XOME Letter in Case Appraisers Get Arrested

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XOME Letter in Case Appraisers Get ArrestedInsiders tell me they are publishing a Dick Tracy Decoder Ring next week. Good grief. This suggests they are so desperate for appraisers to place themselves in harm’s way that a printer and a logo is all you need for protection. Do they have a legal department?

To Whom it May Concern:

This letter acknowledges that ____________ is an authorized vendor of Xome.

Xome is an Essential Business (or its equivalent, in accordance applicable state or local order) that provides support and services on behalf of exempt financial services companies that originate mortgage loans and service mortgage loans nationwide. Xome has initiated a Business Continuity Plan which allows as many employees and vendors as possible to work remotely. However, my role as a vendor is critical and must be performed onsite ata various residential properties that are to be purchased by customers of the exempt financial services company or that are owned, mortgaged or insured by financial institutions or government or quasi-government agencies.

The services to be provided under the work order or engagement letter accompanying this letter are essential to facilitate the origination and servicing of mortgage loans as well as to maintain the safety and sanitation of, and to prevent damage and crime from occuring at, residential properties. Services include, but are not limited to, valuation services, code violation remedies, property inspections, critical repairs, interior and exterior maintenance, property securitization, and other emergency services. Xome has contracted the completion of the services in the work order or engagement letter accompanying this letter to the authorized Xome vendor named above,

Please contact Xome at 888-852-5381 (opt 1-appraisers, opt 2-real estate professionals) to verify the status of the vendor named above or if you have any questions.

Thank you,

Xome Management

xome vendor authorization letter

Jonathan Miller
Latest posts by Jonathan Miller (see all)
Jonathan Miller

Jonathan Miller

Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts.

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24 Responses

  1. Avatar Jack Of All Trades says:

    This proves xome are in cooperation with the Chinese communist government, anything the appraiser does is considered draconian. Do not work for scumbags

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  2. Avatar cjk says:

    First they do not need us because they just want to do away with the appraisers all together. Now, we are considered essential because they need our E&O insurance when the loans start going into default. I just had a former client who I fired years ago over low fees send be a letter. In it they wanted me to update my information. Which included may license and E&O insurance. They also included a fee schedule for me to review, the 1004 interior was $400 -$15 for a transmission fee = $385 to appraiser. The 2055 exterior with photos of the subject and comps was $250 -$15 = $235 to the appraiser. Why in the would would any appraiser work for a company like this? My clients pay $600 – $675 for a 1004 interior and $500 for a 2055 exterior. No matter how many times I have told the former company (a mortgage company, not an AMC) to stop sending me snuff they just keep doing it. How many times must I say “I will no longer work for you please take me off of your list.”

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    • Baggins Baggins says:

      Notable, thanks Marion.

      I checked if I could somehow zing my final years through with a 5 year or something like that. Not really possible to get a better deal unless to extend the term, and then, it’s not really a better deal because of cash equivalence via interest amortization. That rate would have to drop to near zero to answer the gained interest amortization for people on shorter term payment schedules. It’s the; ‘fed already used up all the ammunition’ argument.

      One could explore a cash loan or heloc to pay down remaining principal, but then you’d lose mortgage interest deduction and the convenience of automatically tied in taxes and insurance payments, with a higher rate to boot.

      Got to feel bad for those whom dipped into the house like it was an atm machine, kept refreshing the new 30 year term, fully leveraged at 98% no down. The writing was on the wall. Wiped out in housing twice in a single decade? And just like that, the bubble went pop.

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  3. Avatar cjk says:

    How are some people still getting loans if most people are unemployed. Low rates do not help if you cannot pay the mortgage. The lenders I work for are all working from home. The only people who are put in harms way are the appraisers because we are now considered essential, what a bunch BS. When this is all over the same essential appraisers will be berated all over again. The State appraiser boards will need to refill the coffers and USPAP violations will be the weapon of choice.

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    • Avatar Jack Of All Trades says:

      They are giving loans like the same way they are giving car loans, Chevy has a no payment for the 1st 4 months, ditto with Hyundai, the mortgage companies are just anticipating like the dealership financing does that things will go back to normal

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    • Baggins Baggins says:

      A valid question on loan qualification CJK, but the answer is right in front of you.

      Don’t believe everything you hear on the ‘news’. The illusion of choice.

      Appraisers whom would choose to participate in unemployment voluntarily… Well, if that is their prerogative, it’s their own business decision.

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  4. Avatar Realrose says:

    This is the perfect time for appraisers to strike. File for unemployment because risking your life for someone’s financial gain (probably the bank) while some blood-sucking AMC 19 year old telemarketing clerk makes money off your license and E&O, etc; better yet, get an SBA loan and just refuse to work until it is safe to see what you are appraising. See how they do zillow for loan appraisals, or realtors who always inflate the price so they get a bigger commission.

    How do you think capitalists get ahead? They capitalize on your labor. Take a break, be with your loved ones, clean your house and do the laundry, watch movies and then only go out when you must for supplies. Your life isn’t worth doing one more job for these pimps. We haven’t been essential for at least 10 years, so maybe it is time we call the shots on if and when and under what conditions we will render our opinions. Oh, and if someone wants a form appraisal, charge them double, otherwise, conform to USPAP in any format you find is sufficient. If they really need a rush job, tell them you are in a hurry also, but that will not be possible until they fed ex you a hazmat suit that is certified to be sterile. Don’t do desktops, or you will ruin the strike. We now have a potential window of time to sit back and let them squirm. Remember, people who don’t have it can spread it, a mask doesn’t protect you, even from a family member. Most of all listen to the scientists, not the politicians about how to protect yourself or where to get a test. Good luck. Be a survivor.

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  5. Avatar cjk says:

    I did my first and last interior inspection during the C19 virus, the tenant was acting as if it was no big deal. I told him 3 times before the inspection that I needed all the lights on and all the doors opened. When I arrived at the property I had to tell him again to open every door and turn on every light. Some people are a special kind of stupid.

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    • Baggins Baggins says:

      I’m going to be kind and rewind on this one. You’re like a duck racing back and forth across a carnival stop shooting gallery with that comment. You were the one at his house. Deal with it or stay at home.

      If you are like all about the fear of it all, then embrace the fear. Like many other viruses, it can exist in exhausted air from the lungs for many hours in the open air itself, being an inert molecule covered in a microscopic fat lipid, only a micron or so large, it simply floats without attraction to anything but the air molecule it is currently attached to. It lingers in the air everywhere a person walked, moved, breathed, and also floats with the breeze. Then it rests on surfaces for a week or longer depending on the room temperature, and surface material it lands upon. Just waiting for you to breath it, touch it, transfer it to your clothes, bring it into your car, into your home, onto the things you think are safe elsewhere. Be afraid. Be very very afraid.

      When people eventually realize that despite their best efforts, they can not control a microbe, they will quit being concerned about the microbe. In all likeliness, you already have it anyways and you’re just fine, probably already over it. They say 98% to 99% of all humanity will have it within 2 years, just like all other flues and regular contagions on this planet. You’re either going to make it or you are not. Now, how much of your humanity, the social norms, and liberties as you know them to be, are you willing to sacrifice in the meantime.

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  6. Avatar Scott says:

    My office stopped all appraisal reports until at least May 1st. In California we are not supposed to go to friends and/or families homes. We certainly are NOT going into homes that we have no clue where the people have been, what/who they have been exposed to and if they are sick.

    Better safe now….than sorry later.

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    • Baggins Baggins says:

      The other side of the argument Scott, is that your argument also has merit. Don’t want to overwhelm the medical system and be caught without treatment options and all of that.

      Better if you’re going to get it, which you will eventually get it, to have that exposure after they’ve gone further down the track, nailing down effective immediate treatment regimes.

      But really, that’s sort of more attuned to the people with underlying conditions. Those without such conditions just perceive it as the flu and they are likely to bounce right back. Data is coming in that the majority of people are asymptomatic and simply spread it instead of being affected by it. Did you say you’re taking precautions while still going to the office? HO HO HO, Merry Christmas!

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  7. Vince Simon on Facebook Vince Simon on Facebook says:

    Exterior only…

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  8. Avatar cjk says:

    I just received a CV request from Bay Equity, with a full interior inspection. I said no way and declined it. Some lenders do not care what FNMA just stated. They seem to care more about the loan and not so much about the people. I will give them some credit, they pay very fast and never have any appraisal questions. I just do not want to chance it with some of these goofy occupants. We had a guy at Walmart who was spitting on people, what the hell bro.

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  9. Brian Zeis on Facebook Brian Zeis on Facebook says:

    So f’n stupid!

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  10. Baggins Baggins says:

    Read this. Read it completely, start to finish.

    https://charleseisenstein.org/essays/the-coronation/

    Liberty. Too Big To Fail.

    Permission to have Liberty? The concept is absurd, and so are those whom would embrace it.

    Good, people filled with fear can just stay at home and follow the orders of their masters. Patriots will take it from here. The future never has, and never will, belong to tyrants or those that bow to them.

    This just in, those clever hybrid inspector apps just got rebranded as corona 19 solutions for appraisers and are being presented as new tools. Talk about fast development, remarkable.

    How’s globalism working out for you personally? Pick a side or it will be chosen for you.

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  11. Baggins Baggins says:

    For kicks, I did a quick research of the company. It’s always the same with these amc’s, they’re just extensions of existing conglomerates. They’re not ‘managing the appraisal process’, they’re controlling it.

    Related to (per the data collection opt out address links on the xome website)
    https://www.title365.com/About/Title365
    Xome is a subsidiary of Nationstar Mortgage Holdings LLC, dba; Mr Cooper.
    https://mrcoopergroup.com/

    Amc’s are a cash grab for the larger corps. They’re all that way now, subsidiaries of subsidiaries, always tied to title and servicing. Fooling all the vendors whom don’t take the time to learn whom they’re dealing with.

    Now this is the industry article to pay attention to, link below. Mr Cooper Group, the countries 3rd largest mortgage servicer. It’s all coming down like an avalanche, all at once. Of course they’re going to send the appraisers out there without hesitation. They’re desperate to reset the clock on as many loans as possible, whatever they can do to keep the pending defaults directed away from the forbearance programs and overwhelmed help lines. If you ever wanted a good reason to contact the lenders and servicers directly, demand they stop using their own amc cash grabber, present current fees, and pay appraisers what they are worth, now is the time. Xome is basically synonymous with Mr Cooper. Think of it that way. The mortgage servicer who’s managing the origination loans just before the end point. What a rat race.

    Let’s reverse engineer the article topic letter and imagine what the suits and ties were saying in the board room as they dreamed up that ‘permission slip’. It’s a shot in the arm, a confidence booster, get those appraisers back on the street right now. We’re going under and we have to have those guys working! What can we do? Let’s give them permission slips, that might work. Genius! Move on that right away! Who’s running the amc department, get them on the horn before we have to start pushing more recalls and lose all our end point investors! Now ask yourself appraisers, if you were in their shoes, what would the appraisal service be worth to you? Would it possibly be invaluable? Worth enough to restructure the assignment programs if enough appraisers pushed back? The permission slip is nothing more than a litmus test to see what must be done to get the appraisers back out there, and fast. You think those guys are worried about permission to travel freely and continue working? I can assure you they are not.

    Those guys are worried about the dollars, they’re about to get absolutely crushed. They’re not alone. Expect more of the same. What comes around goes around. If they were not aligned with the amc model the other 75% of all licensed appraisers whom refuse to work with amc’s would be available to them. We refuse to help until the amc’s are completely gone. That’s the position, and we’re sticking to it. They can’t pay us enough. As long as the amc model is in place, we refuse service on general principal.

    https://www.washingtonpost.com/business/2020/03/27/mortgage-relief-coronavirus/

    1
    • Avatar Marion says:

      Read this:

      Mortgage Firms Teeter Near Crisis That Regulators Saw Coming

      https://www.bloomberg.com/news/articles/2020-04-03/mortgage-servicers-teeter-near-crisis-that-regulators-saw-coming

      Pay attention to who the lenders and secondary market are that are cited in the article and a couple of quotes;

      “Under agreements with Ginnie, Fannie Mae and Freddie Mac, servicers themselves must advance the money when borrowers postpone payments and it can take months before they are reimbursed. Congress didn’t provide explicit funding to help servicers with that problem, and some of the companies say they don’t have the liquidity to handle it themselves.”

      “After the financial crisis, large banks like JPMorgan Chase & Co. and Bank of America Corp. severely reduced the number of loans they were willing to make under Ginnie-supported programs. Mortgage lending was less profitable than other business lines, and some banks stayed clear because they were scarred by government penalties for alleged fraud.”

      “As the banks retreated, Quicken Loans, Freedom Mortgage, Mr Cooper Group Inc. and others filled the void. Nonbanks’ share of new mortgages has risen to 66% of the market from 40% in 2013, according to the Urban Institute.”

      Hopefully you’re getting pre-paid on the front end for any “orders” these days.

      Many appraisers are going to be “shocked” and “awed” by what is actually out there and headed their way.

      1
      • Baggins Baggins says:

        How many times does Ocwen have to go down in a flaming heap before people say I’m not doing business with that company?

        I’d be interested if as an appraiser, I can tap into some additional universal income? There are stories of employers wanting to bring people back right away after their knee jerk furloughs, but the employees are saying they’re getting a bigger check on the temporary welfare programs. There is this 10k instant loan for anyone with an EIN number but I don’t want a loan. If money is being handed out for free, important to tap into it to get a fair share.

        In other news; Everyone has had, or will have the coronavirus-19 (TM) trademarked inventions are supposed to be recognized as patented by a corporation, which this is. Don’t you guys get it? Everyone has had coronavirus before. Because coronavirus is the flu, and there are like 50 or more strains of it all the time, constantly mutating through the years, decades, centuries, and millennia. You’ve all already had it at some point in your life. This is just a new patented strain of it.

        This ends when we demand it ends. Get back to work, and stop living in fear.

        Rossini: We had a problem with the Covid-19 (TM) virus issue. Then government stepped in and we now have a much bigger problem. Public health is a complete myth.

        And check this link out. Your cell phone has always been tracking you. What a convenient time to roll that out as somehow acceptable and helpful. Guess which device is going to tattle on you if you’re not following all these ‘rules’. We bought an RF shield bag just yesterday for our single shared family cell phone.

        https://www.google.com/covid19/mobility/

        This is discrimination based on employment type and it must end.

        1
        • Avatar Realrose says:

          You should quit appraisal because you have very poor judgement. Why can I see it is obvious you support trump and listen to right wing talk radio. I know you believe what you see on InfoWars, so I wouldn’t find anything you did in appraisal to be credible.

          0
          • Baggins Baggins says:

            Are you off the meds again? I’ve been reading mises and ron paul non stop. IW is a little too alarmist right now.

            I’ll hold you to that comment if you ever cross the line and dare to review anything I’ve done. You’ve just stated you’re incapable of being non biased to conservatives.

            It’s time for you to go away, permanently.

            1
          • Realrose, please refrain from interacting with Baggins! Going forward, your comments will be moderated before being approved.

            1
  12. Kathy Hubbard Bright on Facebook Kathy Hubbard Bright on Facebook says:

    Thanks for the hall pass, guys

    2

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XOME Letter in Case Appraisers Get Arrested

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