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.

Appraiser’s Response to LRES Order Blast 17

Appraiser’s Response to LRES Order Blast

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

Appraisers to Comment on AMC Registry Fees 10

Appraisers to Comment on AMC Registry Fees

AMC Registry Fees not be passed on to the appraiser… The Appraisal Subcommittee is accepting comments on the proposed rulemaking to implement the collection and transmission of AMC registry fees. VaCAP has submitted a letter in support of the registry of AMCs by the ASC and is strongly advocating in the rulemaking that the registry fees not be passed on to the appraiser or consumer. We encourage each appraiser to provide comments to the ASC. Comments are closed on July 19, 2016, so please comment NOW. Post your comment here. Comments must be submitted by 07/19/2016 at 11:59 PM As...

Income Affected by Low Fees - Let's Talk Fees 40

Let’s Talk Fees

How different fees can affect an appraiser’s income. OK, before you lob spears and bricks my way, we can. This is not a ‘public event’ filled with associates in an open meeting setting. In places like that, the FTC takes dim view of any fee discussion, fearing price fixing and collusion. But privately, fees can be discussed among peers, with no agreement that any certain, mandated fee be charged by everyone. The gubmint can’t stop you from talking with an associate. For weeks and months, appraisers across many of the forums I read have been discussing the need for appraisers...

When Residential Appraisers Fail to Bracket 5

There Go My Brackets

When appraisers fail to bracket… Forget college hoops and all of the upsets. This is about the upsets that occur when residential appraisers fail to bracket. Say that your subject property has a contract for $102,900. Ideally your three sales should surround the contract price like a cozy, warm blanket. Comp #1 might end up, after adjustments, at $100,000. Comp #2 might reach $102,500 and Comp #3 might conclude at $104,000. Yay! All you need is a pretty bow and you can deliver a lovely report to your client. But…it really doesn’t work that way on most days. Does it?...

Low AMC Fees? FDIC Wants to Hear from Appraisers 23

Low AMC Appraisal Fees? FDIC Wants to Hear from Appraisers

AMCs paying low fees, Appraisers and Regulation Z of TILA VaCAP recently learned of some encouraging news. The FDIC wants Regulation Z to be followed and will enforce it for appraisers. Here is what VaCAP received from an appraiser who reached out to the FDIC: I just had a call from an extremely pleasant lady named Susan Welch from the FDIC Consumer Response Center (1-800-378-9581). I had sent a note over regarding an AMC attempting to get me to sign a “Base Fee Letter” agreeing to a drop of my base fee for full appraisals to $325 from $400-500. She...

Earthworm AMCs and Free Appraisals 11

Earthworm AMCs and Free Appraisals

Quit working for the earthworm AMCs I love reading Jonathan Miller’s Housing Notes blog each week. Here is one of his entries from last week. Below this I’ll add my own $0.02. Actually, it’s worth a nickel! Let’s explore the concept of free appraisals. The idea that “you get what you pay for” doesn’t seem to apply to real estate. Appraisers have been under siege for the past decade and the industry is decimated. There are only a few good appraisers left in each market as lenders and the Appraisal Management Companies (AMCs) they use have pressed hard to convert...

Appraiser Safety - Stalked by Homeowner 28

Appraiser Safety, Stalked by Homeowner

Personal safety of appraisers I have several issues that focus on PERSONAL SAFETY of appraisers especially female appraisers that I need to address. I had a recent event where a homeowner was not happy with the appraised value of his home. Four weeks after I had turned in the appraisal, the lender, Freedom Mortgage, proceeded to send five sales that were 16 to 29 months old, for my review. I responded via StreetLinks AMC communication log stating these were not within FNMA guidelines. A few weeks later StreetLinks sent me the following: Good afternoon, the lender has ordered a second...

Legal hotline advice concerning FHA inspections 18

Legal Hotline Advice Concerning FHA Inspections

Advice from the Virginia Association of Realtors Legal Hotline Mack Strickland, a dedicated founding member of VaCAP, recently contacted the Virginia Association of Realtors Legal Hotline concerning FHA inspections. He shared with VaCAP his findings. “I called VAR legal hotline, a service to all REALTORS (appraisers are REALTORS too if paying dues). I inquired about the liability of the FHA inspection protocol of operating appliances. The lawyers confirmed my belief that to reduce the appraiser’s liability as to operation of appliances and equipment is to have a responsible person present to operate the appliances for the appraiser. I have adopted...

AMC email solicitation asking appraisers to perform "Interior Properties Inspections" for $25-$30 6

Why Would You Jeopardize Everything?

AMC email solicitation asking appraisers to perform “Interior Properties Inspections” for $25-$30 Let me admit to one very important fact… I am old. At least I assume I am since I am over 60. In any event, much of what I know about the cyclical nature of real estate is not based on any scholarly papers I have researched and presented, but rather it is due to the fact that in my professional career I have seen four different downturns in real estate and from that I have gained what is known as real world experience. In other words, I...

Paid Late AMC Violations 18

The Appraiser is the Only One Policing the Industry

Paid Late, Non C&R fees, Operating Without License AMC Violations VaCAP has learned North Carolina has disciplined Appraisal Nation and Independent Settlement Services for non-payment within 30 days in accordance with North Carolina Law. See the details below. How does this help appraisers in Virginia? The answer is simple, precedence! When the VREAB receives a complaint and determines a violation has occurred, there is guidance in disciplinary actions. On the topic of AMC’s not complying, VaCAP has learned of several AMC’s operating in Virginia without proper licensure. And yes, all of them have been reported to DPOR! We can not...

  | xml sitemap