A Lot Of Flagstar Appraisals.

[Eric C]

Lately I've been receiving a lot of orders from different sources for appraisals going to Flagstar. Almost everyone I know locally is or has been on the Flagstar blacklist which is probably why I'm getting so many orders.

I don't take orders for appraisals going to Chase but should I be worried about Flagstar? Should I not take orders from them?

Just curious.

 

[eld2310]

I'm not on their blacklist but my former coworker is. The way they treated him when he tried to get more information and get off the blacklist was inexcusably rude. Being blacklisted also resulted in both of us being removed from another lender's panel - him for being blacklisted and me for guilt by association. I would personally steer clear of Flagstar unless I had absolutely no other work.

 

[NC Appraising]

Yeah one is out of Cali and is offering them at $200 and a TT of 3 day's. They are having a hard time finding appraisers.

I declined three of them and they called back with a fee of $275 for a 2055.

As you noted, Flagstar will turn you into the board in a flash...so I was very hesitant and scared...blacklisted also came to mind.

The appraisals are right near one another and are located in high foreclosure markets...that means two different values depending on what side they are on....another easy blacklist or for their review appraisers to have more ammunation.....I found..blah, blah, blah.


I accepted them because I have done appraisals in the past for the same company and the always paid and are easy to work with. As for fees, that is your call, just do not be a sucker.

 

[Eric C]

Nah these are not $200 fees and I think I know who you're talking about the one out of Cali.

I've done a bunch for Flagstar but Ive never had so many at once so I was wondering if everyone in my area was declining them for a reason. I guess they're having a good month in loans.

I'll guess I'll just pick and choose the easy cookie cutter ones to be on the safe side.

 

[NC Appraising]

Nah these are not $200 fees and I think I know who you're talking about the one out of Cali.

I've done a bunch for Flagstar but Ive never had so many at once so I was wondering if everyone in my area was declining them for a reason. I guess they're having a good month in loans.

I'll guess I'll just pick and choose the easy cookie cutter ones to be on the safe side.

I assumed, sorry. The ones I'm getting are for FHA loss mitigation.


As for refi or purchase, I learned my leason. I will not even do them for full fees. The one AMC that sends them to me has CRAZY requirements and are about 10 pages long. Maybe it's differant with the AMCs that you work with.


I agree, only take the cookie cutters. But wait, now I know why I only get the ones that are not cookie cutters. Dang it. :laugh: I know cookie cutters are out there, it's not a myth.

 

[Non Sequitur]

Being blacklisted also resulted in both of us being removed from another lender's panel - him for being blacklisted and me for guilt by association.

More proof blacklists get around, sorry to hear you were a victim.

I would personally steer clear of Flagstar unless I had absolutely no other work.

I wouldn't do any origination work but their REO side was a good source of income for me in the past.

 

[NC Appraising]

I assumed, sorry. The ones I'm getting are for FHA loss mitigation.


As for refi or purchase, I learned my leason. I will not even do them for full fees. The one AMC that sends them to me has CRAZY requirements and are about 10 pages long. Maybe it's different with the AMCs that you work with.


I agree, only take the cookie cutters. But wait, now I know why I only get the ones that are not cookie cutters. Dang it. :laugh: I know cookie cutters are out there, it's not a myth.

Now I know who the AMC is.....they are often spoken upon on this forum.

I stand corrected....not 10 pages...13 pages!!! I would have to charge an extra $50 just for the time that it takes to read the lender requirements, then you have the AMC requirements on top of that which is abound 8 pages!!!


I cannot see how any appraiser can complete a credible appraisal report with so many guidelines and requirements....glad it is not me.

PS, I hope you are charging full fees, because they are making a killing off of appraisers. I know, I used Flagstar for my mortgage (big mistake)

 

[Gregory Beck]

Lately I've been receiving a lot of orders from different sources for appraisals going to Flagstar. Almost everyone I know locally is or has been on the Flagstar blacklist which is probably why I'm getting so many orders.

I don't take orders for appraisals going to Chase but should I be worried about Flagstar? Should I not take orders from them?

Just curious.

I worked with Flagstar 12 yrs and then had one file they closed on, but claimed I did a bad appraisal. They blackballed me
I got this nasty letter. When I complained to the head appraiser in Detroit he wanted me to pay $500 for a review appraisal. I said no thank you have a nice life. Got along without you before I met you, gonna get along without you now. They stink and will hang you high for no good reason I know.

 

[mutigerfan]

Look at the odds of being BBlisted by them - Place them way low on the totem pole IMO - Life is too short to work for the clueless and corrupt.

 

[Tom Woolford]

I know cookie cutters are out there, it's not a myth.

They are out there. I had four from different clients in the same condo complex in the same week, with the project having only one model. Change the name and legal, change subject photos and print the sucker. I figure I made about $300 an hour each on the last three.