Flagstar

[Carnivore]

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.

He has the Chief appraisers name. Many Chief Appraisers of Big Box Banks have bloviated on this forum they are responsible for developement and implementation of internal appraisal policy and managment of vendor appraisers. These same Chief's have also complained loudly and incessantly that most residential appraisers are not worth a flip.

Just thinking outside the box a little.

 

[Lee Lansford]

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

The power of subpoena.

 

[ChampRJ]

This is just so annoying! I've gone back and looked at all the comps over an entire year in the city and just can't for the life of me understand why this RA chose the ones he did.

 

[Bearslide]

This is just so annoying! I've gone back and looked at all the comps over an entire year in the city and just can't for the life of me understand why this RA chose the ones he did.

That's easy. Said nameless Flagstar "reviewer" was given his marching orders - find a problem, cut the value. More than likely, it's in foreclosure and they want someone to blame - or they needed a good excuse - you - to turn the loan down.

Yet another welfare banking queen who should never have been supported by taxpayers dollars - a real queen of sub-prime and dirty dealings. Despite their attempts to make themselves look HVCC compliant, the games still go on with LO's pressuring for value. Flagship Mortgage ring a bell?

Good advice given by the others - file a complaint with your state board. If that review is flawed, they can - and will - subpoena Flagstar and the so called "reviewer". Fight fire with fire - with any luck, Mark Liley will come out of it with third degree burns.

 

[TexasAgValue]

Recently, Flagstar, through an AMC required me to remove the current sales contract information from an appraisal. I quoted them the USPAP requirements and refused to remove the information. I was threatend with removal from the AMC list as well as black listing from Flagstar. I said fine, pay me what you owe me, and I'll let the state handle the rest. The AMC paid me and sent more work, however, not Flagstar. Now when I get a call, I ask if the client is Flagstar, if it is my fee will be $25,000, i figure I'll need this much to live while I switch careers due to Flagstar.

 

[Bearslide]

Recently, Flagstar, through an AMC required me to remove the current sales contract information from an appraisal. I quoted them the USPAP requirements and refused to remove the information. I was threatend with removal from the AMC list as well as black listing from Flagstar. I said fine, pay me what you owe me, and I'll let the state handle the rest. The AMC paid me and sent more work, however, not Flagstar. Now when I get a call, I ask if the client is Flagstar, if it is my fee will be $25,000, i figure I'll need this much to live while I switch careers due to Flagstar.

Smart man! And that is EXACTLY what I meant by Flagstar still pressuring appraisers through their chosen AMCs. I'd love to see Federal agents crawling all over them and their files - the dirt that would be unearthed would be astonishing.

 

[Mister Ed]

I am on Flagstar's list and am not sure how much longer I will be. I appraised a very rural proposed construction for and FHA. Between the time of the original appraisal and the final, there were changes to the deed and parcel. This was noted in the final (I cannot think of the name of the FHA form for a final right now--it is Saturday).

Anyway, Flagstar orders a review through an AMC and it goes to someone who Flagstar refused to approve on (I know for sure) at least four different occasions. The review trashed my report with a number of major errors. I wrote a four page response documenting each error.

Flagstar refused to accept my response and the MB pulled the loan from them and went to another lender who hired a qualified reviewer (a very qualified appraiser). He found a few legitimate errors that I did make (not value related, but mostly typographical and I transposed a couple of characters in the parcel number). I was asked by the new lender to make these corrections (which I did) and life was happy.

 

[Lloyd Bonafide]

Being removed from any lender's list is not to be taken lightly, especially when there is not a good reason, (like a horrible review). It could affect your ability to get E&O insurance, to become approved with other clients in the future, and could have a big effect on your future income as an appraiser.

 

[Webbed Feet]

Being removed from any lender's list is not to be taken lightly, especially when there is not a good reason, (like a horrible review). It could affect your ability to get E&O insurance, to become approved with other clients in the future, and could have a big effect on your future income as an appraiser.

And that is why appraisers need to start suing review appraisers for damages. And why review appraisers should start including in their contracts for the review that the client is prohibited from using the review report as a basis for determining approved client appraiser list eligibility along with an indemnification clause..

 

[LI-Appr]

And that is why appraisers need to start suing review appraisers for damages. And why review appraisers should start including in their contracts for the review that the client is prohibited from using the review report as a basis for determining approved client appraiser list eligibility along with an indemnification clause..

that would be very nice Duck.