Who's willing to talk?

[Tim The Enchanter]

Staff appraiser guy here

The only pressure on me as far as value, is to get it right.

The other pressure is for turnaround time. But hey, they say you can have it right, fast, or cheap. And you can only have 2 of 3.

 

[Liz South]

For those who care to know, that notice that Pam posted is in response to a notice in MortgageDaily.com from earlier this week. There is a group in D.C. (America's Watchdog) that is pursuing alot of different angles of consumer fraud etc. Maybe he doesn't realize that most of the fraud as we all know comes from these "fly by night" mortgage brokers who only really care about a commission check etc. Anyway, I think as a group we need to take seriously some of these outsiders and see if they can assist us in dealing with some of this crap that is floating around and the fact that unless we step up to the plate and stand up (some of us will take licks for this) we will all go down. Its typical to whine, b tch and moan, but that doesn't get any of us anywhere. Are we willing to as a group stand up and address these issues in a professional manner?

Liz S.

 

[Annemieke Roell]

Its typical to whine, b tch and moan, but that doesn't get any of us anywhere. Are we willing to as a group stand up and address these issues in a professional manner?

Liz S.

No we are not. We have been trying that for years. With the result that there are several people who do their own thing independently from eachother.

 

[Smokey Bear]

Its typical to whine, b tch and moan, but that doesn't get any of us anywhere

We're willing to step up to the plate, but it sounds like there reporter knows what he wants to story to look like, and what we're experiencing doesn't match his goals. He wants a big bank or big real estate brokerage putting pressure on us. That's not who's doing it, it's the fly by night MBs. If they want to FIND OUT what's going on, instead of deciding what is going on and looking for evidence to support it, they'll do it. But right now it doesn't look like anyone has the info they want, because it's not as common for it to happen.

Does anyone know if Ameriquest used staff appraisers or had some "flexible" fee appraisers to help them out?

 

[Non Sequitur]

He wants a big bank or big real estate brokerage putting pressure on us. That's not who's doing it, it's the fly by night MBs.

But it's the big banks, Countrywide, Chase, etc that buy these loans from the fly by nights. And I've had my fair share of run ins with RE brokers/agent who have pulled deals out from under me when they've seen my name come up. Just had a cookie cutter pulled from me yesterday after I contacted the listing agent for access. I'm not advocating that the reporter slant the story but maybe he'll get some of it right.

 

[xm72mhd]

I left a message. Still waiting for a return call. I'm really glad WSJ cares enough to ask, hope they get it right.

 

[xm72mhd]

But it's the big banks, Countrywide, Chase, etc that buy these loans from the fly by nights.

Exactly. These banks make money by renting their money and getting somebody else to bear the risk of losing it. And they have their culpability and vulnerability well buried.

Who do you think it is that is in the big toot to beat somebody else, unless its WF trying to get there before CW? It trickles down to the appraiser guy who has 35 minutes to complete that appraisal for $2,20/hr.

 

[Smokey Bear]

I know the big banks are benefiting, but they're using the MBs to do the pressuring, to remove them (the banks) from the fraud liability chain. I've never had the pressure from the bank, only the MB.

 

[Caesargx]

Little things lead to big things (in general). Give an inch, a mile will be taken. Big Banks don't become big banks because they are 100% ethical. Money is a moveable thing and land is not. Banks attempt to move land with their money. Banks have enough power to protect unethical behavior whom they hire to sell this illusion. I don't believe MB/LO are worried about documenting a canning of an Appraiser because it will be a waste of their time to do so, when they can easily hang up the phone and set another bait; take the 5th and move on. I think Appraisers get canned everyday without any documentation that saids so. If a reporter wants to find a big story he will have to go under cover to reveal it; just not ask for it.

 

[Otis Key]

I left a message. Still waiting for a return call. I'm really glad WSJ cares enough to ask, hope they get it right.

Ditto - I called and talked to one guy, said he was on a deadline and would call me back on Friday. Didn't happen. I'll call again about Tuesday or so.