“Special” Type of Appraiser
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It takes a “special” type of appraiser to work with AMCs.
While inspecting a property I received a cell phone call from a lender wanting to add me to their panel. I was unable to discuss the matter at that time and requested that she send the information to my email. I received nine pages of application.
The invitation starts out telling me how their AMC is a LEADER in the field (I never heard of them). They strive to assist all appraisers who are looking to maximize their time and quality. Their website allows them to monitor appraiser’s efficiency of scheduling and turn times (just what I enjoy the most). It is imperative (come on…Imperative?) that all assignments be immediately scheduled, notes updated to the website, blah, blah and much more blah!
This wonderful AMC continues with their standard foolish requirements: copies of license/certification; at least 3 years of experience; E&O of at least $500,000; Are you FHA approved? Ever had an E&O claim? Any discipline by state or professional organization? Provide three professional references with name and contact information (so that they can market to my clients). And do not forget to send two appraisal samples.
They continue for page after page explaining how I must accept this and accept that. How I must quickly do all of these things and a whole lot more. I must provide them with bank account info so that they may direct deposit my fee (which they did not inquire about) and then they tell me their payment schedule (what if I am not happy with their payment schedule?).
Appraisers MUST communicate with AMC only. Non-compliance with this guideline could result in removal for the appraiser’s panel (everything comes with a threat). Do not include the invoice when you upload the appraisal….(we are trying to cheat the borrower and need your assistance in deceiving them). Now the next part explains how I should select the comparable sales (how could I possibly know that without their help!). Next they explain what photos I should enclose in the appraisal (thanks, I always wondered about that too). Then they explain basement sketch, current real estate market, appraiser responsibilities, security, appraiser independence and undue influence (these folks are so knowledgeable; why do they need us?).
The next part is where they explain that I should be polite, professional, and prompt (gee, I never thought about that). I am told that I represent XYZ AMC and the lender and how I should behave (for 35 years as an appraiser I always thought that I was representing my own company. Where are they when I pay the office bills?). Next they tell me how to dress and what is not appropriate (they must have looked in my closet). Next I am told to be prompt for the inspection, to identify myself with the proper type of identification and deliver the completed report on time. Next they tell me what not to say. This crap goes on page after page.
These idiots called me, I DID NOT call them! What makes them think I am willing to extend credit to them? Where is the financial information I need in order to make that decision? YEP it takes a “special” type of appraiser to work with AMCs. “Special” Indeed.
By Wayne Courtney, Certified General Real Estate Appraiser with over 30 years experience, Realty Solutions Company in East Texas. He is a member of the national, state and local associations of Realtors and holds a GRI designation. Wayne has been appointed to The Veterans Affairs Fee Appraisal Panel (VA), is approved by the Federal Housing Administration (FHA), and is approved by the Texas Department of Transportation (TEXDOT). He is also a graduate of ‘SOARS’ presented by TRERC at Texas A&M University.