Tagged: Appraisal Management Companies

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

Significant Appraisal Assistance, Outsourcing & Third-Party Blues 16

Third Party Blues

What is the significant part of significant contribution? Most lenders would rather not do the work of cultivating and curating a panel of appraisers. This is largely why AMCs exist. AMCs, in turn, quietly off-load some of their activities to other subcontracted entities. Some AMCs contract out state licensing and registration compliance responsibilities to outside concerns. A few use portals to send out engagements to their panel of appraisers. Others farm out payroll and invoicing. Still others outsource their QC work. This begs the question: What exactly do some AMC’s provide…directly? Some appraisers, too, don’t seem to be interested in...

North Carolina in FTC's Crosshairs Over C&R Appraisal Fees 12

FTC Sends Warning to NC Over C&R Fees

North Carolina in the FTC’s crosshairs… VaCAP learned that the Federal Trade Commission (FTC) has issued a warning to North Carolina over HB-829 mandating Customary and Reasonable Fees. This is the second time in the last couple of months that the FTC is accusing a state of violating antitrust laws over Customary and Reasonable fees. An article titled “FTC Warns NC Appraisal Fee Bill Could Break Antitrust Law” was published on Law360 on July 6, 2017. See excerpts of the article below. To see North Carolina Bill H-829, click here or see below. So what can be done? Contact The FTC with...

Allegations of Price Fixing by FTC Against LREAB: Response Filed 17

Allegations of Price Fixing Rejected by LREAB

LREAB denies FTC’s allegations as factually false & politically wrong-headed… On June 19, 2017, the Louisiana Real Estate Appraisers Board (LREAB) filed a response to the Federal Trade Commission’s price-fixing allegations. In its 15-page response, LREAB denies all FTC’s allegations (see PDF at the end of the article). GENERAL RESPONSE TO THE COMMISSION’S ALLEGATIONS To shore up the integrity of the residential mortgage appraisal process and, thereby, help to avert a recurrence of the real estate-fueled financial crisis of 2007-2009, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requires States to empower their real estate licensing agency,...

Technology Forced Upon Appraisers Is About Money in AMC Pockets 25

Enough Already, Nobody is Listening

AMC technology is not about efficiency of the appraisal process… I am very tired of reading all the articles from appraisal management companies stating appraisers need to embrace new technologies and tools. Please stop telling me how to do my job! For the record, appraisers are professionally trained and licensed individuals. We use technology each and every day. We use analytical tools each and every day. Our most power tool, our brains, tells us most of these new technologies and analytical tools are pure garbage; not because the programs are flawed, but they do not have enough accurate data to...

Fee Charged by the AMC Must Be Paid by the Lender 76

Lender Must Pay AMC Fee Proposal!

Appraisal fee charged to consumer must not include AMC fee This is huge. The New Jersey Department of Banking is proposing to change the current regulations of mortgage lenders. The change will require the maximum fee charged to the borrower for appraisal services is no more than the actual fee the appraiser is paid. In other words, any fee charged by the AMC must be paid by the lender. We all need to support New Jersey in this action. This is about Consumer Protection! Please note this did not initiate from appraisers, this came from the New Jersey Department of...

Smoke Detectors Scope Creep & Appraiser Responsibilities 16

Smoke Detectors & Appraiser Responsibilities

Smoke / CO detectors are not “market-measurable” Dear Mr. Lunsford, We have been asked to write to you by an appraiser that just received your most recent communication concerning your new requirements for fee panel appraisers to inspect, photograph and opine as to operability of Carbon Monoxide (CO) and smoke detectors. The American Guild of Appraisers through its affiliated union sponsors represents our own appraiser members as well as the real estate appraisal interests of our combined fraternal families more than thirteen million union members, retirees and their families. We believe this to be an issue of concern for our...

HousingWire Blasted by Appraisers: Sorry, HousingWire, You're Wrong 7

Sorry, HousingWire, You’re Wrong

Appraisers Blasted HousingWire… Last Week HousingWire published an article about the appraiser shortage. The author did not source appraisers for factual information and relied on the propaganda being fed by Appraisal Management Companies (AMCs). “At the current pace, appraisals can kill deals and even give cash buyers an added advantage, according to Urban Institute’s report. Some argue, there are not enough appraisers to meet the rising homebuyer demand as they struggle to fill out long or even redundant forms. Appraisers themselves often comment on HousingWire message boards and say there is no shortage; Quality appraisers are just unwilling to make,...

Staff Appraisers, Monopolies, Labor Shortages 6

Staff Appraisers, Monopolies, Labor Shortages…

The issue of staff appraisers at AMCs and more…. Kilts, Labor Shortages, High Performance Homes, Monopolies, Politics, Surveys and a new direction for VaCAP… all within the last 24 hours! Yesterday was the 2017 Virginia Coalition of Appraiser Professionals (VaCAP) Annual Conference, while we discussed our mission, accomplishments and goals, we voted unanimously to change our by-laws to allow our continued growth. Moving forward our processes will be streamlined and we will be offering educational opportunities for our members. We discussed current issues in Louisiana with the FTC and how the outcome will impact the industry throughout the country, monopolistic...

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 95

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)...

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