Tagged: AMCs

Cap on Fees & Appraiser Politics - Appraisers Blogs 32

Appraiser Politics

I doubt that appraisers would be as excited if a cap were placed on appraisers… Recently, I noticed many appraisers were excited about a new bill that was introduced in Virginia. This bill initially sounded favorable to me, but as I examined it more closely, I quickly became concerned with the excitement that was building up around it in the appraiser community. Laws in general are typically difficult to understand, and they can look better at first glance than they actually are. It is important for us to analyze new laws carefully before we advocate for them. Senate Bill 655...

AMCs Property Inspectors Denied Minimum Wage - Class Action Cases 11

Class Action Against AMCs on the Horizon

Property inspectors suing ServiceLink to obtain minimum wage… Peter Christensen wrote another article on LinkedIn about wages being paid by lenders and AMCs. This one should get your attention as it is from Independent Contractors suing an AMC. This will set a precedent and start a chain reaction. In a nut shell, property inspectors are suing ServiceLink for work performed to obtain minimum wage. Yes, you read that correctly, minimum wage. According to the article, property inspectors receive between $3 and $5 for each assignment. The article does not specify the specific service the property inspectors perform, but think bifurcated or...

Who Benefits from Hybrid Appraisals & Who Pays the Price? 25

Who Benefits & Who Pays the Price?

Why does a hybrid appraisal work better? What are the benefits? Who benefits? Who pays? A hybrid appraisal, as it has been proposed, separates the field work from the desk work. The assumption is that an appraiser is good at filling out the forms, while another “cheaper faster” person can do the property inspection. Also, we presume that the client would be the one to select the field inspector. For this post, we also assume that the property inspector is a real estate agent. This is the third post considering “hybrid appraisal”. I had intended it to be no more...

Commercial Appraisers Against National Firm - Overtime Class Action 3

Appraiser Overtime Lawsuits Continue

Appraiser Overtime Lawsuits Continue to Hit Banks and AMCs – and Now Commercial Appraisers Against a National Commercial Appraisal Firm In May, I wrote a short piece (posted here) about the legal threat posed to AMCs, appraisal firms and other employers of appraisers in relation to classification of appraisers as exempt from overtime. I included a warning that the threat was spreading to commercial firms. It’s time for an update. In August, another bank – U.S. Bank – was sued for unpaid overtime by a potential class of appraisers. Also named as a defendant to the class action is U.S....

Solidifi Agreement... All Indemnity Clauses Are Not Created Equal... 5

Indemnity Agreements

Solidifi User Agreement… all Indemnity Clauses are not created equal… This is a response to the article that Dave Towne wrote regarding Indemnity Clauses and that they are common in today’s world and appraisers better get used to it. It is also true that all Indemnity Clauses are not created equal and the devil is in the details. This topic came up because of the agreement that Solidifi requires that all appraisers that receive assignments from them must agree to. Let’s delve into the Indemnity Clause which is in that agreement. First the agreement is between Solidifi and the appraiser...

Stand Your Ground in Protecting Your Business! 43

Stand Your Ground!

Many states have laws in place that allow citizens to protect themselves and their property without prosecution. In the appraisal profession, you must also stand your ground to protect their business. Social Media is a quick and easy way to communicate. Recently there have been numerous appraisers reaching out and sharing trouble getting paid from some Appraisal Management Companies. Some are claiming they are long time clients with no issues in the past. This is wake up call for all appraisers to pay attention to the economic and financial side of your business. Volume is slowing as school starts and the...

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Solidifi Agreement

Solidifi Agreement provides little or no protection for the appraiser… Many appraisers have seen the Solidifi agreement that appraisers must agree to if they want to receive appraisal assignment from them. This 18-19 page agreement written by a lawyer which was paid by Solidifi provides lots of protection and power for Solidifi and little or no protection for the appraiser. Many of you might be on the fence, should I agree to this or should I not and know that I will lose some business. If Solidifi is your major provider of appraisal assignment they have just put you between...

1, 2, 3... Let's Go! The More of US, the Stronger Our Voices - Appraisers Blogs 2

1, 2, 3… Let’s Go!

Your Executive Committee met last week to discuss future events and issues that impact us all in our day to day lives as professional Appraisers. Everyone of us is an unpaid volunteer working for you on issues that you may not even be aware of. Bernie Bugg and I met with the president and director of WRVA radio to see how we get our story out there. They were surprised and shocked to hear what is going on in the mortgage Appraisal world. They see the looming potential dangers. We are in negotiations with them now. It looks very promising! VaCAP memberships/website address (appraiser...

Reality vs Positivity - The Appraiser's Journey: What Happens when Reality Sets in? 41

Reality vs Positivity

Read any sales training publication and you will learn about positivity and how it helps you succeed. For the most part, this is true. But what happens when reality sets in? Positivity: Many appraisers have praised the decision by Fannie Mae to eliminate the 1004MC. No question, it is a flawed form, but every software vendor allows us to complete the form with the push of a button. This can be done in most MLS systems as well. The form shows the number of sales in the past 90 days and the number of current active listings. With enough data,...

No Numerical Shortage of Appraisers in North Dakota - AppraisersBlogs 11

Nonexistent Shortage of Appraisers

…there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times… The American Guild of Appraisers has already heard from many of our North Dakota and nearby states members on the above request. The most recurrent complaint is that there is no numerical shortage of appraisers in North Dakota (approximately 300+-) as well as adjacent states appraisers that regularly cross over to serve client needs there (another 30 to 40+-). What I am told is that there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times! There...

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