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Pressures involving WAMU

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Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Who has ANY kind of evidence of losing orders for: not hitting values, reporting declining market, reporting negative attributes/repairs, etc., etc., where the lenders was/is WAMU?????

Please contact me at pec514 @ yahoo. com to discuss it.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I can't be the only appraiser who had nothing but positive experiences in my dealings with WAMU!
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I can't be the only appraiser who had nothing but positive experiences in my dealings with WAMU!

You are not.
But you (like me) may not have personally experienced the negatives after Wamu switched to AMCs.
 

Rice Brewer

Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
I have nothing from the WAMU Direct days - we were on very good terms. I declined to retain them as a client when they chose to dance with the devil(s).
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
You are not.
But you (like me) may not have personally experienced the negatives after Wamu switched to AMCs.

Denis, I worked for WAMU prior to, and after, their move to the AMCs and I never had a problem in working with them (and the AMCs...except for the typical "PITA" stuff that one gets from any AMC).
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Denis and leelansford, I consider both of you my superiors and I don't doubt either of you. But why is WaMu in so much trouble? We may not agree that there's fire but there's no doubt plenty of smoke.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Denis, I worked for WAMU prior to, and after, their move to the AMCs and I never had a problem in working with them (and the AMCs...except for the typical "PITA" stuff that one gets from any AMC).

I'd say you were a lucky person, but I rather think it has to do with you creating your own luck in what assignments you accept and reject, and with parameters you set with the AMCs (as opposed to the other way around!).
 

REM sleep

Sophomore Member
Joined
Oct 23, 2007
Professional Status
Certified Residential Appraiser
Wamu

I never had any issues with WAMU. They never asked me to hit a value and never called screaming about values. They were one of my favorite clients because they were so deatched from the process. They sent the work to Appraisalport, I retrieved it, completed the report and sent it back. A week later I received a check. Not much more involved. If I had a question, I e-mailed or called their 800 number. If they had a question, they did the same. From my perspective, this was as close to the perfect client I can get. They let me do my job and I was compensated for my work. When the dropped us and went aboard with LSI, I was hurt but I had been through this with tons of banks being bought, closed, or made sweeping changes - its the nature of the business. As a business owner, you have to adapt.

I refused to work with LSI - the fees were offensive - we went from
$ 345.00 to $ 200.00 for a 1004!!!??? For all their headaches??? please! I picked up somework from WAMU with eappraise it but it was short lived - maybe a few months and it was mostly low LTV 2055 drivebys and H.E.L.O.C.'s. I have to admit I was really surprised when I heard the news from AG Cuomo.
 

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
Denis, I worked for WAMU prior to, and after, their move to the AMCs and I never had a problem in working with them (and the AMCs...except for the typical "PITA" stuff that one gets from any AMC).
This is my experience too. In addition, the work I received from WAMU usually had a better quality of borrower and a better quality of property.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
As many have mentioned and experienced,......... All was fine until, All went to AMC's.
 
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