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Related Stories
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Visit
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Current Issue
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Making the Call:
Declining or Stable Market
Premium
Content
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Rising Prices in a Declining Market?
Sidebar
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Wertz vs.
Washington Mutual
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Fannie Mae's 07/11/07 Announcement on Declining Markets
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Fannie Mae's Single National Down Payment
Policy
•
HUD Approval Process
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May 21, 2008 Vol. 146 |
Award Winner • Publication Excellence |
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You are receiving WRE Online because you opted in at
www.workingre.com or purchased E&O insurance from
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Read this message online:
www.workingre.com/workingre/appraiser-sues-for-blacklisting.html
Editor’s Note: This story, one of several recent instances of lone appraisers
fighting back in court, is further proof that the tide is turning
for appraisers: consider the spate of legislative reform now under
consideration to support appraiser independence- as reported in the
current WRE, and the stunning Fannie/Cuomo agreement, which while
flawed, is a signal that appraiser independence is no longer just
wishful thinking but on the “to do” lists of folks
who have the power
to make it happen.
Also find information about the
new streamlined approval process from HUD.
“No appraiser should have to decide whether to keep putting food on
the table or do their job correctly and not violate the law.” -
Jennifer Wertz
Appraiser Sues over Blacklisting, HUD
Approval Process Simplified
By Cary Barker, Assistant Editor WRE
One appraiser is fighting back in court after allegedly being
blacklisted for reporting a “declining market” in one of her
appraisal reports.
California appraiser Jennifer Wertz is suing Washington Mutual,
eAppraiseIT, Lenders Services and others in a complaint filed in
February 2008. The complaint alleges that she was removed from
WaMu’s "proven" appraiser panel for indicating a “declining market”
in a report from May 2007. (Read the complaint at WorkingRE.com,
Sidebar:
Wertz vs.
Washington Mutual.)
(story continues below)
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Reality Bites
Wertz says she has received numerous emails from “blacklisted”
appraisers who say they lost their livelihoods for refusing to give
in to pressure from lenders and/or appraisal management companies to
“make a loan work.”
“Appraisers have little recourse in most cases. They just find
themselves out of work if they don't go along,” said Wertz. “For
example, one appraiser told me her husband had heart surgery and she
is their sole support. They lost their home after she was
‘blacklisted’ for refusing to falsify an appraisal so the loan would
get approved.”
(story continues below)
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• “This software represents a significant breakthrough in the overall reporting process.”
- Doug Smith, IFAS, review from Appraisal Today
• "The report documenting software provides professionalism in my appraisals and keeps
me from worrying about liability issues. I wouldn’t send an appraisal without it."
- Gregory Beck
|
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(story continues)
Heavy hitters such as FHA, Fannie Mae and Freddie Mac announced
at an industry convention last year (Valuation 2007) and via
official statements, that they and their lender clients want
to know if a market is declining, and that appraisers are
accountable for making and reporting this determination
accurately. Despite this, many appraisers say their reports are
routinely rejected when a declining market is indicated.
“Many appraisers I spoke to at that convention after the
pronouncement on declining markets had a much different version
of reality,” said David Brauner, Editor of WRE. “Most said they
had appraisals kicked back to them when they indicated
‘declining market.’ One veteran appraiser told me that over the
years pressure from his clients over value was rare but that
now, because of the declining market conditions (San Diego,
Calif.), he’d been forced to give up most of his residential
business as his best clients won’t accept ‘declining market’ and
he won’t go along.”
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Wertz says she wishes that all appraisers had the competence and
conviction to do the right thing but there would be no incentive to
commit fraud if there was no pressure to do so. “I think the
solution lies with providing strict regulation that is enforced to
protect and insulate appraisers from undue influences by lenders and
appraisal management companies. No appraiser should have to decide
whether to keep putting food on the table or do
their job correctly and not violate the law,” said Wertz.
“It is in the best interests of every homeowner, real estate
investor, and taxpayer to let the appraiser be what they are
supposed to be - an objective, uninvolved third party that does not
have any personal or financial interest in the transaction,” said
Wertz. “I believe we need more legal protection than what we are now
receiving to be able to do our jobs as professionals."
According to Wertz, WaMu had the case moved to Federal Court but
a judge granted a motion to bring the case back to state court in
April. WaMu attempted to move the venue from California to
Washington State but was denied by the court, according to Wertz.
Geri Ann Baptisa, a spokesperson for Washington Mutual, told WRE
that it is the policy of WaMU not to provide comment on ongoing
litigation.
Read the complaint at WorkingRE.com,
Sidebar:
Wertz vs.
Washington Mutual. Read Fannie Mae's 07/11/07 Announcement on Declining Markets
at WorkingRE.com,
Sidebar.
Also read Fannie Mae's press release regarding their new Declining
Market policy taking affect June 1, 2008,
Fannie Mae's Single National Down Payment Policy
in
Sidebar.
HUD Approval Process Simplified
On May 5, 2008, HUD dramatically
simplified the application and approval process to become an FHA
approved appraiser. The process can now be completed entirely online
and there is no longer an exam. It is now easier than ever to become
an FHA approved appraiser and fulfill FHA appraisal requests.
FHA loan volume is growing and is expected to continue to grow in
the foreseeable future. Some forecasts estimate that 30 percent or
more of all loan originations will soon utilize the FHA program.
For step-by step
instructions including links to check your eligibility
and to the online application, please see HUD Approval Process
at WorkingRE.com,
Sidebar.
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