Category: AMC

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Fannie Mae Issues “Hard Stops” on Appraisal Messaging

As of January 28, 2013, Fannie Mae started placing greater restriction on the data they collect to ensure uniformity. You will now begin seeing a “hard stop” issued by Fannie Mae on messaging. This change affects Appraisers working with AMCs or other lenders who submit data to Fannie Mae. What has changed? As appraisers know, the Uniform Collateral Data Portal (UCDP) is an electronic tool that Fannie Mae uses to ensure uniformity in the data that Appraisers collect and submit. The theory is that being able to track trends and information through data collected on appraisals will ensure more informed...

Rules making difficult to become a state certified appraiser 5

How to Make a Profession Disappear

…You can see how difficult to become a state certified appraiser. We are fairly near the end of the continuing education cycle for appraisers in my home state of Pennsylvania. Among other topics, I’ve been presenting changes to laws and regulations, which include the new Appraisal Qualifications Board (AQB) standards that go into effect in January 2015. You can find the regulations here. The overwhelming response from existing appraisers is: “Do they just want to make us go away?” The new requirements will include a bachelor’s degree, as well as — in most states — 2,000 hours of experience under...

PowerLink Settlement Services Closing 3

PowerLink Settlement Services Closing

Another AMC Closing Down: PowerLink Settlement Services This information was passed along by Washington State Appraiser and Educator, Dave Towne. An AMC called PowerLink Settlement Services is expected to close down by the end of April per letter to their vendor appraisers. “Appraisers, Another AMC bites the dust, or will, by the end of April, per their letter sent to their vendor appraisers. They expect the volume of orders to taper off during March and April: PowerLink Settlement Services (and affiliates) Coraopolis, PA” The letter does indicate appraisers will be paid as long as invoices are properly submitted. It’s nice,...

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Read That Agreement Before You Sign or Leap

Having the most unfair agreement will cause the lender or AMC to lose those appraisers I recently ran across the provision below in a new contractor agreement between an AMC and its panel appraisers, when one of LIA’s insured appraisers asked me to take a look at the agreement. The contract contained the average indemnification provision found in most unfair AMC contracts in which an appraiser promises to defend and reimburse the AMC for “any and all liabilities, damages, costs and expenses (including all legal fees) arising out of or relating to any claim, action, suit, complaint, liability, damage, or other...

Three Ways to Reverse the Mass Exodus of Appraisers - Hire a Trainee 3

Hire & Reverse the Mass Exodus of Appraisers

Three Ways to Reverse the Mass Exodus of Appraisers I was recently in Texas at yet another appraisal conference. The man who was speaking asked everyone to stand up. There were approximately 140 appraisers in the room. He then asked for those under 30 years of age to sit down. About five people did. He asked those under 40 to sit down. About 10 more did. Under 50. About 25% of the room was now sitting. Finally, he asked for those under 60 to sit down. I am not kidding when I tell you that about 60 appraisers (of the...

Overtime Lawsuits Affecting Appraisal Firms, Lenders and AMCs - Imagecredit Flickr - Pictures of Money 1

Overtime Lawsuits Affecting Appraisal Firms, Lenders and AMCs

Are employee appraisers of appraisal firms, AMCs or lenders “exempt” from overtime pay under the FLSA? Under the federal Fair Labor Standards Act (FLSA), employees in most types of businesses are required to be paid overtime at 1.5x their hourly rate if they work more than 40 hours in a seven-day workweek, unless they are properly classified as “exempt.” As I’ll show in three cases below against an appraisal firm, a lender and an AMC, this law presents a genuine liability risk to businesses in the valuation industry. Let’s start with what should seem like a basic question: Are employee...

AMC Declares Bankruptcy: What Appraisers Need To Know 0

Bankruptcy Declared by AMC

AMC Declares Bankruptcy: What Appraisers Need To Know You received a letter in the mail informing you that your client has filed for bankruptcy.  It is this moment you realize that this bad news just became your problem. Many of us are familiar with the recent bankruptcy filings of Evaluation Solutions and its subsidiary ES Appraisal Services. Peter Christensen, attorney and general counsel to LIA Administrators & Insurance Services, shared in his blog that the total unpaid fees to appraisers, agents, and brokers as listed in bankruptcy documents is $11,048,411.97!  This is a remarkable amount.  Evaluation Solutions’ bankruptcy documents accounted for...

Evaluation Solutions ES Failure 2

Evaluation Solutions Failure

Evaluation Solutions, LLC: The Anatomy of an AMC’s Failure and Why Lender’s Should Care Last week, I had the pleasure of speaking to the Collateral Risk Network about lender oversight of appraisal management companies. With that exciting topic as my general theme, I chose to address the specific issue of AMCs failing to pay independent contractor appraisers for appraisals ordered by the lender-client (and also failing to pay agents and brokers for BPOs). This issue has been brought to the forefront of many appraisers’ minds and bank accounts by the recent failure of two large AMCs: National Real Estate Information...

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Deadbeat AMCs – FBI Wants to Know

We are passing along this message from Dave Towne:  “Ivor Hill has been working with the FBI. Today (1/24/13) the FBI collected all the files he had for JVI and appraisers that are owed money.”  “He has asked to ask everyone, and that they ask everyone they know, to spread word that if anyone is owed money from ES Appraisal or any other AMC

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Rate AMCs and Lenders

Because life’s too short for a bad client Appraisal Advisor provides a suite of tools to anonymously view, rate and review AMCs and Lenders using criteria that only matter to appraisers like you. You can search for good and bad clients, view average payment time frames, see average fees, gain a better negotiating stance, and much more. Founded in 2011, Appraisal Advisor is a real estate appraisal technology company that gives appraisers the tools to better manage their clients. It provides an anonymous community to score AMCs and lenders with its review and ratings

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