Lol, I just read a Clear Crapital ‘desk review’. It’s even worse than their bifurcated reports are!

I didn’t think that was possible. I’ve requested the original client ‘allow’ me to submit it to my state as a complaint (it’s THAT bad!).

Personally it was so bad that I cant see how it doesn’t qualify as being fraud. Misleading a client into believing they are getting a professional or competent review and then giving them an undefined and completely unsupported “CDA Value” as if that equates to the market value required in the original appraisal.

It would also be nice to see alternative ‘better’ comps suggested by reviewers that are in the same city as the subject; or that are otherwise really more relevant value indicators.

Appraisers, please be VERY careful before ever agreeing to do hybrids or desk reviews for this company.

Also, FNMA needs to modify this to something like holders in due course of the original transaction-not open-ended second or third transactions unrelated to the original loan appraisal. Otherwise New York appraisers (& possibly many others) will have to seriously reconsider if they are going to do any FNMA loan appraisals at all.

Missed that. Essential reading. Bookmarked in my valuation guidance folder.

All this automation to push loans through in record time sort of does not jive well with a limited statue of limitation rule.

Thank you.

There is this link at the bottom of the article: https://www.valuationlegal.com/limitations/

https://www.sec.gov/Archives/edgar/vprr/1400/14007704.pdf

They don’t guarantee the loans, but they sure as hell expect the appraisers to.

Know who you are taking orders from. Appraisal 101. Easyknock, sharestates, or anything like it, charge a hazard premium and have a carefully formed sow because that’s where you’re at, if you are wild and zany enough to even take that order in the first place.

It’s a remarkable business strategy. Crowdsource the capital. Charge 1 to 3 additional origination points. Pass all losses to investors, pocket a substantial amount of income as they go without the need for capital in a traditional sense. Grow without a net while offering high rate high fee short term project loans, and profit from the fees. Sounds like the contractual agreement a borrower may sign may strip them of many expected due processes. This company has no problem applying a limitation of 2 years to investors upon loan maturity, they say so clearly in the above document. Security and Exchange rules may not be applicable. Invest in the blind and hope for the best with Sharestates!

You know that old appraisal line, it’s a business decision? Unlearn that as fast as possible and recognize it’s a hollow slogan. The wheels of mortgage fraud are very well oiled, pump on the sale, dump on the recall, and whomever dared provide professional services in between is on the liability hook along with the speculators of all manner whom thought they’d get an easy piece of the action. There is no such thing as a safe real estate loan. The only way to win as a homeowner, is not to play. The rinky dink big shot investor firms brought the claim. Someone needs to tell these guys a home at auction is discounted via distressed sales conditions and auction sales are not representative of fair market value. A study of averaged discount rates of auctioned off recalled notes for high end luxury properties by the bay would have taken the edge off their claim amount, substantially. Perhaps if this amazing new lending company would not have stripped so many rights away from the borrower, and played by traditional rules, the recall could have been avoided in the first place. Looking at these companies is like a little window into the larger wall street world. They offer amazing claims of surety and guarantee, they’ll manage your insurance, your investments, and they do it all full service top to bottom so you can relax, and profit. Nevermind they’re getting reverse hoodwinked on the other side of the sales play with some amazingly loose investment schemes. What a fun story to look into.

Red Bell. / Bought by Clayton Holdings. / Clayton holdings bought by Radian mortgage insurance services. Radian owned by Cogency Global.

https://www.housingwire.com/articles/33388-clayton-holdings-acquires-tech-solution-provider-red-bell/

Gaining speed in associated realms to furnish avm’s as a standard.

https://www.businesswire.com/news/home/20191107006035/en/Fitch-Ratings-Taps-Red-Bell%E2%80%99s-Automated-Valuation

Oh look at this, Radian, is also a licensed AMC.

https://www.radiantitle.com/appraisal-services/

When the company providing the evidence which landed you to court, provided the value estimate for all future value considerations, insured the loan, dictated the rules for default and recession relief terms, sought to replace you with an avm service, skimmed off the top with amc services, is tied into credit rating systems, is tied into larger global corporations…

With these big corporations, fair checks and balances for consumers in America are absent. Just because they run spin off purchased companies under different names does not mean they’re providing valid checks and balances. Clearly, you got lucky going against a corporation like that. Don’t worry, with their end to end full service digital network for professional services and complete logic based automation systems, they won’t need you for very much longer.

Hows globalism working out for you personally?

I had an appraisal complaint filed against me from JP Morons for a repurchase consideration on a property I appraised 2 years prior. The state found no USPAP errors but indicate the comp selection may be improper (total laziness on the review appraiser). Once we were in court I simply asked who in the room is a certified appraiser. There were zero certified appraisers in the room. I then proceeded to destroy the entire argument of over valuation and improper comp selection. The subject was a very unique house which was plastered all over the report. This was a purchase transaction with 10 days on market and a prior sale 3 years prior with 52 dom. Clearly marketability has been established by prior sales. The comparable sales were located all over the map however the value was reconciled toward sales which are in the subject’s immediate location. Value and marketability were demonstrated thru the sale comparison approach. I came to find out JP Morgan paid for a desk review from Clear crapital which indicated a much lower value. The desk appraiser was not located in my state however was certified in my state. Nobody drove past the comps. The simpletons from JP morgan also utilized some silly AVM call Red Bell which provided them with a list of non comparable properties. When your dealing with stupid be prepared. Even my E/O insurance provider laughed at the claims. Clearly nobody could think out side the box. Judge sided with the appraiser!

They will use the “subject to completion” value to CON THEIR INVESTORS into believing the property provides adequate collateral.

Borrower defaults = APPRAISER IS F****D

JUST SAY NO

Maureen, I always enjoy reading your comments, but I must say that it doesn’t matter how strong your work is, it depends on who is judging it….”To Kill a Mockingbird”….

Remember, No one is your friend as an appraiser !!!