Tagged: AMC

Appraisal news for real estate appraisers and real estate professionals regarding Appraisal Management Companies (AMC) and how they affect the Appraisal Industry.

Are You Laying Bricks, Putting up a Wall, or Are You Building a Cathedral? 2

Are you Laying Bricks or Building a Cathedral?

…laying bricks today, putting up a wall, or are you building a cathedral?… If you have been doing appraising for any time at all, you have likely experienced some of the more irritating aspects of our profession: the AMCs, the call backs, or one of my personal favorites, a Realtor’s protest “the idiot appraiser doesn’t know it’s supply and demand! I have a buyer!” An old folk story helps me through days like these, and it goes like this: A traveler came upon three men working. He asked the first man what he was doing, and the man said he...

Incenter Appraisal Management to Pay Appraisers Within One day 29

IAM AMC 24-Hour Fast Pay for Appraisers

Last week we received an email from an AMC PR company. The email stated that Incenter Appraisal Management (IAM) has implemented a new 24-hour fast pay model and is paying their appraisers within one day of completing the appraisal report. Has anyone heard of or done business with Incenter Appraisal Management? Do they pay C&R fees or do they blast orders to find fast and cheap appraisers? Do they have a scoring system, tech upload fees, background check fees, etc.? The email stated they do not bid or charge tech fees. Back in November, VaCAP published their email solicitation where...

Do Appraisers Have the Right to Refuse to Provide Service to AMCs? 14

I Reserve the Right Not to Serve You Anymore

Dude, I Reserve the Right Not to Serve You Anymore! OK, let’s face it: real estate appraisers are in the service business. We provide a service – real estate appraisals. We provide those services to anybody willing to pay for them. That’s what service providers do. To which you say, “Dustin, you have a deep grasp of the obvious.” Well, let’s go a little deeper. Part of what I do is stay in touch with local real estate brokers and appraisers. Some of us have a local restaurant we frequent. At the front door is a sign letting all patrons...

Who’s REALLY completing bifurcated/hybrid Reports? 14

Who’s REALLY Completing Hybrids?

Who’s REALLY completing bifurcated/hybrid appraisal reports? This essay has been “rattlin’ around my cranium” for a few months from the time I acquired two ‘case study’ report examples in early 2020. I’ve recently received a third bifurcated report, which has similar appraiser data. So now is a prime time to spill the beans, so to speak. Especially since FHFA, the conservator of Fannie and Freddie, is currently on a mission to “modernize the appraisal process.” They are seeking input from appraisers and other stakeholders who use appraisals. But first, as the infomercials say, there’s more! One ‘more’ concerns appraiser obligations...

Open Letter to Mortgage Lenders - Your Appraisal Management Company 21

Open Letter to Mortgage Lenders

How much vetting have you done on the appraisal management company? How involved are you as the lender in the day to day activities of the appraisal management company?… The world has changed and most everything in our lives involves technology. The technologies available to each of us are tools. They are not a more reliable means, merely more convenient. Human thought and analysis is still required in every aspect of life. When the Final Rules of the Dodd Frank Legislation went into effect, many lenders chose to use appraisal management companies with the false idea they had no liability for...

FHFA RFI on Hybrids, Waivers, AVMS, Racism... 6

FHFA RFI on Hybrids, Waivers, AVMS, Racism

The FHFA is requesting input on appraisal related policies, practices and processes. We encourage everyone to submit comments. The Request for Input (RFI) is open to comment until February 26, 2021. The input received in response to the RFI will be used by FHFA to determine the necessary modifications needed to ensure Fannie Mae and Freddie Mac (the Enterprises) operate in a safe and sound manner. “Modernizing the appraisal process has the potential to create a more streamlined and accurate collateral valuation process. But if modernization is not properly adopted, it could have negative unintended consequences,” said Director Mark Calabria....

Will the COVID Vaccine Be Mandatory for Appraisers? 47

Will the Vaccine Be Mandatory for Appraisers?

Can AMCs mandate the appraisers on their panels take the COVID-19 vaccine?… Over the holidays, we received the following email from Dave Towne: Not sure if this is actually true, but an AMC put out a message on Christmas eve day saying that appraisers should be included in the Phase 1C of the COVID vaccination program. The quoted source was the Evidence Table for COVID-19 Vaccines Allocation Phases 1b and 1c of the Vaccination Program. Essential workers* (non-health care) Persons aged ≥65 years Persons with high-risk medical conditions Allocation within Phase 1 of the COVID-19 vaccination program (post Phase 1a)...

Can an AMC Tell Appraisers How to Dress? 21

Can an AMC Tell Appraisers How to Dress?

I recently saw a Facebook post where an appraiser was quite upset and offended that an AMC asked him to dress professionally for an appraisal walkthrough. Now, this was a request that was made up front as one of the conditions for accepting the order. Reading the post, it sounded like this appraiser was upset for two reasons. One, he was offended that the AMC was implying that he does not take his job seriously enough or dress professionally enough. Two, he felt like the AMC did not have a right to tell him how to do his job (i.e....

Classless Class Valuation AMC Lives Up to Its Nickname Again! 18

Classless Class Valuation

Class Valuation has done some pretty horrific things in the past, but this one has earned them the true title of Classless… It finally happened… I was sent an email from Class Valuation. The subject line “New Benefits from Class Valuation – Just in time for Thanksgiving!” Well fellow appraisers, I can honestly state with 100% certainty, Class Valuation has lived up to its nick name given to them by so many… Classless! Class Valuation has done some pretty horrific things in the past, but this one has earned them the true title of Classless. You see, the benefits Class...

Appraisal Racism... Fact or Fiction? Where is the Actual Evidence? 10

Appraisal Racism… Fact or Fiction?

Not one single point provides any evidence to the appraiser engaging in a racist act… No appraisal reports or actual evidence of racism has been produced by the accuser… Not one single case has been presented to the appraisal state boards… The real estate community is aware of the recent onslaught of articles going around accusing real estate appraisers of racism and appraising homes for less than what the actual homeowner thinks the home is worth. It started with Abena Horton in Jacksonville, FL Additional accusations were made in Chicago, Denver, and Newark, NJ. Each article written accuses the appraiser...

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