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.

ACI Sky Causing Distress for Appraisers 15

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

George Mason Mortgage Ends Coester Appraisal Management Beta Test 35

George Mason Mortgage Ends Coester Appraisal Management Beta Test

George Mason Mortgage going back to Mercury Network On Thursdsay August 18, 2016, two days after we published the post titled “Coester Allegedly Engaged in Fraud Sued by Former Senior VP“, George Mason Mortgage LLC (GMM) emailed its GMM Appraisal Partners announcing GMM Transition for Appraisal Technology. Based on this announcement, George Mason Mortgage is going back to Mercury Network effective Monday, August 22, 2016. Be sure too look at their fee schedule below. Thank you to each of our valued Appraisal Partners who participated in the George Mason Mortgage (GMM) Appraisal Management Beta Test. After evaluating six months of...

Coester Sued by Former Senior VP 95

Coester Allegedly Engaged in Fraud Sued by Former Senior VP

Mr. Coester Was the Party Engaging in Fraud Coester VMS, a Maryland based appraisal management company, and it’s CEO, Brian Coester, are facing a lawsuit by Robert Scheer, former Coester VMS Senior Vice President. Robert Scheer filed a lawsuit claiming tortious interference and is seeking a declaratory judgment that the 2012 Non-Disclosure/Confidentiality agreement provided by Coester is fraudulent and a forgery. “CVMS and Mr. Coester have a history and pattern of engaging in fraudulent conduct which has led to their reputation for dishonesty in the appraisal management company industry….” 10. Mr. Scheer left his employment at CVMS, where he was...

Digital Masking of People a Fair Housing Requirement of Mythodology 25

AMC Fair Housing Mythodology

AMCs are on notice to cease demanding and insisting that appraisers do digital staging. You’ve seen the AMC’s orders. “Appraiser is to obscure, blur or remove individuals from photos.” Why? Fair housing laws say so, that’s why. Do they? I had my first settlement conference with an AMC recently. Appraisers have been participating in settlement conferences with Appraisal Board members and Department attorneys for years. Because there is no Board for AMCs, the opportunity falls to me. At issue was the ubiquitous “client requirement” involving digital masking of people from images. While lenders and AMCs wave the Fair Housing penalty...

Confused AMC Not Following Virginia C&R Fees Compliance Rules 29

Twisted AMC & C&R Fees Gone Wrong!

This AMC is Just Wrong & Confused! An AMC sent an appraiser the following email this morning: “…..customary and reasonable fees are compliant under Virginia presumption that rates are based on recent rates paid to a representative sample of providers of appraisal services in the geographic market based on the fee schedules of these providers. Please complete the attached form and submit to:“ Wow are they confused about customary and reasonable fees! This is a severe twist on Virginia Regulations for customary and reasonable fee compensation to appraisers. Virginia Law mirrors the language in the TILA. They are essentially the...

Expert Witness AMC Order Blast & Appraiser's Response 5

Expert Witness AMC Order Blast & Appraiser’s Response

AMC’s order blast for Expert Witness Appraisal Services Before I can offer ANY bid, you folks need to decide whether you want a FNMA 1004 form, a 1073 form or a 1025 form. If the latter is sought, then a 1004MC would not appear to be relevant. I am expert witness qualified in Los Angeles County Superior Court. In addition to the base fee (due in advance) which starts at a minimum of $1,500 for SFR, $2,000 for a condo and $2,500 for a 2 to 4 unit rent controlled property in Los Angeles, I charge $350 an hour for...

Appraiser’s Response to LRES Order Blast 54

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 41

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?...

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