United Wholesale Mortgage Sued

[chad hampton]

Thread 'Law firms begin addressing AMC fraud'

Jan 30, 2025

Law firms are preparing lawsuits against AMCs for exploiting consumers, and indemnity agreements will not protect them. When the attorneys find this has the approval of GSEs and HUD, expect major financial consequences. Stay tuned.

https://www.forthepeople.com/blog/h...ow-about-appraisal-management-companies-AMCs/

• Mejappz
• Replies: 168
• Forum: General Appraisal Discussion

• 
• 

mejappz was all over it...

California Class Action Challenges Inflated Appraisal Fees

FOR IMMEDIATE RELEASE 2/24/2025

arcc-usa.org

Oh boy, you're going to end up in purgatory with mej. Tell him hi if you get there before me.

I'm only kidding, I love the breakfast club. All very honorable and very ethical individuals. Just really good people. Not demonic at all. Hell, if you ask me, they all deserve valuation visionary awards. Give them some of those appraisal buzz awards too!!!

 

[TerryRohrer]

There is at least one more still active and working its way through the system.

The case of Timmins v. Clear Capital, et al. is a pending class-action lawsuit filed in California Superior Court that alleges defendants engaged in deceptive business practices by charging mortgage borrowers inflated appraisal fees.

 

[djd09]

but what about taf and their paying sponsors...

 

[George Hatch]

What does TAF have to do with lenders buying the bundled fee business model? I mean other than their address in D.C.s officescape.

 

[djd09]

oh you are right...they are useless

 

[Zoe]

oh you are right...they are useless

I think they are kissing cousins to AMCs.

 

[djd09]

I think they are kissing cousins to AMCs.

Court Report: FTC Sues Zillow and Redfin; Howard Hanna Amended Conspiracy Claims​

Additionally, the Appraisal Institute faces a new complaint that their primary "experience screener" does not hold an active appraisal license.​

Court Report: FTC Sues Zillow and Redfin; Howard Hanna Amended Conspiracy Claims

The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate.

www.rismedia.com

 

[djd09]

wait until they find out they were charging the borrower 1,000 and paying the appraiser 14 bucks...wtf

 

[djd09]

Oh my! Is what UWM did even legal?​

I have been doing appraisals for UWM since the end of 2023, in 2024, I have done more than 200 appraisals for them. But I finally called it quit and turn my capacity in aNow to 0, and not taking any of their calls. I know the ins and outs of UWM and how they score each appraiser because I was lucky enough to talk to some UWM Appraisal Direct team member who is so kind and explain to me in details on how things work with them before I started my first order. If I am going in this blind, I am sure I will not be able to survive.

What triggers my quitting is that, in this month, I have received 3 revision requests about borrowers/loan agent disputing about values in refinance transactions. The comps that they provided are laughable, no basis, and two of them even leads to lower value if I use their comps because of all the negative adjustments. I dealt with these revisions professionally and provided detailed rationales. Then, when they don't get what they want, they will assign a reviewer to the file and make life horrible for the appraiser. They will dint you for everything, and 3 revision eventually became 10+ revisions because of the going back and forth and the unfounded arguments of the reviewers.

These revision definitely negatively impacted my performance scores with UWM, and I see fewer and fewer auto-assigns and more call orders.

Then it hits me that this is a tactic that they employed to pressure the appraiser to produce higher values because if you don't, you will get a revision, then a reviewer and then likely lead to even more revisions (you will never get a reviewer with UWM if the value of the report meets their expectation, unlike some banks, where you get a reviewer every single time despite on the value, which I think is fair).

I am sure this business practice is in direct violation of AIR, if you have experienced the same, please comment!

Have a great day.

https://www.reddit.com/r/appraisal/comments/1gcmdey/oh_my_is_what_uwm_did_even_legal

sounds about right...

 

[Non Sequitur]

What triggers my quitting is that, in this month, I have received 3 revision requests about borrowers/loan agent disputing about values in refinance transactions. The comps that they provided are laughable, no basis, and two of them even leads to lower value if I use their comps because of all the negative adjustments. I dealt with these revisions professionally and provided detailed rationales. Then, when they don't get what they want, they will assign a reviewer to the file and make life horrible for the appraiser. They will dint you for everything, and 3 revision eventually became 10+ revisions because of the going back and forth and the unfounded arguments of the reviewers.​

These revision definitely negatively impacted my performance scores with UWM, and I see fewer and fewer auto-assigns and more call orders.

Then it hits me that this is a tactic that they employed to pressure the appraiser to produce higher values because if you don't, you will get a revision, then a reviewer and then likely lead to even more revisions (you will never get a reviewer with UWM if the value of the report meets their expectation, unlike some banks, where you get a reviewer every single time despite on the value, which I think is fair).

I am sure this business practice is in direct violation of AIR, if you have experienced the same, please comment!

The national firm-AMC hybrids have no problems with ROV stips turning into fewer orders, wonder why? Play the game or go home.