iMortgage Services - Field Reviews

[Sunshine in VA]

But in every state appraisers are working for them under these assignment conditions.

I would like to find a way to make their assignment conditions known where it will count...any ideas?

 

[SutnNC]

Imortgage memo

Why don't they just order an FRV in the first place?

Sounds like a set up to me for:

skippy to give their opinion on a 2055 retro based on one sow and then, if there is a large difference in opinion between that and ANOTHER appraisal done at that time, take apart THAT completely different appraisal with an FRV (a totally different sow and you know this BEFORE you get the request for the FRV because of the future scope presented by the AMC) done by the same person as the 2055 WHICH takes information from a different report that SKIP ALREADY did (the 2055) then APPLY THAT to an FRV for what was done in a completely different [original] report that SKIP has NEVER EVEN SEEN IN IT'S ENTIRETY, whew.

I suppose this is WHY SKIP is TOLD (by this memo) to rely on a tiny portion of THE ORIGINAL SPECIFICATIONS REPORTED IN THE ORIGINAL REPORT and not what is TYPICALLY relied on for a 2055 exterior. Just so that, you know, the transition from one sow to another sow is seamless.

Uh, thanks but I'll pass.

Who's diabolical plan was this? Boy, this is great stuff. Makes my eye twitch just enough to make me look crazy:new_smile-l:.

 

[TennMan]

Stay away from this company, I have had two really bad experiences with them. They are terrible clients and will try to not pay you.

 

[Sunshine in VA]

I say stay away from them so you can be an ETHICAL appraiser!!

 

[Don Clark]

http://www.imortgageservices.com/itimes/checklists/PMI.doc

Please read the attached document. iMortgage Services is telling the appraisers who work for them that if a field review is ordered from them after they perform a 2055, "the focus of the field review assignment is to support your valuation from the retrospective drive-by"

They go on to state "Please utilize the same comps as provided in your retrospective drive-by. The adjustments made to each comp should be exactly the same".

So basically, if you perform a 2055 for them then they ask you to perform a field review you should not change your opinion of value, comps , or adjustments to the comps based on information revealed by the original appraiser who perform and interior and exterior inspection.

Silly me, I thought the purpose of a field review was to determine the quality of the report being reviewed.

Sunshine. If you know of any appraisers in Virginia that are doing this stupid stuff, send their reports to the appraisal board.

 

[TennMan]

I say stay away from them so you can be an ETHICAL appraiser!!

If they are doing that then I agree. They were not asking me to do that, they just wanted to bug the daylights out of me. Then they won't pay until you threaten to sue them

 

[Sunshine in VA]

Sunshine. If you know of any appraisers in Virginia that are doing this stupid stuff, send their reports to the appraisal board.

I see reports from appraisers in many of the 50 states that do this. I will be filing state complaints against them, but as AMCs do not have to comply with USPAP, who will stop iMortgage Services from these practices?

 

[Mile High Trout]

The option less considered.

You guys think about it in terms of absolutes.

Take the assignment, provide your own results. Enjoy the ensuing calamity. If the work order is to complete a field review, the limiting conditions trump unethical SOW, and one could still complete the assignment after informing the client they will abide by the limiting conditions contained in the field review report.

Stories like this are eluding to the need for complete and public disclosure of AMC work order activity and the vendors they are actively working with. Now we need another oversight committee to watch over the personnel who is watching over the appraisers, on behalf of the banks.

Who would take the orders for those fees in the first place though?

 

[jnordquist]

IMortgage the home of the $100 field review. They must have taken me off their broadcast list, I cry everynight. Everytime I would get one of their automated emails I would counteroffer with 3 extra zeros hoping that someone would mess up and send me a $225,000 1004.

Jon N

 

[Craig Farr]

I agree with most posts....run, don't walk in the opposite direction of iMortgage. They are asking for the most convoluted, exacting 'standards' I have ever seen. One experience with them and I locked the door!