Review for Valocity/IndyMac Made Me Mad

[Lee Lansford]

I have completed more than one assignment from IndyMac Bank (not from Valocity) for post-closing (REO) reviews that required my own opinion of market value.

I can only offer that from my experience, I wish that I had more clients similar to IMB.

 

[3 Putt]

Sounds like 2 separate assignments to me....

1) Review the appraisal

2) Provide an estimate of value, hence a new appraisal. (desk or field)

How can appraisers do these assignments for fees less than half their usual fee?

 

[Tim Hicks (Texas)]

A few months ago it was brought up at the Florida Quality Council meeting that defaulting or foreclosed properties are having the appraisals reviewed and that review appraisers are being pushed hard to make sure they find errors in the original appraisal - almost to the point of 'you will find something wrong no matter what'. These were the lender QC and fraud Dept people saying this!!!!!

Shocking, sickening, and makes one not want to do reviews.

Unfortunately, finding credible appraisals on these retrospective review assignments is like finding a needle in a hay stack. I keep hoping to get a review where I don't feel like the appraiser is a criminal. Maybe, I am just lucky. Maybe, the lenders are believing they have appraisal problems on most foreclosures from the amount of bad reviews they have been getting.

 

[murray stroupe]

Re; Review

I got a call back after a review where this small AMC's clerk wanted to know if I "learned anything" based on their call-back questions. I said I learned your preferences. (Two questions: one was why didn't I say that an age adjustment was needed on a sale that was 195 years old versus the subject's 210 years old. Answer: because it is not needed and I simply never foresaw it as an issue for comment. The other was that a number with a leading zero can refer to the same document as a number without the leading zero, but that it needs comment.:new_smile-l: )

She went on to assert that "These appraisers are being singled out for a reason. We want to know what fraud they committed." I replied that, as my review reported, in my opinion the report was credible, if light on commentary.

"It is what it is" applies to reviews as well. As does pressure to reach a predetermined conclusion. So if you think greedy sweat shopowners' hungry trainees were a problem with regular mortgage biz, just wait.

==============================
''Learn any thing??''

Answer ''I learned your preferences''
Bullseye,Laugh out loud

 

[Caterina Platt]

Renee,

You are better at curbing your tongue than I am. Now, I'm assuming the scenario is a rather condescending conversation with the AMC clerk. In which case, I would have probably spouted back something in a haughty tone about 'just what do you think you might be able to teach me???' Wouldn't earn me anymore business with them, but I'm about sick up and fed with this lack of respect.

People, the bloodbath is underway. In the previous S & L debacle, we didn't carry E & O. This is a very, very disturbing problem we've all been concerned about.

 

[Renee Healion]

Caterina, sad but true. I just sent an email to the Banking Committee contrasting ethical appraisers as scapegoats in the S&L days and now, with the difference being now we are scapegoats with E&O policies. We have the same view, it's clear. As for diplomacy, it's nothing I am usually accused of. But it is a change of pace to watch a reply go sailing right past them.

 

[Charles West]

I received a request from Valocity for a retrospective field review for IndyMac and because the subject property had been newly constructed at the time of the originating appraisal I was unable to verify a lot of the data in the submitted report-no primary source of data-just secondary ones, i.e. county records, etc. The original appraisal contained no adjustments for sales concessions (of course not) and I was even unable to verify some of the sales prices indicated in the appraisal. I said as much in my submitted report and the Valocity representative called and suggested I should utilize a 'extraordinary assumption' in order to complete the review. I told the rep that a extraordinary assumption should only be utilized if the appraiser can reasonably be confident in the results and in this case that obviously would be impossible if I couldn't even verify the most basic information. I informed the rep that the proper course would be to inform the client (IndyMac) that this was the case and let them make the decision. This apparently was not acceptable and I was told that the fee ($350.00) would be withheld which is now 12 days late. Now begins the bs period where I have to call the Valocity accounting department (only twice) and if no results submit the bill to IndyMac-which by the way I have a good relationship with and was informed of the antics of Valocity shortly after the initial conversation. Same old bs.

 

[Carnivore]

Again, I am shocked that Indymac would allow this kind of policy behaviour from a vendor(managment company)! This reflects poorly upon the Indymac Appraisal Division. They know better, so I assume they dont know of this!

This is another example of an AMC interfering in the valuation process

The two cases mentioned here should be forwarded to Brad to give him a chance to solve the problem internally.

 

[liznindy]

See my thread about a Different AMC

I have a similar problem with a different AMC (IMortgage Services) who is dictating how I complete the review report.

They too have said that if I don't comply with their request to change the report, they will have to reassign the review request..to which I assume they mean I won't be paid....

Well, you can be sure it will be the last time this particular AMC doesn't pay me...as I won't be providing any more appraisal services for them.

 

[Charles West]

Andrew I assume that IndyMac is aware of the situation as I have had a conversation regarding this very topic with one of the senior people at the appraisal division. It has been my experience and I don't necessarily know if it is the case here, that the appraisal division takes a back seat to the wishes of the production side. I was told in any case that a portion of the workload that Valocity handled was jerked away for just this kind of incompetance and I assume that the removal of the whole is just a matter of time. By the way which Brad do you refer to?