You Won't Believe It! AMC Doing Mort. Loans! What the?!? 01.28.10 | First Priority Financial AZ

Sunshine: (February 11, 2010 10:59am)

Hi Does anyone remember what date the guys talked about the TBW/Cenlar not reporting on credit reports

Trust: (February 02, 2010 1:04pm)

I am willing to contribute to setting up a website that will solicit participants and eventually a legal fund to fight back. We are waiting for others to pick up the banner and fight for our right to do business and earn an honest lving. If we got 100K ppl to sign the pertition, I am sure we can get 100K people to contribute so that we can begin the earnest process of fighting this in the courts. We don't have to wait thiw is something WE can do. Heck, at $50.00 from every person who signed the pertition gives us a legal fund of $5,000,000.00 I am sure some law firm can get interested in that. we don't have to beg we can seek redress against all of them to obtain our rights to do business with who we choose and whomever chooses to do business with us as long as we and they are licensed of have the right to do so.

Do something....ANYTHING!!: (February 02, 2010 12:25pm)

....NAIHP could assist with a contact point. As I said lets "Do something....ANYTHING!!

Trust: (February 02, 2010 12:06pm)

Why are we still talking about this and not suing? Why have we not set up a site to solicit complainants and contributions, put together a panel to nationally search and interview lawyers and law firms and selected a state from which a lawsuit can be filed? This is not rocket science, babbling idiots who spill hot coffee do it everyday and actually win. We have been infringed upon. Our lilihoods have been taken away and given to other private parties without any type of due process or just compensation. Our businesses were based upon our reputations as Appraisers and the value of our businesses were based upon our clients which were forcefully confiscated, we have been harmed and are continuing to be harmed because we do not have the right to rebuild our businesses due to the HVCC. We need to get to cracking and put this to the test. To hell with begging Cuomo and praying that our so-called representatives will come to our aid. We need to go to court and air this out.

Trust: (February 02, 2010 12:06pm)

Why are we still talking about this and not suing? Why have we not set up a site to solicit complainants and contributions, put together a panel to nationally search and interview lawyers and law firms and selected a state from which a lawsuit can be filed? This is not rocket science, babbling idiots who spill hot coffee do it everyday and actually win. We have been infringed upon. Our lilihoods have been taken away and given to other private parties without any type of due process or just compensation. Our businesses were based upon our reputations as Appraisers and the value of our businesses were based upon our clients which were forcefully confiscated, we have been harmed and are continuing to be harmed because we do not have the right to rebuild our businesses due to the HVCC. We need to get to cracking and put this to the test. To hell with begging Cuomo and praying that our so-called representatives will come to our aid. We need to go to court and air this out.

Trust: (February 02, 2010 12:05pm)

why are we still talking about this and not suing? Why have we not set up a site to solicit complainants and contributions, put together a panel to nationally search and interview lawyers and law firms and selected a state from which a lawsuit can be filed? This is not rocket science, babbling idiots who spill hot coffee do it everyday and actually win. We have been infringed upon. Our lilihoods have been taken away and given to other private parties without any type of due process or just compensation. Our businesses were based upon our reputations as Appraisers and the value of our businesses were based upon our clients which were forcefully confiscated, we have been harmed and are continuing to be harmed because we do not have the right to rebuild our businesses due to the HVCC. We need to get to cracking and put this to the test. To hell with begging Cuomo and praying that our so-called representatives will come to our aid. We need to go to court and air this out.

Briancoester: (February 01, 2010 1:43pm)

This video seems to reflect a misunderstanding of the nature of the transactions discussed in the Housing Wire article. I would like to clarify. 1.Coester Appraisal Group is not entering the lending space and has not plans on ever doing so. 2.Jaymes Financial is not a lender. Jaymes Financial is a secondary marketing/capital markets advisor (not a principal) and acts as an agent broker for institutional fixed income whole loans. Coester provided a warm introduction between some of its lender clients, who were in need of additional warehouse funding, and Jaymes Financial, who was working with a bank that was entering the warehouse lending space. Coester has no interest in the relationship between the lenders and Jaymes Financial, and the introductions were provided at no fee, as a simple networking opportunity. Neither Coester nor Jaymes Financial has a financial interest the companies. You can e-mail me at bcoester@coesterappraisals.com for any additional information. TY BC

MR APPRAISER ;): (January 30, 2010 2:30pm)

I did 88 appraisals in Nov and 74 in Dec. Just me and 100 hours a week. Oh and Jan looks as good as Nov.

GUNGADIN: (January 29, 2010 5:00pm)

You guys are doing an awesome job keeping a lot of us informed. Keep up the good work. Lets us know more about the Hope for Home owners Program and if you hear anything about them actually reducing principal Balances for those of us who are really upside down.

Ezradams: (January 28, 2010 8:09pm)

Brian, Frank,....I realize it's late, but check out this link: http://www.nytimes.com/2010/01/29/nyregion/29donations.html?pagewanted=1&hp

TabascoJack (OH): (January 28, 2010 7:29pm)

Thanks for the info.... Great show. Why, however when I hear that screeching(sound effect) in the beginning, would I rather hear fingernails on a chalkboard. Keep the good work up.

brian tbws: (January 28, 2010 4:56pm)

Perhaps the greatest point in the forum today was old dog. You're right. Our argument about Coestar is "fishing for minnows of the back of a whale." Truly BofA is the bigger culprit. However, I think the deal with Coestar is the idea of morphing an idea that everyone already thinks is bad. Tomorrow on the daily we will link you to Coestars response. Thanks guys

5pence: (January 28, 2010 4:54pm)

We, the taxpayers loan the banks money at what amounts to less than 0% interest so they can get their books in order. You'd think out of gratitude they'd offer US, the people that bailed them out, loans at 2-3% to help us out and still make some money and kick start the economy. Nope. There is no heart in the big banks. At their core there is just greedy ambition that's going to destroy us all slowly but surely.

Just an honest LO: (January 28, 2010 4:50pm)

James: I don't know, maybe. Hey, everyone; Please forgive me for being too passionate in my blog postings. I wonder if America is reaching the point of "Atlas Shrugged" by Ayn Rand? What would happen if every American just stopped working altogther for a week, like Ghandi had a worker strike in India to get out from British Imperial Rule? Could we end career politicians? Could we survive for a week with no work? For a month? Probably not. You can bet not one of the Congress members are out of money. All these 'reform' regulations have done os to give the same special interests more power to scam the average person even more. What's the use of believing in our government officials when they obviously don't care? They just keep taking more and more and we keep struggling just to survive. It is a sad state of the onion indeed.

5pence: (January 28, 2010 4:48pm)

unfkn real old dog. They not only have the money to loan and own the amc but now they're going to own the appraiser too. Talk about conflict of interest omg. these banks are to used to getting away with everything. kleptocracy at work and all we seem to be able to do is grin and bear it? It seems the choices the politicians have is : do we take care of corruption or do we get lending going. What kind of choice is that?!! Do you even have to think twice? I don't. Politicians don't either as long as their pockets are padded. This kleptocracy is totally revolting. Even the bible thumpers should be disgusted and yet, not a peep. What is going on with this country??? I'm disgusted. I feel like I'm surrounded by whimps. (I didn't realize my ?'s would force the post out of the window lol, interesting.)

5pence: (January 28, 2010 4:46pm)

unfkn real old dog. They not only have the money to loan and own the amc but now they're going to own the appraiser too. Talk about conflict of interest omg. these banks are to used to getting away with everything. kleptocracy at work and all we seem to be able to do is grin and bear it? It seems the choices the politicians have is : do we take care of corruption or do we get lending going. What kind of choice is that?!! Do you even have to think twice? I don't. Politicians don't either as long as their pockets are padded. This kleptocracy is totally revolting. Even the bible thumpers should be disgusted and yet, not a peep. What is going on with this country?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? I'm disgusted. I feel like I'm surrounded by whimps.

old dog: (January 28, 2010 4:32pm)

Wow...up in the air about Coestar and not a word about BofA which owns Landsafe AMC which now is advertising for their own appraisers so they can have more control and none of you even blinked an eye...What's the diff? Well if you are located in any of these cities..here is your opportunity to sell your soul..that's all any of us own any more anyway. Landsafe (LSA) Join Bank Of America; LandSafe Employment Opportunity - now hiring for Staff Appraiser positions Become a LandSafe Staff Appraiser LandSafe Appraisal Services Inc. is experiencing tremendous growth and our growth means exciting opportunities for you! We are currently looking for a Residential Staff Appraisers in the following markets: Denver, CO Ft Collins, CO Seattle, WA Portland, OR Dallas, TX Fort Worth, TX San Mateo, CA Fontana, CA San Diego, CA Contra Costa, CA Virginia Beach, VA Los Angles, CA Lancaster, CA Santa Ana, CA Fontana, CA Santa Cruz, CA Moreno Valley, CA Las Vegas, NV Brick, NJ New Orleans, LA Wilmington, DE Sarasota, FL Naples, FL Destin, FL Pensacola, FL West Palm Beach, FL Marina Del Rey, CA We want the appraisal industry’s elite; appraisers with an unparalleled reputation for service and integrity just like ours. As a LandSafe Staff Appraiser, you’ll enjoy the freedom of working from home, a competitive compensation plan that recognizes your efforts, reimbursement for licensing and continuing education expenses, organizational support, and the availability of a consistent volume of work. In addition, becoming part of the LandSafe family offers growth opportunities, professional and technical support, and technology advantages you would expect from an industry leader. The position does require State Certification for the state(s) in which assignments are undertaken and at least 5 years appraisal experience is preferred. We are looking for professional appraisers who understand that the quality and credibility of our appraisal reports is paramount, who can complete simple and complex assignments, and who possess a thorough understanding of industry standards, FNMA, FHLMC, HUD and investor guidelines. By joining our team of appraisal experts, you can feel confident that you will be part of a premier Closing Services organization. If you are interested, please submit your resume to the position of interest online at http://careers.bankofamerica.com/overview/overview.asp as the ones that are still open are posted. I’m confident it will be time well spent, and look forward to hearing from you soon.

James: (January 28, 2010 4:24pm)

Just an honest LO - funny, they aare both in Sad Diego too, is that the spot that all loans in California go through?

CornerstoneKathy: (January 28, 2010 4:24pm)

..and get Rate Alert..ok Joe pass the Bushmills this way..

James: (January 28, 2010 4:23pm)

Just an honest LO - the lenders I have GFEs from CA Mortgage and American Preferred Lending. Send me an e-mail and I can send him the GFEs I have not - prattjames1960@yahoo.com

Joe Parsons: (January 28, 2010 4:22pm)

JAHLO: Thank you for your comments. A little controversy is a big part of what makes these forums worthwhile. It often makes us examine our own assumptions, beliefs and values. That's healthy. If your business is disappointing, there is a TON of help available. This may make me seem like a paid shill, but let me suggest that you talk to the TBWS folks about implementing video marketing. It is more effective than you can even imagine, and it's cheap to do. (F&B, you owe me BIG...pass the Bushmill's please)

Just an honest LO: (January 28, 2010 4:10pm)

James: I have a good LO in our San Diego office I can refer you to. I'm on the East Coast and don't do CA loans. Do you want his contact info?

CornerstoneKathy: (January 28, 2010 3:59pm)

The Boom and Bust guys were offered a job live on Glenn Beck today..but TBWS broke the video to us first!

brian tbws: (January 28, 2010 3:59pm)

hey forejip. Your not kidding. Nate got thrashed by you animals.

James: (January 28, 2010 3:57pm)

Just an honest LO - California

A Appraiser: (January 28, 2010 3:56pm)

Hey MA Appraiser how about this one? Cuomo I would not so much a p--s on you if you were on fire. We have got to get together appraisers!! We have to see this to the end. We really do not have too much choice. I say we completly clean house why stop with HVCC. As long as we have organizations like the appraisal institute claiming to be the voice of our industy and at the same time selling us up the river we will always be easy marks. It's really sad when other organization have to fight our battles. We need a true united front. I know many of us are very leary of a union but I really do not see the alternative?

CA appraiser: (January 28, 2010 3:55pm)

So you thought you had heard it all?? You are not going to believe this one. I just heard from 3 different real estate agents (who also do loans) that the AMC's handling the appraisals for their loans (2 different lenders) are now putting pressure on appraisers to appraise values higher than the last closed sale in the area. This is an obvious group effort by lenders and amc's to inflate prices of homes. Basically, lenders and amc's are putting pressure on appraisers to stretch property values to the high end of the range in the hopes that they can help property values artificially inflate. Because what happens when prices go up?? MORE PEOPLE BUY HOUSES TRYING TO MAKE A QUICK BUCK! If more people buy houses...the banks do more loans....more loans, more bonuses for the banks... It really seems like a handful of people are pulling the strings of this b.s. economy and it makes me sick to my stomach. Now Frank and Brian tell me AMC's are DOING FREAKING LOANS?! IM IN DA TWILIGHT ZONE...

forejlp: (January 28, 2010 3:54pm)

Bring back Nate then Just an Honest LO will really know the definition of "taking some heat" I am glad you posted your thoughts because that is what I think this blog is all about..

Just an honest LO: (January 28, 2010 3:54pm)

James: What State are you located in, please?

James: (January 28, 2010 3:37pm)

If there are any LOs out there that would like to look over the GFEs I have I would be happy to e-mail them to you - prattjames1960@yahoo.com

Just an honest LO: (January 28, 2010 3:36pm)

Hey SoCalApprs2: I hear ya! If anyone figures out how to get HVCC gone, let me know. I don't do loans in CA but I feel your pain. I can't the appraisers I used to do business with anymore so there goes all those years of relationships. HVCC was created by people who know nothing about the mortgage business, but they know a whole lot about politics, enhancing the power of themselves and the Big Banks and Wall Street firms that they really serve behind their closed lobbyist doors. Take the time to read "The Creature From Jekyll Island" by G.Edward Griffin and learn the truth about Wall Street, the Fed, the Money Trust, the special interest groups, and the Stock Market Crash of 1929 and how it been done again to the public in 2008 only now with Real Estate. Read the book and then you decide. You'll see all the news differently and you'll understand how to translate what they say to what they really mean. If you do read this book, tell me if you see it all as I agree with the author.

James: (January 28, 2010 3:18pm)

Rates are going to go UP, Rates are going to go UP, well, I just got a GFE that has 5.125 and a second one with 4.875. the loan is a refi-cash out with a 65% LTV and my credit score is 767-781. The total loan is $222,500 or so. Getting a call today (maybe) from the 4.875 guy and the 5.125 guy just called when I was out picking up my little girl from school. Do you LOs think rates will go down more? Do you think these guys can get me 5% +/- .125 of a point? What lines on the forms should I be looking for major diffrences?

MAAppraiser: (January 28, 2010 3:18pm)

A Appraiser I couldnt say it any better myself. Well I may a few MORE negative things but overall well said

valley girl appraiser: (January 28, 2010 3:09pm)

Honest LO: do not regret the fact that you stood up for someone. If you hadn't, I wouldn't have taken the time to actually go the link that "ILL Appraiser" provided & I wouldn't have read the Housing Wire story. I appreciate the fact that you gave another side of the story a voice. And btw, Brian..you write just like you sound!!

A Appraiser: (January 28, 2010 3:06pm)

Cuomo if you are wathching kiss my a__ you piece of s___t!!! CROOK!!! You and your daddy, the gansta!!

Just an honest LO: (January 28, 2010 3:02pm)

Hey Brian; I am regretful that I even stood up and said anything at this point. I don't have any real idea what business practices Coester is in or with whom; he was always straight with me is all I was saying and from my small window on the world it stunned me to hear such a biting commentary from you and Frank who I really respect and who I feel offer some refreshing honesty. Please continue and let the chips fall where they may as you cut down the trees as you see them. Years ago I read "The Four Agreements" by Don Miguel Ruiz and that book had a great impact on me. The 2nd Agreement: "Don't take anything anyone says about you personnally. It is their truth and their viewpoint, justified in your eyes or not, that's how they feel for their reasons." It took me a long time to diminish my Ego and I still work on that. By the way, has anyone tuned in to G.Edward Griffin on www.realityzone.com and read his book The Creature From Jekyll Island? It makes a lot of sense, right now.

brian tbws: (January 28, 2010 2:43pm)

Hey Honest LO. Peoples negative reaction is born out of their frustration of "an industry gone insane" and not your opinion. AMC's are middle men profiting while offering little to no value. That pretty much hour our tbws viewers see it. Honestly, I agree with that assessment. Keep sharing your views and opinions, they keep our show fresh and Frank and I honest. We will not pull posts unless they're selling a product or just being vulgar. That means that the harshest criticism usually comes our way. Personally, I not only accept your collective criticism but I embrace it. It makes me better. In any event thats a long winded way of saying I appreciate your views even if they run counter to mine. Thanks a bunch

SoCalApprs2: (January 28, 2010 2:42pm)

Just an Honest LO- No problem here. I just don't like to see someone profiting from a system that won't let me compete!Everyone in here is smart, on the ball and just wants to earn an honest (no pun intended) living! LoL! At least you can still pick up the phone, attend networking events, join business groups and get new clients. I have had to cancel all of my memberships because none of my business associates can get me appraisal work. HVCC must go!! Give me a chance to compete against Coestar or anyone else, that's all I want!! I feel like I am on an professional sports team and I am not allowed to play......just keeping the bench warm while trying to smile a lot as I watch my team go down!!

Just an honest LO: (January 28, 2010 2:27pm)

Hey Frank Garay: I am not down on you and Brian or your site; I really like your site in fact. And 'no comment' is entitled to his or her opinion about me (hmm) as well. I just thought it was such a strong slam of someone I used to have a great business relationship with until HVCC came along. I am also totally against all this HVCC regualtion and I do think the Big Banks are killing all kinds of us (appraisers and loan officers) and making skim money on the backs of the borrowers as well because they can and they like HVCC. I don't really know what Coester does with the James Financial guys and I don't care because I'm just doing my best to get a loan closed now and then. If people think I'm a jerk for making my opinions known, ok then. Hey, 'no comment'(strangely I guess you do have a comment here) and it feels like more projection to me; so if you need someone to hate; go for it. That only poisons you more and your opinion of me is none of my business.

Stanman: (January 28, 2010 2:26pm)

I really think it's time Appraisers bonded together to go after stuff like this. You can no longer be that independent ghost floating from house to house with your clipboard and tape. Your Associations need participation so you can be counted.Seems simple doesn't it? GODLIKE try www.fraudproblem.com

Joe Parsons: (January 28, 2010 2:25pm)

Kathy: Thankyew! Well, we have this affection for the TBWS folks that borders on bromance...what can I say? I'm a fan--even a DERANGED fan!

CornerstoneKathy: (January 28, 2010 2:19pm)

Brian ..bet you didnt think when you got volunteered for the job that someone might call you a journalist LOL!!! Parsons I love your posts!! I have seen you blog on some other sites too and you have always given TBWS their well deserved props.

clulessdad: (January 28, 2010 2:17pm)

I say let them get ino the mortgage biz! Let them get a warehouse line. Then when they find out they screwed up RESPA, the appraisal, or any other 1000 reasons why FNMA and Frddie won't buy it, they will be completely out of biz. If you are originating loans nowadays, you know all the issues. Let Mr Payne use his experience from the mortgage industry's heyday to fund some loans and see if he can sell junk. I think it is funny how anyone can think they can easily get into this biz right now. Especially using the old sweatshop subprime business model. I can see them as #382 on the implodeometer. lol

Just an honest LO: (January 28, 2010 2:12pm)

GODLIKE: here it is master-mind-mortgage-originators@googlegroups.com

BIG AL: (January 28, 2010 2:09pm)

Rosevan, Don't let that one go. Turn it in to your State Office. Good Luck! AMC's are using our hard earned money. We just went back 25-30 years in fee's. They want us to pay for everything it takes to keep a license but won't give us enough to come out even. I'm going backwards in what I shell out and bring in. The ship is sinking and I'm trying to find a life jacket.

GODLIKE: (January 28, 2010 2:08pm)

Does anyone know of LENDER based blog such as this? Where we can swap information and help each other out with situations?

SoCalApprs2: (January 28, 2010 2:02pm)

Rosevan!! Your story made my day!! Too funny but so true. Higginson and Real appraiser you guys totally get where I am coming from. AMC'S, COESTAR,who cares!!! I can compete against them with the service I provide! But if a stupid law that's in place (that violates USPAP) tells me I cannot call up Mr./Mrs. Broker, Lender or Realtor, then that is where I get pissed off. Coestar is doing what he can and says what he says because he can. So I don't have an opinion of him personally. Its his gig. But, if he uses HVCC to slide into the ability to "refer" lenders and I still cannot market myself to the very same way,that is where I draw the line. I am not jealous of him, I am pissed off that as an independent appraiser, I cannot "refer" or do business with anyone!! He can because of HVCC, I cannot because of HVCC.

Joe Parsons: (January 28, 2010 1:57pm)

JAHLO: I believe you're reading into these comments (which I find relevant and civil) emotions that aren't there. Some might think it's of projection on your part. What we do know is that Coester is "in bed" with Jaymes Financial. We also that they told Frank Garay, who, at your insistence, called Coester to verify the story, that they were "just friends." That's less than truthful on Coester's part. I can understand why you might be in a somewhat negative frame of mind these days if business is slow for you. The simple fact is that, for many of us, business is anything BUT slow. It certainly has its challenges, from incompetent appraisers, inattentive underwriters and more, but the high attrition in the loan origination business over the last two years has created real opportunity for professional and resourceful loan originators: people are still buying homes, but 80% of the competition is gone. Any loan originator who's starving needs to take a hard look at his practices.

valley girl appraiser: (January 28, 2010 1:54pm)

ILL Appraiser: I appreciate the link!!! I read your blog!!

ILL Appraiser: (January 28, 2010 1:37pm)

Just a thought - Coester doesn't know the difference between consolation and consultation and he's in the mortgage business? No wonder we're going down.....Frank/Brian, did you even go to the website I mentioned?

Frank Garay: (January 28, 2010 1:26pm)

Hey Honest LO... I hear ya. It's not so much that, but it's just that this whole HVCC thing, based on what's happening with this particular AMC, has kind of elevated the whole collusion thing to a higher level. If you use 'em and like 'em, that's cool. But the fact that an AMC is somehow steering lenders to warehouse lines, and particularly to someone that works for them as their national sales director, after all we've been through... it's just shady man. Just shady. There's something not right about the whole thing. I wonder if someone at Coester is an employee of Jaymes Financial... wouldn't surprise me if it were true.

valley girl appraiser: (January 28, 2010 1:25pm)

PS. at the bottom of the website [for COESTER appraisal Group, touting their SISTER company]... Get Started Today get a FREE consolation!!!

no comment: (January 28, 2010 1:25pm)

Hey Just an honest LO, You are a real jerk. If you hate this site so much then why do you participate. This site is for people who truly care about what is going on in this industry. There is nothing funny about the $ and careers that have been ruined because of what is going on. Shame on you.

valley girl appraiser: (January 28, 2010 1:22pm)

wth, Frank??? are you serious? Ill Appraiser sent y'all a link. I went to the link. First line is [and I quote].." Through our sister company Jaymes Financial Inc (JFI) we are able to offering the following services." Ummmm yeah I guess if they were in bed together it would be incest...... Did you not go to the website??? Can't believe you would defer on this one...

Allison Appraiser: (January 28, 2010 1:22pm)

Frank and Brian you have as many appraisers as MB's, can you do a poll asking how many of us will pony up some money for a lawsuit against HVCC, or interview the Washington state lawyers who are have that class action suit going, so we can join in?

Just an honest LO: (January 28, 2010 1:19pm)

Want a Comp Check? Go on-line to www.zillow.com By the way, have they made that illegal now? Why would anyone call an AMC and ask for a Comp Check? Like Frank and Brian have at the end of the show; "Brilliant!"

Frank Garay: (January 28, 2010 1:16pm)

Matt! Thank you! We spoke to Housing Wire AND Coester today. Coester said they weren't actually entering lending even though that's what the article plainly says. We also asked what their relationship was with Jaymes Financial, and they said "just friends". They never told us there were completely "in bed" with each other. Thanks for the heads up!

Just an honest LO: (January 28, 2010 1:10pm)

Holy Cow! I have never seen so many people project and transfer their angry emotions on to someone else based on misconstrued comments from a Housingwire article. The negative energy here is truly mind numbing. I don't get anything from my defense for Coester because I'm a Loan Officer and not an appraiser, which seems to be the bulk of you terribly abused people. I don't get to choose him or anyone either. He formed an AMC himself to survive. He refers loan officer brokers to sources of funds from his contacts over the years to help those loan officers to maybe survive. You guys just love to hate everybody and I undersatnd why, no income. I am closing very few loans because of appraisal values from lousy appraisers hired by the lender's AMCs so I truly empathize with you. A witch hunt won't make it better for you, except you might get pleasure from causing pain for others. You're too negative for me.

rosevan: (January 28, 2010 1:10pm)

One more thing, I called them and asked her if she new that it was illegal to ask for value and she said yes. Unreal

rosevan: (January 28, 2010 1:04pm)

I just received this from an AMC. Hi Rose, Could you please let me know if this looks feasible? Caldwell 363 County Rt 49 Middletown, NY 10940 Estimated 525k Thank you very much!! Pam Harrington Appraisal Manager USA APPRAISALS.BIZ 6845 State Road 54 New Port Richey, FL 34653 ph 727-753-0227 ext 101 fax 727-753-0228 www.usaappraisals.biz pamharrington@tampabay.rr. Can you believe this crap. This is why AMC were put into place and now they are asking for comps checks. Hello........... Where can I go to report these poor slobs

ILL Appraiser: (January 28, 2010 12:09pm)

http://coesterappraisals.com/whole_loan_trading.html Just had a lender send this to me and boy is she not happy. Guess this is why Mr. Coester didn't deny the report. They also asked me for a list of my former lenders which I did not give them. Needless to say, I have not received any work from them.

Matt, Oregon Certified Appraiser: (January 28, 2010 12:06pm)

Frank and Brian: I pulled this off Coester's web site. (its what you didn't mention) "National Sales Director: Andrew S. Jaymes: Andrew S. Jaymes is our National Sales Director and is Principal of Jaymes Financial Inc. He is a highly experienced investment banker. He has hands-on experience in all areas of secondary marketing since 1972. His greatest strengths are in the areas of institutional debt sales and capital markets. As a past principal of several mortgage banking companies and head trader of a nationally known security mortgage trading operation, he has the experience, banking relationships and knowledge to access any type of market conditions.

CHARLIE: (January 28, 2010 11:32am)

EVERYBODY...Just read that the state of maryland HB42 wants to file complaints and fines against any appraiser who knows what the asking or selling price on the home.....you appraisers in maryland better recall the idiot who sponsered the bill and get him or her out office

Summer Gal: (January 28, 2010 11:24am)

A Real Estate Agent that refers business to me wrote an offer on a short sale. The listing agent is insisting that the “buyer pay $8,000 to the 2nd TD holder or the deal is dead”. She is telling us that as long as the offer is conventional that this is legal – I have been told otherwise. What is the case for FNMA or FHLMC and then HUD. I thought that the ruling was NO on both types of financing? Here is the response from the listing agent:“As long as this is conventional financing, it is my understanding that the buyer can make a contribution to the Seller. This would be done through escrow and would be reflected in the HUD. At the point where we are now, it looks like the 2nd wants 10% ... the sellers just don't have it. It looks like the only way it's going to fly is to get the 1st to contribute $3,000 and the buyers to contribute the remainder.” Someone pls advise - I don't want to go end and not be able to fund.The Purchase Price is already at top dollar.

DAG: (January 28, 2010 11:08am)

Higginson - CORRECT you are! It is the only acceptable answer. HVCC has done NOTHING to reduce fraud, it has only cost the consumer enormously.

valley girl appraiser: (January 28, 2010 11:08am)

Mortgage Broker... may I make a suggestion, to which I am actually doing? I went to DC June 2009 to meet w/my congressman, who I might add, eventually supported the moratorium on HVCC. Since then, however, my emails on all things related to the Finance Committe, which he is on, has been ignored. He, Frank & Dodd are all cut from the same cloth. The alternative, contact whomever is running AGAINST those in office that are ignoring or contributing to the madness. Throw your support and what little money you have left to making sure that you have someone in office that will listen. That's what I'M doing.

Meow Meow: (January 28, 2010 11:03am)

AMC's are already owned by lenders. Look at REO trans. BofA owns them and that is how you get your appraisal done so I don't see where Coestar is doing anything differnt unless there a broker and not really a lender? IT SUCKS bottom line

Higginson: (January 28, 2010 11:03am)

If you guys are still looking for alternatives to HVCC for your meeting with Cuomo, please consider the suggestion that others and myself have suggested here in the past. Simply eliminate HVCC and go back to the way things were. This time enforce the rules and regs that were already on the books. In fact, I think we all noticed that the 6-12 months just prior to HVCC, all uw's were tightly scrutinizing our appraisals as they were starting to understand that if they didn't meet Fannie/Freddied guidelines, then they wouldn't be able to sell the loan to them. Lenders have the UW's and desk reviewers already in place for this. HVCC is an action that came in about 4 years after the fact when the system had already started correcting itself in a much more sane and efficent way. Going back to the old way would be inexpensive with no new training required. It would also make life better for LO's, appraisers and most importantly, our mutual clients. Death to HVCC.

Mortgage Broker: (January 28, 2010 10:55am)

I have been emailing my senators for the last few months repeatedly (I'm embarrassed to say that both of my senators signed the 12/24/09 letter to Bernanke) to no avail. It is apparent that going through our elected officials will not solve this problem. Our politicians are contributing to the problem. We can't compete with lobbying. The large banks are trying to make you unemployed and homeless. This is after giving BoA ($45B+), Citigroup ($45B+), Wells Fargo ($25B+), Chase ($25B+), PNC ($7.6B+), etc. your money. Now they are turning their backs on families that need additional time to get their financial situations in order. Please email your database and encourage them to move their money out of the TARP funded banks that are turning their backs on the public. If there's a big run on the banks it will be ugly. But it's a better option than what is planned for our industries right now. Lending can survive without the big banks. We cannot survive with the big banks.

real appraiser: (January 28, 2010 10:53am)

SoCalApprs2:What bothers me most is that Coestar can get the media, or loose translation of, to say whatever they wish about their business model which is meant to expand and get more business, yet I should feel bad that he may have not put himself in the right light because someone says he is a "good man". Sorry, I am going to have an opinion that will side with all of the honest real estate professionals in each profession damaged by companies like this one and all the others. Any person that works for them can do and say what they wish, just please do NOT try to guilt me in to feeling bad for this "good guy" that his reputaion will be damaged. Are you fracking kidding me, I'll trade his hurt ego for every appraisers put out of business. Last time I checked we had the right to work and think freely, my bad, they took away our ability to work, now I have to worry about how this guy is interpreted by his own words, WTF

Ezradams: (January 28, 2010 10:33am)

Almostout: We have an organized Guild in New Jersey. We are now writing a Bill outline for our legislatures to submit. We started with a very small group (15 appraisers) and self funded a postcard mailing to all active appraisers in NJ. We held a centrally located meeting and got organized. We are now contacting various state Assemblyman and Senators to work with our outline. If you do the math, the NJ State economy loses about $85 MILLION dollars per year to fees and borrower up charges that go to out of state AMC's! I'm certain it's higher in California....and you guys need every penny for your budget.

5pence: (January 28, 2010 10:24am)

Bicklehoff - look up Kleptocracy on wikipedia.

stlappraiser: (January 28, 2010 10:24am)

Well said Gsays

SoCalApprs2: (January 28, 2010 10:23am)

Real Appraiser, I tend to side with you. HVCC has taken my ability away to compete. Period. If I cannot compete, then the AMC's have complete control over my market place. So Coestar is in a position now to refer lenders? I don't care what his intentions are, unless I join Coestar, I don't get a shot at any appraisal business. How is that fair? To other Realtors? To other Brokers? Where is the freedom of choice? If Coester wants to refer business to lenders, Why cannot I be free to seek out business to the very same lenders as an independent appraiser? No matter what happens, as long as some form of HVCC is in place, as long as Coester can control and point to his "preferred" list of appraisers and lenders, an independent appraiser cannot make a living doing their job. It will become a part time gig to make extra money.

5pence: (January 28, 2010 10:22am)

There is no way I owe any AMC and their employees a living.

Bicklehoff: (January 28, 2010 10:10am)

Vince: I hope I'm being skeptical and not cynical, but I think it will take anothher 20-30% drop in the market for people to wake up. Honest LO: I did not actually take the video as a slam on Coester as much as a slam on the system that makes what they are doing possible. Tired of RWNJs: I agree in most part. We are being played by the folks with money. The supreme court ruling should put the nail in the coffin on this. I can understand the folks who are mad at our politicians, but this is no socialism. I looked up Plutocracy (rule by wealthy elite) but that's not really it. Really we are becoming a "Corporacracy". Anyway, I'm just sitting here wathcing it all fall apart, feel like I'm on the Titanic, we've already hit the icebert, the music is still playing, oh what a lovely night, look at the stars.

KC: (January 28, 2010 10:07am)

Brian, can I have your email address

Gsays: (January 28, 2010 10:06am)

I mentioned about it a couple months ago! Well it started! the AMC's (appraisal marketing companies) the middle man who drove up the price of appraisals and helped lowered the values of homes, who steals 25-50% of the income from appraiser's and CHOOSE THE APPRISER FOR YOU, not giving you a choice. They now want to take yet another choice away from you, they want to make it so THEY CHOOSE YOUR LENDER and then next, YOUR REAL ESTATE AGENT, and of course they will take part of the commission to make choices for YOU! WHERE WILL IT END? They want to choice your homes and cars for you as well, if allowed to proceed!

real appraiser: (January 28, 2010 10:04am)

Just an honest LO: Just to be clear, your friend has a vested interest in an AMC. You say he is honest. NEVER met an honest AMC. He may work within the current rule (HVCC), but I trust the appraisers here that they try to get their client list with the promise of work, that apparently you benefit from. The AMC's, including your friend, rob us everyday under the cloak of protection to consumers based on some dumbass from New York. Defend your friend as you wish, I can have my opinion based on the article he was in. I trust the article and the appraisers on this site more than I can trust your obvious biased relationship that you have a finacial gain. I wish I could make money off other peoples backs and write it off as legal business. It is more than likely, at a minimum, unethical. Your friend is free to do whatever without regulation, so you can sit on your high horse and pontificate fairness while the truth is, the appraisers have been screwed by people just like your friend, IMHO

brian tbws: (January 28, 2010 10:00am)

Cuomo's office watches our vids. They told us so.

Socal Appraisal Gal: (January 28, 2010 9:53am)

tim in fla....all those you mentioned go back to Wells Fargo who sells all the same information under different names as data..Core Logic reviews are a joke...they pay $30.00 to appraisers from outside the state in which the appraisal was done to look at their data and tell you if the number on the appraisal matches or not...They don't even read the appraisal report and they call that a review...does anyone hear see the USPAP violations!@!! Wells Fargo at it again the snake oil company with the little red wagon....I took all my money out of that bank months ago as they are the worst!!!!!

Red Wing Guy: (January 28, 2010 9:53am)

i HOPE you are sending this video / information to Cuomo himself. There is a good chance we will find out he or his office has a direct link to AMC's and now this new--money making "scam" if you will. If anyone wants and doesn't already have e-mail address: Coester Appraisal Group [newsletter@appraisal.ccsend.com]. FORWARD VIDEO TO COESTER AND CUOMO'S OFFICE PLEASE !!

Joe Parsons: (January 28, 2010 9:51am)

JAHLO: In journalism, a direct quote of a source (that would be words between those little quote thingies) are considered to be accurate. If Mr. Coester has been misquoted, he should correct the record. If his words have been taken out of context or misconstrued, he would have every right to take the publication to task and demand that they correct the record. That, apparently, is not the case, as he stands by his words. It's laudable that you want to defend your friend, but isn't it likely that the story is true as published, even if the truth is somewhat unpalatable?

Do something....ANYTHING!!: (January 28, 2010 9:51am)

Before I totally quit appraising ...after 26 years!....I think I will spend my last advertising dollars with a paid advertisment article. Why can't I (WE ALL) start to make the folks who working on a refi or purchase aware of the fees they are paying for low q work etc. Maybe if they are made aware that they have another option they will have a better outcome. Frank, you are great with the words, maybe you can put a little piece in your video about what we can do to inform folks gettingxxxxtrying.... to get a loan. Something we can take and tweek for our own use but still get the message out about what is going on.

kc: (January 28, 2010 9:48am)

Brian, can I have your email address

Desperate Home Appraiser (DHA): (January 28, 2010 9:48am)

Hi SoCalApprs2,Regarding your post on: (January 28, 2010 6:55am) "Enough complaining. Lets sign up the Lawyer that was mentioned by someone awhile back, close down HVCC (because it is illegal)so that the independent appraiser can work again". I agree with you, but Lawyers tell you anything and everything @ first. They tell you that we have a great case and they are going to win this case. They promise you the heaven and earth and everything in between, but then later once they've received your money(the fee to start the case)they come up with bunch of excuses and they try to settle for alot less(they've received their money already and if you want to contine they'll ask for more). A lawyer or few together can not handle a big and strong army of legislators and lobbyists and big banks with lots of $ and ammo. We should put contingencies that if they win the case(killing the stupid HVCC and blood sucking AMC's)we'll double or even triple their fees.This will really make them work har

Tim in Fla: (January 28, 2010 9:34am)

All banks have ownership in multiple AMC's. The common thread is the joint venture agreement with First American Title. Any Bank + First American = Any Major AMC The monoply of First American reaches not only appraisers, but settlement services, Realtor valuations, (and most recently managaed Realtor panels for their REO/Owned listings) as well as the primary review tool for all banking; First American Core Logic AVM. Which was built off the backs of appraisers reports that have been data mined for years. Its apparent to me that the banking system, with joint venture agreements with First American, seek to control the real estate process from listing to settlement annd profit from every service in between. Everyone is looking at a pay cut here.

Big AL: (January 28, 2010 9:28am)

I appraise in So Cal, well used to until HVCC hit. This system is insane and unjust. I will fight for my right to a aquire clients. Theres no competition anymore. The cream can't rise to the top. We are slaves to people we don't see or know. They can vanish in an instant. Most are from across the country. We are dealing with bandits in the dark. Any appraiser's in So Cal getting together please let me know. I'm in Riverside County but only 20 min. to LA, Orange and San Bernardino County.

brian tbws: (January 28, 2010 9:27am)

I have spoke with Coester and Housing Wire. Coester says they are not going into lending but will not back off the statement in the housing wire story. Housing wire got the story off a press release. Coester did not deny the story and said they may move beyond an AMC but would not discuss what that venture may be. Coester had the opportunity to explain the housing wire story but really gave us nothing. The invitation for further dialogue will remain open.

A Appraiser: (January 28, 2010 9:26am)

Well I guess it's good to know someone can still exercise free enterprise! Appraisers we are flies tapped under a glass. This is a prime example of a very sick system, that is in desprate need of true shaking-up. Honest people are being punished while bottom feeders thrive.

CAHiDezAppraiser: (January 28, 2010 9:24am)

Any appraisers out there got any work lately? i got nothing all week.....not good :(

Just an honest LO: (January 28, 2010 9:19am)

To Real Appraiser; You better hope someone doesn't write an article about you someday. You all have no idea of the concept of "responsible journalism". Obviously, it is ok to go off on anyone based on ones own interpretation of what one reads and then just let the person defend themselves after your damage has been done. Really great moral and social ethics, you should be proud of yourself and how you see your world.

old dog: (January 28, 2010 9:14am)

BofA is wanting control of their own appraisers and is currently advertising in many cities for staff appraisers for Landsafe. So how does this conform to HVCC and separation?

CD Mort: (January 28, 2010 9:06am)

This is nothing new, just a different twist. Wells Fargo owns RELS.

BrokeBroker: (January 28, 2010 9:03am)

Toby-all those upsidedown homeowners going through a modification should receive silent second lien. This is the way to reccoup some of the Hopelessness for Homeowner money spent in the modification.

Da Broker NM: (January 28, 2010 9:01am)

Great work with all the coverage you guys do. Everyday your info helps keep me on the edge and in the now.

valley girl appraiser: (January 28, 2010 8:59am)

Honest LO: you make very valid points. I'm not an AMC hater, though I started off as one. BUT.. let's face it, the mortgage/AMC/appraiser industry has become one of confusion & anger. It seems like everyday the rules change in favor of those who can milk the system to make the most. I still place all this at the feet of Andrew Cuomo. I'm just saying....

real appraiser: (January 28, 2010 8:50am)

Just an honest LO: Your friend did the interview or made the statements, It is up to him to defend it or stay quiet and accept it as accurate. He did not have to be interviewed or make the statements. The public that reads the article can interpret was is said. If the writer is bad or the story wrong, Then your friend should respond or accept. Yes Articles today are questionable, but he was quoted. Your friend is in business and all of us who are, have to defend ourselves and protect our reputations EVERY DAY, Why does your friend get a pass. He needs to explain himself, F&B do not have to ask your soft questions to get the answers you want to hear. He should step up and respond to any article about him, Would you disagree?

Johncm: (January 28, 2010 8:46am)

Maybe we need to create our own AMC. Would be tough to roll out as a bank when you can't use your ill gotten leverage. Oh yeah and no appraisal business.

St Pauly Girl: (January 28, 2010 8:40am)

Lion...you must get the other LOs info & report him/her. That behavior must stop & the only way it will is for us to shine a light on it. That being said...is it possible that some of the repairs listed would fall outside the realm of 'required' for lending; and just 'preferred'. (i.e. replacing carpeting if the carpeting is soiled...)

Just an honest LO: (January 28, 2010 8:35am)

Dear Valley Girl; Perhaps I doth protest too much. My apologies for being old school and defending a friend who has helped in many appraisals with idiot underwriters and appraisal review clowns. My point remains: I believe before slamming someone based on ones interpretation of an article that someone else (who could also have written the article poorly) wrote some actual research should have been done. Responsible jounalism is dead and gone. Hype and media sensationalism and we deserve what we get because we (as a society) are feeding on the hype and just want fast results now without doing the work research demands; like a phone call. "Mr. Coester, our interpretation of this article is..." "how do you respond to that?" But then where would the hype and sensationalism be, oh..all deflated..

Lion: (January 28, 2010 8:34am)

So I get an appraisal in with 10 repair items noted. Nothing major, and buyer is putting down 45%. It's a Freddie Mac sale and Addendum states Seller will not, and Buyers cannot make any repairs. Why did Freddie accept offer? The only way to sell is All Cash (which is what Freddie wants!). » Another lender approaches my referring agent and tells her if they fix 3 of the 10 items he thinks he can get 'his' appraiaser to get it through! 'His' appraiser? Doesn't he have to play by the same HVCC rules I have to, or am I missing something?

Toby: (January 28, 2010 8:33am)

As a homeowner and mortgage broker who has been lucky enough to keeping making my mortgage payment and also as one of the few people who still has some equity, I would like to submit the following thought. Mortgages are being renogiated, balances lowered to reflect current market and interest rates in some cases lowered to well below the current market rates. What happens when the market turns around, and it will, these same people will now have hugh amounts of equity in their homes, thanks to the government. Why is there not some protections to make sure when a house is sold and there is now equity, the government and/or the lender can recapture the monies lost during the modification. It seems to me that the people that are really going to be getting the short end, are the people that go along making their payments, doing the right thing and then sell their house for only a modest profit because they did not do a "MODIFICATION"

Frustrated Appraiser : (January 28, 2010 8:28am)

sus socal appraiser: I am so with you on this. Let us know when and where.....

DAG: (January 28, 2010 8:19am)

Right on Tired of RW Nutjobs! Your description is accurate. I don't care who is in Washington, they need to listen to us. I'm all about voting out the sitting senator representing me, who has been sitting too long and the congressman who only spouts partisan crap. You cannot draw a line and say either side is not going to buddy up to the money. I'm waiting to see how long the new senator from Mass keeps driving his old truck. On another note, one of my past customers called me to get a pre approval for a B of A repo, but he was told he HAD to get approved by B of A. Does not mean he has to go there for a loan, but the big bank has a long reach.

valley girl appraiser: (January 28, 2010 8:18am)

to Tired of Right Wing nutjobs: the undoing of MCCAIN/Feingold... please note that McCain is considered to be conservative but just as against the influence of corporations/unions as the 'rest of us'. to Just an Honest LO: me thinks you doth protest too much. Frank/Brian reported what they read...and not only that.... made the article available so that us bloggers could read & interpret it ourselves. BTW.. I interpreted it in much the same fashion as Frank/Brian. It isn't up to Frank/Brian to clarify... it is up to the person who WROTE the article or the person of whom the article was written about.

Steve in WA: (January 28, 2010 8:15am)

I recommend sending today's video to each of your respective State Representatives and Senators. Perhaps this will become the "big fish" as someone put it. This is insane.

Just an honest LO: (January 28, 2010 8:11am)

Frank Garay; Like I said, you should call and ask specific questions of Mr. Coester and you did not even bother. You replied below that it seems pretty clear to you. Well, you're making conclusions and assumptions and not verifying anything before slamming this man on your video show. One thing it shows is that you have a great platform that has a lot of viewers who take what you say as gospel. The thing is; with this success there should be a responsibility on your part considering the damage you can do to the reputation on those you slam.

sus socal appraiser: (January 28, 2010 8:11am)

Coaster solicited me also...just wanted my lender list.....why would I want to share it with them... Any way....I really believe that the Only way we can be Heard ...is to do Regular Rallies across the Nation...so we as Appraisers can be heard - HVCC will not go away ...Until WE The Appraisers take a Stand.. I'm ready Organize in OC, Ca...e/mail sus92691@yahoo.com

Joe Parsons: (January 28, 2010 8:10am)

The article Frank and Brian cited and linked seems credible. It directly quotes your friend, Brian Coester, who said (according to the Housingwire article), “We have clients of all sizes with various business models. In some form we are able to help them, not just with appraisals, but also with their actual mortgage and banking operation.” If that is a misquote or a fabrication, you'd do well to have Mr. Coester or his attorney contact them.

Tired of right wing nutjobs: (January 28, 2010 8:08am)

scary that so many of you don't see the big picture, the right is in lock-step with corporations who run roughshod over our rights and our ability to earn a living. They are paid off by the very same HMO's that deny care to us, using our premiums for lavish lifestyles and million dollar mansions, yet when a fix is offered such as medicare for all, or a public option, screams of socialism drown out sensible argument. The system is broken because of the unmitigated influence of corporate money in the political system, yet the right celebrated the undoing of McCain/Feingold, and that is because most of their operating capital comes from corporations. Happy days for them, more misery for us. No one is taking over your country but corporate america. The sooner you realize it, and demand change, the sooner we get much needed healthcare reform.

Just an honest LO: (January 28, 2010 8:03am)

Brian and Frank: Read the comments below and see how people can start a witch-hunt and become a vigilante mob just because you say something! I know Brian Coester persaonally and I can not believe you even bothered to call him to do any research and verify the CALUMNY you have put out on him. You might have to look that word up. As for you other mob mentality commentators; what facts do you have other than what you saw on the show today? And you talk about the politicians spouting bulls--t? Come on, you all are just like a lynch mob. The entire syory is NOT TRUE. Why not email or call Coester Appraisers and get some questions answered first. I am really now going to question anything provacative you guys put on the show because this one proves that in this one instance, someone told you something, yoiu blew it way out of proportion and did no fact finding and yes it is Mud and you're the ones slinging it. You should apologize and do better research before hurting people.

GODLIKE: (January 28, 2010 8:00am)

Now has anyone heard of the new rules for Medical collections being reported to the credit bureaus. I've actually got to go work now but I'll be back later. And Frank & Brian I am one of those dinosaurs that does actually deliver paper flyers to the Builders. This way I'm not spam and with a face to face contact I get business and build relationships.

GODLIKE: (January 28, 2010 7:57am)

HVCC HATER having BofA contact your customers is no new thing. They've been having their retail division contact Brokers customers for years. It's why I quit using B of A and I was their very first customer in Texas.

joecolorado: (January 28, 2010 7:55am)

The problem is that there WERE and ARE still some appraisers in cahoots,how do we honest appraisers get rid of this rot?The State is oblivious,The banks dont care because they are getting what they want and also get someone to blame when things go south.The pols dont care as they are representing the banks.Senators dont care as they have bigger fish to fry(& R also trying to get increased campaign funds from big banks)homeowners dont really care as they are not unified(each loan is individual)brokers have no say as they are evaporating, so who is left?maybe other honest appraisers could help?No,as they are evaporating faster that brokers.The AI and ASA are a joke,NAR are next in line and have their own problems although they have been great in the past.NAMB havent a clue.NAHB hate us.The media are going after the big stories,so we need to get bigger,and China is laughing all the way to the bank.....which they now own.frustrating isnt the word I would use!and we are in mixed company

brian tbwsd: (January 28, 2010 7:53am)

Hey honest lo. if we get a story wrong, well retract just as forcefully. We'll look further into it but the story seemed pretty straight forward.

Frank Garay: (January 28, 2010 7:50am)

Just an honest LO: We read that article a dozen times and that's how we interpret it. If the article is wrong, then so be it. But from what we're reading, they have some sort of stake in the game. Read the article by clicking on the Housing Wire logo on the right.

Will, The Dude Abides, from Tacoma: (January 28, 2010 7:49am)

I have to ad this as well, Brian, Frank, this freakin pisses me off as well. Shockingly unbelievable!!! Although it really shouldn't be surprising any more.... This administration thinks it can "steal" our country away from us... I have faith the American people will wake up and vote "right", in upcoming elections!!!

dd: (January 28, 2010 7:49am)

Landsafe AMC was actually an arm of Bank of America even before HVCC, only now they don't pay the appraisers as much. They also own Landsafe Escrow which does their foreclosures (badly). Talk about conflict of interest! Pretty soon they will be printing their own money too! What's next? Cranking out future B of A borrowers in maternity wards? Reverse mortgage cemetery plots for those borrowers? Controlling all aspects of the business from cradle to beyond the grave. What about a nice big mortgage strike to bring some reality principle to who lets the lenders stay in business. I figure about 30-40% of borrowers should do the trick in less than 90 days. Instead of the payments they expect. Send a 3x5 card that reads: "Payments suspended until you do the right thing." If this were extended to credit card companies it would be even more effective. Of course this would drive credit scores down to about 400, but then that would be about average!

HVCC Hater: (January 28, 2010 7:48am)

This would be a good time for TBWS to investigate Landsafe, which by the way is owned by Bank of America. I am an L/O and have had deals get turndown by BOA because Landsafe's appraisal review would not accept my appraisal. Then a few days after the deal is turndown, my client is contact by an L/O of BOA retail. Some, not all, have been approved/closed with BOA retail. THAT IS NOT RIGHT! I of course issued a compliant to BOA/Landsafe and was informed this practice doesnt happen. THAT IS BS!! And this new information now confirms it. Lets hope this stop....maybe Andrew Cuomo can get involved since he started this whole mess.

INappraiser: (January 28, 2010 7:46am)

And by the way..I actually had more revenue last year than since 2004! NO AMC's!

Just an honest LO: (January 28, 2010 7:46am)

Just an honest LO: Frank and Brian; I have been a big fan of yours for 6 months or more now and I forward your video show to a lot of people every day. I am concerned about today's show though. I use Coester Appraisers for over two years now and they are great. You have it all wrong about them making loans. They have put brokers in contact with warehouse lines of credit and made introductions to banks and brokers to merge to help the brokers stay in business because maybe those brokers are small shops and don't have that $250,000 net worth requirement. They are good helpful people and very hard working honest appraisers. They are not making loans. You should call Brian Coester and get the facts and clear this up. You have made a big error and I question your source of information and wonder if you even attempted to speak with Coester Appraisers before running that story on your show. Sensationalism sells, but you have damaged the name of a good man and his company this time.

Common Sense: (January 28, 2010 7:46am)

The "Boom and Bust" video is a must see.

INappraiser: (January 28, 2010 7:45am)

fortunately I live in an area where many of my bank clients have not gone to AMC's but internal seperate units. The ones that have I do very little work for because I would not reduce fees by much. A large Bank here went to an AMC prior to HVCC. They are the only one we still do buisness for. Last week got a call from a buyer on a condo that we appraised. She did not identify herself and asked our office manager what a typical appraisal fee for a condo was. When told that it was between $300 and $350 depending on the form needed she screamed that she was just charged $800 for the appraisal at her closing. That was the AMC charge. This is the only AMC we do work for and did reduce our fees some so you can guess what the actuall charge was. In a nutshell..I have started advising all the people I know...even on FB..to ask your lender if they use an AMC...if so check out another bank and their closing fees will likely be much less. Everyone should advise friends that shopping is ok!

D: (January 28, 2010 7:43am)

I have always believed that no person or business entity should be allowed to operate in more than one discipline in real estate. I get upset with realtors who are also appraisers. I suggest there be a law that on Jan 1 of each year, everyone involved in real estate must commit to being a realtor, an appraiser, a LO, title person, etc for the year. Obviously businesses would have to make this commitment as well.

valley girl appraiser: (January 28, 2010 7:43am)

one of NAMB's lobbyists would like copy [ies] of any solicitations to appraisers from Cuomo's office. NAMB is ticked off. Frank/Brian you have my email address...if I can get y'alls I will forward you the lobbyist's email address. BTW... I'm on Coester's approved appraiser list. Never saw anything from them except wanting a list of MY lenders.

St Pauly Girl: (January 28, 2010 7:40am)

to joecolorado... Yes, I'm sick of it too! Too many pretty little words with no action!

Will, The Dude Abides, from Tacoma: (January 28, 2010 7:40am)

Does anyone else here get a feeling as if this newest AMC pursuit equals a continue march toward government takeover and socialism? Government funded banks/lenders - lenders that own AMC's - AMC's that "own warehouse lines" - this machine blamed us "mortgage brokers" and "appraisers" for the implosion and spiral of our industry, pointing out that brokers and appraisers were somehow "all in cahoots", now they want an even more hardcore arms length relationship/ownership of an AMC and lending business... Approved by who? This current administration feels to me like they are termiting their way to total ownership/takeover of our country!!! Do I sound like a crazy conspiracy theorist? hmmmm first the banks, then the auto industry, now the appraisal and lending industry... scary to me...

St Pauly Girl: (January 28, 2010 7:39am)

Wonder what the AMCs that go lending will think of the AMCs they use for the appraisal process? How do we prevent this ugly situation?

joecolorado: (January 28, 2010 7:39am)

no matter what party gives the state of the union,the end result is always the same,promises promises promises.I am apolitical,I vote for the best persons for the job in hand,but if you noticed the Rep side didnt react where the speech negatively referred to the greed of big business,banks or lobbyists,not one peep.The response was laughable,promising to fix issues which were problems created by past recent administrations,but now we should believe that the Reps are the answers to our problems?NO PARTY WILL FIX THE PROBLEMS as there is too much money involved for the pols to share.My cynisism comes from believing these Benedict Arnolds.We need representation for THE PEOPLE,not for big business,ALL politicians get income from guess who,BIG BUSINESS.this needs to be stopped,they need to represent us,not some dissociated billionaire magnate with deep pockets funded by money taken from US.But usually"read my lips"means more taxes and higher prices.Arent YOU sick of this?

Socal Appraisal Gal: (January 28, 2010 7:38am)

Common of course Coester did this...they were the first one that emailed me pretty much weekly when this all started. They had to be backed by someone. Yes and their appraisal fees were a joke and they never returned any phone calls. As I told you a few days ago. Most AMC's are run by cheif appraiser's and there staff from former subprime lenders. Yes we are feeding the wolf. Again that is your story...follow the trail people I think it is a good agrument to run with on why we are against the AMC's...You see all these big players in the subprime business took their appraisers with them and started these AMC's so their appraisers would not rat them out on what was going on in their subprime lending buisness. Yes the failed ones just invented a new wheel.if everyone just called up and asked hey are the head appraiser's running the AMC's you would find out exactly what I found out the appraiser that should have lost their lic. are running or a principle part of the majority of the AMC'

GODLIKE: (January 28, 2010 7:30am)

Last year I read an article that said the credit bureaus were now prohibited from reporting medical collections due to all the erroneous information because of the insurance companies paying late. I now need to find the chapter and verse of the basis of that article. Does anyone know the law/regulation/whatever?

DAG: (January 28, 2010 7:29am)

HVCC has to go. We've screwed around with this long enough. We can get groups to show up in protest across this nation. We can organize it and we HAVE to organize it. I placed an order on Monday that went to EAppraiseIT, the appraiser will be out in 8 days to look at it. I've yet to had an appraisal show up sooner than 3 weeks. The service sucks, the value sucks and it sucks that borrowers are paying a full price for such results. With RESPA, how is it possible the AMC gets paid, but no disclosure of a fee split or that the bank owns the AMC. Don't look for a lot of help from NAR, real estate companies become more full service every day, offering lousy service across the board to insurance, relocation, mortgages. Probably a good business model for AMC's. SoCal - you are dead right we need the lawyer.

brian tbws: (January 28, 2010 7:26am)

brianstevens@thinkbigworksmall.com

Ric: (January 28, 2010 7:25am)

Barney Frank bottled up the bill in committee that had 123 co-sponsors that would have cancelled HVCC for 18 months. Let's start calling HVCC a TAX on home buyers - which is what it is. The cost of appraisals has gone up $100 each and that TAX has gone into the pockets of the large banks owning the HVCC. In the meantime, let's try to get legislation allowing the use of an appraisal and portability from ANY LICENSED AMC. Then, start our own AMC where we couldn't talk to an appraiser, but could talk to someone who could ask an appraiser for a value comp check - and stick to it barring severe property condition issues not seen by computer evaluation.

Eddieincolo: (January 28, 2010 7:22am)

Total Garbage about the AMC!! The AMC's have been a horrible idea from the start. The power of the loan has been turned over to appraisers. If I owned the AMC I would pay the appraisers more money per appraisal, so they would try really hard to get values, then send the deal onto the AMC owned Mortgage company. That's a money maker!! No that would never happen, the government is keeping close tabs to ensure their, failsafe system?????????? I'm in for a grassroots uproar to bring attention to this.

joecolorado: (January 28, 2010 7:16am)

jeez Brian-if you tied your hands together you would probably be speechless,Frank has a real job there as twice you nearly poked his eye out with that right index finger.FRANK GET SOME SAFETY GOGGLES...maybe its Franks way of retribution with the "F" plan diet he is on producing all of that mustard gas in a confined space.burn baby burn, that really does epitomize your name, think big work small, way to go frank

state of the union: (January 28, 2010 7:16am)

I almost wanted to puke last night watching that state of the union. What a pile of bulldoodoo and fluff. Let me clap because the president said so, let me clap because the president wipes his ass with $100 notes!

Colagrossi: (January 28, 2010 7:14am)

If you want to send the AMC Coester a email about your feelings have at it: General Info: info@coesterappraisals.com Order Inquiries/Status: orders@coesterappraisals.com Employment: vendors@coesterappraisals.com Comps: comps@coesterappraisals.com Sales: sales@coesterappraisals.com Appraisal Independence: independence@coesterappraisals.com Phone List Office (888) 485 -1999 Anyone that does business as a broker should ask their Lenders if they use Coester or any AMC that is entering lender then BAN them from your Lender List

AMC's Suck: (January 28, 2010 7:11am)

When a borrower wants to buy a house that is not at "arms length" we limit their loan to value, and make them go through hoops. Because we don't have the same trust of the face value of their deal. To me this is the exact same issue. One person with to many parts of the puzzle leaving it open for fudging. If AMC's have their slaves, errr I mean appraisers go out and then write the loan, how is that different? All of the various parties to a transaction should be unrelated, Realtors, buyers, sellers, lenders, appraisers and title companies.

joecolorado: (January 28, 2010 7:10am)

With the AMC as a lender, there wont be any problem with value as they are able to add value where necessary!WHY DIDNT WE ALL THINK OF THAT!no wonder appraisers are getting the shaft,we arent good enough at puffing the value!Now we will get the blame for this too as the AMC is manipulating the appraised value to suit a situation, the pols will crow that once again the appraisers have screwed the public, we then will be hit with more regulation and oversight.I wonder where this will stop?

Mayor of Simpleton: (January 28, 2010 7:10am)

Guys - Seriously - WHO CAN WE FORWARD COMMENTS TO ABOUT THIS AMC (getting into lending) BS? Our Elected officals? who? please please let me/us know!!!!

LoanSurvivor: (January 28, 2010 7:07am)

All the more reason AMC's need to be regulated!

Frank@TBWS: (January 28, 2010 7:07am)

TBWSDaily@gmail.com

Chris Bailey: (January 28, 2010 7:02am)

Can I get an email address for you guys? We want to discuss a grass roots effort industry wide

Mark: (January 28, 2010 7:01am)

SoCalApprs2: - I have been on board with getting a lawyer for months.

Eddieinab: (January 28, 2010 6:59am)

you guys are way to funny, love the show

Almostout: (January 28, 2010 6:57am)

Ezra, how did you get that ball rolling? I am in socal and I can't get anyone to do anything but complain or continue to work for under $200 per appraisal. I'm afraid after 2/15 I'll be out of business if FHA follows suit. Does anyone know about that? Appraisers need to unionize and FL appraiser is right about the NAR - that's the kind of support we all need.

donna4value: (January 28, 2010 6:56am)

Does everyone remember washington mutual in bed w/ e appraise it... that is what started this hvcc in motion. here it is again. bank of america now owns the brainchaild of countrywide "LANDSAFE APPRAISAL" oh and the appraisers are staff on salary urged to complete a minimum of 60 a month... ok... get out the no doze!. The independance is long gone...now how corrupt is this?

SoCalApprs2: (January 28, 2010 6:55am)

Enough complaining. Lets sign up the Lawyer that was mentioned by someone awhile back, close down HVCC (because it is illegal)so that the independent appraiser can work again. Don't you get it? If your independent appraiser can work for you the Broker or Realtor, and you can go back to using your community bank, we could put them all out of business overnight!! They could not compete with us! Remember your old title source you had the went the extra mile for you! We all need to get together and network together.

CHARLIE: (January 28, 2010 6:54am)

V.A.APPRAISER...ALAMODE REQUIRES YOU TO USE THEIR PROGRAM TO GET ON WITH MERCURY...IS THIS LEGAL?????

Franks Uncle: (January 28, 2010 6:54am)

The Tax Credit is much like 'Global Warming'.. It doesn't matter if the temperature is hot, cold or right where it's suppose to be.. It's all due to global warming..

Ancient Appraiser: (January 28, 2010 6:54am)

The AMC's had to do something with all that extra money they found themselves with since Cuomo decided to form their little partnership. Love to trace the ownership of the company and see where it leads.

Mark: (January 28, 2010 6:52am)

OK - so a mortgage broker cannot own any interest in an appraisal company but an appraisal management company can do mortgages? Well isn't that just freaking great. I have sent the news article to Ken Harney, our local newspaper, My US Senators, My State Reps, various investors that I work with, NAMB and the Appraisal Foundation. I bet Cuomo could get this shut down since he is a freaking god.

Delaware Broker: (January 28, 2010 6:50am)

We have got to get HVCC at least change to NO AMCs!!! I don't mind the borrower picking appraiser idea with us still not being able to talk to them. It isn't ideal but I could live with it. So what is the status of that idea and HVCC>

03penny: (January 28, 2010 6:38am)

Go to the websites for the AMC's ...they are up to their neck in providing "services" such as offshore underwriting, processing, closings...This is just one more step in unreliable, non transparency, no accountability, get rid of all the trained professionals in this industry.

Jim: (January 28, 2010 6:31am)

Guys, are you serious? Whats the difference between an AMC becoming a lender and a lender owning an AMC? I must be missing something. Please explain.

VA appraiser: (January 28, 2010 6:26am)

What a SUPRISE. These SCUM bags aren't satisfied with making $300-400 for emailing an appraisal request. Hey LOs...keep sending your appraisals to these bastards. They have already run many professional appraisers out of the business...it your job they are after now. There are HVCC complaint options that don't screw you, your customer or the apprasier. Alamode has Mercury Network www.mercuryvmp.com and Appraisal Port allow you to use the same people you know - your panel. (You just cant pick which one for the assignment.) And there is only a small processing fee!

brian tbws: (January 28, 2010 6:24am)

Frank. Dude.. Sorry but the eagle has landed. the chickens have come home to roost. See you in an hour. Again, im sorry for whats about to happen

grantstern: (January 28, 2010 6:18am)

The AMC decision was a farce from day one. The sooner it dies, the better

Frank@TBWS: (January 28, 2010 6:10am)

Brian... please don't do your broccoli and onion diet today... for my sake. Please.

Ezradams: (January 28, 2010 6:08am)

We're in the process of writing legislation restricting AMC's in NJ. It may be necessary to include verbage that disallows any connection between an AMC that originates the loan from ordering the appraisal for same loan. This would curtail some of the mischief.

QBSACK: (January 28, 2010 6:08am)

PA..That's what my publications tell me. The current issue of Working RE has another article about.

PA Appraiser: (January 28, 2010 5:58am)

QB, Do you really believe HVCC had anything to do with assisting the concerns of appraisers?

Ban the AMCs: (January 28, 2010 5:56am)

Is AMCs doing mortgage loans really any worse than lenders owning AMCs? They are both hugely problematic scenarios!!! I used to be a staff appaiser - I know what goes on when the lender owns an interest in the appraisal process! It is too bad that the pursuit of the buck trumps principle in our society, and government lacks the common sense to prevent simple things like "conflicts of interest."

SBWitmer: (January 28, 2010 5:55am)

Would love an action item on what to do about this? Who should we contact? 2nd thing .. i wonder if the appraisal values for mortgages done by AMCs come in where they need them to ... hmmmmm

QBSACK: (January 28, 2010 5:45am)

Who were these appraisers that were complaining about lender pressure that brought on the HVCC? Spineless twits!!!!

FL APPRAISER: (January 28, 2010 5:41am)

No one seemed to care, or listen too much when the appraisers were telling everyone they could that the AMC's were a CANCER on the Real Estate Industry. Why all the concern now? Nothing will be done until the AMC's start SELLING real estate. Then and only then will NAR raise hell and, it will be too late. Appraisers for years have been saying the AMC's are wrong for this industry. They are the buzzards of the real estate industry that are soaring like eagles now, thanks to AG Cuomo. The rest of this industry had better wake up and stop this CANCER in it's tracks. I personally REFUSE to work for AMC's unless I get my full fee so, consequently I do no work for them. The lenders are the clients of the AMC's and the appraiser has to pay the AMC's clients fees for them. What a scam!!! What's worse is that there are appraisers who to this day do not understand what their time is worth and are basically willing to work for free. It is ashamed they can't grow a backbone.

Vince: (January 28, 2010 5:36am)

How can this industry continue to have blinders on? What is it going to take to wake people up and realize what is going on? The big picture is becoming more and more clear.... eliminate brokers! This is very sad considering 87% of mortgage loans are done by us. I think we need to have a beer summit part 2 with Mr. Pres.

WOODY APPRAISER: (January 28, 2010 5:25am)

WHO ARE THESE APPRAISERS THAT ARE WORKING FOR SUCH LOW FEES? I HAVE HEARD NOTHING BUT HORROR STORIES FROM MY OLD CLIENTS. MAY I MAKE A SUGGESTION TO ALL LOAN OFFICERS. WHEN YOUR CLIENTS MAKE AN APPOINTMENT WITH THESE SO CALLED LICENSED OR CERTIFIED APPRAISERS, TELL THEM THAT BEFORE THEY WILL LET THEM INTO THEIR HOMES, THEY MUST SHOW THEIR A COPY OF THEIR STATE LICENSE AND DRIVERS LICENSE WITH PICTURE. IF THEY DON'T MATCH, TELL HIM OR HER TO GET LOST. AT LEAST YOU WILL KNOW IF YOUR HOME IS BEING APPRISED BY A QUALIFIED APPRAISER. HVCC AND AMC'S ARE A JOKE. I HAVE BEEN AN APPRAISER FOR OVER 20 YEARS AND THEY HAVE PUT ME OUT OF BUSINESS.

JP: (January 28, 2010 5:20am)

Wow Maybe now we can all go to work for the AMC's and get our loans closed. On the serious side though does anyone know of a reputable company I can interview with that originates in most of the states and allows team building.

Is Rap Legal?: (January 28, 2010 5:11am)

In Rap the C is silent - The message Gets Lost when people use Rap to communicate

brokersue: (January 28, 2010 5:06am)

I agree - hardly a word in Obama's speech last night re the real estate industry. A huge disappointment!!!!!!

mck: (January 28, 2010 5:03am)

Hey do you think they will actually ever reduce principal balances to allow people to live in their homes and not have to sell to someone who can buy it on short sale? If so will this be in our lifetime or another idle promise

ken: (January 28, 2010 4:51am)

This is exactly why we need to kick everyone of the son's O bitches out of the senate and congress. The burst our ass'es over something we didn't cause and allow this. The american people had better wake up and take this country back from the theives in DC. They don't have America's best interest at heart. We need common people running the country. We can't screw it up any worse than the professionals already have. The enemy is amongst us and it is them.

brian tbws: (January 28, 2010 4:49am)

Guys this isnt AMC's being owned by the big banks (as if thats not bad enough). This is AMC,s securing warehouse lines and doing loans. Seriously what next

NJ Girl: (January 28, 2010 4:27am)

So much for the "protection of the borrower" AMC's are a cancer!

TD Hawk: (January 28, 2010 3:59am)

1.7 million units of "shadow inventory" (REOs not yet listed) on its way. No tax credit, no matter how huge, will help that, not with our current level of under- and unemployment.

MIMortgageDude: (January 28, 2010 3:37am)

WTH. This is the same thing that was going on during the boom when title companies, and appraisers were owned by realtors or banks. This is going to cause more issues. How can we be sure that this AMC won't scam the deal from the legitimate LO's that has to be lisenced and take the 20 hours of CE. My BS meter is going wild.

dstallings44: (January 28, 2010 2:30am)

Yikes, what a nightmare