LRES Wants Your Digital Signature

John Pratt

John Pratt

Certified Real Estate Appraiser at Appraisal Services
Self employed since 1999. Banking Industry for over 20 years: Real Estate Loan Officer, Commercial Loan Officer, Manager Loan Dept, Senior Loan Officer in charge of Lending, Selft Self employed since 1999. President & CEO of an Independent Bank in California. Chief Financial Officer of 2 startup firms in Silicon Valley which raised over $5,000.000 in start up venture capital. He also conducts meeting which are open to all appraisers on a monthly basis with an open format discussing anything related to the appraisal industry.
John Pratt

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LRES Wants Your Digital Signature

Do NOT send your digital signature!

I just received the following message from LRES (AMC) requesting I send my digital signature to them. I think this message should get out to all appraisers immediately.

I don’t know if any other appraisers received this message however I would strongly suggest that you do NOT send your digital signature to this AMC or anyone else. I hope you all understand the possible problems this could open you up to, including forgery, fraud and many other illegal activities. If you have any doubts just call your E&O insurance and ask them what they think.

This is a copy of the contents of their email to me:

Vendor Signature

Dear Valued Vendor,

Thank you for being an active part of our Real Estate Agent panel. As you know when you complete BPOs it is required to have a digital signature uploaded to the report upon delivery to the client. We do have an automated way of attaching it to each report on your behalf, however, an account review revealed that we do not have one on file for you.

Please take a moment to upload a scanned image of your signature to your account at https://vendor.lres.com, or you can email vendormgmt@lrescorp.com with your signature. A member of Vendor Management will be happy to upload it for you. Please make sure that when uploading or emailing your signature that it meets the following requirements: Cannot exceed 4 MB and must be a picture file of type .png, .jpg, or .bmp.

Having your signature uploaded to the system will ensure faster delivery to our client, less manual work for you, and ensures on-time payment for the work completed. Please call Vendor Management at 714.520.5737 ext 185 with any questions you may have and as always, we are happy to help.

Sincerely,
The LRES Team

John Pratt

John Pratt

Self employed since 1999. Banking Industry for over 20 years: Real Estate Loan Officer, Commercial Loan Officer, Manager Loan Dept, Senior Loan Officer in charge of Lending, Selft Self employed since 1999. President & CEO of an Independent Bank in California. Chief Financial Officer of 2 startup firms in Silicon Valley which raised over $5,000.000 in start up venture capital. He also conducts meeting which are open to all appraisers on a monthly basis with an open format discussing anything related to the appraisal industry.

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29 Responses

  1. EJ Brown says:

    I messaged them back “HA HA this must be a joke or a scam”

    Never heard back

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  2. TrippingOnDollarsForDimes says:

    Guys, I’m guessing they don’t even know who their own appraisers and agents are. Have you read the first sentence?
    It states: “Thank you for being an active part of our Real Estate Agent panel. As you know when you complete BPOs…”  So I’m just going to go out on a limb and say that it was not meant for us appraisers?
    Regardless, I’m not going to waste my time with them if they clearly don’t even know who to address their freaking emails to. Let’s hope whoever it was is getting canned over this because it’s a huge waste of our time.

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  3. Al V says:

    I am not sure what all the fuss is. They  talking about BPO.

    Don’t know about you, I do appraisals not BPO’s.

    Who in the right mind would just send in there signature?

    Oh by the way, your uncle just passed, I am so sorry. I represent his estate and he left you $10,000,000. Just send me your banks routing and account number and I will send your inheritance.

    May be I can get some $$ today, you never know?

    Thanks LRES for the laugh

     

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  4. Raymond says:

    FYI:

    Dear Valued Appraiser,

    I want to apologize for the email that you have received requesting a digital signature from you. This was sent out in error, and was not meant for any appraiser to upload their signature.

    The email you received was meant for the Brokers that complete BPO reports for LRES. We in no way upload any signatures for any Appraiser, and hold to the USPAP standards when it comes to our business practices.

    If you have any questions or concerns, please feel free to call me personally at 775.824.4155

    Kind Regards,

    Rachel Ward

    Manager, Vendor Management

    Sincerely,
    The LRES Team
    Social Media     

    If you have any questions regarding this message please contact us.
    765 The City Drive South, Suite 300
    Orange, CA 92868

    http://www.lres.com

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  5. koma says:

    Must have been another mistake because the same went out about 8 months ago from them. I do not do work for them just on the panel of some of these AMC’s to see what junk they are pushing. So we’ll see what the excuse is next time around.

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  6. Raymond says:

    i have never done any work for them and don’t know how I got on their email list.

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  7. W Charles Lambert says:

    Hey Guys,

    I’m as leery of these irrational requests as any of you so please pardon the bluntness of this remark but if you’re attaching and sending your electronic signature to anything but page 6 of the URAR or anyone other than your mother, you probably deserve your new career as a painter next month.

    We want to be thought of as professionals but may miss the mark somewhat and lack some diligence when you read a message that the first line says-

    “Thank you for being an active part of our Real Estate Agent panel..”

    It was obviously not meant for appraisers in the beginning. (LRES) through Ms.Ward, immediately sent out an apology and clarification letter. Hey, they screwed up, so much for the “reliable data base”.

    Anyway, kudos to those (actually all of you, based on the comments) who were professional, ethical and knowledgeable enough to protect their autograph and designation.

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    • Koma says:

      Charles you are right on our part, but with this being the second time come on. You gotta assume something nefarious is going on here. Even when I was a realtor my digital signature wouldn’t be on file with any company. Crazy!

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  8. So…saying it’s “only for BPO’s” somehow makes it ok? LRES is an AMC. AMC’s are regulated by the states in many if not most cases.

    Instead of emailing LRES, why aren’t all recipients emailing their state real estate boards and AMC regulators? I cannot think of ANY state that would endorse the idea of a licensed real estate broker giving some anonymous clown in a corporate circus environment blank authorization to use their signature! Let LRES explain their actions to those in a position to do something about them.

    Unbelievable. You know what’s even more amazing? That people that would otherwise be considered intelligent professionals actually hire these people!

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  9. PS Congress, so much for BPOs being a ‘reliable’ alternative to an appraisal.

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  10. W Charles Lambert says:

    Hey Koma,

    I’ll give you that one. I wasn’t aware of any other request. The AMC can only claim “stupid” so many times before it does smell a little like down by the lake shore. Thanks for the update.

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  11. Divedude says:

    Consider this.  What if they use the signatures to rubber stamp those desktop appraisals that they’re all are pushing now?

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  12. Chris says:

    They need the brokers/sales peoples signature so they can open the document, FIX all the mistakes, to make their idiotic BPO’s look like an appraisal report.

    B of A was actually trying to teach them to be appraisers….It was a joke !!

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    • Chris you are right but… BPOs are promoted by those that want them to be used ‘almost like” an appraisal as professional inspected; knowledgeable local BROKER analyzed market analyses with credible opinions and conclusions.

      The fact that they are not, is a serious issue involving widespread deception that goes all the way to the top of the regulatory agencies and GSE management.

      The ability to make believe these are meaningful documents for any compliance purpose is the foundation of the product that is taking work away from regulated, professional appraisers. Its also a required part of the myth that the new varied euphemisms for appraiser assisted; third party inspected “evaluations” are anything other than what Harry Truman would have called them when he wasn’t saying ‘manure’ in deference to Bess’ sensibilities.

      MY signature means I reviewed and agree with the document contents that it is affixed to.

      If LRES or anyone else feels the need to “fix” things then let THEM sign it! Or, better yet, let them disclose via attachment that “the BPO signature that appears on this document was only affixed by a third party after that unknown, unidentified and unaccountable third party ‘fixed’ the BPO on their own without the signing broker’s specific additional input or knowledge.”

      If they can’t do that, then they are lying, deceitful SOBs that have no business being involved in our industry or any other industry where integrity or client trust is a requirement.

      Hope I have not understated my views by too much….if I have, just feel free to change them any old way that suits whatever purpose y’all may have! (Not you Chris-generic comment re LRES)

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      • Raymond says:

        IMO, the movement and push for BPOs reveals the lack of importance of the appraisal process held by nonappraisal entities in the lending arena. Plus lack of respect for the appraisal profession.

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  13. Koma says:

    Forgot about Stewart Valuation Services too. About a year ago I dropped them due to wanting my digital signature on file. Just check back in and they still insist all APPRAISERS on their panel keep a digital signature on file. Why would you give an AMC (or any company) your DS for them to keep on file?

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  14. Need we say it again? Do NOT give ANY AMC your digital signature om anything other than a locked report.

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LRES Wants Your Digital Signature

by John Pratt time to read: 1 min
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