AMC Sucker Punches Appraisers
Class Valuation sucker punches appraisers! Class Valuation has been celebrating completing 1,000,000 orders and sent a Tweet thanking their clients and staff. There is no mention of the boots on the ground licensed professional appraisers who actually completed those appraisals. Is this the true feelings of Class Valuation? Do they not realize not one order would have been completed without appraisers? Not one simple thank you…
Meanwhile VaCAP has learned InHouse Solutions, the AMC division of Get Connexions, Inc. is ceasing all operations as of February 28th. Appraisers on their panel across the country have been getting this email:
Jan 31, 2020
To whom this may concern,
The purpose of this email is to notify you that InHouse Solutions, the AMC division of Get Connexions Inc. is closing for business effective Feb 28, 2020. Concurrent with ceasing to carry on its AMC operations, Solutions will eliminate its appraiser panel entirely. All appraisers will be removed from the InHouse Solutions panel effective Feb 28, 2020. Portal access will continue to be available for the following 90 days in case of conditions or clarification on previously completed orders. Thank you for your past business and support. We wish you all the best for continue success in your future endeavors! For any additional questions or concerns please contact email@example.com.
Olde City Lending has merged with Nationwide Property and Appraisal Services. Going forward, all orders will be processed under the Nationwide Property and Appraisal Name.
We are pleased to announce that Olde City Lending Solutions has recently merged with Nationwide Property & Appraisal Services. All order engagements from Monday 2/3/2020 and forward, will be under Nationwide as the AMC of record. So any new orders received 2/3 on, must have the following AMC Name appearing on the signature page of all form types, under Lender/Client – Name:
NATIONWIDE PROPERTY & APPRAISAL SERVICES
Order engagements prior to 2/3 are still under Olde City, and should still be completed with OLDE CITY LENDING SOLUTIONS as the AMC Name on the report. Olde City management and staff have not changed, and at this point, there will be no immediate changes to our process. If you have any questions or concerns, please feel free to call 1-888-877-6533. As always, we appreciate your partnership and look forward to working with you as Nationwide Property & Appraisal Services!
Fannie Mae tells lenders “Do your Job”
Fraud is fraud! In a recent article published in HousingWire, Fannie Mae has found lenders are not performing their due diligence in underwriting mortgage loans being submitted to Fannie Mae. Fannie Mae has cited a growing number of loans submitted with falsified employment information. Verification of income and employment is a key component in the borrower’s ability to repay the mortgage. Relying on submitted documents without any type of verification is just as bad, if not worse than those stated no doc loans.
What we must realize, the lenders are only following the lead of Fannie Mae on the need for speed and the use of aggregated data sources. We can only hope Fannie Mae’s own due diligence in risk management leads them to see the error of their thinking. See the article here.
VaCAP cannot encourage you enough to work with people who know and appreciate your value. The value and experience of a professional licensed appraiser should never be compromised.