NY, FirstAM & WaMu article

[Moon Pie]

You are right... but in some areas of Florida they control the entire appraisal ordering process. I have tried so many times to get around these AMC's but once I make a good contact establish a really good working relationship (like I had for 5 yrs with WaMu) the big AMC Corporates go to the Lenders big wigs... they all get a great idea on how to skim an extra few million -- from what I read "Billions" and me little ole independent appraiser has been left out in the cold. Even SunBank is sending me emails telling me they are going to start using Appraisalport, and a new AMC, Pinnacle as well... these were all clients I have had for years locally. So what does an appraiser do now? We are not being given any choices here it is extortion. Take the fee or leave it... that was the choice I was given and not even by the staff I once worked with at the Lenders because they have all been fired! All the staff I worked with in the Jacksonville WaMu have moved over to Landsafe. Go figure, there was no where for them to go either except to sleep with the enemy.

I have been starving because I refuse to accept those insulting fees. I have a fee list of what they get verses what they pay me and it is out right robbery!!! Less than half of what the AMC's are getting and even less than what the original fee charged to the actual borrower. They (the actual borrower) have quoted me fees their fee to be $400.00, $500.00 and now the AMC is only willing to pay $215.00 for a full URAR in my area here in Central Florida. It is insulting! Where do appraisers turn to for support, help or explanation?

 

[Non Sequitur]

How anyone defends WaMu in this mess is beyond me. At one time the appraisals dept may have been great to work for but, IMO, in this instance WaMu put the screws to eAppraiseIt. Not that I have any love for AppraiseIt but WaMu appears to be the agressor. The way WaMu ran its former appraisal dept is in the past, now things are different. WaMu went for market share just like the rest of the crooks, ethics be damned.

 

[Michael Tipton]

Wasn't there a change in upper management at WaMu prior to their decision to eliminate their appraisal operation?

 

[Queen City Gurl]

I don't think anyone is defending Wamu "in this mess" as you put it. I certainly don't condone or excuse them in this situation, and I don't think I implied that.. I simply expressed surprise, based on a long, professional history with them. As others have also stated.

But, that aside, no matter who it is, I am thrilled at the arena, this may provide for us. and think we all need to go with it...... that was the jist of my post.

 

[Jan Roseberry]

Last appraisal done for WAMU -- April, 2004

It's difficult for me to considered them a client after that much time no matter how much work I performed. If I recall correctly, it was initially another case of my refusal to use Lighthouse. That was an expensive decision for me!

 

[444nutman]

I agree with Debbie. Everyday I write my governor, my worthless AG, state representives to state and national houses. I hope everyone else is as well. If a multi-million dollar appraisal firm rolls over what do you think mom and pop appraisal firms are doing. We make the least off of each real estate transaction and have no protection. We are supposed to be independent but I feel as a whole the lenders are trying their best to eliminate us from the transaction.

 

[Jerry Still]

The Answer.

Moon Pie,

The answer is... for ALL appraiser's to simply refuse to work for peanuts from AMC's or anybody else. Collectively we have power. Alone none. But it won't happen. We can't herd cats or teach starving appraisers to have self respect.

Why? To many appraisers chasing too few orders. The old supply/demand theory. There was a problem with low ball bottom feeders cutting fees even back in the boom 2002-2005 hot market. Now in this market, its even worse as more are close to being flushed down the financial stool. The newer appraisers (1-5 yrs +/-) that are not established have to feed there family's off AMC business. They seem to have a low self image or do not know how to originate (lazy?) full fee business. They are locked in a desperate race to the bottom. Cutting their own fees (and throats) because they don't have the back bone to tell the AMC were to go and how to get there!

In 1991 there were less appraisers. A good turn time was 7 to 10 days, many orders were delivered in about 2 weeks and they were happy to get it. I never was asked for a "Comp Check". It was a rising market, low value was hardly ever an issue. When it happened (low value) it was not a major problem. Appraiser's had respect. We set the rules of engagement. We were the keepers of the money gate.

Then, clients were real money lending banks and respectable mortgage companies. The market was not over run with appraisers as it has been for the last 7-10 years. I got calls on a weekly basis from new clients hoping I could some how fit them in. Clients appreciated us. But the store front appraisal schools and "Puppy Mills" have killed our golden gooses.

So...Pray that this market stays in the pooper for a least another two years, to flush the AMC's and the over supply of appraisers down the drain.

IMHO, Cleansing the profession of our appraiser over supply and AMC's Is our only hope. The law of the jungle. Eat or be eaten allways prevails.

JS...In Paradise, High 70's Today & SUN

 

[Terrel L. Shields]

The answer is... for ALL appraiser's to simply refuse to work for peanuts ...But it won't happen. We can't herd cats

Too sad, too true.

To many appraisers chasing too few orders

2 years ago there were tons of orders but fees were dropping. Why?

(in 1991) A good turn time was 7 to 10 days

FHA in our area was 3 - 6. VA up to 12 weeks.

 

[Doug Trites]

Wow! Thanks Pam. Your hard work will pay big dividends and you deserve it. It's not just these large AMC outfits. It's the entire mortgage industry. Certified Appraiser with 14 years experience, and the business model of honesty, integrity, quality, and professional, keeps me poor and out of lawsuits. I never thought our profession would come to appraisers advertising "Free Comp Checks", "Fast", "cheap", broadcast appraisal requests for a minimal value, and even borrowers are now calling for a guaranteed value. I'm excited about this lawsuit and if nothing else prevails, I pray the characteristics of honest and integrity will make a comeback in our profession. Recently, I had a mortgage broker tell me he wouldn't use my services because of my reputation of being too honest, too clean. However, I appraised all ten of his properites 2 months ago. His reply was " I wanted a honest appraisal, so I hired you because I don't trust none of the appraisers I regularly use." Unfortunately, this toshe enviroment honest appraisers have to deal with in todays marketplace.

This the exact thing I have been hearing for over the las three years. How sweet it is to hear that the hens are coming home.m:

 

[Couch Potato]

There is new software coming on the market that will allow one to send a "self destructing" email. You can program you email to permanently destroy itself leaving no recoverable record. Set it for a year or set it to destruct while it's being read. The only way to defeat the self destructing email is by some quick thinking recipient who captures it with a screen shot.

Actually there are other ways such a system would be defeated, but screen shot would be the easiest. There are laws requiring the recording of all email in an archive as well as recording of Internet traffic. By the time I post it, this message is probably stored on 10 different servers around the country. Private in formation exists on the Internet, but unobtainable information does not exist on the Internet. It is just a question of having the right court order to get most anything.