Ameriquest To Cut 1500

[Stone]

That's interesting, Dee Dee. Is it possible that E&O companies could start claiming just about any mistake by the appraiser violates USPAP? If there were to be increasing claims, and the insurance companies started to see profits drop, might this be a way to cover their assets, so to speak?

 

[moh malekpour]

Well, since Ameriquest founder Roland E. Arnall has done a very good job to help homeowners to fulfill their dreams, he is nominated to be the Embassador to the Netherlands. Who knows, may be he wants to take those loan agents and appraisers, who did good jobs to close those loans, with him to Netherlands and open a new Ntherlandquest over there.
This is the article that I posted two weeks ago in improving the profession forum
http://www.latimes.com/business/la-fi-amer...dlines-business

 

[Bobby Bucks]

In the past the only assignments I’ve accepted involving Ameriquest were REO assignments which they didn't order. I've had numerous phone messages, faxes etc. from them for refis which I always ignored due to their less than stellar reputation. Recently I've received 2 Ameriquest refi assignments which were acceptable. They were ordered through an AMC which might indicate someone has finally decided to apply a bridle, bit and saddle to this out of control outfit. Personally I'd rather see them go to the glue factory. 1,500 layoffs is a nice beginning.

 

[Joker]

Ohio has only skippy appraisers, that's why the foreclosure rate is the highest in the nation.

 

[george foster]

Dee Dee,

If this real estate biz goes the way Sir John Templeton thinks, with valuation declines of 50% (which is pretty much what happened to NAZDAQ), and wipes away this phoney appreciation of the last 4 years, it will be interesting if governmental Attorney General's offices will get involved purely for the sake of political expediency.

The appraisal licensing process was supposed to protect both the consumer and the lenders. It's down the inverse. Somebody's going to be held responsible. Sure won't be the states which dumped the licenses to anybody who could breathe, or the big scale mortgage lenders with their lobbyist muscle.

Best scagegoat will be the poor gaggle of non-unified, independant appraisers.

Hanging a few, will generate good press, and make the public look like they are doing something.

Governments have vast confiscatory powers.

I'm not sure Skippy is gonna be able to hide behind a Chapter S business designation, or be free from prosecution for a lack of assets, if the gov decides to go after his azz.

Here Skip-try on a lien against your house, or a garnishment of wages.

We shall see.

 

[Dee Dee]

Originally posted by Michael Stone@Nov 18 2005, 07:34 AM
Is it possible that E&O companies could start claiming just about any mistake by the appraiser violates USPAP? If there were to be increasing claims, and the insurance companies started to see profits drop, might this be a way to cover their assets, so to speak?

Absolutely!

Have you ever met a Skippy that doesn't violate USPAP in some way? The worst cases are not 'mistakes', and can be proven by any good appraiser acting as an expert witness for the plaintiff.

In the event that there is an increase in lawsuits from homeowners who feel they have been wronged, the attorneys for the E&O insurers may have to decide which cases are most likely to lose, and deny defense and coverage based on USPAP violations if it reaches a point where the insurer is losing profits. The only other alternative is that they raise the premiums on ALL of their policy holders to cover the losses. h34r:

Just thinking out loud here.....
I've often wondered if MB's could be sued by homeowners, because they are the ones who selected the Skippy appraisers in the first place. I know that in many states they are required to be bonded and insured, but I'm not sure how that covers them. Perhaps one of our appraisers on this forum who is also an MB knows the answers and can fill in the blanks.

 

[Hal Mann]

Can you say, "Would you like fries with that"?

 

[Dee Dee]

George,

If the home values declined as you described, the government would be spending whatever resources it has left attempting to stabilize the economy. They'd be dealing with massive unemployment, lender bailouts, bankruptcies, millions of families in foreclosure, soaring interest rates, and a decline in consumer spending that would cause a ripple effect into the stock markets.

Call me a skeptic, but I think the government would have their hands full and very little time to spend on tracking down little pissant appraisers to bring them to justice. Besides, most appraisers (good and bad) will be out of business anyway if they rely on mortgage work to make ends meet and don't have a backup plan.

 

[george foster]

They'd be dealing with massive unemployment, lender bailouts, bankruptcies, millions of families in foreclosure, soaring interest rates, and a decline in consumer spending that would cause a ripple effect into the stock markets.


Gonna get ugly isn't it..........

Regards

 

[Dee Dee]

Gonna get ugly isn't it..........

Don't know for sure, but I'm going to follow my gut and cover my own butt.
If it doesn't, I will lose nothing.