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NY, FirstAM & WaMu article
- Thread starter Tawfik Ahdab
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Rudy Canoza
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I was wondering if any of the software jack balls would get caught up in this vortex...
/Who's conspicuous by their absence?
Lloyd Bonafide
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I guess that WaMu getting rid of their appraisal department wasn't such a great idea after all. I think at the time, a lot of us thought it was short-sighted, and would be a financial drain in the long run, and we were right.
Saving a few dollars in the short-run, versus now having your loans being thought of as suspect by Wall Street - not a good idea.
Saving a few dollars in the short-run, versus now having your loans being thought of as suspect by Wall Street - not a good idea.
Bearslide
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I was wondering if any of the software jack balls would get caught up in this vortex...
/Who's conspicuous by their absence?
Probably in a long CYA conference with their attorneys...........
Workbox
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We can check that one off the AF prediction list, which next prediction is next?
hastalavista
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It seems to me the logical thing for Wamu to do is to reactivate their internal appraisal department.
This is not as far-fetched as it may seem; many of the Wamu appraisal personnel took transfers within the company. Their reactivation may take some time to ramp-up, but it is certainly doable.
They tried the grand experiment and it failed. It failed because of two reasons (these may not be the only two):
A) They thought they could outsource their due diligence responsibility and cut their appraisal costs.
B) They allowed their production staff to have too much influence on their third-party appraisal vendor.
It was flawed logic to think you can "outsource" a regulatory responsibility.
As my father used to tell me, "Son, it would be better for you to discipline yourself rather than me!"
It would be much better for Wamu (as Scott K. implies) for them to discipline themselves and try to regain their credibility on the Street vs. waiting for a regulator to do it. Why not do the smart thing from the beginning and make the appraisal process (which was very successful before) an in-house operation?
This is not as far-fetched as it may seem; many of the Wamu appraisal personnel took transfers within the company. Their reactivation may take some time to ramp-up, but it is certainly doable.
They tried the grand experiment and it failed. It failed because of two reasons (these may not be the only two):
A) They thought they could outsource their due diligence responsibility and cut their appraisal costs.
B) They allowed their production staff to have too much influence on their third-party appraisal vendor.
It was flawed logic to think you can "outsource" a regulatory responsibility.
As my father used to tell me, "Son, it would be better for you to discipline yourself rather than me!"
It would be much better for Wamu (as Scott K. implies) for them to discipline themselves and try to regain their credibility on the Street vs. waiting for a regulator to do it. Why not do the smart thing from the beginning and make the appraisal process (which was very successful before) an in-house operation?
Pamela Crowley (Florida)
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- Retired Appraiser
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Something I just received (I added the bold):
Hi Pam,
Still in the process of reading the AppraisersForum regarding eAppraiseit, but thought this would be of specific interest to you. This is an excerpt from an email from LSI where I was removed from the WaMu list for not complying with what I precieved as pressure:
"UNFORTUNATELY YOU DID NOT COMPLETE THE ASSIGNING. YOU STARTED THE ASSIGNMENT BUT WHEN REQUESTED TO GO BACK TO THE PROPERTY FOR THE INTERIOR, YOU WOULD NOT NEGOTIATE WITH US AND DECIDED TO BE BLOCKED FROM WAMU WORK.
THE SPECIAL INSTRUCTIONS ON ORDERS ARE NOT FROM ME. WAMU WORKS WITH THE LSI MANAGEMENT TO PUT IN SPECIAL INSTRUCTIONS TO QUICKEN THE APPRAISAL PROCESS THROUGH QA.
I WOULD NOT SAY THAT I WAS CONDESCENDING TO YOU. I CLEARLY EXPLAINED THE WAMU PROCESS AND WHY I NEEDED YOU TO GO BACK OUT. I TRIED TO NEGOTIATE WITH YOU AND EXPLAINED THAT IT WAS A WAMU REQUIREMENT TO COMPLETE INTERIOR INSPECTIONS WHEN DRIVE-BYS ARE NOT HITTING SALES PRICE. AFTER SPEAKING FOR ABOUT TEN MINTUES AND EXPLAINING WHY I NEEDED YOU TO GO BACK OUT, YOU STILL DID NOT REALLY SEEM INTERESTED IN COMPLETING THE ASSIGNMENT. AT THAT TIME I ASKED IF YOU WOULD LIKE THE ORDER REASSIGNED.
YOU HAVE BEEN BLOCKED IN OUR SYSTEM. YOU WILL NOT RECEIVE ANY MORE WAMU WORK.
I AM SORRY FOR YOUR FRUSTRATION BUT I WILL NOT REPLY TO ANY MORE
EMAILS."
This an actual quote. I was blocked for not complying with a request to do an interior inspection after not "hitting" the sales price. The main complaint I had was the $20 upgrade fee, but this really goes toward the pressure to come up with value.
Methinks Mr. Cuomo is not done yet.
We do ALL need to get everything we have on EVERY lender and AMC that is doing things like this!!!!!
Hi Pam,
Still in the process of reading the AppraisersForum regarding eAppraiseit, but thought this would be of specific interest to you. This is an excerpt from an email from LSI where I was removed from the WaMu list for not complying with what I precieved as pressure:
"UNFORTUNATELY YOU DID NOT COMPLETE THE ASSIGNING. YOU STARTED THE ASSIGNMENT BUT WHEN REQUESTED TO GO BACK TO THE PROPERTY FOR THE INTERIOR, YOU WOULD NOT NEGOTIATE WITH US AND DECIDED TO BE BLOCKED FROM WAMU WORK.
THE SPECIAL INSTRUCTIONS ON ORDERS ARE NOT FROM ME. WAMU WORKS WITH THE LSI MANAGEMENT TO PUT IN SPECIAL INSTRUCTIONS TO QUICKEN THE APPRAISAL PROCESS THROUGH QA.
I WOULD NOT SAY THAT I WAS CONDESCENDING TO YOU. I CLEARLY EXPLAINED THE WAMU PROCESS AND WHY I NEEDED YOU TO GO BACK OUT. I TRIED TO NEGOTIATE WITH YOU AND EXPLAINED THAT IT WAS A WAMU REQUIREMENT TO COMPLETE INTERIOR INSPECTIONS WHEN DRIVE-BYS ARE NOT HITTING SALES PRICE. AFTER SPEAKING FOR ABOUT TEN MINTUES AND EXPLAINING WHY I NEEDED YOU TO GO BACK OUT, YOU STILL DID NOT REALLY SEEM INTERESTED IN COMPLETING THE ASSIGNMENT. AT THAT TIME I ASKED IF YOU WOULD LIKE THE ORDER REASSIGNED.
YOU HAVE BEEN BLOCKED IN OUR SYSTEM. YOU WILL NOT RECEIVE ANY MORE WAMU WORK.
I AM SORRY FOR YOUR FRUSTRATION BUT I WILL NOT REPLY TO ANY MORE
EMAILS."
This an actual quote. I was blocked for not complying with a request to do an interior inspection after not "hitting" the sales price. The main complaint I had was the $20 upgrade fee, but this really goes toward the pressure to come up with value.
Methinks Mr. Cuomo is not done yet.
We do ALL need to get everything we have on EVERY lender and AMC that is doing things like this!!!!!
Pamela Crowley (Florida)
Elite Member
- Joined
- Jan 13, 2002
- Professional Status
- Retired Appraiser
- State
- Florida
Here's an excellent list for Mr. Cuomo, and all State and Fed AGs to start with:
http://www.tavma.org/index.php?option=com_content&task=view&id=5&Itemid=10
Related link?:
http://usinfo.state.gov/usa/infousa/laws/majorlaw/rico/rico.htm
http://www.tavma.org/index.php?option=com_content&task=view&id=5&Itemid=10
Related link?:
http://usinfo.state.gov/usa/infousa/laws/majorlaw/rico/rico.htm
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