NY, FirstAM & WaMu article

[deturner]

off humping AMC legs

None of that going on around here. I couldn't put up with reduced fees, pressured turn times and numerous phone calls. Now granted, if this wasn't the case, things must have changed in the last five years because that was the last attempt I had at working for any of these outfits.

DaveT in NC

 

[NWnative]

i would be looking over my shoulder if i was one of those "proven appraisers" that wamu demanded be used......wonder if the AG office will be turning those names and their crap appraisals over to DOS to investigate?

As far as I know, those "proven" appraisers were appraisers who worked with Wamu for years with NO pressure ever to hit value.
I was never pressured and never told what value to hit EVER.
When Wamu stopped using with own appraisal department, they hired out Eappraiseit and LSI to do their appraisal work. Appraisers who were on their "approved appraiser list" (like MOST lenders have) were given first dibs at work. Not surprising and not strange at all.
It will be interesting to see who/when/when/where this pressure took place. Not around here as far as I ever heard about.
I know 2 people that were removed from Wamu's list a few years ago for inflated appraisals that outside mortgage brokers brokered through Wamu when reviewed by Wamu.

 

[jeisun]

I thinks it's just the # hitters that should be worried as far as appraisers go. As long as you were doing your job correctly I wouldn't be worried.

 

[Mr Rex]

None of that going on around here. I couldn't put up with reduced fees, pressured turn times and numerous phone calls. Now granted, if this wasn't the case, things must have changed in the last five years because that was the last attempt I had at working for any of these outfits.

DaveT in NC

DE, I am certain you didn't leg hump, but can you say Beazer? We as a group have alot of explaining to do for out own(peers, cough, gag) actions, at least this suit shows that we as a group were pressured. Doesn't change the fact that the lenders and RE agents lobby dwarf us, and will throw us under the bus, and we will not necessarily pop out from the rear with full fee 1004 interiors, with only ethical appraisers need apply.

 

[deturner]

can you say Beazer

I actually looked at some of the appraisals in question during the Beazer stories from the Charlotte Disturber. I really did not see much wrong with the appraisal. However, after seeing some of the neighborhoods and the people living there, I now understand a lot more about this situation.

It looks like this was a different type of "funny stuff" (and there are others besides Beazer doing it).

I think they need to stop the "incentives to use the builder mortgage company ($XXXX closing costs paid if using <builders lender>)"

It looks like several of these neighborhoods were targeted to certain people (mostly in the lower incomes).

DaveT in NC

 

[Scott Kibler]

Interesting time line here.

I've never done Wamu appraisal either direct or through an AMC but it sure seems like the direct guys who talk about Wamu being sticklers got dumped just about the time the refi boom ended and the really big thrust towards subprime started...talking 2004-ish.

If true, a conspiracy minded person could think that the move to helpful AMC's was made not to save money but to give the appearance of a firewall when in fact the AMC's were used to direct their appraisal business to only likewise helpful appraisers. Certainly that would not be in the spirit of bank regulator directives.

During the refi boom, origination was mostly to A paper type borrowers with lots of equity, no shinanigans necessary. Subprime origination is somewhat different and a little help from a friendly appraiser is often requried.

 

[Joyce Potts]

Interesting time line here.

I've never done Wamu appraisal either direct or through an AMC but it sure seems like the direct guys who talk about Wamu being sticklers got dumped just about the time the refi boom ended and the really big thrust towards subprime started...talking 2004-ish.

If true, a conspiracy minded person could think that the move to helpful AMC's was made not to save money but to give the appearance of a firewall when in fact the AMC's were used to direct their appraisal business to only likewise helpful appraisers. Certainly that would not be in the spirit of bank regulator directives.

Had myself or several others on this Forum posted what you just did--we'd have been nailed to the cross with black helicopters.

You're probably not far from the truth.

 

[Mr Rex]

You mean "rolling over" and taking it like a prison bee-ach?

 

[Ray Miller]

"WAMU was one of the best lenders to work with; they never pressured us but did ask legitimate questions when such questions were warranted. Working with Wamu direct, I may have received 5 (out of 1,000+ orders our firm did for them) requests for reconsideration.
That all changed when the shelved their internal appraisal department and went to outsourcing. Our relationship with the AMCs went all of maybe 10-15 jobs, then we cut it off."

Got to agree with this statement. I know WAMU had a do not use list of appraisers who hit value and were to high.

I had only a reconsideration of value once from WAMU. My value stood and the loan did not fly.

So something is not quite right in the story I am reading here. I know when LSI and E took on WAMU, after a couple of appraisals I was dropped from the approved list and have not had a WAMU order in the past two years or so.


Pam,

Remember what goes around comes around. And it appears it has. It looks as if it you hit a home run. They are running to cover all their bases. Good work, don't drop it now.


Maybe all the state appraisal boards and AG's should request the approved list and start review appraisals for number hitting.

 

[Ray Miller]

Interesting time line here.

I've never done Wamu appraisal either direct or through an AMC but it sure seems like the direct guys who talk about Wamu being sticklers got dumped just about the time the refi boom ended and the really big thrust towards subprime started...talking 2004-ish.

If true, a conspiracy minded person could think that the move to helpful AMC's was made not to save money but to give the appearance of a firewall when in fact the AMC's were used to direct their appraisal business to only likewise helpful appraisers. Certainly that would not be in the spirit of bank regulator directives.

During the refi boom, origination was mostly to A paper type borrowers with lots of equity, no shinanigans necessary. Subprime origination is somewhat different and a little help from a friendly appraiser is often requried.

I would think that you have hit the nail on the head.

I was noticing a change in the neighborhoods about that time. Lots of refi of old loans in good high end neighborhoods. Then it started to change to younger families with in new neighborhoods who were pushing the limit.

Time line is about right.