NY, FirstAM & WaMu article

[Joyce Potts]

People have been writing on this forum for years that the lenders only wanted our appraisal for the E&O insurance. That's true in some small cases but that is small potatoes for the big players who are starting to roll.

Why sue 10,000 appraisers and their probably underfunded E & 0 carrier when you can take down couple multi-national companies?

Interesting how things work. The lawsuit against Pam likely supplied info for this suit, this suit will likely supply info for wall streets suit against WAMU.

This will only encourage more DA's to open more cans and wall street or class action suits will put on even more hurting. I think the bigger banks will survive, but they will lose enough that they might want honest and quality appraisals again. For the ones they don't risk low enough to value by AVM. :new_all_coholic:

Where has anyone ever written or advocated that lenders only wanted appraisers for their E&O? How absurd. Follow the EASY money, my friend.

 

[CANative]

eAppriaiseIT never puts "estimated values" on their appraisal request forms. I've never been pressured about value (but they can be a PIA regarding changes which they call "corrections.") They almost never allow contact between the appraiser and their lender client. I think their biggest "crime" is hiring incompetent appraisers from outside the subject property market based on low fees.

I think (just my opinion) that WaMu's prime objective in pressuring eAppraiseIT ot use appraiser's from the PAL was to try and get better appraisals.

 

[DTB]

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I think (just my opinion) that WaMu's prime objective in pressuring eAppraiseIT ot use appraiser's from the PAL was to try and get better appraisals.

I'm sure that's what triggered the lawsuit.

 

[CANative]

I don't think Cuomo or his staff really understand the nuances and "subtle complexities" in the issues of appraisers, lenders, AMC's, software developers and real estate data collection companies.

If WaMu is getting crappy reports from Eap appraisers then they don't really know whether the value is low, high or just right. It must be frustrating. I also don't think the emails from the VP at eAp expressing concerns over compliance issues concerning OCC, et al, was stating they were worried. I'll bet it was the start of a talking paper on how to deal with WaMu's insistence on using appraisers who wouldn't work as cheap as eAp's stable of clowns. In other words, this is just a business squabble.

 

[Renee Healion]

Snap out of it, Greg!

 

[Joyce Potts]

Snap out of it, Greg!

 

[jeisun]

I signed up eApp a few months ago on the advice of a friend who's doing a ton of REO work for them. I remember reading that they give more work to you if you buy the Lighthouse program to convert AIReady yourself. I haven't done much work for them, just a couple of desktop reviews. I didn't buy the program because quite frankly I can't afford it right now.

I had always thought that AMC's were supposed to be pretty cool as far as not presurring for value. I thought they were supposed to stand up for appraisers when we have issues and were the middlemen. I get 10 x's more pressure to hit value from regular MB's or banks directly than I have ever gotten from an AMC and I've frequently come up short. Contrary I've also come up frequently over. I rarely even look at the estimated value until I'm done w/ the report. It is what it is and I've got the data to back it up.

I see where Greg is coming from but I see where others are coming from too. I had been working under my Dad and his partner for the past 6 years as an appraiser professionally and they both passed away in the last 18 months, so I didn't ever have to deal w/ pressure for value or AMC's until recently.

 

[Natalie Smith]

I think what they are alledging is WAMU hand picked which appraisers eappraiseit was to use...based on appraisers who pushed values

 

[Natalie Smith]

This has me thinking...I stopped getting work from eappraiseit a little over a year ago..other then an occasional review. Right before they stopped sending me work I got tons of WAMU local orders....what I had thought was WAMU didnt like me and thats why the sudden stop in work....hmmm..actually maybe I was right..maybe they didnt like my values and this hand picking appraisers allegation is correct, I just checked and I got work from August-October 2006..then never another WAMU order, even though I was still with eappraiseit....makes me wonder

 

[Non Sequitur]

I don't think Cuomo or his staff really understand the nuances and "subtle complexities" in the issues of appraisers, lenders, AMC's, software developers and real estate data collection companies.

There was nothing "subtle" in the e-mails. IMO these guys are nailed. WaMu's stock is tanking and please excuse me for not feeling for WaMu. They chose eAppraiseIt and when they didn't get what they wanted (the e-mails concerned low values NEVER mentioned quality) WaMu put the screws to eAppraiseIt. I don't feel sorry for either and will not defend either.