Tagged: Appraisal Management Companies

Increasing use of AMS to replace AMCs 15

Increasing use of AMS to replace AMCs

AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...

Special Report on Appraisal Technology Rebuttal - Hey! BIG Data, Leverage This! 13

Hey BIG Data, Leverage This!

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

Bond on TC Valuations: A Defunct AMC's Bond 1

A Defunct AMC’s Bond

What happens after you file a claim against a defunct AMC’s bond? One appraiser has shared the response received from Western Surety Company, the company that issued the surety bond on TCValuations. “Western Surety Company is in receipt of several claims to date. If the amount of claims exceeds the penal sum of the bond, Western Surety Company will be required to do a pro-rata distribution of funds or file an interpleader action. In an interpleader action, the court will decide the amount that is due each individual claimant and generally represents a pro-rata amount of each individual claim based on the total...

Coester - We Pay the Least & Get the Least Qualified Appraisers 20

We Pay the Least & Get the Least Qualified Appraisers

In 2013, Brian Coester of the Coester VMS AMC tweets “we pay the least and get the least qualified appraisers.” The graphic below was sent to me so I looked for it on twitter and the conversation is still there. A long dormant appraiser twitter account @insidevalues engaged in a conversation with AMC founder Brian Coester back in 2013. Brian responded 4 days after the question and then explained the “elite gold club” set up where appraisers would get more volume at a lower price point. I kept trying to apply sarcasm to Brian’s (he has blocked me even though I don’t recall ever engaging...

Appraisal Waivers Pushback, Treasure Valley Clarification & More 11

Pushing Back Against Appraisal Waivers

AI & 37 Appraisal Organizations pushing back against Appraisal Waivers… Clarification on Treasure Valley Factors: Last week we shared with you information about Treasure Valley Factors no longer accepting invoices from Managed Appraisal Services. Many interpreted this to mean Treasure Valley Factors was no longer accepting appraisal management companies’ invoices. This is not correct. Managed Appraisal Service, Inc. is an Appraisal Management Company located in Horsham, PA. It is this company’s invoices Treasure Valley Factors is no longer accepting. Treasure Valley Factors is still accepting invoices from other Appraisal Management Companies. Treasure Valley Factors reviews each company individually and makes decisions...

Treasure Valley No Longer Accepting AMC Invoices, PIW & ACE Programs 10

Not Such a Quiet Week

For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices. Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business...

Non Payment to Appraisers by Diligent Asset Valuations - BREA vs DAV 8

Anatomy of a Substantiated (AMC) Complaint 

Diligent Asset Valuations Alleged Multiple Non Payment to Appraisers Anyone that knows me, or who has read past comments concerning California BREA’s non enforcement of C&R fees also knows I’m not generally their (BREA) biggest fan. However, it would be intellectually dishonest not to recognize a case where they did the right thing. The case in question, BREA vs Diligent Asset Valuations (DAV), involved alleged multiple order non payment to appraisers by an AMC where orders were placed or assigned through the MERCURY NETWORK. The specific logistics of how Mercury is involved could be of interest to those that use...

Low Echelon AMCs, Lenders & Appraiser Servants 9

This Reminds Me of Low Echelon….

Appraisers who won’t or can’t “just say NO” to low echelon AMCs The comic strip below reminds me of… Low echelon lenders who think a copy of an appraiser’s license must be included in appraisal reports. They apparently never have actually read an entire report to find that info is already included Low echelon lenders who think a copy of our E&O binder page must be included in appraisal reports Low echelon AMCs who are agents for the low echelon lenders above and just accept that nonsense, passing the demand on to appraisers Low echelon AMCs who fail to inform their...

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What Can You Do When AMC Does Not Pay?

What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: “§ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...

Metro-West Solicitation Blast & Appraiser's Response 27

Appraiser’s Response to Metro-West

Metro-West Appraisal, thank you for your bulk email solicitation… I will consider accepting work from you on the following basis: My minimum fee for non complex FNMA guideline compliant SFRs is $550 (net). There are no exceptions. Any upload fees or other forms of service charges  or ‘convenience’ fees will be added to that fee. I do not accept or authorize discounting of the fee for any reason. The premium or surcharge for property with a transaction amount or other characteristic that requires completion by a certified appraiser, is a minimum of $250. However the final bid will depend on...

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