Valligent

[J Grant]

I just spent 2 and a half days working on a review sooo bad it would make you head spin. It appears skippy is back. Pics show 3 kitchens but the sketch has 1 kitchen ad 2 (pantry) ???? That was just the start but even so slick as to manipulate the mc data.

Thus my statement, only a full review can expose a skippy appraisal. A quality review or Valligent type review that does not have a local, experienced reviewer doing their own research to verify will let Skippy reports go right through because Skippy can make a value look credible and supported. The lenders like to say Skippy is not their problem and that is the appraiser's fault. I say they created such a high number of skippies though their lending policies , and non existent quality control and flawed review process.

Allowing a third party for profit vendor such as Valligent to design a cheklist software program and then hire the cheapest appraisers out there willing to checklist properties for $30 each, hope the FDIC sues every lender who tries uses systems like these as compliance with the review reqs in Dodd Frank. The lenders still don't get it and look at both appraisal and review as production and profit centers and only large scale lawsuits it seems has the power to make them rethink their policies.

 

[Fritz in NY]

Lost money all day...Did not get in to the $ 30-$ 60 review end, but had one assignment for a 1004 at $ 325. After completion I get a laundry list of stips which I "cleaned" up, then they came back with more "expination nessisary". Turning a 1004 into a self contained summary report IMO, I stopped all work at that point and expect to NOT be payed.

 

[CBBoston]

We did some of this kind of work for them several months back when things got slow. Most everything we did was looking for fraudulent appraisals. If you actually try to do a decent review and deal with their form(s) it was hard to do them in one hour. All that for a low fee. The other thing was that they were in constant turmoil and what they wanted you to do changed with each of their clients. Data they were supposed to provide often wasn't available when they said it would be. Yet dead lines constantly loomed. The fact that they haven't returned calls of emails isn't surprising. At least back then they were doing so much business and trying to recruit and train people I don't think they could see straight. After about 3 weeks we got busy with work that actually paid decent fees and fired them. We still get occasional calls from them. I guess if you have the right mentality and loose standards you might make money with them.

 

[GCJim]

We still get occasional calls from them. I guess if you have the right mentality and loose standards you might make money with them.

CBB,
I think you are giving very poor advice here. Firms like this are simply exploiting appraisers to the max, period.

 

[magic 8 ball]

It would be interesting to see the desk review form

 

[Riick]

They just contacted a friend of mine looking for a $25 CMA.
However, because of the way they are defining the search parameters
our USPAP folks will swear up and down you are doing an appraisal.
.

 

[NorthTexValuation]

163 checkboxes

I would not spend the time necessary just to check 163 boxes on some random opinion survey for thirty stinkin dollars. I can imagine the types of appraisers that are actually accepting these assignemnts.

 

[Elliott]

I think the AMCs are trying to lay off their risk to these new review entities. They are
LLCs, no cap value, that will be the bankrupt fall corporation when the loans go south.
The mortgage business has a long history of creating 'here today, gone tomorrow'
companies.

 

[Richard Johnston]

This just sickens me. Pro-teck is also doing the same thing... I like what JGrant stated. The bottom line is if you pay peanuts, you get monkeys. I think I will beg for coins off an off-ramp from now on...

 

[Kevin Mc]

Got an e-mail as well. I don't need a webinar to teach me how to review and I certainly don't need to follow someone else's guidelines to offer a reliable review. I'm sure the fees were not comensurate with the work involved. Pass.