NY, FirstAM & WaMu article

[Stone]

I never said I was against fair regulation that had set guide lines and followed those guide lines.

My past and current dealing with the board is there fairness and how it appears that they deal with appraisers, different ways for the same matter. Unjust fines. IF you roll over we will only do this to you, but if you fight us we will bury you. (I will not go into detail here.)


But I do feel, if this profession is going to be cleaned up we need to start somewhere. Now it appears that there are list of appraisers will to push value in order for loans to close. If that is the case, should these lists not be given to the States Boards to investagate and if found to be ture of pushing vaule, covering up things, looking the other way, those appraisers brought up on USPAP voilations and crimial charges of Fraud.

Or is it because we are getting close to home now, that don't start with us? Start some where else for the clean up. I would think that an above board appraiser would not have any problems, matter of fact would welcome such an investigation of those appraisers on the use list. If the Appraisal boards are so bad across the country that everyone fears then in every state, what good are they????

I think we got to start some where, NY has started at the top, let the rest of the states start at the bottom and work up as NY works down. They should meet some where in the middle.

If there are good and fair appraisers on the list there appraisals should stand the test and they would have no problems. Matter of fact they may never know there work was reviewed.

If we don't start cleaning up our profession where do we start?????

Well, IMO, this sounds a bit like, "they were unfair to me, but I want to send anyone on one of their lists 'cause I'm sure they'll be fair in nailing them". We'll have to agree to disagree, I guess, but I am still surprised that someone who has had the battle you have had recently is so willing to put a bunch of other folks (who may or may not have anything to worry about) through the same process.

As to hitting close to home, I've never worked for an AMC and I'm not too worried about how this would affect me. I just don't approve of throwing people to the wolves in what I can only describe as something that seems more like revenge.

 

[Couch Potato]

Never know what's on a "secret" list.

Well, IMO, this sounds a bit like, "they were unfair to me, but I want to send anyone on one of their lists 'cause I'm sure they'll be fair in nailing them". We'll have to agree to disagree, I guess, but I am still surprised that someone who has had the battle you have had recently is so willing to put a bunch of other folks (who may or may not have anything to worry about) through the same process.

As to hitting close to home, I've never worked for an AMC and I'm not too worried about how this would affect me. I just don't approve of throwing people to the wolves in what I can only describe as something that seems more like revenge.

Well said, Stone. There is no telling who is on such a list, or even if all those on the list actually received orders, without doing the research.

Ray, would you change you opinion if it was discovered your own name was on the list? Not having seen the list, how would one know?

 

[Workbox]

I would not call it Revenge, I call it "Making a difference" . Stone. many of us had great clients and very well established clients. When many of these AMC's took over, it ruined relationships that took years to built a trust with.

I had two great clients that I worked my *** off to establish. I was great, they trusted my work as with others on the rotation list and I they never questioned my fees. But when the AMC's came in, all was lost. Many of the builders that worked with these banks, lost clients and relations. They were using inexperienced appraiser that had no clue on custom homes or complex properties. Many are still suffering because of it. I lost one over night and the other I took a 10% cut. One bank if they had not been taken over, would still be in business and hopping, because it was their money, but when the big bank with the suprime/AMC mentality came in, they were GONE! If the AMC's had done it right, it would be great, but their is more behind THESE AMC's, MORE! Stay tuned. I was promise the moon at first, but when I saw behind the scenes it was a brothel and lies and tricks to undermine the appraiser. They get bonuses when they lower the appraisers fees, they charge for every correction and rebuttal tot he client, (YES! appraiser, some of those Phone Monkey will have slip of the tongue, Document It.)

Stone, I am sure their are good folks on those preferred list, many of us are or were on such lists and rightly deserved. Some may be on their, because they are friendly and courtesy toward the Phone Processor, other because they do "Desktops" or hit the numbers, who knows? But they will be questioned, some may have nothing to fear, others should just rip their licenses apart.

I still have small contact with the original processors of the the local bank that was taken over by these big banks. They told me that if they hadden been taken over, they would still be in the mortgage business and it would be even better. Now they have to go through the national 800 number mortgage office. When I received the application from this big bank to get on their approved list. It was funny it had a check-box that had "Comp Check", I checked "NO". Maybe that is why I haven't received any work. Revenge?....NOPE........PO'd due to the fast and the furious and Subprime mentality? HECK Yeah!

 

[Stone]

I would not call it Revenge, I call it "Making a difference" .

By turning anyone who is on a use list into the states? Considering the large number of cases that would create, and the fact that there would certainly be no actual violations of anything attached, it just seems like a witch hunt.

Oh well, I might feel differently if they were a client of mine in the past and I lost them due to this AMC foolishness. I just cannot get behind turning folks into the state without actually knowing they have done something. Sounds a little bit like "why don't you want your phone tapped? If you have nothing to hide it shouldn't bother you."

I presume I'm in the minority here, and that is ok. Since I don't do this type of work (never worked for an AMC), perhaps I simply don't understand.

Edit to add - I typed this while you were posting, Workbox. I'm not arguing that there aren't plenty of people on those lists who need to get the boot. I just am not a fan of throwing everyone to the wolves and hoping the strong (ethical) survive.

 

[Workbox]

Edit to add - I typed this while you were posting, Workbox. I'm not arguing that there aren't plenty of people on those lists who need to get the boot. I just am not a fan of throwing everyone to the wolves and hoping the strong (ethical) survive.

It's not about the appraisers, It's about what they did and how they did it and what they were doing behind closed doors. If you would have experienced what we went through just to be able to make a living, these guys came out of the shadows with knives to our throats. Some were able to fight back, Others get..... "You need to do it this way, word it this way, need an X, ROV, ROV, ROV, we need it now, ETA, how low is you Fee? You need to use this particular software and buy this one and use this one for this and that..... Some are still feeling the cold edge against their skin and paralyzed with fear.

They did not Allow us to do our JOBS Correctly! I do not think the appraisers should suffer, now that you mention it, but be allowed to do their jobs correctly from this point on, their work will speak for themselves.

 

[Terrel L. Shields]

hope they don't settle so that we can have a peek at those incriminating emails.

I bet WaMu will be very happy for Eppraisit to settle....'cause this just snowballs if Eppraisit doesn't settle out of court for a lot of money and the state let them close the records.

this individual frowned upon my notion that they weren't everything they cracked themselves up to be

have you gone back to remind 'em? Maybe take a copy of the complaint too...

They did not Allow us to do our JOBS Correctly

No body can stop me from doing my job correctly. If they choose not to use me or to use me, I still have a personal ethic I will not compromise for anyone. I will change professions first. Appraisers shouldn't be pressured but even if they are they should never succumb to that pressure no matter what. And, in fact, if no appraiser did, then pressure would go away. Every bank and mortgage company would understand that pressure would not work...
Lender pressure did not occur in a vacuum..It occurred because willing appraisers prostituted themselves for a cut rate fee.

 

[Moon Pie]

Workbox... RIGHT ON!!

I lost not only my two largest clients, it was AFTER my rebuild the FIRST TIME the AMC took away my "salary job" by buying out a smaller corporation of appraisers & reviewers I worked for. loved it... (We had a good salary with good benefits), but unfortunately, the agreement was I had to shut down my little independent office. The BIGGER guys eat the BIG guys who in turn eats all little guys... I just try to keep staying alive as an honest appraiser and avoid having to rebuild again.

 

[Mike Kennedy]

"Lender pressure did not occur in a vacuum..It occurred because willing appraisers prostituted themselves for a cut rate fee."

Suitable for framing and a prominant spot on every appraisal office wall.

WELL SAID !!!!!!!!!!!

 

[bfriendly]

I Loved Lsi!

I loved LSI, even though they always had a "BEV" or "Qualifying Value"on every assignment. I would call and communicate any issues like I was told, but I NEVER felt pressured from the folks on the phone.
Only one time did they send me an ROV with some rediculous comp. So I was happy to check it out & explain why there was no way I would use it and the value is what it is.........In fact, in my comment addedum about the ROV, I went on about how I was confused why my value was not as high as the last mortgage amount that took place 6 months previously and "Perhaps" the previous appraisal should be reviewed.
That was about 6 months ago and I have not gotten an order since.....
IMHO they(LSI) DO NOT PRESSURE YOU! They just QUIT SENDING YOU WORK! I guess I did not get on their approved list

I never got a chance to do work for LSI/WaMu, the work I did do was for BOA.

 

[Stone]

It's not about the appraisers, It's about what they did and how they did it and what they were doing behind closed doors. If you would have experienced what we went through just to be able to make a living, these guys came out of the shadows with knives to our throats. Some were able to fight back, Others get..... "You need to do it this way, word it this way, need an X, ROV, ROV, ROV, we need it now, ETA, how low is you Fee? You need to use this particular software and buy this one and use this one for this and that..... Some are still feeling the cold edge against their skin and paralyzed with fear.

They did not Allow us to do our JOBS Correctly! I do not think the appraisers should suffer, now that you mention it, but be allowed to do their jobs correctly from this point on, their work will speak for themselves.

I get that (from reading yours and others' posts). That is why I wrote that I might feel differently if I had been in a position to have work taken away. That is completely understandable.

Being PO'd is one thing, but going after a whole group of people because you were treated lousy is not necessarily the answer, IMO. As others have noted, there probably are plenty of people on their lists who never did any of the things you were asked to do, and forcing anyone who simply took work from one company to defend themselves without anything more than a name on a preferred list smacks of a witch hunt.