Praiser

WaMu's Disclosure: Not Enough For This Investor

What you dont know is that WAMU had a big layoff of all their residential appraisers. eAppraiseIT took on all of these people and made some of them regional appraisal managers in charge of residential appraisers in designed regions around the country. Those regional managers some of which obtained their appraisal license from WAMu worked hand in hand with WAMU loan originators to twist the arms of decent appraisers. When that wasnt enough, WAMu insisted upon eAppraiseIT using only those appraisers on a desired list. Not the original approved list to which most decent appraisers are named. This list was and is a "Buddy List" of appraisers who will make a WAMU deal work at any cost. Whehn the NY Attorney General started his investigation into eAppraisIT, they placed a hot-line email link on their site for appraisers to blow the whistle on appraisal fraud. I in fact spoke directly to Anthony Merlo who was the President of eAppraiseIT at that time about a reginal manager twsiting my arm to change values so the deal would work for WAMU. Mr Merlo never got back to me like he said he would and in turn I was removed from the eAppraiseIT list of appraisers. The regional manager is still in place, and I contand this guy is up to his neck in appraisal fraud. Bank of America is no different, and in fact has an office inside the eAppraieIT office in Danbury MA. eAppraiseIT is only an appraisal management firm, and they are hurting appraisers nationwide. They rape over half the opriginal appraisal fee, and First American is such a large company -- if you dont work for them you have no business. They have a huge sales staff who went out and obtained all the work from all the large banks. Its just another middle-man in the process, and their biggest claim to fame was the idea that they some how could be in the forefront of stopping mortgage fraud by managing all appraisers. This needs to stop. I contend regional databanks of appraisers needs to set up, and from thosew databanks -- appraisal assignments need to originate. The reason you will never see this is because banks have all the money and all the power in Washington DC.