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Interesting Spin on eAppraiseIt & WaMu

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Alison Swain

Thread Starter
Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Here's how mortgagedaily.com is telling it:

NY Lawsuit Alleges Massive Appraisal Fraud
[FONT=Times New Roman,Georgia,Times]The State of New York has filed a lawsuit against eAppraiseIT alleging the company conspired with Washington Mutual Inc. to produce fraudulent appraisals. But the accusations are primarily based on just a few e-mails that marginally support the state's case.[/FONT]


Way to whistle past the cemetary. :leeann:

 

Joy Price

Sophomore Member
Joined
Dec 2, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I'm not going to log in to the site, but wait till they find all the emails!

Cemetery with all e's
 

leelansford

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Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I was a long-time appraiser for WAMU before they moved to AMCs in mid-2006.

Following that move, and after--I assume--WAMU requested that their former independent contractor appraisers be given priority ("preferred appraisers") vs. the "mass" of AMC appraisers, I was again appraising for WAMU.

NEVER during my experience with WAMU directly, or after their move to the AMCs, was I "pressured" to change a value. Never.

Did I receive the occassional request for a "ROV" (reconsideration of value)?
Yes. But, "pressure"? Nope.

The people who I had communication with at WAMU were always top-notch professionals.
 

Alison Swain

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Professional Status
Certified Residential Appraiser
State
Florida
Lee:

No offense intended. I've had experiences with First Am similar to yours with WaMu. Always positive and never any pressure to do anything untoward.

My amusement was more with the MB news spin.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
I was a long-time appraiser for WAMU before they moved to AMCs in mid-2006.

Following that move, and after--I assume--WAMU requested that their former independent contractor appraisers be given priority ("preferred appraisers") vs. the "mass" of AMC appraisers, I was again appraising for WAMU.

NEVER during my experience with WAMU directly, or after their move to the AMCs, was I "pressured" to change a value. Never.

Did I receive the occasional request for a "ROV" (reconsideration of value)?
Yes. But, "pressure"? Nope.

The people who I had communication with at WAMU were always top-notch professionals.
I think that WaMu realized that they screwed up when they went to using AMC appraisers to save some money, but now I wonder what it really has cost them. Does anybody remember the post from a WaMu VP begging to have their old appraisers sign up thread. I think the big brass had the wrong impression with the AMC. An now trying to regain what they used to have, but because of what had happened with the fast and the cheap, reality had shifted and could not differentiate between the two. Thank you AMC's!
 
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leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
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Illinois
Lee:

No offense intended. I've had experiences with First Am similar to yours with WaMu. Always positive and never any pressure to do anything untoward.

My amusement was more with the MB news spin.

Alison, no offense was taken! Not to worry. I did not interpret your words as anything more than what you offer above.

I am in agreement with you. I suppose that we shall all have to sit back and wait, but I did want to share my positive experience. With my good clients (I don't have any regular clients that I would label as "bad"...I "fired" all of them a long time ago), I never feel "pressure" because I look at things as "this is just the way it is"; whether or not the person making the request to me has ever felt any "pressure", this I can not know.
 

Viking

Junior Member
Joined
Nov 18, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
I did WAMU work on a fee split basis for several years and this was my mentor's account. When they went the AMC route a fee split was no longer feasible so I went directly to the AMC's. I always considered WAMU to be a very good account and never had pressure. The AMC's stopped their phone monkeybuisness as long as I updated and it went smoothly for about a year. I did have one ROV where the woman was extremely upset with my value. After responding I got a call from LSI just to warn me that I might get an angry phone call from the homeowner. I'm aware that my values sometimes came up short of homeowner's expectations and am not sure if that is why I stopped getting work in Sept. as I could never get through and no one returned my calls. I do'nt like the AMC's but this was part of getting my own buisness established when my mentor retired. I had almost no voice contact with anyone from First Am except for fee quotes and they paid $251.20 which is low but not as insulting as some. In any case the AMC's are definitely bad news for the profession.
 

Carnivore

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Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Right, Lets help out those poor AMC's and the misunderstood lenders againts the mean old Andrew Coumo.

How can life be so unfair. They(AMC-lenders) are just trying to help people out. They only need you to be a team player. Whats the problem?

The problem is I have no desire to help any lender or AMC with their public image at this point in time. Just because the sunshines on a dogs butt every now and again, does not make things all better. They made this nightmare, they can just solve it all by there little lonesome.

ftr, I really liked working for WAMU. The appraisal division was top notch. I never got any assignments after they went over to the goon squads. If they decide to fire all the AMC's and bring back the appraisal division then I am willing to try them again.

I am not unfair. Who really needs your help right now. Lenders - AMC's or fellow appraisers, homeowners, neighborhoods, small towns and regions that have been decimated economically by the shannigans?

Folks, I have neighborhoods that are in total economic collapse in the Charlotte area. Thats scary because Charlotte is one of the healthiest regions in the country.

OK, I am off my soapbox.
 
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Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Carnivore, you have it all wrong. They do NOT have team players, they have business partners!!
 
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