Need help with WAMU

[Em Tee]

If you have that statement in all your appraisals, I'm surprised any lender has accepted them. Completely contradictory to the certifications you signed. I'd get rid of that statement and never use it again. If you don't want to be responsible for the report, don't sign it. SIMPLE!!!

 

[Greg Bell]

Not to worry , WAMU is insolvent,By the end of the year the FED will be feeding them freshly printed cash to keep them afloat..

 

[The Warrior Monk]

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.

It's more restrictive in the sense that USPAP doesn't require everything in the supervisor's cert. For example, #3 of this cert is and obvious example.

 

[Dontbethatguy]

Why would you bother signing if you are putting that crap in a report. Why not just add an addendum that says you answer phones and spell check, and just want some recognition in the report.

 

[Non Sequitur]

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 aqa@wamu.net 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!

Wow, you better hope the state doesn't get wind of this.

 

[Smokey Bear]

I would fire anyone putting that kind of clause in an appraisal they signed. You sign it, you own it. Period.

 

[stefan olafson]

Wow, the experts have spoken and I'll chime in with them. If you sign the report you are accepting the report as written. Don't think the state board in your state would look very nicely on that addendum you use.

It's dangerous and you should delete it ASAP.......

 

[BOBBYGINE]

Maybe the banks are starting to read our work? I doubt it. This must have been a mistake.

 

[Lost Cause]

Needs Help With Much More Than WAMU!

FYI I have been in the business for 16 years and the other appraiser 30 years without a blemish.

This is downright frightening. Sixteen years flushed down a toilet! And Certified, too! So were you sleeping or reading the newspaper during the last five USPAP classes you took?

No, whoever suggested a troll has to be correct. It's just not possible to be this ignorant, is it?

 

[Tony V]

You sign....your responsible for the entire report...including your E&O..

re-read the certs under supervisory signature..

It probably got so slow in U/W and review that they are now realizing what they have been just skimming over..