CNBC - Forsyth Appraisals?

[athome77]

I worked for Forstyhe's Chicago office from 1996-1998. I am not aware of their current practices, but at the time I was there I was one of five trainees "supervised" by one cert res. who had been in the market area around six months. Comp checks were required and logged. I have no knowledge of how they currently do things, but to blame a glut of trainees for low quality is ironic considering the business model employed in my time there relied on their use.

ps When the change over from processed photos to digital photos came about, we were charged $1 per report for ink.

 

[Kali the Boston Terrier]

Their local office was known for having trainees do all the work, and then they would take the staff cert residential appraisers signatures on them without their knowledge. The guy got fired who headed the local office, but rumour has it that it was standard practice in his former office with (lack of) Forsythe Appraisals.

Not impressed.

 

[athome77]

Again, their current practices may have changed, as the time I was there was prior to digital signatures. Appraisers were given a stack of blank legal sized paper with an indication of where to sign. When the reports were printed the signature pages were fed into the printer, allowing the appraisals to be produced without having to bother the appraiser to actually review or sign the final product. Supervisory appraisers were not necessary as this was back when a 154 (Illinois) could appraise anything with a de minimus under $1 million.

 

[Summer]

So are they an appraisal mangement company?

 

[athome77]

Not an AMC, just a high volume "production shop"

 

[chip baine]

FYI they bought Valocity out earlier this year/late last year.

 

[Amy Perkins]

I did not like the way he presented the information. It is not condusive to confidence in the profession. There are some serious declines in property values across the nation and he is making it sound like it is the appraiser's fault. He failed to mention the fact that lenders were giving stated income loans with interest only payments and then taking that away. This causes the market to crash, inflate and over loan then take it away. I am sure there are some appraiser who lied, but most appraisers were just reporting the sales. Appraiser's have nothing to do with AVMs. If a lender wants to take a risk by only ordering an 2055, then that is the level of risk they bought and paid for.

How many people want to put their career on the line for a few bucks? My guess is not many. How many of these false appraisals were tampered with and altered by loan officers? Where is the motivation for fraud? If the appraiser makes about $350 on an appraisal and the loan officer/Broker makes $18,000, tell me who is really motivated to commit fraud? I would say the loan officer is 50 times more likely to modify the report than the appraiser because they are paid 50 times as much. How many fraudulent reviews are done on black and white faxed appraisals and are not true copies?

 

[Tudor]

It would be nice if eveyone that knows first had of the wrongdoing would put it in a letter and send it to everyone that was at that hearing. At least they would be able to judge the information a little better. Considering the previous business practices stated here.

 

[Pamela Crowley (Florida)]

It would be nice if eveyone that knows first had of the wrongdoing would put it in a letter and send it to everyone that was at that hearing. At least they would be able to judge the information a little better. Considering the previous business practices stated here.

I already have some, but the more I have the better. I am working with an investigative reporter that would just love to get all the stories about this large appraisal firm that is so much better than all the individual appraisers out there....

Another one of those in a position of power that could have stopped this mortgage mess we are in, but nothing was said or done until it started falling apart....

 

[Frederick]

Pam

God Bless you.

You are the best.

Get 'em!

I support the Dodd/Crowley IVPI Proposal