Indymac Appraisers

[Couch Potato]

I did six appraisals for IndyMac in Florida last year. Never any pressure at all, and I'm fairly certain only one of the properties had an opinion of value high enough for the deal to get done based on the blathering of the owners.

 

[George Hatch]

Okay, so the prevailing sentiment here seems to be that the retail side of the residential end of the business didn't apparently involve a lot of appraiser pressure.

Anyone have any experience with IMB staff leaning on them for values? If so, speak up.

 

[Offshore]

Okay, so the prevailing sentiment here seems to be that the retail side of the residential end of the business didn't apparently involve a lot of appraiser pressure.

My bold. This is far too small a sample to make a determination. I have to assume some are afraid to post for obvious reasons.

 

[Renee Healion]

Okay, so the prevailing sentiment here seems to be that the retail side of the residential end of the business didn't apparently involve a lot of appraiser pressure.

Anyone have any experience with IMB staff leaning on them for values? If so, speak up.

No problem ever with IMB CA staff. Some unique property appraisals resulted in desk reviewers calling based on AVM baloney or errors in data services they relied on, but they were reasonable.

Appalled by an MB soliciting an existing borrower for an interest-only loan. I didn't even think those were legal here... Their Atlanta new construction dept left a poor impression too. But not the CA staff. Not many orders in recent years.

 

[Karl]

Due to knowing of a sale on Tinjas here in AZ City & a some 4 plexes that it took at least 4 Appraisals to "Get the deal done" I'd have to wonder how many times more than 1 Appraisal was done before they got the "Right One"

Since many have spare time, look back at some of your Appraisals than look at the closed sale price of the subject. May want to do that with some of the other banks that are on the "LIST"

 

[moh malekpour]

So, what went wrong with IMB? Does anyone have any explanation, analysis, inside information? What did fail? Their borrowers credit worthy evaluations? Their property valuations? Both? Neither? There has to be reason or reasons for the failure of that magnitude.

 

[PL1957]

So, what went wrong with IMB? Does anyone have any explanation, analysis, inside information? What did fail? Their borrowers credit worthy evaluations? Their property valuations? Both? Neither? There has to be reason or reasons for the failure of that magnitude.

I think a significant issue was Charley Schumer screaming "I think there may be a run on IndyMac". Without this self-fulfilling prophecy, IndyMac might have been able to pull through, just like WaMu, NatCity, etc. are trying to pull through.

 

[Claude From NY]

It may not have had anything to do with it but it seems that when they started to rely on FNC's collateral management system and their AVMs, the downhill run started. I wonder what percentage of loans were funded with the use of just an AVM?

 

[LuckyLucy48]

We did a couple for them in Florida awhile back - no pressure or anything.
I think we've all known for awhile that some of the "players" from "back in the day" were gonna hit the deck.
Most of us don't live or appraise in a vacuum, after all.
Limbaugh would like you to believe that Shumer's opinion carries that much weight...most don't think it does.
T

 

[Renee Healion]

Let's see if I remember this right--it was only yesterday on NPR. Feel free to comment on this version. After IMB went from a REIT to a thrift, so they could borrow at more favorable rates, they sought to attract deposits by offering better than average interest rates. That worked, except that they attracted the type of depositors who chase rates above all. They are a flighty lot. There was an increase in withdrawals as rumors circled about every bank and it had to be reported by IMB to the feds. That report caused the stock to dive. Spiral downward continued, add in Schumer's remarks that came after the first withdrawals. Other than that Vernon Martin has a very illuminating account of the institutional ethos...