Tagged: AMCs

FTC Attorney Response & AGA Seeking Appraisers Opinions 9

FTC Attorneys Response to AGA

Is the FTC asserting that FNMA is exempt from antitrust laws? I don’t think of myself as being obtuse, nor do I think those that know me well would consider me to be particularly slow of wit or comprehension. Despite this, I’m truly confused by the Federal Trade Commission (FTC) attorneys response to the American Guild of Appraiser (AGA) email letter we sent them. The first sentence states “The federal antitrust laws prohibit anticompetitive mergers and business practices that seek to prevent hard-driving competition, such as monopolistic conduct, attempts to monopolize, and conspiracies and combinations that harm competition and consumers.”...

Residential Appraiser Abandoned & Neglected by the Appraisal Institute 111

AI Ignored the Residential Appraiser

AI all but abandoned the residential appraiser… I have been a member of the Appraisal Institute (AI) for many years and the organization has always been tilted toward the Certified General Appraiser. I am Certified General and recognized this long ago. I think the education of the AI is the best with no comparison for both residential and commercial and their publications are second to none. The AI has long neglected the residential appraisers as they sent in their $300 per year. The AI completely dropped the ball starting in 2007 when the crash began. The Appraisal Management Company (AMC)...

LREAB Response to FTC Allegations 15

LREAB Response to FTC Allegations

FTC seeking to punish LREAB for following federal regulatory mandates… BATON ROUGE, LA (May 31, 2017) – In an administrative complaint filed today by the Federal Trade Commission (FTC), it was alleged that the Louisiana Real Estate Appraisers Board (LREAB) had fixed the minimum price of residential real estate appraisals by enforcing the Board’s obligations under federal law to ensure that appraisers are paid customary and reasonable fees for their services. Bruce Unangst, Executive Director of the Louisiana Real Estate Appraisers Board (LREAB), said: “Respectfully, the FTC is just plain wrong. By issuing this legally faulty and factually incorrect complaint,...

Suppression of Appraisal Service Free Trade & Fair Price Competition 25

Restraint of Trade Investigation

I am heartened that the Federal Trade Commission has recognized the need to assure that appraisal “…consumers deserve to benefit from a free market where those fees are set by competition.” It appears that your complaint may have been instigated by the very special interests that are most responsible for suppression of appraisal service free trade and fair price competition in America today. By that I am referring to the entities broadly described as Appraisal Management Companies (AMCs), and in this specific complaint – the Federal National Mortgage Association, also known as Fannie Mae and/or FNMA .

Human Brain, AMC app & Appraisers - Bend Over & Ask for More 49

Bend Over and Ask for More…

GUILTY of not using human brain power of thinking and communicating… More Please… How many of you can honestly state with all sincerity the appraiser is better off today with the use of Appraisal Management Companies (AMCs)? How many of you can say with all sincerity the consumer is being protected with the use of an AMC? How many of you can, with all sincerity state your business model is how you want it? How many of you are happy with the current environment of the industry? If you answered yes, congratulations, you have found your peace. You should stop reading...

LRES Wants Your Digital Signature 31

LRES Wants Your Digital Signature

Do NOT send your digital signature! I just received the following message from LRES (AMC) requesting I send my digital signature to them. I think this message should get out to all appraisers immediately. I don’t know if any other appraisers received this message however I would strongly suggest that you do NOT send your digital signature to this AMC or anyone else. I hope you all understand the possible problems this could open you up to, including forgery, fraud and many other illegal activities. If you have any doubts just call your E&O insurance and ask them what they...

SettlementOne Valuation & Dart Appraisal Disciplined by VREAB 32

Virginia is NOT Playing Around!

Two AMCs Disciplined by VREAB… At the May 16, 2017, Virginia Real Estate Appraisers Board Meeting two AMC’s were disciplined by the Board. SettlementOne Valuation Corporation was disciplined in Mississippi, Illinois and Pennsylvania, all for unlicensed activity within those states. SettlementOne was required to report the disciplinary action to Virginia within 30 days, which they did not. The Virginia Real Estate Appraisers Board imposed a $2,500 monetary penalty for these violations of the Boards Regulations. Dart Appraisal was disciplined in Minnesota for providing an estimate of value on the engagement letter to the appraiser. Dart Appraisal was required to report...

Skapinetz Believes Appraisers Are Being Held Captive by AMCs 28

Who is Mark Skapinetz?

Mark Skapinetz believes that appraisers are being held captive by AMCs…. Reserved is not a word that anyone would use to describe Mark Skapinetz; at least of those who know him. Shy is not in his vocabulary. Mark is the founder of the “100% Real Estate Appraisers” group on Facebook. He joined me on April 23, 2017 as a guest on The Appraiser Coach Podcast to discuss everything from training the next generation of appraisers to the AMC debacle. Mark believes that appraisers are being held captive by AMCs. Though he works for a handful of AMCs himself (in other...

Legislation to Regulate AMC's & Protect Consumers Opposed by REVAA 38

AMCs Are Not Part of The Appraisal Profession

Foreign entities do not get a voice in what legislation is introduced… Let’s think about this with an open mind… More states are introducing bills concerning AMC legislation, more specifically how AMCs will conduct business. Even states with existing AMC legislation are introducing stricter, more precise legislation. Why is this happening in all 55 jurisdictions? States do not want to interfere in how a company or industry conducts business, but when practices are so abusive that it harms small businesses and consumers, they have little choice. States have the obligation to protect their citizens and businesses that contribute to the...

Former Chief appraiser sues AMC 7

Former Chief Appraiser Sues AMC

Former Chief Appraiser Sues Appraisal Management Company Over Alleged Appraisal Independence Violations With respect to appraisal management companies (AMCs), based on the large volume of appraisal regulatory and legal matters that we track, I feel comfortable stating that there is no material governmental enforcement of the appraisal independence rules adopted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (or in the earlier rules adopted by the Federal Reserve Board in 2008 as part of Regulation Z). Neither the Consumer Financial Protection Bureau nor any state attorneys general have undertaken any significant investigations or taken any significant legal actions...

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