Indymac Appraisers

[George Ellerman]

I'm curious as to how many appraisers on this forum have done work for Indymac ? How were they to work for and did they apply the usual pressures for time or value ?

 

[444nutman]

I am on their approved list and did only 1 for them. The reason being is I had did the home 2 years prior and the borrower told them they wanted me to do it again. I used to get emails from them but that stopped about 2 months ago. No pressure and I got paid.

 

[Greg Bell]

REO last week.Just need to reply to some silly BPO with goofy comparables and 45K worth of repairs on a 20K house.Most of time you will need to respond to an idiotic BPO.
No wonder they're broke..

 

[Roy Courtney]

I recently completed an FHA appraisal that went to a subsidiary of IndyMac for a Reverse Mortgage. It was ordered by a local bank. The property value and condition was fine. The underwriter required some "appraiser stips" that killed the loan. Same old crap: "Appraiser to provide three sales similar to the subject that closed within six months and located within one mile".

The orginal appraisal included an addendum explaining the small city (pop. 1,106) market and the complete picture of the market for a 30 mile radius. Comp search went back two years. I have worked as an FHA appraiser for 24 years so I think I have some idea what is required. This underwriter is located in Rancho Cordova, CA and KNOWS these three sales exist. This underwriter must be a genius and should not be wasting their time in the mortgage business!

 

[Ray Miller]

I had been doing some 1004 work for them, as well as a number of reviews until the state pulled my license. Then I went on thier do not use list till this week. I had no problems with them at the time, but that was almost two years ago.

 

[Workbox]

I have never received pressure from them, I have had reviews, but usually explain them away because much for their data comps is from FNC and Core Logic and other unreliable sources for correct value and sales activities. But the majority I have no problems with. When I first started with them, the dept. that I work with which is in another part of Cali, there letter indicated they wanted the truth, so I have, and have not had any problems.

Now, I think they will begin to look at them a little bit harder, but if you know what you are doing, you should be fine. I too began to get the FHA reverse mortgage. Now, those, you need to double check every thing before you send out. I had to wait one extra day of my due date to make sure I felt the report was well covered.

I like working with them and really hope it continues.

As a note, a little bird told me that the problems were coming through the AMC's appraisals.

 

[liberated]

I have not received one appraisal order from them since Oct. 2007. I received an order for a home with approximately 6,000 sq. ft. gross living area; therefore, I charged a $600 appraisal fee. I guess that the upper end fee cost me future business with Indymac.

 

[Doug Wegener]

I never received any pressure.

 

[Riick]

VAST VAST VAST majority of their appraisals were ordered by your basic Mortgage Broker.
Remember - it was their WHOLESALE Division they put them in the soup,
not the RETAIL division, or Financial Freedom (Their Reverse Mtg Co.) - where IMB would/could order the appraisal themselves.

Mr. MB, of course, had thier favorite appraisers - who were (generally it would seem) Mr. Skip's twin brothers (and sisters!).

As to pressure... there was never any pressure from Mr. MB, since Mr./Ms. Skip never found a number they couldn't hit.

MB & Skip had a great relationship; It was true love :Emoticon_hug: ~~~ "Sure! Just tell me what you need to help these people."

.
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[George Hatch]

I've done a couple of forensic reviews for them in the last year. No drama whatsoever.