NY, FirstAM & WaMu article

[Joyce Potts]

I can only imagine what those WAMU 'preferred' appraisers are thinking right about now.

Rutro.

 

[Nancy in Friday Harbor]

I'm shocked that you're shocked. I've known about WAMU since sometime in the early 90's when they were buying their way out of a hole. I often question the integrity of appraisers who tout doing work for them.

Oregon Doug

Doug,

Perhaps the situation you mention varies depending on location. The WaMu review department I worked with in the North Sound area were absolute sticklers for accuracy and honesty. They were knowledgeable and highly qualified appraisers.....and I'd put their ethics up against any appraiser I know.

I am most definitely NOT a skippy and I'm damed proud of the work I did for WaMu back then. It was hard to get on their panel and those I know who were on it were good appraisers....and wore that WaMu approval like a badge of honor.

Things certainly changed when they got rid of the last of the Seattle appraisal department and started using LSI & eAppraiseIt. I fired LSI years ago, so never went back on their list. I gave eAit a chance... I've missed having the business, but I certainly will not miss eAit. I guess the feeling was mutual (no pun intended) because they've only used me when there's absolutely no one else to do the work.....and they got an honest opinion from me about value. Since I got pretty vocal about my support of Pam and have supplied her with examples of my opened reports, they've stopped sending orders...thank goodness.

Someone else mentioned WaMu appraisers "lurking" on the forum. I think there are a number of very fine appraisers who have worked for WaMu in the past and, like me, are proud of the work they did. Please don't paint all of us with the same brush you use to paint the number-hitting skippies who have come along relatively recently.

Nancy Clifton
San Juan Appraisal Service
Friday Harbor, Washington

 

[Andy27]

All this on the same day the Feds blew more air into the leaking raft!!

http://biz.yahoo.com/ap/071101/fed_markets.html?.v=2

 

[Moon Pie]

No more "preferred" status

Well before the "business deal" with WaMu and LSI I was approved. After (IMO) I was not making the deal, I was kicked off the list. I had worked for WaMu no problems for years before they decided to use EAppraiseit and LSI for the appraisal ordering process. I have emails telling me I am no longer a WaMu preferred appraiser. I am glad to show that I was kicked off and it was only after the AMC's took over. I think they did me a favor.

 

[Workbox]

They should look into how the AMC monkeys get bonuses for getting the fastest low bidder appraiser.

 

[SmilingDog]

AMC's need to be exposed for all the dirty tricks they used. I was too approved by several large lenders that went with "E" and/or "LSI"...result = no more work.

They hired the newbie trainees or inexperienced at ridiculously lower and lower fees.

The AMC's in fact caused me to lose business. Wonder if we could ever get any of that back?

Personally, we'd all be better if AMC's were outlawed.

 

[Workbox]

Does this mean that E-PressureRaisIt, are still going after Pam?

 

[Couch Potato]

We will, however, have to wait and see whether or not this case has a bleed over to Pam's case. Might or might not.

I've read the complaint and saw nothing in it to indicate a charge of report alteriing. Were I the judge in Pam's case my initial reaction would be that one has nothing to do- legally, anyway- with the other but I'd let her attorneys try to establish the relevancy. If they could not then no judge would reasonably allow this suit to be entered into evidence in Pam's case.

The internal memos cited in the suit sure look damaging to say the least.

Bradd

I don't know about this one bleeding into Pam's, but Pam's definitely has bearing on this one. At the hearing a few months ago, Mr. Merlot testified about an "on site" lender representative from a large client and that the lender representative communicated with appraisers; defeating the idea of "insulation."

It appears to me at least a couple of hands were "caught in the cookie jar."

 

[Carnivore]

Why would the NY State AG bring the appraisers, his star witness's up on charges!

Lot of plea bargaining going ot happen. Dont kid yourself, a lot of those phone monkey's are disgruntled employees. How do you think he got those e-mails!

Wait till the Wall Street guys figure out they can cover some of there losses
because of this.

I smell RICO!

 

[Moon Pie]

Does this mean that E-PressureRaisIt, are still going after Pam?

Still???? I don't think they have ever stopped after those who tell their dirty little secrets. :new_2gunsfiring_v1: