[RANDY P]

F WAMU - they are the primary reason today I have to deal with Appraisal reform. thanks to them being in bed with that skanky appraisal company there is a chance I cannot order my own appraisal-

FNMA et. al are passing rules that require the lending bank (not the loan originator) not have any contact with the appraiser whatsoever. The appraisal must be ordered by the lender themselves. This is a resulf of hte deal they struck with Cuomo in NY over the appraisal scandal.

Before you all start cheering keep this in mind:

1) - If I don't know for a fact if your value is there before I order it, there is a possibility that it may not come in high enough to make the deal work as quoted. Means YOU the borrower get stuck paying for an appraisal that didn't go anywhere. I'm not paying it, nor will any other originator. You can bet that.

2)- it also means the bank now has the right to declare that "the value is too high" and as a result, charge you a higher rate, and no one can challenge it. This happens already with more than a few lenders - Some UW sees that they can lower what your house is worth, make you pay more and me make less, then when they sell it, they get "full value" and they get to keep all the cash.

Remember, the banks broker ouot these loans to FNMA like I broker loans to you.

3)- since you have to buy it, it makes the ability to shop much more burdensome if the deal goes sour. You don't like what the bank says after they get the appraisal? too bad, go somewhere else and pay for another, I guess.

WAMU has never been a good neighbor or a responsible lender in that sense, I hope they fry like Chicken. One of the earliest lessons I learned 13 years ago in this biz was "WAMU HATES BROKERS..." They hate clients too.

rjp