Tagged: AMCs

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

Appraisal Management Companies AMCs Have Failed 34

AMCs Have Failed

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

AMC Abuses? What's Your Story? 77

AMC Abuses? What’s Your Story?

Many of you have filed formal complaints against AMC abuses with State appraisal boards… The place was a small subdivision developed with coastal style homes on the Ocean side of route 12 in the Outer Banks of North Carolina. The bank was Bank of America. The AMC was LandSafe and the time was just before Corelogic purchase of Landsafe for $122 million. I was asked by this AMC to appraise a home for a purchase transaction. My comparable sales consisted of one recent sale of the next door neighbor, one on the same street, and two closed sales in the...

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How Fast Can Your Head Spin?

Hopefully you have been busy and have not noticed VaCAP has been quiet over the past few weeks. Not by choice, but necessity. You see, there has been so much happening, we have been overwhelmed and our heads are spinning out of control. VaCAP needs more members to volunteer to help us help you. Let us know how you can help. Let’s start with the easy stuff: The Virginia Real Estate Appraiser Board Quarterly Meeting will take place on February 21, 2018. The meeting will begin at 10:00 AM and there will be a public comment period for anyone who wishes to address...

Staff Appraiser Overtime Class Action Lawsuit Against Corelogic AMC 11

Class Action Against Corelogic

A residential staff appraiser has filed an overtime class action lawsuit against appraisal management company CoreLogic Valuation Solutions. The appraiser is a current employee and works as a staff appraiser in Southern California. On behalf of herself and a putative class of similar CoreLogic staff appraisers, she alleges that CoreLogic’s compensation practices violate the overtime pay requirements of the federal Fair Labor Standards Act and California state labor laws. The case will be legally interesting to watch because CoreLogic allegedly pays its employee appraisers on a “piece work” per appraisal basis with additional compensation for based on production and other...

Evaluation NOT required to Meet USPAP - AGA Views on Legislative Bills 17

The Devil is Always in The Details

An evaluation is NOT required to meet USPAP requirements… I went over the bills VaCAP requested action on (see VaCAP Legislative Call to Action) and wanted to share my views as it appears they were interested in individual views. HB 1453 Real estate appraisers; changes definition of evaluations. Introduced by: R. Lee Ware SUMMARY AS INTRODUCED: Real estate appraisers; evaluations. Changes the definition of "evaluation" from an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property to an opinion of the market value of real property or real...

Bill Removes Consumer Protection and Legalizes Bad Behavior by AMCs 16

Legislative Call to Action

Bill removes consumer protection and legalizes bad behavior by AMCs. Now is the time to contact your legislators with comments. They want to hear from you! HB 1453 – Changing the definition of evaluations –  has passed the General Laws Committee and was read in the House of Delegates on February 1, 2018 for the first time. SB  655 – Capping fees of an AMC to 20% and disclosing the AMC fee to the consumer – is on the agenda for Monday February 5th in the General Laws and Technology Committee. Please contact your representatives and the committee members and...

Appraisers Classified as Independent Contractors Treated as Employees 13

Reclassifying Appraisers as Employees

Classifying Appraisers as Independent Contractors – an Issue for Appraisal Firms and Maybe AMCs Too A hot legal issue that is beginning to more often affect appraisal firms and similar businesses, such as inspection and field service management firms, is the classification of workers as independent contractors, rather than as employees. In some lawsuits, plaintiff workers argue that they were improperly classified by firms as independent contractors and then claim that, if they had been treated properly as employees, they would have been entitled to compensation for overtime, as well as reimbursement for expenses. In other situations, the issue is a...

ClearVal Value IS So ClearCut - What IS a “ClearVal Appraisal” 149

What IS a “ClearVal Appraisal”?

Clear Capital ClearVal… Value Not So ClearCut… I’ve finally had an opportunity to read a hybrid ‘appraisal’ start to finish. All may read the unedited, non-redacted version in all its glory… or infamy, as the case may be. Please click here (report also embedded below) and read it first. I’ll wait right here. Finished? Great. One thing is clear. It is not an appraisal by any current accepted definition that I am familiar with. Ironically, there is also very little that is clear as far as support for the opined values is concerned. (I’m old fashioned and think it should...

Reconsideration of Value Requests & Undue Influence on Appraisers 20

Reconsideration of Value Requests

Open invitation for spurious reconsideration requests… No thank you. I just checked your website and glanced at your “clients” tab, Reconsideration request form. It pretty well negates all the puffed up hyperbole in your email invitation. It is people like you that are the problem, not solutions. Do you think a one of two items drop down menu is an adequate reason for asking an appraiser to reconsider their value? Do you not see a need to request a full and thorough explanation as to why your clients might be asking for a reconsideration? At a minimum didn’t you feel...

Professionals With No Appraisal Experience Cornering The Hybrid Market 6

New Hybrid Desktop Hucksters

What could lure these successful 'professionals' from their chosen careers? Fellow appraisers, I just received an advertisement for a company that wants to pay ‘me’ $50.00 an hour to do desktop appraisals. Actually, probably not me, because they prefer a degree. Now, my routine hourly rate for complex appraisal assignments is $150 ($500 for EW and something variable in between for pretty much everything else). So they are asking me to take a cut of 2/3… assuming I could meet their degree requirement “preference”. It got me thinking. I cannot always command my hourly rate for 8 hours a day,...

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