• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Wells Fargo Attempting to Cause Misleading Report?

Status
Not open for further replies.

SmilingDog

Thread Starter
Member
Joined
Apr 22, 2003
Professional Status
Certified Residential Appraiser
State
California
You be the judge...


MB sends me an order. ON the email he writes:



My Wells Fargo A/E advised me that the boxes (Stable, In Balance, 3-8 months) should be checked on the apraisal with commentary to the effect that general demand of homes still remains strong in Southern California region. Homes experienced a modest downturn in prices during the past year, however, prices now appear to have stabilized. This is not an imposition on you, but any commentary along this line would be accepted by Wells without
5% value cutdown.


I then proceeded to ask the MB for the AE's number as I'd like to discuss with her (the AE is a "she") why a Wells Fargo employee rep would be advising MB's to have appraisers commit fraud. MB replied to just do the appraisal and "it is what it is" and thanked me for being professional. But I still want to fry that AE.

Should I contact Wells Fargo and inform them that they have a rogue AE in SoCal advising MB's that it's okay for them to pressure appraisers or to collude to affect the outcome of an appraisal? Hmmmm... Does anyone know a person at Wells Fargo that I should contact?

Many thanks...
 

KinIL

Sophomore Member
Joined
Nov 30, 2005
Professional Status
General Public
State
Illinois
Consider the source. a MB, need more be said.

To be honest, I'd think it would be more likely to come from the AE based on the wording. That, or brokers in SoCal know how to navigate appraisals better than they do here in the midwest.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Didn't California recently pass a Mortgage Fraud law?
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
This is not an imposition on you
MB replied to just do the appraisal and "it is what it is"
Wow. How could anyone resist that kind of withering pressure?
 

JonGalt

Junior Member
Joined
Aug 4, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
I'd like to discuss with her (the AE is a "she") why a Wells Fargo employee rep would be advising MB's to have appraisers commit fraud.

This wouldn't surprise me.

I have a mortgage broker friend who went to a meeting at their office to hear a rep from a Major lender give a talk on how to choose an appraiser for FHA loans. He gave interesting tips including not to use one that would report defects, obsolescences, declining market conditions, etc.... Basically a verbal guide on how to pick a skippy for FHA.
 

3 Putt

Member
Joined
Aug 18, 2005
Professional Status
Certified General Appraiser
State
Ohio
I have a mortgage broker friend who went to a meeting at their office to hear a rep from a Major lender give a talk on how to choose an appraiser for FHA loans. He gave interesting tips including not to use one that would report defects, obsolescences, declining market conditions, etc.... Basically a verbal guide on how to pick a skippy for FHA.

This clearly shows the problems. In public, you get the we don't pressure speech and we just want an honest answer, but behind closed doors, they show you how to pick the appraiser who will "play ball", give em the number they want and look the other way from defects and repairs.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
You aren't alone.

Should I contact Wells Fargo and inform them that they have a rogue AE in SoCal advising MB's that it's okay for them to pressure appraisers or to collude to affect the outcome of an appraisal? Hmmmm... Does anyone know a person at Wells Fargo that I should contact?

Many thanks...

I have run into the same problem with another national lender. It did not concern Market but it was an AE trying to dictate verbiage on a report. Without having it in writing it will most likely fall on deaf ears. Tell them no, do your thing and let it go. I would agree with Ken Y normally but I am finding (and hearing) more and more about account reps sticking their noses where they don't belong.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks