Tagged: Appraisal Management Companies

Quoting Fee/TT to AMCs - Lenders SLOWING DOWN the Loan Process 24

Quoting Fee/TT to AMCs

Appraisers, I had a revealing conversation with a clerk at an AMC last week. I actually received an email requesting Fee/TT, then awhile later a phone call about the same property, from a different clerk. I decided to call that clerk back after researching the property. Conversation went something like this: AMC clerk: Hi, this is James. Me: Hi James, I’m calling about the Timbucktoo property, which I can do for you. AMC: OK, I have that pulled up. Me: First of all, I don’t discount my fee for anyone, including your AMC. Second, I can do the assignment, probably...

Landmark Acquired by Class Valuation - VA Drops 1004MC...Done Deal! 13

Done Deal

AMC Consolidaton – Class Valuation (formerly Class Appraisal) of Troy, MI is acquiring Landmark Network, of Van Nuys, CA. This document does not say ‘when’ it will occur, or if the transaction has concluded, but the way it is written, the implication is that it’s a “dun deel.” Anybody have any scuttlebutt on which of the hundreds of the remaining AMC’s might be next to be consolidated with another one? Landmark Network’s email: Hello! Eleven years ago, I set out to create a different kind of appraisal management company. One that truly valued our appraiser partners while embracing the efforts...

Report Observation & Trigger Points - Don't Fall Into a Trap! 10

Report Observation & Trigger Points

Appraisers, this is another essay written about a report I have ‘observed.’ I’ve mentioned before that I “come in contact with” appraisal reports from a variety of sources. Those that I determine have significant issues I write about. Conclusions about the ‘real value’ will be disclosed below. Trigger points for having reports formally reviewed are discussed. I do this because a majority of appraisers do not participate and interact with their peers on a consistent basis, and therefore may not get exposed to items that clients and lenders see in reports, which they question. I believe it’s important to expose items in reports that...

Closed for Business, Sorry Folks! Appraisal Management Company Fiasco 55

Closed for Business, Sorry Folks!

For those who are not familiar with what an AMC is, it is short for Appraisal Management Company. They are not new, but since the adoption of the Home Valuation Code of Conduct, the number and the frequency of their use have increased. They are the order manager for the lender and ensure appraiser independence. If you have not already read “What’s Not in Your Wallet” or “Round and Round!”, go get a little more familiar before reading this. AMCs manage appraisal orders. They find the appraisers to give the orders to, and are supposed to provide quality control reviews...

CoesterVMS in Bankruptcy? Not Paying for Orders Completed! 87

CoesterVMS in Bankruptcy?

…all payments on orders completed prior to 11/15/2018 cannot be paid… Appraisers, there is a body of evidence being disseminated via various sources that CoesterVMS, the AMC based in Maryland started by appraiser Brian Coester, is in bankruptcy. This message from CoesterVMS was circulated last week: “Due to financial difficulties all payments on orders completed prior to 11/15/2018 cannot be paid at this time, our BK attorneys will be in contact with all creditors. Coester can guarantee payment next day on all orders completed on or after 11/16/2018. We apologize for any inconvenience.” Does it make any logical sense to...

Is Mr. Brian Coester Being Honest? I'm Skeptical... - Appraisers Blogs 19

Is Mr. Brian Coester Being Honest?

The real question I have is simple: Is Mr. Brian Coester being honest with people, and telling the truth about what REALLY happened? I’m skeptical, but I don’t do business with CoesterVMS. Brian Coester claims “We are not out of business,” as AMC runs into financial difficulty – AMC claims bank made mistake I sure have read lots of first-hand comments from appraisers about either slow pay, or not being paid, for reports completed for CoesterVMS. That makes me highly uncomfortable about accepting any assignment from them, unless they pay the report fee UP FRONT, and they don’t get the report until...

Open Letter to Taxpayers... Afterall, Taxpayers Aren’t Stupid 32

Open Letter to Taxpayers

An Open Letter to Taxpayers Dear Ms; Mrs. & Mr. Taxpayer: In a recent article published by Housing Wire; authored by Ben Lane (November 20, 2018) it was reported that our federal “regulators” are at it again. “At what?” One might ask. Facilitation of increased LOAN FRAUD & consumer deception with Taxpayers yet again left holding the bag. Click here for the article Back in 1994 (actually it started in 1989-91 when FIRREA was being drafted) the Fed agreed that the loan threshold for banks when an appraisal of real estate would not be required was $250,000. That was roughly...

VREAB to Discuss Concerns Surrounding Hybrid Appraisals 21

VREAB to Discuss Hybrid Appraisals

…concerns on the negative impact on the real estate market… The Virginia Real Estate Appraisal Board Committee on Hybrid Appraisals will meet on Wednesday November 28th @1:00 PM. We ask that all appraisers attend and share your comments on these products. If you are unable to attend we ask that you submit your comments to the VREAB to be shared with the committee. Concerns on if these products comply with: 54.1-2011 which states any assistance by an unlicensed person must be directly supervised by a licensed appraiser. 54.1-2009 Definition of an appraisal which states an appraisal is an opinion, analysis...

Has Mortgage Lending System Improved Due to AMCs? 34

The AMC Dog and Pony Show

From the HVCC to today, can we really say the mortgage lending system has improved due to AMCs? The AMC dog and pony show has been going on for the better part of a decade. Appraisers have been called out for every problem associated with a real estate closing. Ever silent is any talk of better educating Realtors®. They are the ones with the most power in the pricing process, and the majority of so-called “appraisal problems” are because they say it’s a problem. That’s a LOT of power. But somehow, they manage to stay under the radar and no...

Ditech, You Are Out of Here... Appraiser Whistleblowers Stepping Forward 3

You Are Out of Here…

The New York Stock Exchange has removed Ditech Holdings from trading due to their share value and volume of shares. According to a HousingWire article, Ditech shares are less than $1.00. It’s been a swift fall in the stock price department for Ditech. When the company emerged from bankruptcy, it began trading under a new symbol, “DHCP.” See the article here. Please watch your receivables. The market is slowing and there is chatter about late payments from several amcs and lenders in social media appraisal groups. Save the Date: The VaCAP conference will be held February 7-8th in Northern Virginia!  More...

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