What Goes On Behind The Scenes…
This year it appears many AMCs have turned to blast requests of fee and turn time. We get them constantly and simply delete them.
In their rush shopping for the cheapest and fastest appraisers, they forgot to BCC the appraisers they blasted. It appears that this AMC is not only incapable of maintaining quality control and assuring competency for specific assignments but by disclosing appraisers’ email addresses they established their inability to process confidential information.
While we simply deleted the blast email, some responded. We thought the following responses are worth sharing.
One appraiser replied:
please do not send me blast emails for soliciting orders. My credentials and expertise are for hire but when you send out blast emails you do not give respect to my credentials or those that are also receiving the email. I would be happy to work with you but please seek me out because you want a quality report, not the cheapest that you can find. You are technically not meeting your mandate to hire the most competent appraiser when you select off of the basis of just the fee.
And another stated:
I do not typically accept AMC assignments, and I never participate in these blast requests for bids. Even if there are appraisers willing to participate in this process, it does not meet the spirit of the law. It should specifically undercut your client’s confidence in their need for your services at all if you are not actually doing the primary job of the AMC, which is to ensure that all the rules and regulations are correctly followed and there are no possible compliance violations. At the very least, this blast email implies that you are selecting appraisers based on fee and turn-time, which is a direct violation of appraisal independence requirements set out in Dodd-Frank. Add to that, you are violating the privacy of all the appraisers whose e-mails you have disclosed on this list. Any reader would likely make the assumption that some or many of the people on this list participate in bidding for appraisals, which obviously may shape or change their opinions about their peers. Opinions amongst appraisers shape many aspects of our businesses, including whether or not we feel comfortable providing referrals for appraisals or new clients. This, of course, translates directly into business and money. I only ever did one appraisal for Appraisal Nation as a favor to a desperate buyer who had nowhere to live while you were apparently trying to find somebody to do it cheaper. I have personally requested that you remove me from your appraiser panel multiple times over the last two years, and yet I still get these requests on a regular basis. Now I find myself on a broadcast list showing all the e-mail addresses, implying to everyone who receives it that I play these games. This is completely unacceptable. You may do what you like with your own reputation, but you may not damage ours with such Privacy Act violations.