NY, FirstAM & WaMu article

[Mike Phillips]

These emails are just amazing (and it's only excerts from some 50 or so). I wouldn't be surprised if this is a typical conversation between all AMC's and their Lenders (especially if the AMC is owned by the Lender).

It's about time this can of worms was opened. I knew there was a reason (besides being honest) that I didn't cave to these people and their "value hitting" ways.

I truely can sleep well at night knowing that they will not be coming for me.

Think I'll celebrate tonight :new_all_coholic:
(Anyone in the Charlotte area up for an appraiser meeting at the local Pub?)

DaveT in NC

Priceless: (my bold)

Just two e-mails from the link you provided:
*****
2/22/07 eAppraiseIT President to First American
“In short, we will now assign all Wamu’s work to Wamu’s “Proven Appraisers” (bypassing our Staff and Elites, including the ones we hired from Wamu)… Performance ratings to retain position as a Wamu Proven Appraiser will be based on how many come in on value...”
“We have agreed to roll over and just do it…”

3/1/07 eAppraiseIT President to WaMu
“Recently, we have been notified that Lending would like us to use more of their “Proven Appraisers” versus appraisers off our pre-selected appraiser panel. It seems the amount of Reconsiderations of Value (ROV) requests associated with our appraisers far exceeds those initiated when a Wamu proven appraiser completes the file. Said differently, Wamu proven appraisers bring the value in a greater majority of time with minimal involvement of the vender, sales and Appraisal Oversight.”
*****

Sounds like the former WAMU "proven" appraisers were definitely missed.

What a freaking joke the vocation has become. I'm LMAO.

 

[HangInThere]

I have been waiting for something like this to happen for quite sometime.
It is a good day for the honest appraiser!

I believe it is time to open the good stuff and celebrate

 

[Joyce Potts]

http://www.oag.state.ny.us/press/2007/nov/EA%20Complaint.pdf

Here's the link to the complaint.

 

[Hamlet]

It will be very interesting to see how this all unfolds. E will probably try to fall back and blame the bad appraisers who hit the value, but I wonder how that will hold up when they’ve also admitted to unlocking appraisals?

Gosh, for some reason I just can't stop smiling today..woohoo

 

[Renee Healion]

After several weird incidents involving borrowers stating that had to call me back before they could accept the property inspection appointment I learned that WaMu loan reps were instructing them to check back with them and tell them the name of the appraiser that called. If they didn't like the name they would cancel the assignment. I was mad enough to call the loan rep and it was the branch manager of a local WaMu shop. He told me that it was their "policy" (although he didn't use that exact word.)

For a couple of years I've told anyone who would listen at eApe that they were going to get sued eventually.

I have had some similar experiences to Greg's. When WAMU went to AMC's the loan agents behavior indicated that they bitterly resented the AMC firewall idea. While I declined eAppraiseIt work, I did perform WAMU appraisals for eApe's competition. In this thread I posted that it was apparent that the loan agents were beating on the firewall.
http://appraisersforum.com/showthread.php?t=113265

What I saw similar to Greg's post was the loan consultant canceling the order with the one AMC (and so appraiser) and then immediately reordering through the other AMC. Once, I was on the HO's cell phone line when the other AMC's appraiser called to set up an appointment on the HO's land line. In a blink, the first order had been cancelled and a new one ordered. It said to me that it was quasi-permissible appraiser picking.

I now must address a "correction order" for no error for this bank. I am convinced it was ordered out of spite by the same cast of characters as in the thread above. It goes back to an appraisal done last spring for new construction. When I did the final recently I realized how much I did not miss that bank. While appraisers on this forum wax sentimental about the bank, the bullying behavior seen locally is that which is accepted best by the stooge segment of the appraiser population. I have to stop before I am sued for spouting off....

 

[Scott Kibler]

Who but an appraiser should be primarily responsible for a bad appraisal?

 

[Pamela Crowley (Florida)]

I'm celebrating in between the tears of joy and relief.

Here's the direct links to the NY SG website with the press release:
http://www.oag.state.ny.us/press/2007/nov/nov1a_07.html

and the court filing:
http://www.oag.state.ny.us/press/2007/nov/EA Complaint.pdf

 

[Workbox]

I am sure that the "Brothelhood" is starting to pick up their pants, if they don't trip on their way out of that nasty infested orgy.

 

[Mr Rex]

I guess we should set up an implode site for AMCs, since the dominoes are about to start falling.

 

[SmilingDog]

The best qutoe in there is:

"First American and eAppraiseIT violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike," he said.

Clearly they are seeing that appraisers need to be independent, and that will never happen until the AMC's are outlawed, and a different hierarchy of ordering appraisals is in place. Something I'd like to see is direct state involvement over how appraisals are ordered. Lenders and AMC's should not be in that position. My 2 cents.