NY, FirstAM & WaMu article

[Tim Hicks (Texas)]

Pam, you're getting warmer. Think AI, aird, FNC, Wamu

Oregon Doug

Yes, how do they convert locked pdf files into AIRD files and what third party software company is making this illegal conversion software that unlocks a secure pdf without the appraiser's knowledge? If an appraiser delivers a locked pdf, how can they be prosecuted for a converted appraisal that does not resemble the locked pdf they sent?

Is it a three letter company?

 

[James E. Manning]

That's a lot of reading but I did read them all.

First, I have never worked for a AMC in my life.

I am curious about just how much an appraiser gets for doing work for eappraiseit?

Two articles in WSJ and SF Chronicle said they received $50 million for 262,000 appraisals. I realize some are drive-bys and others are 1004's but how much do they pay. The average (I know better) is about $192.00 each. How much of that does the actual appraiser get? I am so confused!

 

[Tom Barclay]

That's a lot of reading but I did read them all.

First, I have never worked for a AMC in my life.

I am curious about just how much an appraiser gets for doing work for eappraiseit?

Two articles in WSJ and SF Chronicle said they received $50 million for 262,000 appraisals. I realize some are drive-bys and others are 1004's but how much do they pay. The average (I know better) is about $192.00 each. How much of that does the actual appraiser get? I am so confused!

Don't remember exactly where in the filing and subsequent e mails it was mentioned, but EA was complaining that they only got 20% for using WamU's "preferred appraisers" instead of the normal 40% of the appraisal fee. Leeches.

 

[Michael Chu]

Yes, how do they convert locked pdf files into AIRD files and what third party software company is making this illegal conversion software that unlocks a secure pdf without the appraiser's knowledge? If an appraiser delivers a locked pdf, how can they be prosecuted for a converted appraisal that does not resemble the locked pdf they sent?

Is it a three letter company?

My guess is 13 letters:AppraisalPort

Which lenders/AMCs use AppraisalPort?
Allstate Appraisal
American Reporting Company (ARC)
Argent Mortgage
Aurora Loan Services
Bank of America/HomeFocus Valuation Services
Equity Solutions USA
First Horizon/First Tennessee
Frost Bank
IndyMac Bank
Just Valuation, Inc. (JVI)
Key Bank
Landsafe
Nationstar Mortgage
Option One Mortgage Company
SunTrust
Title Source, Inc. (TSI)
Union Bank of California
Wachovia Settlement Services
WaMu

 

[incognito]

I have been too busy to catch up with this thread, but would just like to say that I hope this upens up investigations into Landsafe/Countrywide. If you think WaMu is guilty of selecting appraisers who come into value, and letting go those who do not, well you have seen nothing until you take a look at Landsafe!!!

I'll be back later...

 

[Pamela Crowley (Florida)]

Yes, how do they convert locked pdf files into AIRD files and what third party software company is making this illegal conversion software that unlocks a secure pdf without the appraiser's knowledge? If an appraiser delivers a locked pdf, how can they be prosecuted for a converted appraisal that does not resemble the locked pdf they sent?

Is it a three letter company?

I'm not a techie and don't know for sure, but I do have copies from various appraisers that only have one software such as Day One or Alamode, but once their appraisal was unlocked and 'converted', the bottom of the appraisal forms now say ACI. How could that happen??? :icon_question:

 

[hastalavista]

Denis,

I noted that there are comments about NY not being able to go after WAMU due to jurisdiction issues.

I am not sure that is correct. They loaned in NY, they recorded mortgage documents in NY, etc. Seems to me that they did business in NY and could be included easily.

I am wondering why they did not? And Pam tells us she has even more on LSI yet they were not included in the suit either. I wonder again why not?

Do you have any thoughts on that?

Brad

Brad-

Remember not too long ago the banks won the case in California when the state tried to regulate the ATM fees they were charging? They failed because it was ruled they were not under state regulation. Also, there was the more recent case in Michigan (I believe) where a formerly state-chartered lender was changing its status to federal-charter (it was purchased by a bigger fish)- the state regulators tried to stop it and could not.

I think the NY AG's move to focus in on EappraiseIT was a tactical (and correct) one. There is no side-bar jurisdictional issues if they tried to include Wamu in the process.

Of course the question really is, is this a concerted effort to influence appraisal results or isn't it? What I think (or any of the rest of us) on that is irrelevant to how it will be hashed out in court. But, you don't have to be Antonin Scalia to see how it looks so far! :new_smile-l:

 

[Workbox]

I'm not a techie and don't know for sure, but I do have copies from various appraisers that only have one software such as Day One or Alamode, but once their appraisal was unlocked and 'converted', the bottom of the appraisal forms now say ACI. How could that happen??? :icon_question:

WHAT!! No Way!................OH RICH!!!.............Did I just hear Screeching tires?

 

[Rudy Canoza]

I'm not a techie and don't know for sure, but I do have copies from various appraisers that only have one software such as Day One or Alamode, but once their appraisal was unlocked and 'converted', the bottom of the appraisal forms now say ACI. How could that happen??? :icon_question:

Lighthouse will convert a PDF to an ACI format. So I'm guessing that if an AMC that uses the ACI software and gets a PDF files from ala mode, Day One, etc, they could potentially convert those PDF's to the ACI product. I have no clue if they do. But the ability is there to do it.

My question would be, where do they get the signature of the appraiser if it's a broker deal and the appraiser isn't on "the list" and hasn't provided the sig? (Which causes all kinds of USPAP issues for the appraiser)

I talked with some ala mode folks about a PDF conversion software. I won't mention names but the consensus was that it creates the potential for abuse and ala mode won't develop such a product. My hat's off to ala mode for taking that position on this.

 

[Workbox]

Lighthouse will convert a PDF to an ACI format. So I'm guessing that if an AMC that uses the ACI software and gets a PDF files from ala mode, Day One, etc, they could potentially convert those PDF's to the ACI product. I have no clue if they do. But the ability is there to do it.

My question would be, where do they get the signature of the appraiser if it's a broker deal and the appraiser isn't on "the list" and hasn't provided the sig? (Which causes all kinds of USPAP issues for the appraiser)

I talked with some ala mode folks about a PDF conversion software. I won't mention names but the consensus was that it creates the potential for abuse and ala mode won't develop such a product. My hat's off to ala mode for taking that position on this.

So they need your signature to open it and add it again to close it? What if you never supplied one, and you find out that they are opening your PDF to remove your Invoice and to send to the client. Where did they get the signature? Does this make sense?