Appraiser’s Response to MyAMC
Thank you for your invitation to join your panel. I read all your details. They are addressed in the following:
- I find it unlikely you retain top appraisers nationwide if you think $350 is a reasonable fee in my area. Did you arrive at that by buying Corelogic’s purported ‘independent survey’?
- I don’t accept 30 day billing from any unproven clients with unspecified volume. Provide a copy of your current Dunn and Bradstreet rating along with a guarantee of a minimum of 25 orders per month, and I will consider deferred billing. Otherwise you would have to pay me by ACH at the time an order is accepted; prior to my driving to the appointment. I’m willing to schedule the appointments upon acceptance, however if fees are not paid at least one day prior to the scheduled appointment, it will be cancelled.
- As noted above, your purported ‘rates’ for my county don’t seem like a negotiable fee OR a reasonable one. If you believe that to be a reasonable rate, then quite frankly you cannot afford my fees for complex assignments which start at $750 and typically run around $1,500. That’s assuming the property transaction, and or estimated value is under two million dollars. Over three million raises the fee to +/- $2,500. My E&O provider quotes rates based on $3 million dollar appraisal limits. While I don’t base fees on actual or expected values; ostensible or perceived values can be a factor affecting the anticipated assignment complexity.
- Your taking care of upload fees is acceptable. Of course I would expect no less.
- My normal turn time depending on what’s ahead of you is from 5 to 10 working days. A working day is Monday through Friday, excluding holidays from 8 AM until 5 PM. There may be assignments in which research and data verification requirements result in longer turn times. You will be notified any time this is a factor, as soon as it is identified.
- I’m pleased & encouraged that you seek long term relationships with your appraisers. Provided that your firm meets the above requirements, I’m sure we will enjoy many years of a mutually beneficial relationship.
- I’m not sure why I need live support teams ‘to assist’ your members. I’m a professional. You order an appraisal. You pay for it. I perform it and deliver it. It’s nice that you have staff though.
- I don’t respond to automated communications. Ever. I communicate with humans that have thought about the purpose of their communication with me prior to making it. I appreciate it may take some effort to modify my profile with your firm so that such nonsense doesn’t interfere with our relationship. I’ll ignore the first few such ‘bot bombs’ but after three, I’m afraid our relationship simply won’t work out.
- I choose not to use First American’s ACI software program for appraisals. Do you know whether their Sky upload system functions with software that is not designed by either First American or CoreLogic owned subsidiaries? Will they warrant and agree not to data-mine my confidential and professional work product? BY that I mean, will they agree specifically to not steal my data? You must understand that my work is a copyrighted work and that any use other than a specified lender-client using it to ascertain collateral suitability for a specific loan transaction is unacceptable and is expressly forbidden.
- My driver’s license is of no concern to you for what I am being hired to do as an independent contractor. If you wish to hire me as an employee, of course that may be a different matter. It contains confidential information I choose not to share with you otherwise. If I am not required to identify myself in order to vote, it seems odd I must do so to you. You contacted me. I didn’t seek you out. Heck, I could even be one of those appraisers that use professional drivers in order to be more productive.
- You do not need a copy of my state license. I don’t want copies being attached to my reports by third party intermediaries. I’m listed on the national appraisal directory at the Appraisal Subcommittee (ASC.gov); and also with my state bureau of real estate appraisers along with license level and certification number and expiration date.
- As for my methodology, I follow USPAP. Geographic competency is subjective but ultimately it is MY obligation to assure competency. That includes perceptions of “geographic” competency. I follow traditional, long established proper appraisal procedures. If I identify a need for additional local competency, it’s my habit to either consult with area agents, or other appraisers. Are you instead asking what areas or counties I cover?
- Let me know your response to my above requirements and I’ll consider your service agreement. My initial review of your Master Service Vendor Agreement identified numerous discrepancies that must be resolved prior to my signing it. The most obvious one is you are confused as to who the client is in a federally regulated transaction. It is NOT your firm. It is the lender. You are merely a lenders agent. FNMA and all GSEs require the specific lender-client to be identified within the appraisal itself. As this affects my legal obligations and responsibilities; as well as recourse in the event of a payment default that clause will obviously need to be modified.
- My license history can be found at my states BREA website. That and my website should provide you with the information you need to either decide to add me to your panel or not. I don’t fill out nuisance forms with redundant questions that any competent AMC can (and should) identify on their own.
- You will need to provide at least three (3) payment history references from appraisers that have performed work for you in the past six months.
Thank you for your interest. Please acknowledge your concurrence with my requirements for accepting work from your firm.
Michael F. Ford, AGA, GAA, RAA, SCGREA, Realtor®
California General Certified Real Estate Appraiser #AG002512
Vice President Special Projects; & Chairman National
Appraiser Peer Review Committee of the
American Guild of Appraisers,
#44, OPEIU, AFL-CIO
(714) 366 9404
PS: In reading your principal staff members backgrounds I’m pleased Sean Bobbitt used to work at Navy Federal Credit Union. I did as well. Perhaps he knows the Director of their Mortgage Services Division, Crystal Stanley? Why did he leave NFCU? Did he work at Indymac during the run up to their collapse? How long since he left Wells Fargo?
Your other executives history with Landsafe, & ServiceLinks are a concern, but I will keep an open mind and withhold any judgments subject to your response to my requirements noted above.