Red Sky/US Bank

[FMV]

Hey AF-
Just want to send out a notification of any other appraisers doing work for US Bank/Red Sky to be on alert. We enjoyed working with them up until about the first of this year. When some of our values were coming in lower than the lender/borrower anticipated.. they started reviewing every single report and the QC Dept for Red Sky started scrutinize every single crossed T and dotted I on our reports if they did not MAKE the Value or a refinance that did not come HIGH enough to PLEASE the lender/borrower to get the deal done so they could make their commission and take their trips to Vegas!!

We've had enough! We told them to remove us from their panel..Just a head's up here.. since this Forum is really the last best thing appraisers have going for us!

 

[Deleted member 157170]

This seems like a post for the clients section of the forum.

I remember doing a lot of work for them as a trainee and never had problems. Haven't done work for them in a couple years though. I don't think this issue is exclusive to them right now though. I have had several clients, but particularly Cardinal Financial make a HUGE fuss when I don't come in at the value they want. Working on commission is a huge issue in the lending industry IMO. LOs and Originators have only proven to me that they will do whatever it takes to close a loan so they can get paid, regardless of if its right or wrong for the appraisal. Unfortunately they end up breaking rules and sweeping issues under the rug in the process while getting applauded by their clients as being "amazing in customer service". Every time there is a bit of a downturn it does take lenders some time to adjust. I would imagine it looks odd from their side if values just stop skyrocketing at the beginning, but its been long enough now that everyone should know.

Good to know for Red Sky/USB.

 

[nachocheesefries]

Hey AF-
Just want to send out a notification of any other appraisers doing work for US Bank/Red Sky to be on alert. We enjoyed working with them up until about the first of this year. When some of our values were coming in lower than the lender/borrower anticipated.. they started reviewing every single report and the QC Dept for Red Sky started scrutinize every single crossed T and dotted I on our reports if they did not MAKE the Value or a refinance that did not come HIGH enough to PLEASE the lender/borrower to get the deal done so they could make their commission and take their trips to Vegas!!

We've had enough! We told them to remove us from their panel..Just a head's up here.. since this Forum is really the last best thing appraisers have going for us!

This is the typical life cycle of an Appraiser/Lender relationship. The clock starts ticking the second you do your first appraisal for someone. Other doors will open!

 

[Non Sequitur]

This is the typical life cycle of an Appraiser/Lender relationship. The clock starts ticking the second you do your first appraisal for someone. Other doors will open!

Truth.

 

[Elliott]

Back in I think the late 90's, US Bank/Red Sky was in the mortgage business one day and out of it the next. I think they are doing the same thing this time. I heard something on Fox Business they were 'changing course' on home mortgage lending.

 

[Overimprovement]

Hey AF-
Just want to send out a notification of any other appraisers doing work for US Bank/Red Sky to be on alert. We enjoyed working with them up until about the first of this year. When some of our values were coming in lower than the lender/borrower anticipated.. they started reviewing every single report and the QC Dept for Red Sky started scrutinize every single crossed T and dotted I on our reports if they did not MAKE the Value or a refinance that did not come HIGH enough to PLEASE the lender/borrower to get the deal done so they could make their commission and take their trips to Vegas!!

We've had enough! We told them to remove us from their panel..Just a head's up here.. since this Forum is really the last best thing appraisers have going for us!

I can 2nd this from about 2019 or so. Had one house that had several issues, including a power line that was 2' from the rear of the house (not the service drop, an actual tap line), as well as a fairly obvious encroachment onto a neighbor's property. They kept hassling me to sugar coat the problems away. I wouldn't. Last order I got from them.
Good riddance.

 

[NC Appraising]

You are correct.

In my area, most left wells Fargo and went to us bank.

They are very easy to work with if you make value.

I did a refi and must of came in low. I got stipped for not mentioning the rail road tracks that were +-2 miles away?

I include aerials in all of my reports.

So what is the cut off point for external influences that do not affect the value?

Weird, until I put two and two together....oooo I came in low, so they had to find something to lower my score...= less orders.

 

[FMV]

Hey AF-
Just want to send out a notification of any other appraisers doing work for US Bank/Red Sky to be on alert. We enjoyed working with them up until about the first of this year. When some of our values were coming in lower than the lender/borrower anticipated.. they started reviewing every single report and the QC Dept for Red Sky started scrutinize every single crossed T and dotted I on our reports if they did not MAKE the Value or a refinance that did not come HIGH enough to PLEASE the lender/borrower to get the deal done so they could make their commission and take their trips to Vegas!!

We've had enough! We told them to remove us from their panel..Just a head's up here.. since this Forum is really the last best thing appraisers have going for us!

Its unfortunate, but the business is just not fun anymore. I only continue since I am able to work from home-but even that is going to have to change eventually. The stress associated with dealing with less educated reviewers, corporate MICROMANAGE crap of AMC's and most lenders has just brought this profession to its knees!

 

[Bill75]

Hey AF-
Just want to send out a notification of any other appraisers doing work for US Bank/Red Sky to be on alert. We enjoyed working with them up until about the first of this year. When some of our values were coming in lower than the lender/borrower anticipated.. they started reviewing every single report and the QC Dept for Red Sky started scrutinize every single crossed T and dotted I on our reports if they did not MAKE the Value or a refinance that did not come HIGH enough to PLEASE the lender/borrower to get the deal done so they could make their commission and take their trips to Vegas!!

We've had enough! We told them to remove us from their panel..Just a head's up here.. since this Forum is really the last best thing appraisers have going for us!

Same here too. Nit picking like crazy. I charge accordingly now for the extra hassle.

 

[residentialguy]

You guys have to stop sending your reports below market value. I mean come on, you have the contract so you know what the market value is from the start.