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[Sounding Bored] Perfect Timing: WaMu Checks The Box With Power To Settle

Sounding Bored is my semi-regular column on the state of the appraisal profession. This week we get some good news about appraisers who do the right thing.

Earlier this year, I wrote a post about an appraiser [1], Jeniffer Wertz, who sued Washington Mutual [2] for blacklisting her. She refused to allow the bank get away with directing her not to select “declining” property values on her reports.

I have written about this type of systemic appraisal pressure many times and we have also lost clients this way. It’s important that appraisers are allowed to be the eyes and ears of the lender or they are simply “form-fillers.” The Wall Street Journal covered this [3] point well.

Well, there is rare but good news for an appraiser who did the right thing. Jenniffer told me (and others [4]):

the case has been settled to the mutual satisfaction of the parties.

I am happy for her and proud of her for not accepting the status quo.

WaMu finally let their Chairman go [5] and it has been reported that they are teetering so I suspect the timing of the settlement of this case has something to do with their current situation [6].

As they say, timing is everything so you can check that box.