Appraisal Reviews for $3 – The Devaluation of Appraisers
Appraisal reviews for $3 each and 1-2 hour turn times.
It’s hard to imagine any appraiser accepting these terms, and it’s hard to imagine any lending institution accepting these as valid reviews. It’s incredibly disrespectful to the profession as they tout efficiency.
This is Sean from Reckon Data Solutions, LLC, and I’m reaching out to discuss a potential partnership opportunity that could complement your company’s objectives.
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Pricing: $3 | Per Report Review.
Turnaround Time: 1 to 2 hours
- Valuation Connect Demands Licenses, Denies Fair Pay - April 9, 2024
- Appraisal Reviews for $3 – The Devaluation of Appraisers - January 16, 2024
- FNMA Continued Effort to Get Rid of Appraisers - September 29, 2023
Recon Data Solutions. Appraisal review, appraisal data entry, and insurance. Similar examples are common.
https://jobs.smartrecruiters.com/InfinityInternationalProcessingS/92106745-appraisal-reviewer?utm_source=ziprecruiter
Currently we perform 45,000+ appraisal QC reviews a month for 33+ AMCs.
Fourth and fifth party outsourcing. Run an address search on google for Recon Data Solutions stated address in NY. Appears to be a virtual businesses address out of the Radisson Hotel.
https://www.myusacorporation.eu/contacts.html
MyUSAOffice is a service provided by MyUSACorporation.com. You can use it as a business address for registration purposes, as well as a business mailing address.
Amc’s are a shell game, reselling automated review tool services which are only a little different than the Alamode internal EO reviewer, which was structured around the XML protocols for UAD compliant appraisals. Which not surprisingly is nearly the same tool set the CU system and underwriters use, as FNMA supplied these tools to the entire industry to set up MISMO XML compliant reporting systems, and that is what all appraisal software and review software is now built around. Whoi’s them and look at business registrations, betcha a pepsi that’s just another amc.
https://singlefamily.fanniemae.com/job-aid/loan-delivery/topic/mismo_data_xml.htm
Yes
Fast Food workers earn $20/hour w/benefits (paid vacation & health insurance) in California now.
WalMart is paying $18/hour w/benefits (paid vacation & health insurance) in a nearby city.
Maybe we ar not needed anymore? Maybe A.I. can do our job quicker, better, cheaper? Maybe we are beating a dead horse?
When cash is gone, when all financial transactions are electronically tracked by government then…….. they will know what YOU can afford. They will know YOUR spending habits. They will know YOUR credit worthiness. When you want to obtain a home……. you will push a button and be told yes or no. No lender. No real estate agent. No title/escrow. And of course no appraiser.
This my friends…….. is going to be here much sooner than YOU think.
I tell them I will do an appraisal and they can compare mine with the other appraisal. I also quote a full fee for appraisal reviews. Guess what I do not get any takers. I feel it is not my job to police any appraisers. So, I never do appraisal reviews. Some of you may disagree but this my personal opinion. Actually doing an appraisal review can put you more at risk. The client, lender, borrower, AMC, seller, and appraiser could sue you if there is a fall out because of your review.
$3/Review? I don’t think that happened in the 80’s.
I’m not a rocket surgeon, but 8 reviews a day = $24?
Just have the underwriter order an AVM to rubber-stamp it back at value for $15.
This seriously can’t be real.
Is this supported by Trump
Stop trolling. Please.
TDR is the most infinitely entertaining thing online.
Rent free, forever, for the rest of their lives, always, to eternity and beyond.
Yes!! It has to be Trump’s fault!! I wish I had thought of that!!
Why in the world would Trump have anything to do with this? Check out FNMA, FHLMC, USPAP, AQB, ASB, The Appraisal Foundation. The same entities who have nothing to say about the AVMs or the AMCs for that matter.. Sounds WOKE or DEI BS. Most likely all going out of this country. Honestly.
I think I’m going to be sick. I hope and pray that is a typo because that is a slaves wage.
Convert $3 US to Indian Rupees first though.
Now……I understand.
https://reckon-data.com/assets/images/r.mp4
So wonderful that people from another country, with possibly less education, get to review our work and possibly turn us in to our state board. Cheers!
It appears that you have to pay $899 PER EMPLOYEE in ADVANCE to get the $3 per review price….. At least, that is the way that I read it…..
Not sure how that’s any better?
There’s a sucker born every minute
$3.00 per appraisal review? POUND SAND.
Absolutely.
Any appraiser that accepts these terms should not be in this business. This industry is truly a bunch of whore mongers, selling their children to the lowest bidder as they obviously have takers. No doubt there is some moron out there with a license to kill gnawing at the bit to do these. Rethink that if you are reading this and think about the fact you are destroying any future you have left in this business. Stuff it down their throats and make them liars in their obvious bragging rights. Without you, they are out of business. Now isn’t that a grand result?
Just another indian based outsourcing company.
https://www.linkedin.com/company/reckon-data-solutions
https://www.inc.com/profile/reckon-data-solutions-llc
Facebook photo rolls were entertaining. (this second link) You guys ever watch Jim Browning videos on youtube?
Do you really think that these folks can properly review an appraisal? As for AI I have yet to see or hear about one that can reason. Anybody seen an AVM that is as good as a qualified appraisal? I’m not sure that my Lenders will be quick to rely on AI, or $3 reviews; at least from conservative small town USA markets.
They’re just normal working everyday call center people. There is the factor of risk though, because there are a lot of corrupt industries in India, but they’re not all that way. They’re in another country and can run the benefit of scale. I was looking at currency conversion and affordability indexes, they’re everyday workers at those wages, but in India. They seem nice enough.
Absolutely ridiculous!
What a disgrace to even offer something like that!!!
After doing some research, this company is in India but has a US presence. Maybe $3 is good there. Edited.
They have a US mailing address. They do not have a US presence. Quick clarification there.
It’s just entry level telecom busy body computer work for an entry level wage. All day long, feeding in new xml appraisal files, running the software, copying the alerts, mailing the revisions, waiting for the appraisers response, clearing the file, recording the file clearance, on to the next file. They may even be messaging something like an amc whom then sends the message to the appraiser, the appraiser responds to the amc, whom then relays the appraisers response back to the reviewer, and the reviewer relays the clearance to the amc, whom relays the clearance to the lender and the appraiser, etc, etc.
And that’s where all the appraisers money went when you allow your fee to be shared with third party companies. I remember the good old days when lenders paid for their own review services and did not try to make the appraisers pay to have their own work reviewed. Rather, two appraisers would get paid instead of just one whom had to share their fee with an amc, and instead one appraiser would review the other appraiser. Lenders would shuffle the appraisal and the legitimate standard 3 compliant appraisal review in the loan package, write a few checks directly to the appraiser with no fee sharing, call it a day. Everyone was happy and there was no outsourcing of this nature or unnecessary third or fourth or fifth party management and review companies.
By compartmentalizing all these mundane tasks the lender saved themselves like a whole five minutes, and created hours of busy body work down the line while completely dismantling the appraisal industry, whether that was intentional or not. Appraisers have lost untold quadrillions of hours of wasted time and wasted efficiency being subjected to dealing with all the outsourcing. Just so the lenders could save five minutes and write one check instead of two.
How about being geographically competent?
A review is an appraisal
Insane!
I’m sure they are nothing more than a checklist done by an overseas worker. Unfortunately, potential clients don’t know the difference between a Standard 3 review, and this sort of “review”. Or, clients just use this type of review to reduce costs and show they are doing due diligence.
Anthony, alot of the AMCs tell the client that they offer Review under the disguise of Quality Control which is against USPAP Standards 3. Honestly who in the world is going to stand up to these lousy cottage industries perpetuated by the AMCs or their clients. C’mon.
Just feeds into software review system and makes you comment on 5 different bullshit items you already addressed in your report. Every appraisal we do should come out to the predominant value of a neighborhood correct? That’s always my favorite.
Oh no, Scott you’re tempting me to pull out old revision stipulations and post them online. That’s always entertaining.
I mean anyone can buy into ‘appraisal review software’ and use it right out of the box. Literally anyone. There are hundreds of different software choices too. It’s easier than mowing a lawn. Online research keywords: xml ‘appraisal review’ software
https://www.veros.com/solutions/collateral-risk-management/veroscore
https://www.appraisalvision.com/smartreview/
Side note. Just recently got 2 default orders from the same AMC (Voxtur). Both properties did not have a lockbox even though they gave me codes (2 different lenders). Yes, I checked all around the parameters and anywhere someone might leave a lock box. I called while onsite and they said submit the exterior photos for a trip fee ($50). They said they’d get with the lender. Now it’s been 11 days and they still haven’t heard from the lender (yes, I followed up). I’m starting to wonder if I got hustled into being a PDC? Any thoughts? Cause I’ll cancel them now if I think I’m right…I really don’t believe in coincidences. We deserve better
Lindsey, and so it begins with the AVMs, and the cancellations after the requests and acceptances which should not be allowed. The same thing happened to me this week. I worked on an accepted engagement and after three days of development they cancelled. I will be calling the Georgia Real Estate Appraisers Board and will notify them of what is going on. Also, the AQB and ASB along with FNMA and FHLMC. This is enough.
Sounds good, I’ll do the same.
Buy a ghost key, or at least always copy the reo key’s so you eventually end up with a big fat roll of possible keys that may work. Keep a disposable freebie plastic card to slide past the lock, those work well on back doors with smaller framing. As the appraiser, you have permission to be there and get into that vacant home. So however you can get in, as long as you don’t damage anything, is permissible. I’ve had police called on me a few times getting into reo vacant homes. Show them the work order, keep a paper printed copy of your communication with the list agent or whomever is involved, hand them your business card, they’ll run your id, and it’s always all good. In some states it’s legal to carry a lock pick set, in others you have to be licensed to do so, check your local state laws. Learning to pick a lock is a good skill to have anyways, there are thousands of locksmith training vids online, and a decent pick set is only fifty to a hundred bucks on amazon.
I don’t see how this could be a deceptive practice to get a free pdc service out of the appraiser. And nobody is going to care that an assignment company cancels the order out from under the appraiser. Reo is one of the most wild west appraisal service types out there. Access is a constant issue and communication between all the parties upstream of the appraiser is sporadic at best. I keep a gallon of water and bar of hand soap in a home depot bucket at all times in the back of my truck, so I can always swish and wash, you never know how bad they are going to be. You know you’re in the mix, when the walls are brown from roach presence and you can taste whatever is polluting the home, in the air. Keep a whistle and your phone on you in case something unexpected happens like the ladder to the crawl space breaks, so you don’t get stranded down there all alone in an empty house. Even if you don’t plan on using it, if you ever go into crawl spaces try to keep the ladder laying right there next to the portal. And be careful taking attic shots, there will be nobody there to help if you fall. True stories. If all the appraiser worries about is missing out on a few mid stream work orders, that’s really not a big deal in the larger scheme of things. Trip fees are $150+, not just $50.