Done Deal
AMC Consolidaton – Class Valuation (formerly Class Appraisal) of Troy, MI is acquiring Landmark Network, of Van Nuys, CA. This document does not say ‘when’ it will occur, or if the transaction has concluded, but the way it is written, the implication is that it’s a “dun deel.”
Anybody have any scuttlebutt on which of the hundreds of the remaining AMC’s might be next to be consolidated with another one?
Landmark Network’s email:
Hello!
Eleven years ago, I set out to create a different kind of appraisal management company. One that truly valued our appraiser partners while embracing the efforts to improve and sustain our industry. At the time I started Landmark, I had no idea we were about to fall into the worst economic crisis of our lifetime. I look back now with pride that our clients, vendors and staff made it through and together successfully built an amazing brand here at Landmark.
Over the course of the past year, we have been approached by many AMCs seeking partnership opportunities with us. Frankly most of those inquiries came from companies that would not be a cultural fit for us. All of that changed when we were engaged by Class Valuation, formerly Class Appraisal. If there was ever a fit, it’s surely with Class Appraisal. Most of all, they value the tenants of my founding principles.
For those reasons, I am thrilled to announce the acquisition of Landmark Network by Class Valuation…
VA drops 1004MC requirement
As of Dec. 11, 2018, the VA has dropped the requirement to include the 1004MC form in VA appraisal reports (see VA Circular 26-18-29).
While that is good news, both the VA and the GSE’s (Fannie/Freddie) STILL REQUIRE THE APPRAISER TO ANALYZE AND REPORT MARKET CONDITIONS by other means.
So far, there has been no comment from HUD about discontinuing the 1004MC in their FHA and USDA appraisal reports.
Dave Towne on e-AppraisersDirectory.com
- Marcia Fudge leaving HUD! - March 12, 2024
- UAD Redesign Timeline - January 31, 2024
- Is the Iceberg Turning? - January 5, 2024
Wow that’s great more deadbeats acquiring more deadbeats
Speaking of AMC’s, I just received an order from an old client who some time back chose to start going through an AMC (Valuation Connect). The property in question (4 Br, 3.1 Ba, 2,534 sf, 4,626 sf lot), is worth in the neighborhood of around $3,000,000, and the offered fee is $500, where as per the order form, the AMC MANAGEMENT FEE is $725. Here’s to another year where the middleman wants 60% of the fee, and they want the appraiser to work over Christmas while they take time off. What a bunch of thieves.
Seek the truth.
That is the most disgusting thing I have ever heard !!!
Bill, do have this in writing?
it is great EVIDENCE for a future endeavor that will rock the world as we know it.
pat turner
Contact your old client and ask WHY? Good chance they don’t know what’s going on. Great opportunity to suggest they dump the AMC unless they only want bottom of the barrel appraisers in the future.
The mere fact of an AMC sending you an order you don’t accept does not create a client confidentiality relationship with them. Call me if you want something done about this Bill. (714) 366 9404.
Appraisers 888-996-8060 appraisals@valuationconnect.com
Real Estate Professionals 866-509-3163 cma@valuationconnect.com
ORDER INFORMATION
Order ID: ? To protect the innocent
Vendor Fee: 500
Order Date: 12/20/2018 at 10:57:31 AM
DUE DATE: 12/28/2018 at 6:41:02 AM
Product: 1004 URAR/MC
Loan Purpose: Home Equity
Suggested Appt. Date 1:
Suggested Appt. Date 2:
STATE AMC LICENSE INFORMATION: California 1422
AMC Management Fee: 725
Expires 1/10/2021
You got to love how these companies have due dates down to the exact second. Again, $500 offered to the appraiser, but the AMC fee is $725.
Seek the truth.
If you work with amc’s in any capacity, you’re keeping them in business.
I agree. By default, many old direct lender clients have gone to the dark side (AMC’s) instead of keeping the process in-house. When they transition, they carryover their appraiser panels, and thus one gets on AMC lists when technically you didn’t directly sign up. Either way, keep your friends close, but your enemies closer.
Seek the truth.
Bill, There are no innocents in this transaction, other than the property owner. Even at $1275 and 100% of the fee, this one is low balling. A $3,000,000 appraisal can trigger your E&O to spike. A common questionnaire is how many do you do; or do you do property appraisals where the value exceeds $3 million?
I’d be at $2,500 to $3,500 on this one anywhere in L.A. County. Bill, the lender should be notified on this. THEY cite the appraisal fees under TRID. They were already at the margin of offering enough for a credible report (assuming in your area good appraisers will take less than L.A.). I cannot believe they are ok with the AMC stealing this much of a fee intended for an appraisal. Hell, I don’t see how they can even put appraisal down on the HUD disclosure since far less than half was for that purpose. A more honest reporting disclosure would be %60% Appraisal facilitator fee ad 40% appraisal.
The AMC’s lender AND borrower deserve to know that while a premium was charged due to the property’s high-value range, NONE of that premium was offered to the appraiser. A 60% skimming is outright fraud against the borrower. What certified appraiser in California is so hungry as to work for whats not a particularly good fee for an ordinary FNMA conforming loan limit appraisal???
BREA has no jurisdiction on fees, but the San Diego City Attorney could certainly look into the apparent fraud side of it.
Hence the unchecked proliferation of amc’s and their never ending shell game of consolidation.
It is legal to defraud borrowers if you’re functioning as an appraisal management company.
Sadly, there are still approximately 20,000 appraisers in the US who think that is acceptable.
I think their own words pretty well sum it up…”we were engaged by Class Valuation, formerly Class Appraisal. If there was ever a fit, it’s surely with Class Appraisal”
Oddly, I’ve never heard of either class or landmark as having any ‘class’ at all.
Class is known for sending out repeat fee quotes for the same property. If no appraiser responds with a low enough fee, they disregard everyone’s quote, and just email quote requests for the same property again a few days later. Repeat until an appraiser eventually provides them the thing of value in order to be the preferred selectee. They quote everything. Landmark is known for bidding everything and especially focusing on defrauding elderly through the reverse fha program.
How much money can a Pimp earn if he has no ladies working the street? The same amount as an AMC if they have no appraisers. What part of HO do we not understand? Appraisers need to wise up!
I nominate Wayne for the Pulitzer in appraisal reporting. Such a clear understanding, such clear verbiage so concise.
AMC appraisal work is profession slavery.
All business’s ebb and flow. Adjust
Oh I adjusted about 20 years ago. I adjusted out of lender appraisal work. lol