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valuation Expo
- Thread starter Lukasz123us
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NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
If the customary fees gets past, it will only fuel the growth of these large national appraisal firms, which I am totally against. These are the same POS companies that are low balling the fees right now and causing many good appraisers to go out of biz.
Why should they be rewarded? Screw the national firms and the large AMCs!!!
I do not need some "supervisor" or owner of a company telling me how, or what to do with my reports to please the client. Most of these large firms has 2-4 clients, so if they lose just one, it could puit them under.... PRESSURE? I have 15 clients. I will tell them fxx off if they pressure me.
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NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
http://allfhaappraisers.com/metro-we...lc-448066.html
http://www.linkedin.com/pub/ken-donnelly/12/2b7/276
Kenneth Donnelly
Metro-West Appraisal Co., LLC
the property. That property sold for
assignment.
Their clients are TSI, Streetlinks, Corelogic, etc. according to another poster.
http://www.linkedin.com/pub/ken-donnelly/12/2b7/276
Kenneth Donnelly
Metro-West Appraisal Co., LLC
Kenneth J. Donnelly A6897 (Charlotte)
By consent, the Board suspended Mr.
Donnelly’s residential certification for a
period of one year effective December 1,
2010. The first three months of the
suspension are active and the remainder
is stayed until July 1, 2011. If Mr.
Donnelly completes a sales comparison
class, a class in Mastering Unique and
Complex Properties, and the 15 hour
National USPAP course (with
examination) by July 1, 2011, the
remainder of the suspension shall be
inactive. In addition, Mr. Donnelly must
take and pass the state residential
certification examination by July 1, 2011
or the remainder of the suspension will be
active. There were two cases against Mr.
Donnelly. In one case, he performed an
appraisal of a property located in
Charlotte, North Carolina in January
2009, finding an appraised value of
$900,000. The subject property is a 2
story, 12 year old condominium. The
subject is one of two attached
condominium units located on a corner lot
with each unit fronting on different streets.
Only one of the sales used in the sales
comparison approach was comparable to
By consent, the Board suspended Mr.
Donnelly’s residential certification for a
period of one year effective December 1,
2010. The first three months of the
suspension are active and the remainder
is stayed until July 1, 2011. If Mr.
Donnelly completes a sales comparison
class, a class in Mastering Unique and
Complex Properties, and the 15 hour
National USPAP course (with
examination) by July 1, 2011, the
remainder of the suspension shall be
inactive. In addition, Mr. Donnelly must
take and pass the state residential
certification examination by July 1, 2011
or the remainder of the suspension will be
active. There were two cases against Mr.
Donnelly. In one case, he performed an
appraisal of a property located in
Charlotte, North Carolina in January
2009, finding an appraised value of
$900,000. The subject property is a 2
story, 12 year old condominium. The
subject is one of two attached
condominium units located on a corner lot
with each unit fronting on different streets.
Only one of the sales used in the sales
comparison approach was comparable to
the property. That property sold for
$635,000. The other two sales were new
2 story townhouse-style condominium
units located in a multi-unit complex that
each sold for over $1,500,000. These
sales were located in a superior area and
were of superior construction, and
inadequate adjustments were made for
the differences. There were other sales
that could have been used to value the
subject. In the second case, Mr. Donnelly
appraised a property located in Belmont,
North Carolina effective April 20, 2007 for
$375,000. The subject property is a one
story, brick and wood sided home with
3221 square feet located in a traditional
city subdivision. Mr. Donnelly had the
wrong owner listed on the report. All of
the comparable sales are outside the
subject’s immediate area. The houses
were similar in size to the subject but
were newer and in superior areas, and
minimal adjustments were made. There
were other sales that could have been
used to value the subject. Had these
properties been analyzed in the report,
they would have indicated a lower value
for the subject. Mr. Donnelly failed to
keep an adequate work file for this
2 story townhouse-style condominium
units located in a multi-unit complex that
each sold for over $1,500,000. These
sales were located in a superior area and
were of superior construction, and
inadequate adjustments were made for
the differences. There were other sales
that could have been used to value the
subject. In the second case, Mr. Donnelly
appraised a property located in Belmont,
North Carolina effective April 20, 2007 for
$375,000. The subject property is a one
story, brick and wood sided home with
3221 square feet located in a traditional
city subdivision. Mr. Donnelly had the
wrong owner listed on the report. All of
the comparable sales are outside the
subject’s immediate area. The houses
were similar in size to the subject but
were newer and in superior areas, and
minimal adjustments were made. There
were other sales that could have been
used to value the subject. Had these
properties been analyzed in the report,
they would have indicated a lower value
for the subject. Mr. Donnelly failed to
keep an adequate work file for this
assignment.
Their clients are TSI, Streetlinks, Corelogic, etc. according to another poster.
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NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
The FDIC has filed lawsuits against LSI Appraisal and CoreLogic containing accusations of gross negligence, breach of reps and warranties, and other breaches of contract for defective and inflated appraisals. The FDIC is seeking $154 million from LSI and $129 million from CoreLogic. The U.S. Government has been trying to more readily and effectively pursue claims against originators, underwriters and other mortgage securitization affiliates. This lawsuit is a good example of those efforts.
In this case, public data was readily available in order to evaluate efficiency and accuracy, allowing a case to easily be made. This could still be a difficult case, considering appraisals are often seen as subjective, even in the light of evidence in court. The FDIC and WAMU are probably focusing in the manner that they are because this is a way for WAMU to recover losses. The loans that they are suing over are on the books, not loans that were sold into securitization.
Source: www.subprimeshakeout.com
New York Attorney General Andrew Cuomo announced today that his office sued Santa Ana-based First American Corp. and its eAppraiseIt mortgage appraisal unit for falsely inflating house values.
According to the press release, Cuomo said First American allegedly conspired with Washington Mutual to use a list of “proven appraisers” to inflate mortgage appraisals in a bid to fund more loans.
Apparently Washington Mutual had complained that appraised values were coming in too low, effectively killing loans in the process, forcing the bank to handpick appraisers to bump values higher, even if they weren’t accurate.
Per the lawsuit, eAppraiseIt allowed Washington Mutual’s loan production staff to handpick “appraisers who would bring in appraisal values high enough to permit WaMu’s loans to close.”
“The independence of the appraiser is essential to maintaining the integrity of the mortgage industry,” Cuomo said. “First American and eAppraiseIt violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike.”
These large national firms cannot stay out of trouble!!! And Now they want to go Staff?????????????
In this case, public data was readily available in order to evaluate efficiency and accuracy, allowing a case to easily be made. This could still be a difficult case, considering appraisals are often seen as subjective, even in the light of evidence in court. The FDIC and WAMU are probably focusing in the manner that they are because this is a way for WAMU to recover losses. The loans that they are suing over are on the books, not loans that were sold into securitization.
Source: www.subprimeshakeout.com
New York Attorney General Andrew Cuomo announced today that his office sued Santa Ana-based First American Corp. and its eAppraiseIt mortgage appraisal unit for falsely inflating house values.
According to the press release, Cuomo said First American allegedly conspired with Washington Mutual to use a list of “proven appraisers” to inflate mortgage appraisals in a bid to fund more loans.
Apparently Washington Mutual had complained that appraised values were coming in too low, effectively killing loans in the process, forcing the bank to handpick appraisers to bump values higher, even if they weren’t accurate.
Per the lawsuit, eAppraiseIt allowed Washington Mutual’s loan production staff to handpick “appraisers who would bring in appraisal values high enough to permit WaMu’s loans to close.”
“The independence of the appraiser is essential to maintaining the integrity of the mortgage industry,” Cuomo said. “First American and eAppraiseIt violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike.”
These large national firms cannot stay out of trouble!!! And Now they want to go Staff?????????????
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JRS at OBX
Elite Member
- Joined
- Jun 13, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I hope you used mouthwash after that load of BS came out of your mouth. If they were doing all they know how to see C&R happen, then they would decline the low fees. It's as simple as that.
NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
This is nothing personal against anyone. I have nothing but love.
But business is business, and I have kids to feed and a mortgage to pay. I have to protect myself and support what is right for me and for my profession.
I think the next couple of years is going to pin the national firms, the independent appraiser, and the AMC against one another.
The independent appraiser just may lose this battle and the war, if we are not careful. The national firms has the home team advantage due to their biz model being shet fees for volume.
If the C&R fees gets passed how many more trainees and newbs will the national firms and the AMCs train?
But business is business, and I have kids to feed and a mortgage to pay. I have to protect myself and support what is right for me and for my profession.
I think the next couple of years is going to pin the national firms, the independent appraiser, and the AMC against one another.
The independent appraiser just may lose this battle and the war, if we are not careful. The national firms has the home team advantage due to their biz model being shet fees for volume.
If the C&R fees gets passed how many more trainees and newbs will the national firms and the AMCs train?
NorthTexValuation
Senior Member
- Joined
- Sep 17, 2011
- Professional Status
- Certified Residential Appraiser
- State
- Texas
Is this the same Greg Stephens that worked for Landsafe/Countrywide a few years ago?
David Sawyer
Member
- Joined
- Mar 8, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Yes it is! He was also connected to that wonderful product called a LARA review!
NorthTexValuation
Senior Member
- Joined
- Sep 17, 2011
- Professional Status
- Certified Residential Appraiser
- State
- Texas
DISCIPLINE NOTICES FROM Thursday, August 25, 2011
ST License # Last Name First Name Middle Name Action Effective Expiration
-- --------------- -------------------- -------------------- -------------------- ----------- ---------- ----------
TX 1324347 PASSERO JOHN R Revocation 08/19/2011 --
Primis - Houston Area Manager (2001)
Didn't know him. Never heard of him. I am sure Primis had some bad apples. I was in Atlanta but do recall some of the firms they bought were questionable. They were in high growth mode by acquisition. They were a typical dot com company. It was all about the top line and going public. And that business model blew up. I exited after two years. It wasn't much fun when LandAmerica stepped in.
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