Tagged: AMCs

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

Game Over ServiceLink - AMCs Appraisal Schedule Fees Made Public! 38

Game Over ServiceLink

Now that ServiceLink fee schedule, indicating fees paid to appraisers and fees charged to the lenders, has been released to the public, there is absolutely no reason for in camera review… We are sure you have heard the old saying what goes around comes around, right. Well, here we are again; The FTC vs Louisiana Real Estate Appraisal Board case has been brought back into the spot-light. As you may recall, the LREAB filed a civil case against the FTC in attempt to stop the case against them. That case was denied due to lack of jurisdiction. Then the LREAB...

Crowdsourcing Appraiser Data - Hyper-Local Database - Appraisers Blogs 32

Crowdsourcing Appraiser Data

Just imagine the possibilities of having a hyper-local database… If you are not in the business of data you will be out of business. I’m not sure if I heard this somewhere or not, but this mantra has been in my head for a while now. Being in the data business is essential for every business today. We see it across all industries where the companies that embrace data are still in business, and the companies that didn’t make that pivot are out. In our profession we saw Fannie Mae get into the big data business with the creation of...

USRES AMC incompetence 19

AMC Incompetence in Appraisal Management

I’m told USRES routinely sends orders to out of state appraisers for orders in areas they don’t work in. Is this indicative of the Home Point Financial “We care” motto? ATTN: Executive Leadership Gentlemen, see attached copy of an Alabama appraisal order placed by your AMC, USRES. Among our many other efforts on behalf of appraisers and promoting appraisal quality, we periodically communicate directly with lenders that use AMCs. We do this to make sure they are aware of any substandard practices or services that may be offered in their name. This particular issue is not an isolated instance. Though...

Computershare 15 Minutes Appraisal Reviews & Cheap Diapers 10

Computershare Reviews & Cheap Diapers

The resulting “outcome” of those cheap diapers is the same outcome as Computershare 15-minute reviews must be… This didn’t start out as an article, but you know me. Doing research prior to posting in the 100% comments board I was shocked at how pervasive this new ‘service’ already is. A simple blog post can’t begin to cover it. Every single reader needs to research their own states requirements. The AMC at the following link makes this easy. Please look your state up. My concern was with Computershare and Colorado. Feel free to look them up by clicking here. If that doesn’t...

The Appraisal Management Company Business Model, Deceitful Little Lies 28

Deceitful Little Lies

At some point, appraisers need to take a stand against the appraisal management company business model. There are simply no benefits to appraisal management companies and there is no accountability for their actions. Haven’t we all been abused enough? Do the lenders really understand they are responsible for every action of the appraisal management company? Do the lenders really know the questionable ethics of the appraisal management companies? Are the appraisal management companies lying to the lenders? Deceitful, liars, bait and switch, trickery, fee shoppers, bottom feeders, empty promises and illegal activity are some of the nicer terms used to...

Big Data is the BuzzWord. Can We Trust Regression in Amenity Valuation? 14

Can We Trust Regression…

I would like to give a background as to what prompted this article. A few years back, word on the street was that the Collateral Underwriter was going to be using big data collected directly from our reports from the inception of UAD to aid in determining what should be “reasonable adjustments”. In order to be preemptive, I consulted an acquaintance of mine who just so happened to have a PhD in Statistics from Princeton. We worked through a number of real case scenario data sets to try and figure out if there was a way I could use regression...

Competitors on State Appraisal Boards - NSAO Supports HR 3619 5

Competitors on State Appraisal Boards

Phil Crawford has a new Voice of Appraisal show. This is one of the best shows Phil has ever done. He touches on issues with Bifurcation, Board competitors and even mentions VaCAP and our “Other Side of Things” article that received a lot of attention on Appraisers Blogs last week. Phil encourages support for VaCAP President Pat Turner to be appointed to the Appraisal Standards Board. The show is 36 minutes, so please take the time to listen. You might even get a good laugh out of some of the humor displayed. Listen to the show below. Board Competitors? VaCap,...

Appraisers Should Never Do Evaluations - Appraisers Blogs 15

Appraisers Should Never Do Evaluations

…users of evaluations knew & accepted that if they obtained evaluations in lieu of real appraisals that they were getting meaningless value opinions by unqualified personnel… TALCB will be considering the Board’s position regarding appraisers performing evaluations in compliance with USPAP at the next Board meeting on August 23, 2019 Dear Texas Appraisers Licensing & Certification Board Members: The short and sweet version is that appraisers should never, repeat never do ‘evaluations’. The term itself should never be uttered as if it refers to any legitimate appraisal product that meets the USPAP requirements of a real estate appraisal. When FIRREA...

Holding AMCs Responsible for Hybrid Inspections - AppraisersBlogs 11

AMCs Responsible for the Hybrid Inspection

It seems holding the appraisal management companies responsible for the hybrid inspection is the best option. The thinking was they choose, engage and pay the inspector. The Virginia Real Estate Appraiser Board met for its quarterly meeting on July 30, 2019. We are happy to report CoesterVMS no longer has a license to operate in Virginia. The Board voted to accept the consent order accepting the voluntary surrender of his license. The Board also passed a motion to draft legislation to be introduced into the General Assembly giving the Board regulatory control over the hybrid inspection and those individuals that...

Committee Passes H.R. 3619 - Requires AMCs to Disclose their Fees 4

Committee Passes H.R. 3619

H.R. 3619 has passed out of committee and is now sitting in the US House for consideration. H.R.3619 would amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria and would require AMCs to disclose their fees. The NCUA Quadrupled The Appraisal Threshold For Nonresidential Real Estate Loans By a 2-1...

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