed."

Well, I like a knee-jerk witch-hunt as much as the next guy, but...