Springhouse, LLC - Ocwen

[ExplainDNA]

Hi,

Just reporting what was the worst job offer I've seen in quite some time, perhaps ever.

On Saturday the imbeciles over at Springhouse 'offered' me an assignment in Belvidere, IL. for a 3 Unit Multi-Family REO. A touch job in that town, just trust me on that.

The fee proposed? $300.00. Their end? $425.00

Yes, that's correct. THEY were only getting $425.00 from the morons at Ocwen, and they expected some dope appraiser desperado to take them up on that killer $300.00 fee.

Yes, there are those here who don't think anything of that sort of thing. Counter, they'll say. Right. You, first.

Best,

Dave...

P.S. - I'm glad we at least have the IVPI to intervene with these jack wagons.

 

[bnmappraisal]

3 Unit Multi-Family REO

ouch ... $300? yea, no thanks, especially for an REO to boot

 

[ExplainDNA]

At a bare minimum, even in the Chicago market, that's a $600.00 job. In Belvidere? Another $100.00, maybe $150.00.

Idiots.

Boyuott these jerkwads, let them die.

 

[ExplainDNA]

(A double post, sorry, I should have started here, not GB&U, although it's applicable to both...)

Hi,

Just reporting what was the worst job offer I've seen in quite some time, perhaps ever.

On Saturday the imbeciles over at Springhouse 'offered' me an assignment in Belvidere, IL. for a 3 Unit Multi-Family REO. A touch job in that town, just trust me on that.

The fee proposed? $300.00. Their end? $425.00

Yes, that's correct. THEY were only getting $425.00 from the morons at Ocwen, and they expected some dope appraiser desperado to take them up on that killer $300.00 fee.

Yes, there are those here who don't think anything of that sort of thing. Counter, they'll say. Right. You, first.

Just. Let. Them. Die.

Best,

Dave...

 

[DTB]

Do what I did back in the day with OCWEN jobs. Let them appraise them and offer them for sale and pounce on the mistakes. Did a bunch like that in other lovely environs...Zion and North Chicago.

The money was still green.

 

[Bobby Bucks]

Do what I did back in the day with OCWEN jobs. Let them appraise them and offer them for sale and pounce on the mistakes. Did a bunch like that in other lovely environs...Zion and North Chicago.

The money was still green.

"Nashunstar" is currently Ocwen Light when it comes to that.

 

[DTB]

"Nashunstar" is currently Ocwen Light when it comes to that.

Maybe I should renew MLS membership and pick a few off.
Nah, trading is better.
Just a whiff of nostalgia.

 

[Don Fiore]

For the life of me I can't understand how this outfit is still in business. As long as I can remember Ocwen or Springhouse or whatever they want to call it has been a clown act, the Three stooges version of the appraisal industry, Thanks but no thanks.

 

[Peter LeQuire]

My experience with Ocwen was that, whatever the fee offered, it wouldn't be paid. It went bankrupt at least once.

Great White and Ian Hunter had it right - once bitten, twice shy,

baby.

 

[Evincere]

(A double post, sorry, I should have started here, not GB&U, although it's applicable to both...)



Yes, that's correct. THEY were only getting $425.00 from the morons at Ocwen, and they expected some dope appraiser desperado to take them up on that killer $300.00 fee.



Dave...

For the people working at Springhouse call centers (I believe, off shore) a $300 fee is probably, for them, a months salary.

Great Expectations

David Brauner, Editor of Working RE and Senior Broker at OREP E&O insurance sees a disconnect between the increasing pressure on appraisers to provide more complex data and analysis in their appraisals and the silence about situations like this from lenders and regulators. “Appraisers are directed to improve the quality of their reports and expand the products they deliver beyond form filling into more analytics, if they wish to remain competitive,” Brauner says. And worse: with Fannie Mae’s new AQM (Appraisal Quality Monitoring), appraisers now must meet very specific reporting requirements or face “blacklisting.” “According to many, what Fannie Mae is asking for is simply sound appraising,” Brauner says. “But we really won’t know until we see who makes the blacklist and why and how the rebuttal process works. Stories like this overseas call center and many others (See “Low Bid” Appraisal Ordering and Its Effect on Quality) illustrate a seeming indifference to quality and a smooth process. You wonder why these issues on the ordering side are not being so vigorously addressed or even acknowledged by industry leaders,” said Brauner.

http://www.workingre.com/overseas-AMC-staff-speak-villiam/

And Wait, There’s More
WRE found this on ISGN’s website at the time of publication:

ISGN is Hiring in India
With a state-of-the-art operations center in Bangalore, we have a wide variety of positions available to support our servicing and default outsourcing capabilities, including mortgage loan processing and fulfillment, underwriting, valuations, title and settlement, closing, post closing, quality control, loss mitigation, foreclosure, REO disposition, IT services and more.

India Jobs at ISGN
If you are interested in exploring mortgage career opportunities, including but not limited to, Mortgage Processers, Underwriters, Mortgage Closers, Title Specialists, HUD Reviewers, and Appraisal Reviewers, please search for available positions below.”

Additionally, in June of last year, Bloomberg reported that Bank of America opened a unit in India conduct appraisal reviews for residential appraisals, with employees following checklists to verify appraisal “completeness.” The move came after Bank of America laid off 5% of its Landsafe employees in an effort to cut cost earlier that year. (Read more here.)