WAMU in AZ

[CindyR]

Did any of you AZ people ever see the kind of troubles we are hearing about in NY? WAMU was one of my best and favorite customers before they outsourced their appraisal process. I NEVER felt any pressure or influence from them except in the direction of a true and accurate and well supported appraisal, whether it be high or low. Their fees were the best and I was always willing to go the extra mile for them on any assignment. By this I mean extra comps, extra exhibits, extra photos, extra explanations, not anything extra in terms of value.

I signed up with LSI but only received 2 assignments from them and both got cancelled before I even got started. EAppraiseIt and I could never reach agreement on fees and their contract language was too bizarre for me to even consider signing. So I have not seen any WAMU business in a year or two but the WAMU people I knew back then were surely not the ones behaving so badly in New York.

 

[Michael Schendel]

I agree, they were great before outsorcing to LSI...and now I won't do any work for LSI. I too tried and they are horrible. LSI thinks every assignment is a cookie cutter deal and are not flexible with turn times or fees so they only call when they can't find another appraiser in a certain area I cover.

 

[Karl]

Whenever a National Bank gets in trouble it affects ALL branches there is more to come, once Cuomo gets through with WaMu it will be on to the next which I think will be Country Wide.

 

[Julie Friess]

I was offered one desk review for WAMU a few months ago where LSI told me to write in the report that I had viewed the comparable sales. When I told them I could not write that in the report they told me that was a requirement of their client. I had already spent 4 hours on the report and it was complete except I called and told them I would not write this statement in my report. They insulted me repeatedly, passed me over to a supervisor who told me I obviously was not adequately equipped to work for their client and they would re-assign the job to someone else, and they hung up on me.

 

[Tim Hicks (Texas)]

Whenever a National Bank gets in trouble it affects ALL branches there is more to come, once Cuomo gets through with WaMu it will be on to the next which I think will be Country Wide.

Karl should change his name to Karnak as he already knows the answers to the future.

Nobody really knows what is going to happen.

 

[Tim Hicks (Texas)]

I was offered one desk review for WAMU a few months ago where LSI told me to write in the report that I had viewed the comparable sales. When I told them I could not write that in the report they told me that was a requirement of their client. I had already spent 4 hours on the report and it was complete except I called and told them I would not write this statement in my report. They insulted me repeatedly, passed me over to a supervisor who told me I obviously was not adequately equipped to work for their client and they would re-assign the job to someone else, and they hung up on me.

Ah, there is nothing like dealing with checklisters who nothing about appraisals or the mortgage process, but they can sure mow down a check list. This makes them an appraisal god and they will not be afraid to let you know it.

 

[Tim Hicks (Texas)]

Whoops, sorry to intrude on AZ. TX is not trying to invade AZ...yet.

 

[MARYMCKENNA]

Julie, Did you report them to the AZDFI?

 

[CANative]

I was offered one desk review for WAMU a few months ago where LSI told me to write in the report that I had viewed the comparable sales. When I told them I could not write that in the report they told me that was a requirement of their client. I had already spent 4 hours on the report and it was complete except I called and told them I would not write this statement in my report. They insulted me repeatedly, passed me over to a supervisor who told me I obviously was not adequately equipped to work for their client and they would re-assign the job to someone else, and they hung up on me.

So just state that you viewed the comparable sales... from your desk via MLS.

 

[Tucson Appraisals]

Did any of you AZ people ever see the kind of troubles we are hearing about in NY? WAMU was one of my best and favorite customers before they outsourced their appraisal process. I NEVER felt any pressure or influence from them except in the direction of a true and accurate and well supported appraisal, whether it be high or low. Their fees were the best and I was always willing to go the extra mile for them on any assignment. By this I mean extra comps, extra exhibits, extra photos, extra explanations, not anything extra in terms of value.

I signed up with LSI but only received 2 assignments from them and both got cancelled before I even got started. EAppraiseIt and I could never reach agreement on fees and their contract language was too bizarre for me to even consider signing. So I have not seen any WAMU business in a year or two but the WAMU people I knew back then were surely not the ones behaving so badly in New York.

Nah Cindy, things have changed since then, I went to one of WAMU's functions here in Tucson to market with them a couple of months ago. Apparently I found out that they do not outsource everything, but you have to be on their list. I talked to a couple of branch managers, processors and such....I felt pressured already and I wasn't even working on an appraisal for them yet. Comp checkers and people that want you to use comps that were the best for the loan (for better value) and want you to call AFTER inspection if the value is not going to be there. On top of that, they wanted me to do appraisals at a discount for them because such and such appraisers that they already use do it....oh and on top of that, they wanted 24 hour turn times.

I felt very icky after I left that place, I will never eccept an assignment from those people!