eAppraiseIT Sues Pamela Crowley

[Kali the Boston Terrier]

True in a litgation sense, but what about the 1000 other matters that will never see the halls of a court.

 

[The Warrior Monk]

True in a litgation sense, but what about the 1000 other matters that will never see the halls of a court.

I'm one that thinks the fear of AMCs taking over the world is completely unfounded. AMCs exist to fill in a certain need. And that need does even cover the the whole of residential lender work, which I think in and of itself is an enlightening fact.

Which lenders are not using AMCs?..typically the ones that need competent appraisers, which is usually lenders that do portfolio lending and/or have investors watching over them. That residential segment has a whole lot in common with the commercial segment. Interesting that AMCs haven't made much headway into either one of these areas. Additionally, commerical appraisers have far more options than simply handling over half there fee to a middleman. Even myself being a commercial trainee, I do not have to do a single lending assignment of any type.

I just don't see how AMCs are suddenly going to change their entire business model overnight, suddenly providing beneficial services to clients and appraisers that they didn't benefit before, with the cooperation of both client and appraiser, with the appraiser handing over half their fee.

The fears, IMHO, are unfounded. The AMC that could take over the nonlending end of the business is utter and pure fantasy...the model simply does not exist to do so.

 

[Pat Butler]

They already have taken over a significant share of the residential business. Just look at the fact that the largest lenders in the country all use AMC's and that's a lot of appraisals. I think quite a bit of damage has already been done.

 

[The Warrior Monk]

They already have taken over a significant share of the residential business. Just look at the fact that the largest lenders in the country all use AMC's and that's a lot of appraisals. I think quite a bit of damage has already been done.

It's interesting to note that even amongst the (very) large lenders that use AMCs, they will not use AMCs for all of their divisions. When the dollars being being invested get serious, suddenly the AMCs are nowhere to be found.

AMCs add an element of risk in the lending process. That additional risk is not tolerable for certain investments.

 

[Ross (CO)]

Since so many have posted in this thread.....and SO many have read this thread.....may I pass notice that there is a positive piece of news in this long saga that was accelerated in the early-summer of 2007.

In July of 2007 I arranged for Pam to join us as one invited guest and speaker at our local apprs. assoc. meeting in Colorado Springs, along with a key figure from Freddie Mac and another individual representing the Compliance office of our State Div. of R.E. Since that time numerous members of our assoc. have asked me if.....and when....any sort of national exposure to these issues and problems our (appraiser) industry faces will see that greater element of national exposure and likely focus by Congress......because, as you know, government wants to solve serious problems !

As soon as I learn the airing date of this programming segment I will send out a blast email announcement to our association's membership !

In the General Appraisal Discussion category there is a thread titled "Let's all rally together for Pam". It mentioned yesterday that a prominent national TV Evening News program will air soon an interview of Pam and on-site commentary from a local Florida market area and its local real estate issues. Go....and read that other posting thread !

I hope that CBS's editors and program directors can let it be well known in advance when this special segment will be aired and we here can be aware of that date. There are several in our CO divisions of real estate, state offices for appraisers and mortgage brokers, and offices for compliance and oversight to support "protecting the public" who need to find THEIR eyes in front of a TV when this segments airs. Maybe all of us can pass the word to key players in our own states' offices of those "who care".....as these are nationwide problems to be solved.

 

[Roscoeman]

I hope that CBS's editors and program directors can let it be well known in advance when this special segment will be aired and we here can be aware of that date. There are several in our CO divisions of real estate, state offices for appraisers and mortgage brokers, and offices for compliance and oversight to support "protecting the public" who need to find THEIR eyes in front of a TV when this segments airs. Maybe all of us can pass the word to key players in our own states' offices of those "who care".....as these are nationwide problems to be solved.

This is a great idea and I will do my best to forward this out to the people that are taking this seriously...

Thanks.

 

[robert higgins]

I was wondering if eAppraiseIT dropped their law suite with Pam knowing that Fannie and Freddie were about to change the writing on how business will be done and figured that bad press, via discovery, would not be in their best interest with new changes coming.

Plus, it has been almost a week sense the last post, let’s not forget how we got here.

 

[Carnivore]

Cockroaches....Pam has a great big flashlight...Its like oil and water, cockroaches hate the shining light...Plus now she is a cause celeb..their gustapo tactics have backfired on them.

Dont worry, the regulators and the judicial system is not done with those cockroaches. There time is coming.

Did you read the NY AG and Fannie/Freddie deal. They are clear, but the AMC cockroaches are still in the gun sights. eApe should be writing a very large check soon to the citizens of NY.

Maybe this will turn into something like the Tobacco settlements... and all the states will start piling on when they smell that cash. wooo hooo

 

[Workbox]

I was wondering if eAppraiseIT dropped their law suite with Pam knowing that Fannie and Freddie were about to change the writing on how business will be done and figured that bad press, via discovery, would not be in their best interest with new changes coming.

Plus, it has been almost a week sense the last post, let’s not forget how we got here.

Funny you say that, when I was interviewing a potential client in mid January. He was mentioning that things were going to change in how brokers would no longer be able to request appraisal or use their appraiser. Not sure if this what he was talking about, but one has to speculate.

After all, they have connections, just as we do.

 

[SmilingDog]

Hopefully some one can put the video on YouTube for all the world to see.