Tagged: Errors & Omissions

Who are Mutual First, LLC and Savant Claims Management? Why is Mutual First Suing Appraisers? - Imagecredit Flickr - paurlan 2

Who are Mutual First, LLC and Savant Claims Management? Why is Mutual First Suing Appraisers?

Some appraisers are now being targeted in lawsuits by an entity named “Mutual First, LLC.” It has filed at least 35 lawsuits since May. Mutual First is not a bank, credit union or any kind of regular financial institution. It’s an entity aiming to make money for investors by suing appraisers. Based in Texas, it acquires foreclosed loans for small fractions of the original principal amounts. It then files lawsuits against the appraisers who performed appraisals years ago for the original lenders who made the loans. In its lawsuits, Mutual First claims that the appraisers are liable to Mutual First...

Alliance Allows San Diego-Based Property Data Service to Offer E&O Coverage at No Additional Cost to Qualified Residential Appraisers 0

E&O Coverage at No Additional Cost

Alliance Allows San Diego-Based Property Data Service to Offer E&O Coverage at No Additional Cost to Qualified Residential Appraisers SAN DIEGO, CALIF. (July 28, 2014) – National Data Collective (NDC), a San Diego-based property data company serving real estate professionals, announced today that it has formed a strategic alliance with CRES Insurance, LLC, a leader in protecting the real estate industry with risk management services and insurance solutions. NDC offers a subscription-based data service to appraisers, providing access to a database of full property profiles, assessor records, deed history and comp reports for more than 130 million properties nationwide. NDC has joined...

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Overseas AMC Staff: Could I Speak to “Villiam?”

At least one appraisal management company (AMC) put a new accent on appraising by having the point of contact be in another country—specifically, a call-center in India. According appraiser Bill Streep, this is how the conversation went: Bill Streep: “Hi, this is Bill.” AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” Bill Streep: “This is Bill.” AMC Staff: “Yes, Bill. I need to speak to Villiam.” Bill Streep: “My name is Bill, it’s short for William.” AMC Staff: “Yes… (insert long pause) Could I please speak to Villiam?” Bill Streep: “This IS William.” AMC Staff: “No, this is...

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Appraisal Fee vs. the Cost of Gas

Let’s compare the average appraisal fee to the cost of gas during the last 20 years. One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving — higher gas prices, higher insurance premiums and higher maintenance costs — have gone through the roof. This got me thinking: the cost of almost everything that we, as appraisers, need to do to successfully perform our...

Court of Appeal New Ruling on Appraisal Fraud 1

Court of Appeal New Ruling on Appraisal Fraud

New Ruling on Appraisal Fraud by California Court of Appeal On May 23, 2014, the Court of Appeal for the Fourth Appellate District, Division One, State of California, issued a very interesting decision on whether a plaintiff can successfully plead and argue fraud based on comments made about the concluded value of real estate that was appraised. The case is Graham V. Bank of America, N.A., et al. Although this ruling is unquestionably useful for an appraiser being accused of appraisal fraud, it probably is not the magic elixir many will proclaim it to be. This is because the appraiser...

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by Appraisal Management Services

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...

PADS - Appraisers Running for Exits 8

PADS – Appraisers Running for Exits

We urge appraisers to review the PADS Model Current economic trends suggest your appraisal practice will not survive beyond 2015. Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating.  Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void. You’ve gone from completing six appraisals per week to camping by your email, in hopes of an AMC broadcast assignment appearing. Where you once had time to think about accepting the assignment, you now have less than 2 seconds to accept, because like you, ninety...

You Need This In Your Reports 6

You Need This In Your Reports

Please consider utilizing the following statements in your reports… In my years of appraising, I have had had to argue with many Lenders, Attorneys, and general pains in the butt. What many of us have found is that when Banks screw up, they come knocking at your door. What we need to do as appraisers is to state the separation of Lending liability to appraisal liability. Please consider utilizing the following statements in your reports after your statements of intended users that is required in your reports. I have been using this for years in my reports as it returns...

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Warning for Appraisers about CoStar Copyrights and Licenses

CoStar in its “John Doe” case… In the last week, CoStar Realty Information has filed several lawsuits against commercial appraisers and real estate brokers for intentional copyright violations and fraud relating to the alleged use of CoStar property data and photos without proper registration/payment. If you use CoStar, be sure you are doing so properly and within the terms of your license agreement. Examples of the types of alleged situations that have led to CoStar’s recent and past copyright lawsuits are: (1) sharing IDs/passwords, (2) obtaining an ID/password for an appraiser or other person who is not employed with the company...

Shouldering the Weight of AMC Hidden Costs 5

Shouldering the Weight of AMC Hidden Costs

Thinning wallets and dwindling fees for work performed are nothing new for the appraisal community. Yet in their latest income-reducing move, AMCs have sparked an outcry by requiring appraisers to foot the bill for additional services. These charges are further cutting into appraisers’ fees, which already suffer from AMC management fee deductions. Recently, FREA uncovered three hidden costs being introduced by AMCs – which of these have you experienced? Technology Usage An increasing tendency among AMCs is the passing of technology fees on to appraisers. When an AMC orders a home valuation, the appraiser must submit the report through the...

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