Wells Fargo - Appraisers Blogs https://appraisersblogs.com/tag/wells-fargo/ Appraisal News and Tips for Real Estate Appraisers Mon, 17 Aug 2026 03:54:18 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 https://i0.wp.com/appraisersblogs.com/wp-content/uploads/2015/04/ABfavicon.png?fit=32%2C32&ssl=1 Wells Fargo - Appraisers Blogs https://appraisersblogs.com/tag/wells-fargo/ 32 32 52046035 Foreclosures in Black Communities Due to Overvaluation https://appraisersblogs.com/foreclosures-in-black-communities-due-to-overvaluation/ https://appraisersblogs.com/foreclosures-in-black-communities-due-to-overvaluation/#comments Thu, 11 Jan 2024 13:30:49 +0000 https://appraisersblogs.com/?p=30205 What were the results? Most had foreclosures. They bought a house worth much less than they paid for it and never planned or budgeted to make a mortgage payment in the first place.  About 2 years before the crash of ‘08, I ran across a company out of DC called “Metro Grapevine” and “Metro Dream Homes.” It was a Ponzi scheme marketed by a black to blacks only. It was by invitation only. They promised if you bought your home through their program, they’d pay it off in seven years and you never had to make a payment. The requirement...

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]]> https://appraisersblogs.com/foreclosures-in-black-communities-due-to-overvaluation/feed/ 13 30205 Top DEI Bosses Have a Problem – Diversity https://appraisersblogs.com/top-dei-bosses-at-financial-institutions-have-a-problem-diversity https://appraisersblogs.com/top-dei-bosses-at-financial-institutions-have-a-problem-diversity#comments Tue, 15 Nov 2022 13:30:09 +0000 https://appraisersblogs.com/?p=28072 The ranks of the new DEI bosses at the financial institutions are no more diverse than the appraisers their institutions see as the enemy. If the lack of diversity of appraisers is inherently bad, how could the same not be said for the DEI bosses?  A full 93 percent of U.S. birdwatchers are white. Just 4 percent are African-American and a paltry 1 percent are Asian-American. Just 5 percent are Hispanic (which includes both blacks and whites). This was according to the U.S. Fish and Wildlife Service as reported in National Geographic a number of years ago. Another study found...

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]]> https://appraisersblogs.com/top-dei-bosses-at-financial-institutions-have-a-problem-diversity/feed/ 12 28072 Wells Fargo Workers Went on Appraisal-Fraud Bender https://appraisersblogs.com/wells-fargo-workers-went-on-appraisal-fraud-bender https://appraisersblogs.com/wells-fargo-workers-went-on-appraisal-fraud-bender#comments Tue, 11 Oct 2022 12:30:32 +0000 https://appraisersblogs.com/?p=27856 Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers… It feels like Ground Hog Day all over again. Who can forget the Wells Fargo banker who, stressed from opening fraudulent accounts in the name of hapless depositors, had begun guzzling hand sanitizer? That was in 2016. New revelations from the nation’s second-largest mortgage lender will make the U.S. taxpayer want to take a good long pull on the nearest bottle of hand wash. Dozens of loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify...

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]]> https://appraisersblogs.com/wells-fargo-workers-went-on-appraisal-fraud-bender/feed/ 14 27856 Wells Fargo at It Again! https://appraisersblogs.com/wells-fargo-fraud-against-US-bankruptcy-court https://appraisersblogs.com/wells-fargo-fraud-against-US-bankruptcy-court#comments Thu, 23 Jul 2020 12:30:42 +0000 https://appraisersblogs.com/?p=24182 Those fine outstanding law abiding people at Wells Fargo are at it again! This time the fraud is against the United States Bankruptcy Court and as usual, their very own customers. Wells Fargo’s explanation… The Covid-19 Pandemic! Wells Fargo is using the Covid-19 virus as the excuse for placing borrowers currently under Chapter 13 bankruptcy repayment plans in forbearance. The borrowers never asked for the forbearance and Wells Fargo filed a claim with the Bankruptcy Courts halting mortgage payments for the borrowers without their knowledge. According to the NBC news article: On April 29, without Harlow’s knowledge or permission, Wells Fargo told...

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]]> https://appraisersblogs.com/wells-fargo-fraud-against-US-bankruptcy-court/feed/ 6 24182 Unsolicited Appraisal Request https://appraisersblogs.com/unsolicited-appraisal-request-surge-pricing-price-fixing https://appraisersblogs.com/unsolicited-appraisal-request-surge-pricing-price-fixing#comments Wed, 11 Mar 2020 12:30:08 +0000 https://appraisersblogs.com/?p=23683 …an unsolicited appraisal request instructing payment be collected at the door… Well who said 2020 would be a nice calm year for appraisers? VaCAP has been receiving messages from appraisers about some of the crazy dumb stuff lenders and amcs are doing. What is scary is the things we are hearing are very reminiscent of 12-15 years ago. A long time VaCAP member forwarded an appraisal request to us he received via Mercury Network. All was good with the order, turn time, fee; all good except for one little issue, payment was to be collected at the door from the...

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]]> https://appraisersblogs.com/unsolicited-appraisal-request-surge-pricing-price-fixing/feed/ 15 23683 Lenders Want to Eliminate DTI Cap! https://appraisersblogs.com/lenders-want-2-eliminate-DTI-cap https://appraisersblogs.com/lenders-want-2-eliminate-DTI-cap#comments Wed, 11 Sep 2019 12:30:02 +0000 https://appraisersblogs.com/?p=22698 No DTI CAPS – What could go wrong? Well, the insanity continues. HousingWire is reporting that a coalition of lenders and trade groups are calling on the CFPB to eliminate the debt to income cap on all qualified mortgages. Yes, you read that right. Lenders want to eliminate the debt to income cap to allow more loans to be originated. They claim by using alternative factors to determine risks, more low income borrowers can obtain a mortgage. Mortgage Bankers Association President and CEO Robert Broeksmit stated: With respect to the 43% DTI threshold, it makes little sense to commit to a rigid requirement...

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]]> https://appraisersblogs.com/lenders-want-2-eliminate-DTI-cap/feed/ 20 22698 The Black Swan – Another Meltdown https://appraisersblogs.com/white-swan-predicts-another-meltdown-next-recession-inevitable https://appraisersblogs.com/white-swan-predicts-another-meltdown-next-recession-inevitable#comments Tue, 06 Aug 2019 12:30:47 +0000 https://appraisersblogs.com/?p=22494 Another Meltdown – The Inevitable Outcome of a White Swan: Why would we allow another Financial Meltdown to occur? …When revenues and profits decline, lenders and financial institutions throw caution to the wind and relax their once prudent lending policies in favor of more aggressive, inclusive policies… Hindsight has taught us that there is no serious consequence to imprudent lending policies. Perhaps a multi million dollar fine is assessed but that is just the small cost of doing business for some violators… Though more common now, especially in Australia, Europe, and  Asia, black swans (Cygnus atratus) were once thought to...

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]]> https://appraisersblogs.com/white-swan-predicts-another-meltdown-next-recession-inevitable/feed/ 10 22494 Price-Fixing, Who’s Shocked? https://appraisersblogs.com/big-banks-price-fixing-investigation-coestervms-wrap-up https://appraisersblogs.com/big-banks-price-fixing-investigation-coestervms-wrap-up#comments Thu, 04 Apr 2019 12:30:35 +0000 https://appraisersblogs.com/?p=21294 …criminal investigation into price-fixing… The State of Pennsylvania has filed a class action law suit against some of the biggest banks and financial institutions in the country. The claim is these companies conspired to fix the prices on almost $500 billion in bonds issued by Fannie and Freddie over a mere 5 year period from 2009-2014. The named defendants are: Bank of America – Barclays Capital – BNP Paribas – Citigroup – Credit Suisse – Deutsche Bank & Deutsche Bank Securities – First Tennessee Bank & FTN Financial Securities – Goldman Sachs – JP  Morgan Chase – Merrill Lynch –...

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]]> https://appraisersblogs.com/big-banks-price-fixing-investigation-coestervms-wrap-up/feed/ 9 21294 Another Huckster Enters the Appraisal Arena https://appraisersblogs.com/another-third-party-huckster-enters-appraisal-arena https://appraisersblogs.com/another-third-party-huckster-enters-appraisal-arena#comments Thu, 28 Mar 2019 12:30:55 +0000 https://appraisersblogs.com/?p=21253 Yet another third party huckster has entered into the real estate appraiser and appraisal arena. It’s that time again! Yet another third party huckster has entered into the real estate appraiser and appraisal arena. Apparently motivated by pure altruism. We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” stated Vladimir Bien-Aime, president and CEO at Global DMS. (I LOVE this guy, he writes like me!) Global DMS Launches SnapVal to Provide Instant, Accurate, Guaranteed...

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  • The Truth is They Don't Hire Professionals! Hybrid hucksters always argue “Why can’t trained professionals like brokers or insurance inspectors” perform the appraiser’s field inspection. The answer…
  • $599 Waiver to Save the Borrower Money? The consumer is being fed yet another lie! Remember when we heard an appraisal waiver will save the borrower money?…
  • Faster Cheaper Appraisals! An appraiser shared the following with us. Vintage Mortgage Firm is offering faster cheaper appraisals. New Faster Cheaper Appraisals! Three…

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]]> https://appraisersblogs.com/another-third-party-huckster-enters-appraisal-arena/feed/ 20 21253 AGA Objects De Minimis Increase Proposal https://appraisersblogs.com/AGA-objects-de-minimis-threshold-increase https://appraisersblogs.com/AGA-objects-de-minimis-threshold-increase#comments Thu, 10 Jan 2019 13:30:09 +0000 https://appraisersblogs.com/?p=20663 We object to the proposal to increase the de minimis threshold at which no appraisal is required… Sirs: The American Guild of Appraisers (AGA), of the Office Professional Employees International Union (#44 OPEIU) of the AFL-CIO represents the members and extended family and retirees, taxpayer and consumer real estate appraisal interests of nearly Twelve and a half million citizens and voters. We object to the proposal to increase the de minimis threshold at which no appraisal is required from $250,000 to $400,000. Respectfully, if anything is done with it at all, lowering it to a range not to exceed $100,000...

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]]> https://appraisersblogs.com/AGA-objects-de-minimis-threshold-increase/feed/ 40 20663 Frivolous Complaints Against Appraisers https://appraisersblogs.com/TALCB-unfounded-complaints-against-appraisers https://appraisersblogs.com/TALCB-unfounded-complaints-against-appraisers#comments Wed, 12 Sep 2018 12:30:07 +0000 https://appraisersblogs.com/?p=19130 TALCB noted that roughly 70% of all complaints against appraisers are unfounded… The American Guild of Appraiser recently wrote to Texas Sunset Commission expressing member concerns and suggested solutions. We urge readers to copy, paste, edit and send their own comments – even out of state appraisers. Click here to send your comments. Posted AGA comments and concerns Appraiser complaints are allowed to be filed against appraiser by third parties that are not the clients. The appraiser has no recourse to these for recouping costs of defense. Third party complaints by non clients (agents; brokers, buyers, sellers) serve only to...

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]]> https://appraisersblogs.com/TALCB-unfounded-complaints-against-appraisers/feed/ 118 19130 Nonexistent Shortage of Appraisers https://appraisersblogs.com/nonexistent-appraisers-shortage-north-dakota https://appraisersblogs.com/nonexistent-appraisers-shortage-north-dakota#comments Tue, 21 Aug 2018 12:30:46 +0000 https://appraisersblogs.com/?p=18972 …there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times… The American Guild of Appraisers has already heard from many of our North Dakota and nearby states members on the above request. The most recurrent complaint is that there is no numerical shortage of appraisers in North Dakota (approximately 300+-) as well as adjacent states appraisers that regularly cross over to serve client needs there (another 30 to 40+-). What I am told is that there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times! There...

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]]> https://appraisersblogs.com/nonexistent-appraisers-shortage-north-dakota/feed/ 11 18972 Alternatives to Traditional Appraisals https://appraisersblogs.com/alternatives-2-traditional-appraisals https://appraisersblogs.com/alternatives-2-traditional-appraisals#comments Mon, 14 May 2018 12:30:42 +0000 https://appraisersblogs.com/?p=17994 …increasing usage of alternatives to traditional in-person appraisals for valuations in real estate transactions… A California Judge has ruled Wells Fargo must pay $97 million to mortgage employees for not paying employees for the state mandated breaks.  From the article, the Judge sided with the employees and ruled compensation for breaks should include commissions, not just an hourly rate. Just think, this is one state. Don’t most states have similar laws? $97,000,000 x 50 = $4,850,000,000 See the article here. Reminder: The National Association of Realtors, Real Property Valuation Forum presents: Rethinking Real Estate Valuation: Alternatives to Traditional Appraisals The...

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]]> https://appraisersblogs.com/alternatives-2-traditional-appraisals/feed/ 5 17994 Bridging The Gap https://appraisersblogs.com/financial-reform-legislation-helping-appraisers https://appraisersblogs.com/financial-reform-legislation-helping-appraisers#comments Mon, 23 Apr 2018 12:30:57 +0000 https://appraisersblogs.com/?p=17760 I’m an appraiser. I look at all proposed financial reform legislation in terms of what it does for, or to appraisers. Not whether it was proposed by a red or a blue. Dear AppraisersBlogs readers and fellow appraisers; Anyone who has read my past posts is aware I happen to be a Republican Union Organizer. Usually it isn’t an issue because I try to remain non partisan in my posts and to avoid offensive partisan rhetoric, while promoting appraisers rights; the American Guild of Appraisers, and being critical of bad lending policy and bad appraisal practices. I have also attempted...

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]]> https://appraisersblogs.com/financial-reform-legislation-helping-appraisers/feed/ 12 17760 Not Such a Quiet Week https://appraisersblogs.com/treasure-valley-rejecting-amc-invoices https://appraisersblogs.com/treasure-valley-rejecting-amc-invoices#comments Thu, 07 Sep 2017 12:30:03 +0000 https://appraisersblogs.com/?p=15295 For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices. Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business...

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]]> https://appraisersblogs.com/treasure-valley-rejecting-amc-invoices/feed/ 10 15295 What’s In a Relationship? https://appraisersblogs.com/appraisers-relationships-wells-fargo https://appraisersblogs.com/appraisers-relationships-wells-fargo#comments Wed, 02 Aug 2017 12:30:49 +0000 https://appraisersblogs.com/?p=14995 Salvaging Relationships with Appraisers… Wells Fargo, one of the oldest banks in the country, is working hard to salvage relationships, not with just customers and regulators, but appraisers as well. Wells Fargo recently stopped using Appraisal Management Companies and is aggressively trying to build an appraisal panel of their own. Appraisers are excited that one of the largest banks in the country is no longer using AMC’s. We give Wells Fargo high “Kudos” for making a change in the right direction. However, there is a bit of a dilemma when making an informed decision whether to have a relationship with Wells...

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