22 comments

• Comment Link Saturday, October 04 2008 02:35 posted by peak performance

  This type of thing happens all the time on the internet, shame she's getting done for it though!
• Comment Link Tuesday, December 11 2007 00:11 posted by Rosemarie

  I complained to my bank that uses an AMC known as Lenders Services. Had two appraisals done for a major lender on my home. I paid for the second appraisal. The AMC stated that a second appraiser could be hired if I agreed to pay for the appraisal. I paid $400 for the appraisal and my townhouse was worth $330,000 by the second appraiser. I was very happy with the results. The AMC said the bank had accepted the higher value that the second appraiser valued my home at. I never did get the first report but was verbally told by the lender/loan officer that the first value was totally inaccurate at t$275,000. All I can say is that you can still get the value you want even with an second company handling the process for the appraisal on my home. I had advised many of my friends what happened to let them know that when a home is valued don’t challenge the last report, complain to the bank, state that AMC or service provider they use were very nasty, even if not which means I had to blame the first appraiser and insist that I have another appraisal done on my home but not from the same original provider. I was happy with my outcome and suggest other do the same. Did I forget to tell you that I am also a realtor, but in this case I was a homeowner?
• Comment Link Saturday, October 13 2007 01:07 posted by Angie

  My Husband and I live in Michigan and we refinance our house with AMC Mortgage and they had the appraisr jack the price on the house because i had it re done this put summer and it was like 10,000 dollars different then when they did then my new mortgage company. If i did not re do the mortgage this past summer i would of been paying like 11% interst on my house and the payments would of went to 1000 dollars a month and that did not include the taxes or insurnce for the house. So I am not for sure how to go about taking care of this. I know we got a paper in the paper saying that there is a class action sutie right now and we filled out the papers
• Comment Link Wednesday, July 18 2007 15:57 posted by Deb H

  Let's see eappraiseit cut my fees almost in half, insisted I have a turnaround time in 48 hours, was very difficult in many aspects including giving my email address to a local lender who was instrumental in me not receiving his assignments anymore because as the LO put it " didn't hit the numbers about 50% of the time". Also, I have been yelled at, scolded, insulted and instructed to add/delete items in my reports. Perhaps, eppraiseit needs an overhaul and a reality check as a reminder of what they are supposed to do.
• Comment Link Thursday, July 05 2007 08:25 posted by Lou K

  Kudos to Ms. Crowley, I wish I had more time to join here in her quest against worthless AMC's. The AMC's are supposed to be in business to foster appraiser independence, however from my experience it has been business as usual. Eapprraiseit in particular has become the Wallmart of AMC's. I have received assignments from Eappraiseit instructing me to contat them immediately if there are value issues, also a USPAP violation in my view. I also beleive that eappraiseit has outsourced some of their ordering and processing to the East Indies, not a crime, but un-American in my view.
• Comment Link Saturday, June 30 2007 07:54 posted by Arthur

  A simple procedure,used by VA since 2003, has the appraiser call the client when there is a value issue.The client has 48hrs to provide add'l support, appraiser then comments on the data, completes the report. Takes a lot of wind out of the sail. Maybe a national appraiser rotation list (like VA) would help.
• Comment Link Friday, June 29 2007 09:55 posted by Robert T

  The fact is that there are alot of Honest Appraisers out there doing the job as they should. Appraisers protect the lender and also the borrowers if their job is done correctly..
  
  However, many lenders don't want to know the truth..They just want the deal to work so they can get paid....That is the bottom line..FOLLOW THE MONEY...And that trail will NOT lead you to the average appraiser...
  
  As far as these AMC's go..They do data mine appraisal reports,, and in my view, they do this illegially. They also over charge the consumer for the appraisal fee and usually have a newly licensed appraiser doing the work for next to nothing....As if competence matters...
  
  
  The average appraiser does not have the same representation in Washington as the MBA, NBA or those REAgents.
  
  All we have is the Appraisal Institute who is irrelivant at best and does nothing to protect or advance the average appraiser..
  
  
  I support Pam and her stance on Mortgage Fraud and appraiser pressure..
  
  
  But the main question to be asked is this,,
  
  Who ownes these AMC's, who really benefits?
  
  The answer is NOT THE CONSUMER...
• Comment Link Thursday, June 28 2007 11:30 posted by Robert M

  Patrick have you ever heard of a spellchecker?
  
  Per your comment go to divorce court or a probate without an appraisal and see where you end up. If you have any money to lend I am sure they are many people who want to talk to you, since you feel appraisals are unnecessary.
  
  There are plenty of bad apples in every business and the appraisal business has more than its fair share. If you control the pressure brought on appraisers by lenders, etc this situation would be much different and there would be little fraud involved.
• Comment Link Thursday, June 28 2007 09:57 posted by Jason

  I know for a fact that eAppraiseIT has unlocked my pdf files, added their watermark and changed the security settings. Complaints have been filed with my states bank commisioner and the state appraisal board.
  
  Pam has my support all day long. I sent her a check.
• Comment Link Thursday, June 28 2007 08:04 posted by Patrick

  What's the big deal? Appraisors are completely useless to begin with. They add no value whatsoever and contribute nothing to real estate transactions. They simply do what they are told (hit the number) or you get one that will. Their role has become completely marginalized to where they are now just a piece of paper needed to complete the file check list.