Wells Fargo Attempting to Cause Misleading Report?

[SmilingDog]

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...

 

[Ken Youngkrantz]

Consider the source. a MB, need more be said.

 

[KinIL]

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]

Didn't California recently pass a Mortgage Fraud law?

 

[Fred]

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]

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]

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.

 

[Michael Tipton]

The WF AE must have read the memo Denis posted last week.

http://appraisersforum.com/showthread.php?t=134225

 

[Kevin Mc]

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.

 

[Midwest Guy]

Tried president @ wellsfargo. com
qc @
[email protected]

just some ideas

Does anyone know a person at Wells Fargo that I should contact?

Many thanks...