Whats scary is that they had Treasury Offset Program account collections for awhile too. Have a friend with student loan? Picture a 1950’s era bill collector with no knowledge that they had any limitations or consumer obligations.

My GF had a student loan from school that the feds actually shut down two weeks before her ‘graduation’ (med asst.)…then Bangalore Betty thought she’d get paid by calling MY number??? Guess again.

Do you remember when they were actually a 1/2 viable client? The website always stunk, and God forbid you had to speak with someone, because you weren’t going to get anyone stateside that could be understood and vice versa, but about 2005 or so they actually did pay halfway decent for REO work.

The properties were B- to D loans, so you weren’t looking at anything in average condition, and they were always a challenge.

Sloppy servicing is an understatement. These guys made Countrywide look like church deacons. I was floored when they got the VA account. Angered is more like it. Our tax dollars and our veterans deserved better.

Absolutely. I continue to use my real name on all the blogs and forums. It keeps me honest. LOL  Seriously though, I’ve had some opportunities flow my direction as a result of participation in the online appraisal discussion world, both personally and professionally.

Disagreement and polite debate are most of the fun and learning opportunities. Generally, we appraisers are far better at remaining human and professional with one another. We give it at least 2-3 replies before the ad hominem and name calling starts. LOL

Thank you for your kindness. All of youse.

Just the mention of reo makes me think of ocwen, and how because they’re the best straightforward swindlers with a smile, teflon servicers, they have captured a huge portion of reo sourcing from some of the biggest names. If one wanted to simplify all of it, one simply needs to recognize that when companies sell and package rather than holding loans in house for the entire term, calamity ensues. Having spoke with so many homeowners who have dealt with them, it’s a grand tale fit for the Colosseum. I remember being told 15 years ago, this is our in house lender, treat them best. Appraisers don’t talk that way anymore.

Baggs, your life of loan scenario would be even more fun if tracked from the perspective a First American Services 100% in house deal from pre listing CMA to loan servicing and ultimate REO activity; to FDIC or PMI intervention (depending on how of if the REO fits in the big picture).

Mike, you bring up an important point that you or anyone could possibly write an article on. 

I’ve been interested to learn more about portfolio packaging, ratings, saleability, buy backs, just all of that on the lenders side. What occurs to me recently is that many appraisers don’t really understand what happens with their own products, how many eyes may view it down the road, tied to a note through the life of the note. Also it’s just sad that in the past 10 years, I’ve only had one or two effective conversations with panel managers whom can keep up detailed conversations about the need for better defensibility and detailed writing. Help me gauge the balance between defensibly and speed, under the strict assumption that leaving some wiggle room to simply rely on an insurer and file a claim would be unacceptable practice. That’s what’s wrong these days, appraisers dial it in for dollars and then file claims on a dime. If more appraisers qualified the distribution managers, lenders would be forced to hire more quality help. PSI does not touch those subject matters, neither does Jones or Kapplan for the most part. I went 10 years without a complaint. The more I learn about the details the more clear it becomes that persons in charge of appraisal distribution departments whom do not hold active appraisers licenses themselves are clearly improper and severely underqualified persons for those positions. Lately I’ve seen ‘panel managers’ with qualifications ranging from HR persons, to former secretary at an appraiser’s office, former manager at a book store coffee shop, accounting persons, appraisers stripped of their licenses, etc. You can’t make this stuff up and that is a true story of events I’ve experienced in the past only 2 years, swear to it. Despite my best efforts I’ve only found one single lender who is currently employing an active licensed appraiser to manage the panel and distribution.

You’re 100% right. Forgot my own post. O O P S !!

Maybe I read it wrong, but when the author started talking about a machine shop worker experienced in drilling to replace the dentist to cut down the cost, I knew he was mocking the ridiculous nature of the request.

Lol; East West has been making bad C&I loans for over a decade. Guess it caught up to them.

Anyone buying banks in San Bernardino County obviously hasn’t read a newspaper about the City OR County in the past ten years. Sort of like having an exclusive sales franchise for dust in the desert. What a quality portfolio that must be.

I thought some might get upset by it enough to check it out. If you think its actually supporting appraisers ya might want to reread it…unless that was the sarcasm warning (I need more coffee today I think).  It made me wonder why they don’t rename themselves:

AMCNoise

Shills4Shenanigans

PollyanaforProfessionals

When I read the title, my blood started to boil a bit, until I read the article.  I love sarcasm.. By far the best article from that washed up publication has posted in a very long time. It actually supports appraisers not amcs!

https://www.housingwire.com/articles/42784-flagstar-finalizes-acquisition-of-desert-community-bank-branches

https://www.appraisalbuzz.com/upside-appraisal-waivers/ Just sent to me by AGA’s Texas State Representative. I’d missed that one.

Caterina its a downside to success. As groups become larger more individual personalities emerge. Not all of us are as collegial as small core groups may be. I’ve been guilty on occasion. We are after all, human beings. Our issues are appraisers issues. Most of us are willing to call a spade a spade – though sometimes it is necessary to call it an [expletive deleted] – shovel to get a point across.

Reminders about courtesy are always helpful. I’m told that this group (blog) has a subscribed readership in the thousands – more than several thousand. That includes a lot of subscribers with ‘dot gov’ email addresses.

I can cite from personal experience (phone calls) that appraiser and other regulators from both state and federal agencies read this blog.

I choose to use my real name, but (personally) I’d rather an appraiser use a nom de plume than not post at all. Of course, their motives are then much more likely to be scrutinized by regular readers.

Lastly, if we all agreed with each other all of the time or always thought alike, what would be the point of the blog? I hope you’ll choose to contribute to the discussion more in the future, now that you are here.

PS: Our administrator (known affectionately as “AB”) is an east coast appraiser and reads all the posts. If you ever have a site problem just post it. She responds rapidly as a rule.

I was one of the original AF members. In 1999, there were maybe 125 to 150 of us chatting on ancient, archaic software. Our email addresses were all exposed to the world, we used our real names, we were polite and we didn’t wrangle about politics.

I remember discussion about the run up starting in 2003, and we’d help each other deal with the enormous volume exchanging business ideas. We wept together on 9/11, signed the Appraiser’s Petition and cheered on Frank Gregoire and his colleagues as they tried to get the attention of congress when we had over 10,000 signatures. I conversed (and still do) with several of the appraisers that took on some of the big, corrupt banks back at that time. But we have all moved on to different formats.

I hung on there up until about 2010. That group, as it grew, became a huge brain trust and information source. I have conversed with many of the movers and shakers in this biz across the country and I’m a far better appraiser from participation there, but the soul of that place died about 8 or 10 years ago, sadly.

Caterina, IF you followed sound professional appraisal practices (which includes consulting with local experts), you certainly should be able to. It’s only an issue of time and relevant data adequacy.

Government appraisers for IRS; Treasury Dept., DOJ, State Department, GAO, BIA or Dept. of Interior, Dept. of Defense (all branches), HUD/FHA and State Transportation Agencies do it all the time.

I’d much rather have a competent out of area professional than an incompetent local. (No hidden messages or inferences in that).

AF is old news, a limited hangout with limited research capability for non members. The best source for industry information became a brain drain where so information is lost behind a membership wall and ad wall now. Every single topic and post on this site is searchable on google and visible to outsiders without having to gain a membership or take down ad block, no throttling or censorship.

Once upon a time on the Appraiser’s Forum, one of the regulars put up the Hey Koolaid dude on his avatar in response to a long, sordid discussion regarding Zaio. He was a fan of Zaio if I’m not mistaken. Pittsburgh Pete.

Thank you Jeff. Solutions? Get out of debt and stay there. Limited credit only, limited ranges. If you can’t afford it cash, do not buy. Never lease, always own. Usage rights are for the birds and houses are not atm machines. Most consumers are blissfully unaware their ‘new consumer habits’ were programmed into them for the benefit of corporations and not themselves.