FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Bank of America -- Keep LandSafe or Balboa ?? View next topic
View previous topic



Post new topicReply to topic
Author Message
bigrock
Flash in the pan


Joined: 07 Dec 2007
Posts: 83

Re: Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Wed May 13, 2009 10:36 pm Reply with quoteBack to top

they used other AMCs such as Land America, LSI and E AP It...

simlar to what Wa MU was doing ....In my market, BOA does not really have a big foot print up till buying C Wide...

I was never a "Good" Enough Appraiser to do any BOA work or Landsafe or LSI or Rels or Quantrex for that matter..so who really know,,,we just get the calls for a fee quote and turn time,,I have never had a AMC ask me if I was competent to perform the assignment or what are my qualifications or do I have any type of Designation,,,its always fee quote and turn time...

Chase Has its own AMC,,
BOA now has Landsafe.
Wells Has Rels.


Are there any other big banks left?


The funny thing is all the small lenders that are now setting up their own profit centers (AMCs) since they have to order the appraisal now...TB & W is one...

As an appraiser, who is their left to market too????

You pretty much have VA, FHA and a few bank clients that want the truth,,add in some commercial...









You either play the game or go home....

Thats what we are stuck with now....
View user's profileSend private message
Lendingvanguard
Dud?


Joined: 07 Jan 2009
Posts: 3
Location: Wilmington, NC

BOA always used a AMC and most exclusively Desktop appraisal
PostPosted: Fri May 15, 2009 9:20 pm Reply with quoteBack to top

Hey y'all,

BOA used an AMC that was a stand alone company, the name excapes me (maybe Homecheck or something like that??) but, then that company registered with Appraisalport and all appraisals were sent to them through Appraisalport. THEN they decided that most of their appraisals would be done as desktops by deskjockey appraisers but still through appraisalport. THEN they bought Countrywide and inherited Landsafe. Then BOA made Landsafe join the AppraisalPort Portal.

NOW all their appraisals are done through Landsafe through AppraisalPort.

SO all appraisals are data mined and there are all kinds of copywrite infringements going on.

So, if anyone wonders why BOA now needs a government bailout, maybe the arguement can be made,

.... if they paid the Pilots (insert appraisers) more maybe they wouldn't be exausted and crash the jet (insert maybe they wouldn't be tempted to be involved in any mortgage fraud) Rolling Eyes ...... Get my point?

I guess I am preaching to the choir

Anyone researching anything about any AMCs needs to go to appraisal forum.
AND... its not the AMCs per se that are bad. They can provide a service and charge the lenders for that service, but they should disclose all fees and Appraisers should be paid and treated as the professionals they are educated to be. I recently had a lender call me and tell me what their fees were and how much they would pay me if I "did work for them".

What I told them is "I don't "work for you", I am an independant fee appraiser, I set my own fees just like an attorney and either you engage my services or not. Why don't you tell your plumber that the next time you need his services you are only going to pay him 1/3 of his going rate because that is what is standard in your community. If you can't flush your toilet, you will pay what he charges. When you can't close any loans you will have to pay appraisers what they need to operate their businesses. Cool

_________________
Azalea Appraisal Associates
Wilmington, NC
www.azaleaappraisal.com
View user's profileSend private messageVisit poster's website
journalist
Dud?


Joined: 13 May 2009
Posts: 15
Location: NYC

Forced Place Insurance-Are they breaking the law?
PostPosted: Fri May 15, 2009 9:45 pm Reply with quoteBack to top

Does anyone know if Balboa Insurance force places homeowner insurance on a borrower - who then gets theire own insurance.. lets say within a month - and then doesn't refund them... Do that action violates RESPA rules?
View user's profileSend private messageVisit poster's website
exlandsafeappraiser
Dud?


Joined: 16 May 2009
Posts: 3

Re: Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Sat May 16, 2009 12:08 am Reply with quoteBack to top

it was HomeFocus Valuation Services, a wholly owned subsidiary of BofA.
View user's profileSend private message
exlandsafeappraiser
Dud?


Joined: 16 May 2009
Posts: 3

Re: Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Sat May 16, 2009 12:14 am Reply with quoteBack to top

Not sure if you can really call LandSafe an AMC, again, it was a wholly owned division of Countrywide, now Bank of America. In speaking to my ex-coworkers there, the term "cluster" comes up a whole lot, because of the lack of management, leadership, and any continuity or workflow. Morale isn't low, it's nonexistent. From an appraisal standpoint, LandSafe values quantity over quality...hit the number and move on. Hurry up, get it done, make the phone call, post your notes in AppraisalPort (that nobody but you will ever read, but if you don't post status it will be held against you). The MOST you can make is 50% of the fee, and that's only if you produce more than $25,000 in volume in a month, which is near impossible unless you work 24-7. And they take away money from you if a job is late.
View user's profileSend private message
Maxwellowen
Dud?


Joined: 17 May 2009
Posts: 7

Bank of America will not be getting rid of Landsafe
PostPosted: Sun May 17, 2009 8:48 pm Reply with quoteBack to top

There are senior members of the combined Home Loan group who have deep relationships with Landsafe and it is going NOWHERE.

Even if a nuclear bomb fell on the planet, there would be 2 things left when the dust settles...cockroaches and Bank of America still tied with landsafe.

Very Happy
View user's profileSend private message
journalist
Dud?


Joined: 13 May 2009
Posts: 15
Location: NYC

Re: Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Sun May 17, 2009 9:23 pm Reply with quoteBack to top

Do you know their names - senior executive of BofA's combined Home lending unit that have ties to Landsafe?

Do you mean that BofA promoted landsafe executives from the Countrywide days to run the combined home loan unit?
View user's profileSend private messageVisit poster's website
Maxwellowen
Dud?


Joined: 17 May 2009
Posts: 7

Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Sun May 17, 2009 11:33 pm Reply with quoteBack to top

journalist,

I am not referring to Landsafe executives.

Everyone knows Landsafe was owned by Countrywide.
Now that Bank of America has combined with Countrywide, some of the Countrywide executive team now have positions in the new combined home loan division of BoA.

It's not rocket science and there is certainly no "scandal" if that is what you are trying to read into this.

I am just making the point that landsafe is not going anywhere.

Please do not try and read anymore into this and do not make it more than what it is.
View user's profileSend private message
inside
Dud?


Joined: 17 May 2009
Posts: 6

Re: Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Sun May 17, 2009 11:58 pm Reply with quoteBack to top

[quote="Maxwellowen"]journalist,

I am not referring to Landsafe executives.

Everyone knows Landsafe was owned by Countrywide.
Now that Bank of America has combined with Countrywide, some of the Countrywide executive team now have positions in the new combined home loan division of BoA.

It's not rocket science and there is certainly no "scandal" if that is what you are trying to read into this.

I am just making the point that landsafe is not going anywhere.

Please do not try and read anymore into this and do not make it more than what it is.[/quote] Rolling eyes Rolling eyes

You should probably get closer before you make these statements. The CW executive home loan influence is much greater than you appear to suggest and with the rapidly changing dynamics of the industry it is far from certain that Landsafe will survive or be a part of BoA.
View user's profileSend private message
Maxwellowen
Dud?


Joined: 17 May 2009
Posts: 7

Bank of America -- Keep LandSafe or Balboa ??
PostPosted: Mon May 18, 2009 12:19 am Reply with quoteBack to top

Journalist,

I assure you I am close enough. Very Happy


" it is far from certain that Landsafe will survive or be a part of BoA."

not as far as you think. Razz
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT