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Need help with WAMU

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jgordond

Thread Starter
Sophomore Member
Joined
Sep 14, 2007
Professional Status
Certified Residential Appraiser
State
Rhode Island
Just received notice from WAMU that myself and another appraiser are now "Ineligible" due to an unacceptable appraisal. My problem is as follows:

We are unable to contact ANYONE! They supply an email address [email protected] for comments, but no response after 3 emails over 2 weeks. I would like the opportunity to rebut the review as we all know reviews can be wrong. Additionally, as a supervisory signing appraiser and owner of my company, I want to know what, if any, mistakes were made by my signing appraiser!

Second concern (and maybe someone can shed some light for me), I signed as a supervisor who did NOT inspect the subject and have a disclaimer in my addendum which states:

“UNLESS OTHERWISE NOTED ON REPORT, THE SUPERVISORY APPRAISER HAS NOT PERFORMED AN INTERIOR INSPECTION OF THE SUBJECT, AS WELL AS COMPARABLE SALES AND LISTINGS PRESENTED IN THIS REPORT. ALL INFORMATION PROVIDED (INCLUDING THE INSPECTION, DATA COLLECTION, ANALYSIS AND VALUE ESTIMATE) IS THE RESPONSIBILITY OF THE INDIVIDUAL WHO SIGNED AS APPRAISER. THE RESEARCH UPON WHICH THE APPRAISAL IS BASED HAS NOT BEEN VERIFIED BY THE SUPERVISOR. THE SUPERVISOR HAS RELIED ON THE APPRAISER TO PROVIDE ACCURATE, COMPREHENSIVE INFORMATION ON THE SUBJECT PROPERTY AND OTHER PRIMARY AND SECONDARY DATA PRESENTED IN THIS REPORT. THE SUPERVISORY APPRAISER HAS PERFORMED A DESK REVIEW LIMITED BY THE DATA PRESENTED IN THIS REPORT. THE REPORT WAS REVIEWED FOR SPELLING, MATHEMATICAL ACCURACY, COMPLETENESS, AND COMPLIANCE TO STANDARD APPRAISAL PRINCIPLES AND GUIDELINES”.

Common sense would dictate that I had NOTHING to do with the final opinion of value!

I'd love to hear some experienced appraisers thoughts.

FYI I have been in the business for 16 years and the other appraiser 30 years without a blemish. That's why it hurts so much. Also, the appraisal in question was from 06' and it was around that time that I removed WAMU from my approved client list due to a threat made by a chief appraiser to inflate a value. Coincidence....I am not sure.
I have to run for a quick appointment, so if I do not respond I will do so when I return.

Thanks in advance!
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
I would keep trying to contact someone at WaMu. You should be able to submit a rebuttal.

Your disclaimer, though, might not inspire a lot of confidence in your inspecting appraiser. With or without the disclaimer, you are 100% responsible for the contents of the report and the value if you signed as a supervisor, so why include the statement?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Based on that statement I would have fired you too.

Review is not the same as supervising and that is in USPAP. Your statement also conflicts with the pre-printed certifications you signed.

If you sign it, you own it. Read USPAP.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
You are 100% responsible for the actions of your co-signatory appraiser. period. whether you inspect or whether you do not. period.....I know it sucks. I know it makes having a trainee pointless if not dangerous...but that is the system. period.
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Your signature makes you responsible. You signed as supervisor; you are ultimately responsible for that opinion of value. I am curious as to why you are signing another appraisers reports, were they a trainee and were you training them? Your post is a little confusing since you mention the other appraiser has almost twice the years of experience you have. Is this the same person?
 
Last edited:
Joined
Apr 5, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Common sense would dictate that I had NOTHING to do with the final opinion of value!

Read the “Supervisory Appraiser’s Certification” #2. Given that “modifications or deletions to the certifications are not permitted”, you are fully responsible for the final opinion of value (including the contents of the appraisal report
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
Since you did the appraisal for WAMU, I assume that the you used a Fannie form. As Greg noted, your statement is in clear conflict with the supervising appraiser's certification, and makes the report ineligible for for funding through certain entities (such as Fannie).

The preprinted supervisor's certification is more restrictive than what is in USPAP.

All I can say is diversify, diversify, diversify. With the oversupply of appraisers and tense credit situation, lenders and AMCs are going to be dumping appraisers left and right, whether justified or not.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I don't know about the certs being more restrictive than USPAP. Standard 3 is pretty clear about the difference between appraisal review and co-signing activity.

STANDARD 3:
APPRAISAL REVIEW, DEVELOPMENT AND REPORTING


In performing an appraisal review assignment, an appraiser acting as a reviewer must develop and report a credible opinion as to the quality of another appraiser’s work and must clearly disclose the scope of work performed.



Comment: Appraisal review is the act or process of developing and communicating an opinion about the quality of all or part of the work of another appraiser that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment. The reviewer’s opinion about quality must encompass the completeness, adequacy, relevance, appropriateness, and reasonableness of the work under review, developed in the context of the requirements applicable to that work.

The COMPETENCY RULE applies to the reviewer, who must correctly employ those recognized methods and techniques necessary to develop credible appraisal review opinions and also avoid material errors of commission or omission. A misleading or fraudulent appraisal review report violates the ETHICS RULE.

Appraisal review requires the reviewer to prepare a separate report setting forth the scope of work performed and the results of the appraisal review.

Appraisal review is distinctly different from the cosigning activity addressed in Standards Rules 2-3, 5-3, 6-8, 8-3, and 10-3. To avoid confusion between these activities, a reviewer performing an appraisal review must not sign the work under review unless he or she intends to accept the responsibility of a cosigner of that work.
 

ddnma

Junior Member
Joined
Apr 4, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Just received notice from WAMU that myself and another appraiser are now "Ineligible" due to an unacceptable appraisal. My problem is as follows:


Second concern (and maybe someone can shed some light for me), I signed as a supervisor who did NOT inspect the subject and have a disclaimer in my addendum which states:

“UNLESS OTHERWISE NOTED ON REPORT, THE ....



Thanks in advance!

This has to be a troll- he can't be serious.
 
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