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Wamu's Appraisal Dept.

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Kien Nguyen

Thread Starter
Sophomore Member
Joined
Jun 26, 2006
Professional Status
Certified Residential Appraiser
State
California
I wondered what will happen to the WAMU's Chief Residential Appraiser and his crew in Seattle ? and their famous appraiser's blacklist ? will it be passed to JP Morgan ?

It will be interesting to see if that list will be passed to JP Morgan: because I was placed in WAMU's blacklist for last 4 years due to an error which I did not have chance to rebut/defend myself and they (WAMU Appraisal Dept.) refused to hear my side of the story. It was extremely difficult to contact anyone to respond to my inquiry (I believed, there shoud be a procedure similar to 3-strikes then you're out ???), while I have a good standing status with JP Morgan.

:rof::rof:
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
I wondered what will happen to the WAMU's Chief Residential Appraiser and his crew in Seattle ? and their famous appraiser's blacklist ? will it be passed to JP Morgan ?
My guess is yes.

I'm glad you're keeping your sense of humor, I wouldn't if I were in your situation.
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
I fee your pain. I was on Indymac's bad list for 5+ years with no opportunity for redemption. Hate to see anyone lose a job, but was relieved when I found out the problem was behind me. Was further relieved to read the following:



"On June 30, 2008, the Center for Responsible Lending, a Washington think tank, released a report compiling information from various lawsuits filed by customers and former employees of IndyMac Bank, and alleged that managers and supervisors were being pressured to approve loans or risk being fired.[32][33] Before its collapse, IndyMac denied the allegations in the report.[34]
On July 16, 2008, an unnamed US Government official said that the FBI is investigating IndyMac for possible fraud. While it is not clear if the investigation began before the bank was taken over by the FDIC, the investigation appears to be focused on the company itself, and not individuals within the company"
 

Kien Nguyen

Thread Starter
Sophomore Member
Joined
Jun 26, 2006
Professional Status
Certified Residential Appraiser
State
California
No second chance

My guess is yes.

I'm glad you're keeping your sense of humor, I wouldn't if I were in your situation.


At first, I was very worry, but I got used to it. It has been more than 4 years. I have tried to clear it up, but they left me with no choice. I really hated the way they operated, it caused me a lot of grieves mentally as well as financially. Just wished everything related to WAMU be erased forever from this world... its name is gone for sure.:clapping:

Anyway, who don't have mistakes? it was a rooky's mistake, it is definitely not an intentional fraud or something at that level. It happened quiet a long time ago before I became certified and on FHA roster.
:nono:
 

VolcanoLvr

Senior Member
Joined
Oct 30, 2003
Professional Status
Certified Residential Appraiser
State
Washington
Kien....

I feel your pain. I also have the T-shirt from another player.

This situation is a scourge on ethical conduct. Appraisers are disenfranchised w/o the opportunity to explain or defend, or to be put on an auto review list.

Rather, we're treated as dime a dozen commodity items, dumped for the slightest provocation. Many times that's because we did our jobs, but the 'deal was not made.' So it's "Bye."
 

Eli Weiss

Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
I wondered what will happen to the WAMU's Chief Residential Appraiser and his crew in Seattle ? and their famous appraiser's blacklist ? will it be passed to JP Morgan ?

I don't think you will have any problems with JP Morgan Chase, since they only took over the deposits and branches, I did not hear any details of what will happen with their mortgage dept.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
It's not going to matter in a few months.Most of the stupid black lists will be no more as many more banks bite the dust.Just sit back an enjoy the show.First casualty of the 2008 crash as a well respected Banker in England stood in front of a 100 MPH train....many more to follow in the next month or two............Quick , buy some beans and ammo( I really mean it)
 

Green Hornet

Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
So, how is JP to work with? Do the use an AMC?
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
Chase uses an AMC known as Quantrix. They were also using Eap-idiots. Chase may possess holdings in Quantrix. They are a typical AMC with low fees. I quit when they demanded the use of Lighthouse and they charged $2.75 if you submit a PDF file. Quantrix lowered the fees beneath the fee I receiving in 1987 from Chase. Chase is a strong company and they do not need a AMC, but it does bring money to their table.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Chase's wholesale division, from what I've heard, will soon be going the way of the AMC whether or not the HVCC is enacted. Their wholesale is responsible for somewhere in the neighborhood of 70% of their mortgage business. They currrently use approved lists. I would anticipate that if and when they go the AMC route their days of being a "strong" lender will soon be behind them. It truly amazes me to watch the MBA bean counters absolutley destroy a fairly simple operation and take their institutions down in the process.
 
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