LRES Wants Your Digital Signature
- Changes from Fannie Mae - February 3, 2022
- AMC Reviews of Appraisals - November 27, 2019
- New CA Law Negative Effect for Appraisers - November 8, 2019
Do NOT send your digital signature!
I just received the following message from LRES (AMC) requesting I send my digital signature to them. I think this message should get out to all appraisers immediately.
I don’t know if any other appraisers received this message however I would strongly suggest that you do NOT send your digital signature to this AMC or anyone else. I hope you all understand the possible problems this could open you up to, including forgery, fraud and many other illegal activities. If you have any doubts just call your E&O insurance and ask them what they think.
This is a copy of the contents of their email to me:
Dear Valued Vendor,
Thank you for being an active part of our Real Estate Agent panel. As you know when you complete BPOs it is required to have a digital signature uploaded to the report upon delivery to the client. We do have an automated way of attaching it to each report on your behalf, however, an account review revealed that we do not have one on file for you.
Please take a moment to upload a scanned image of your signature to your account at https://vendor.lres.com, or you can email email@example.com with your signature. A member of Vendor Management will be happy to upload it for you. Please make sure that when uploading or emailing your signature that it meets the following requirements: Cannot exceed 4 MB and must be a picture file of type .png, .jpg, or .bmp.
Having your signature uploaded to the system will ensure faster delivery to our client, less manual work for you, and ensures on-time payment for the work completed. Please call Vendor Management at 714.520.5737 ext 185 with any questions you may have and as always, we are happy to help.
The LRES Team
I got the same message and I did not send my signature either, Why would they need a copy of one’s signature. All of the software packages I am familiar with has the function to sign the report before it is submitted. In fact, the software will not allow the report to be submitted unless it is signed.
LRES has worked very hard to earn their position near the bottom of the AMC barrel. They are in good company with such notables as Rels, Coester VMS and a veritable rogues gallery of others.
Thought it was crazy when I read it. Deleted the email immediately. *smh
Got it also… ignored
Scary what they could do with our signature!
I got this as well and I don’t even work with them! I just replied with: ” I don’t provide my digital signature to anyone.”
I just got a message from them that it was sent to appraisers in error. It was meant to go to only brokers that complete BPOs for them
Just brokers? Oh. Well if it is only brokers that are going to have some stranger forging (or more accurately using a signature without specific authorization on a specific document) that makes it all ok, right?
No misrepresentation there. I mean signing ones own name is SO difficult in this modern age. How can people survive such a burden in life!
I messaged them back “HA HA this must be a joke or a scam”
Never heard back
Guys, I’m guessing they don’t even know who their own appraisers and agents are. Have you read the first sentence?
It states: “Thank you for being an active part of our Real Estate Agent panel. As you know when you complete BPOs…” So I’m just going to go out on a limb and say that it was not meant for us appraisers?
Regardless, I’m not going to waste my time with them if they clearly don’t even know who to address their freaking emails to. Let’s hope whoever it was is getting canned over this because it’s a huge waste of our time.
I am not sure what all the fuss is. They talking about BPO.
Don’t know about you, I do appraisals not BPO’s.
Who in the right mind would just send in there signature?
Oh by the way, your uncle just passed, I am so sorry. I represent his estate and he left you $10,000,000. Just send me your banks routing and account number and I will send your inheritance.
May be I can get some $$ today, you never know?
Thanks LRES for the laugh
Dear Valued Appraiser,
I want to apologize for the email that you have received requesting a digital signature from you. This was sent out in error, and was not meant for any appraiser to upload their signature.
The email you received was meant for the Brokers that complete BPO reports for LRES. We in no way upload any signatures for any Appraiser, and hold to the USPAP standards when it comes to our business practices.
If you have any questions or concerns, please feel free to call me personally at 775.824.4155
Manager, Vendor Management
The LRES Team
If you have any questions regarding this message please contact us.
765 The City Drive South, Suite 300
Orange, CA 92868
Must have been another mistake because the same went out about 8 months ago from them. I do not do work for them just on the panel of some of these AMC’s to see what junk they are pushing. So we’ll see what the excuse is next time around.
i have never done any work for them and don’t know how I got on their email list.
I’m as leery of these irrational requests as any of you so please pardon the bluntness of this remark but if you’re attaching and sending your electronic signature to anything but page 6 of the URAR or anyone other than your mother, you probably deserve your new career as a painter next month.
We want to be thought of as professionals but may miss the mark somewhat and lack some diligence when you read a message that the first line says-
“Thank you for being an active part of our Real Estate Agent panel..”
It was obviously not meant for appraisers in the beginning. (LRES) through Ms.Ward, immediately sent out an apology and clarification letter. Hey, they screwed up, so much for the “reliable data base”.
Anyway, kudos to those (actually all of you, based on the comments) who were professional, ethical and knowledgeable enough to protect their autograph and designation.
Charles you are right on our part, but with this being the second time come on. You gotta assume something nefarious is going on here. Even when I was a realtor my digital signature wouldn’t be on file with any company. Crazy!
So…saying it’s “only for BPO’s” somehow makes it ok? LRES is an AMC. AMC’s are regulated by the states in many if not most cases.
Instead of emailing LRES, why aren’t all recipients emailing their state real estate boards and AMC regulators? I cannot think of ANY state that would endorse the idea of a licensed real estate broker giving some anonymous clown in a corporate circus environment blank authorization to use their signature! Let LRES explain their actions to those in a position to do something about them.
Unbelievable. You know what’s even more amazing? That people that would otherwise be considered intelligent professionals actually hire these people!
PS Congress, so much for BPOs being a ‘reliable’ alternative to an appraisal.
It was a mistake, everyone calm down. A cup of decaf is in order.
Al, was it a mistake the first time or the second time or how many times it has happened before? This is the second from this company that I’m aware of happening. How many appraisers mistakenly fell for this and sent in a signature? Did they accept these signatures or decline them right away? If it smells like a fish….
I’ll give you that one. I wasn’t aware of any other request. The AMC can only claim “stupid” so many times before it does smell a little like down by the lake shore. Thanks for the update.
Consider this. What if they use the signatures to rubber stamp those desktop appraisals that they’re all are pushing now?
They need the brokers/sales peoples signature so they can open the document, FIX all the mistakes, to make their idiotic BPO’s look like an appraisal report.
B of A was actually trying to teach them to be appraisers….It was a joke !!
Chris you are right but… BPOs are promoted by those that want them to be used ‘almost like” an appraisal as professional inspected; knowledgeable local BROKER analyzed market analyses with credible opinions and conclusions.
The fact that they are not, is a serious issue involving widespread deception that goes all the way to the top of the regulatory agencies and GSE management.
The ability to make believe these are meaningful documents for any compliance purpose is the foundation of the product that is taking work away from regulated, professional appraisers. Its also a required part of the myth that the new varied euphemisms for appraiser assisted; third party inspected “evaluations” are anything other than what Harry Truman would have called them when he wasn’t saying ‘manure’ in deference to Bess’ sensibilities.
MY signature means I reviewed and agree with the document contents that it is affixed to.
If LRES or anyone else feels the need to “fix” things then let THEM sign it! Or, better yet, let them disclose via attachment that “the BPO signature that appears on this document was only affixed by a third party after that unknown, unidentified and unaccountable third party ‘fixed’ the BPO on their own without the signing broker’s specific additional input or knowledge.”
If they can’t do that, then they are lying, deceitful SOBs that have no business being involved in our industry or any other industry where integrity or client trust is a requirement.
Hope I have not understated my views by too much….if I have, just feel free to change them any old way that suits whatever purpose y’all may have! (Not you Chris-generic comment re LRES)
IMO, the movement and push for BPOs reveals the lack of importance of the appraisal process held by nonappraisal entities in the lending arena. Plus lack of respect for the appraisal profession.
100% spot on!
Forgot about Stewart Valuation Services too. About a year ago I dropped them due to wanting my digital signature on file. Just check back in and they still insist all APPRAISERS on their panel keep a digital signature on file. Why would you give an AMC (or any company) your DS for them to keep on file?
Need we say it again? Do NOT give ANY AMC your digital signature om anything other than a locked report.
Here is what they are trying to do, create an internal web portal where RE agents log in to do BPO’s and then sign the BPO with signature that is on record. They also would like to do the same type of thing with a hybrid desktop valuation where someone goes to the property, takes a few photos, logs on, uploads the photos, fills out a bit of information about the property, then an appraiser will complete a desk review based on that visual information and researched information and will sign the report. Unfortunately, there are appraisers, obviously not on this thread, who will do this for their $75, knock out 8-10 of these a day and call it 5 O’Clock Somewhere. No concern about USPAP from the new rudderless LRES.
Down to $25 in USA now, and India will do it for $10. The concept of alternative products was always weak at best. Now we have seen first hand how the too big to fails intend to use them; and how much care and caution is exercised to assure they only get competent people. See other AB articles related to hybrids, etc..
I’ll go out on a limb and say outright, THERE IS NO SUCH THING AS A GOOD ALTERNATIVE APPRAISAL PRODUCT. If there were, someone would have redacted one and published it here by now.
Keep selling those course though TAF!