Flagstar

[Cicada]

Same thing happened to me. They are also the only lender who's list I've been removed from and I've been licensed since 2001. One of my biggest clients want to use them from time to time but I was taken off the list during the upswing in 2004. They didn't like my appropriate, explained, data-backed, time adjustments when this market was skyrocketing. I've tried several times to get back on the approved list with even MB's and RE agents writing reference letters. My advice is to just move on. They seem to remove appraisers from their approved list on a whim, but it is their show and they can run it however they want. If it is any consolation most MB's hate sending loans there. They seem to be one of those lenders that lures you in with very competitive rates and fast turn-around time in u/w (probably because no one wants to use them) but either denies your loan or makes you jump through the most aggravating and insane hoops to actually get funded. PITA for appraisers and brokers alike.

 

[Fritz in NY]

fAGSTAR, is usless as a business model. I've heard dozens of colleagues that have been banned after 1 bad review. And no recourse. I was banned in 2004+/- after a former trainee signed my name to a report. (Bad overvalued report with a Realtor owning property in collusion with appraiser). I was told to get back in good graces to have the appraiser arrested for identity theft and IF there was a conviction I would be back in.
Think about this, law enforcement taking my computers, years of files to prove guilt. How much would this slow down/interrupt my business....??? I would also be open to a lawsuit from the original appraiser, to make matters worse the statue of limitation in NYS is 5 years. This happened in 2004. fagstar can go down with the rest of them.

 

[WMOORES]

Chase is the same way. I know a fellow appraiser that was reviewed on a Chase detached SFR assignment. The review said it was a condo and on the wrong form and went on as to how the cost approach was inappropiate due to being a condo and so on. The property was located in a golf course subdivision that had no condos! He had no recourse what so ever. Chase seems to have a penchant for filing complaints to the state boards, wonder if Flagstar will follow suit?

 

[VooDoo]

Most likely there is a way to remove the redacted area and expose the original content. 99% of the time you can remove redaction. Most companies/employees do not redact correctly. The redacted material is always still in the text database of the pdf. If it is the copy of the original redacted document sent in electronic form 9x out of ten I can remove it. If it is a fax, of course not. If you want help pm me I can walk you through the steps.

 

[OminousRun]

First, I have been a Minnesota state certified Appraiser and a member of our local chapter of the appraisal institute for 8 years now. I have never been black listed from any lender but recently I received a letter from Flagstar rescinding my eligibility as an approved appraiser. I was shocked by it to say the least. I then reviewed the nameless review done on my appraisal and was even more shocked. He cut my value in half saying he found “better” comps. In my appraisal I state that the subject was in average-fair condition needing some repairs. My value opinion reflected that. He found 3 comps, one of which was inhabitable because of severe water damage, extensive mold and roof falling in. The second was in the process of renovation until it went into foreclosure. The 2nd comp he used had been gutted to the walls, had no windows or kitchen and was boarded up by the city. The 3rd comp he used was located 300 yards from an interstate on ramp and located on a heavily trafficked road. All 3 of his comps were bank owned REOs (the subject was not).
I easily shredded this ridiculous review, requested his name but was still denied by Flagstar. How can a company like Flagstar remove me from their approved list based on one terrible review? What are my options? Any information would be welcomed.

I say welcome to an elite Fraternity of Flagstar blacklisted appraisers!

My run in with Flagstar had to do with a horrendous field review too.

The topper of it all, even though they admitted the field review was "not very good", they still decided to blacklist me. Their "chief appraisal" (hmm Mr. T. Liley) stated one of the comps I used in the report was lakefront, and not correctly identified.

I said "no it's not", and provided him with the county plat map and site map of the comparable, as well as the public record and the MLS listing....all of which showed the property was NOT lakefront.

He said "Yes it's lakefront, I GOOGLE EARTHED IT and it's also located on LAKE DRIVE".

After that I said good riddance to them. I'm going to go out and have a very nice celebration dinner the day I hear about Flagstar failing. Can't wait, it will happen.

Chase is just as bad too.

 

[Vermonter]

I can tell you from experience you are better off without them. I was never on their list, and the report I did was for a different lender, but for some reason ended up with them and have to say I've never been so aggravated by a call in my career. They told me because I was only certified in my current state for three years and I had been paid for the assignment, I needed another appraiser that had been certified in state more than 5 years to sign off on it or they would report me to the state for some BS. It was the only time I've ever lost my cool with a (potential) client.

Believe it or not they tried to recruit me after that.

Good riddance.

 

[Lloyd Bonafide]

What Greg and Webbed said - Definitely file your own complaint with the state, whether you have the reviewer's name or not. And follow up on it.

A bad review is actually much worse than a bad appraisal, (not saying yours is bad). Give the state your entire file if you have to.

Nothing ******es me off more than a really bad review.

 

[LI-Appr]

What Greg and Webbed said - Definitely file your own complaint with the state, whether you have the reviewer's name or not. And follow up on it.

A bad review is actually much worse than a bad appraisal, (not saying yours is bad). Give the state your entire file if you have to.

Nothing ******es me off more than a really bad review.

And there is many of those going on. Reviews a dime a dozen from AMCs.

 

[Crunch Hardtack]

Greg Boyd quote:

"Inexperienced, incompetent or unethical hundred dollar appraisers doing reviews for AMCs. They're probably biased and are intentionally discrediting other appraiser's work in order to eliminate competition or because they think it makes them look good." Yup.Also, as a way to get around the CRA, some lenders will use appraisers to do de facto red lining. (i.e. "We do not want to make the loan, so we will kill the appraisal.") It matters not that an appraisers reputation and career can be ruined.

The sun will shine a bit brighter the day Flagstar kicks the bucket.

 

[Michigan CG]

You don't need the name to file a complaint. If your state enforcement agency wants the information they'll get it.

File a complaint with the State against Flagstar.