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CW and their county risk list.

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John Taylor

Thread Starter
Freshman Member
Joined
Feb 28, 2003
Professional Status
Certified General Appraiser
State
Mississippi
Countrywide Broker Update with counites attributing to a 'soft market'.... followup to the 5% cut in the LTV in some markets....dated as of 1/18/08.....see attached PDF

PS. the list is intened for 'mortgage professionals', meaning us ! If they intended it to be 'secret' they would not have sent it out to thousands of mortgage brokers nationwide....this list is also making the rounds via email from appraiser to appraiser...
 
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George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I wonder if CW would be happy that this list has been "published"?

Thanks for the info.
 

Narkissos

Junior Member
Joined
Jan 9, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
Come on Michigan!!!
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
I just received an order from an idiot broker who is using Countrywide as their lender. This 'order?' It's no order at all. It's a MASS FAX that probably went out to 25 other appraisers, and NONE of them, including me, would actually get that order UNTIL they had an assurance from the appraiser that the "value was there."

And the topper? IT'S A PURCHASE!! For an investment property in Wisconsin for a lady currently living in San Diego!!!!

The owner of this wonderful 'order' was blank, it merely stated "TBD" (To Be Determined). And we weren't to even contact the buyer for payment until the value was established first. THEN they would REFAX a n"new order" with the appraisal firm on it. INCREDIBLE.

I blew a fuse, and contacted the Countrywide loan processor personally, as it was generously listed ON the 'order.' I sent him the bogus 'order' and my comments.

Know what he said? "Go ahead, contact them, this is just the way it's done. We do it this way in California all the time" COUNTRYWIDE OF ALL PEOPLE!!!!

Pam, are you listening? I have this in writing, his e-mail response, along with scanned images of the 'order' pages and their insane and unethical and illegal instructions. And he didn't even BLINK.

I am losing it. I can't compete with anyone who is simply willing to promise anything to anyone about anything.

Dave...
 

hovious

Sophomore Member
Joined
Mar 14, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I got that order too Dave. It's looking more and more like this type of activity is hear to stay. No matter what we do, how hard we try to educate or even by blowing the whistle on these people NOTHING will ever change. The bottom line is this Dave...

No one but us cares!
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Who made that list?

I disagree with some of the categorizations on that list. Doesn't matter to me though, my work rarely graces their desks.
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
You got that one, too? I didn't know you were also up North.

And that stupid, idiotic, moron, dipstick processor over there? Good ol' Johnny W.? I feel like posting his galactically stupid comments here, so he can be given all the glory he deserves. What a DOLT. He didn't see a damn thing wrong with what I sent him. They should bounce that stupid blathering twit out of a job this instant.

And what REALLY bothers me is that this is a purchase, and now, no matter what, the buyer will not know if she is paying fair market value (is there any other kind?) for this property, whatever it is. I don't even know.

Right, so the dopes at CW have their little list. How nice. They're "checking it twice." But they see NO ISSUE with coercion on the appraisal side. AAAAARRRGGGHHHH!!!!!!

Man, I had a rotten day, I'm ready to beat the living daylights out of something.

Dave...
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Very strange list. Everyone should pass it on to every appraiser and banker you know.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
You got that one, too? I didn't know you were also up North.

And that stupid, idiotic, moron, dipstick processor over there? Good ol' Johnny W.? I feel like posting his galactically stupid comments here, so he can be given all the glory he deserves. What a DOLT. He didn't see a damn thing wrong with what I sent him. They should bounce that stupid blathering twit out of a job this instant.

And what REALLY bothers me is that this is a purchase, and now, no matter what, the buyer will not know if she is paying fair market value (is there any other kind?) for this property, whatever it is. I don't even know.

Right, so the dopes at CW have their little list. How nice. They're "checking it twice." But they see NO ISSUE with coercion on the appraisal side. AAAAARRRGGGHHHH!!!!!!

Man, I had a rotten day, I'm ready to beat the living daylights out of something.

Dave...
AA, don't feel bad, had one last week. Had a hot dang time with the emails for evidence. Sent it to Pam.

AND WHY! is it always from California? It's that the breeding ground for scumbag MB/LO's? Geesh!!
 

Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
Really, who came up with this list

I disagree with some of the categorizations on that list. Doesn't matter to me though, my work rarely graces their desks.

They have New York County (Manhattan) rated a 3? :rof:
 
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