Hybrid Companies and USPAP

[glenn walker]

Owned by a Large Venture Capital Company ..They have attorneys. People who know what State Boards Require and no two bit boiler room has a legitimate VC company. Sounds to me like someone who has a contract with a big player and maybe in BETA mode. If I worked for them I would pull up corporation or LLC documents and find who and what they are. Maybe they are legitimate operation who has a purpose.

 

[ilikethings]

I think the legitimate purpose is to make money off of desperate appraisers.

 

[glenn walker]

The inspector is in the state, the appraiser is in Florida. To me this raises USPAP issues. The 1004 certification states that the appraiser has viewed the comparables from the street, which is impossible, because they live in Florida. This is just one example.

These appraisals are for purchase and refinance transactions, at least 95% of the work is for the biggest names in banking.

SO THESE ARE FOR THE BIGGEST NAMES IN BANKING..And your telling us they have no clue if these are legal, legitimate , meet USPAP, State Board Requirements . NOT EVEN possible in todays regulatory envirement.

 

[George Hatch]

They’re not appraisers at all - they’re not even licensed - however there is no licensing of trainees in Colorado. I doubt they’re even disclosing significant assistance but I have no evidence of that.

I was talking about the appraisers, not the "inspectors". If an appraiser is fraudulently single signing "I personally inspected" then it doesn't matter where they're located. It's not any more of a lie for a FL appraiser to do that than for a CO appraiser who lives next door to the subject.

Are you being asked to perform conventional 1004s without your own personal inspection?

 

[glenn walker]

I think the legitimate purpose is to make money off of desperate appraisers.

Then why dont YOU go to your State Board and other agenies and be a Whistle Blower ? You took the job and now you are a disgruntled employee. That's fine but if you were making more money would you be happy ?

 

[ilikethings]

SO THESE ARE FOR THE BIGGEST NAMES IN BANKING..And your telling us they have no clue if these are legal, legitimate , meet USPAP, State Board Requirements . NOT EVEN possible in todays regulatory envirement.

Their coordinators assigned an FHA inspection to a trainee and scheduled it for them, the only reason it didn’t end up happening is because I caught it the day of and had them assign it to me to inspect. I wouldn’t have completed it regardless had it come through that way, but it’s as bad as I’m saying Glenn.

I was told verbally by a manager that I could just “send a comp photo route to my trainee” for FHA work. I’m not a spring chicken, I’ve been appraising for 12 years, but they reached out and I was curious about their operation. I’ve only been here a few weeks.

 

[ilikethings]

Then why dont YOU go to your State Board and other agenies and be a Whistle Blower ? You took the job and now you are a disgruntled employee. That's fine but if you were making more money would you be happy ?

I’m not disgruntled Glenn, I’m merely shocked and looking for guidance and support here.

 

[George Hatch]

Then why dont YOU go to your State Board and other agenies and be a Whistle Blower ? You took the job and now you are a disgruntled employee. That's fine but if you were making more money would you be happy ?

They don't need to go to the state board. DW hisself has already commented in this thread about his company's fraud dept having interest in this sort of violation if/when they occur. It doesn't get any closer to "straight from the source" than that.

 

[glenn walker]

I think the legitimate purpose is to make money off of desperate appraisers.

OK But there is no crime on making money of desperate appraisers and as market tightens many will be unhappy but personal responsibilities also come into play and you may have sold yourself to the devil but as long as the money was good no problem. Now it's become I am a victim..Maybe I am wrong but my guess is all these posts are being done on company time .

 

[glenn walker]

They don't need to go to the state board. DW hisself has already commented in this thread about his company's fraud dept having interest in this sort of violation if/when they occur. It doesn't get any closer to "straight from the source" than that.

Yes but he doesn't know if these are even being sold to a GSE he only knows they are being done for the largest lenders in America.