Day Laborers Needed…Inquire at any AMC
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
Help Wanted – Day Laborers Needed …. Inquire at any AMC
The Dodd Frank act requires the lender to be responsible for their agents. This means the lender is responsible for the actions of the AMC. Do the lenders know what their AMC’S are doing? Probably not.
The Dodd Frank act also requires the most qualified appraiser be selected for each and every assignment. What vetting is done by the AMC’S to ensure the most qualified Appraiser is selected? Many AMC’S have the false mentality every appraiser is qualified and competent to appraise every piece of real estate. This simply is not a sound theory. Just because an appraiser is licensed to appraise a certain type of property, that does not make them qualified, nor competent for each piece of real estate. If an appraiser accepts an assignment in which they are not qualified to complete, the appraiser has certain duties to the client under USPAP; all with the intent to protect public trust. The purpose of the Dodd Frank Act was also to protect the public trust.
Many AMC’s just don’t get it. They force appraisers to respond to emails, and now text alerts with the mentality of the first to respond gets the order, often at well below customary and reasonable fees. How often are such an requests made after normal business hours?
This business model reduces appraisers to the equivalency of day laborers standing on the corner waiting for a truck to come by and pick one person for a day’s work. This practice is viewed by many State and Federal agencies as non- compliance with Dodd-Frank and harms the consumer. How many other Licensees from the Virginia Department of Professional Occupational Regulation are subjected to this environment?
State coalitions are working relentlessly to overcome and change how AMC ‘s conduct business and treat professional appraisers. Here in Virginia, VaCAP continues to preserve and promote the appraisal profession, and citizens of Virginia through education and legislative change.
Help VaCAP promote and preserve our profession. JOIN VaCAP TODAY and make a difference.
Customary and Reasonable Fees in Virginia
The Virginia Real Estate Appraisal Board held it’s quarterly meeting on November 17th. Customary and reasonable fees was the bulk of the discussion. A committee was formed to research the best way to determine customary and reasonable fees in Virginia. Rumor has it there will be a public comment period in January. VaCAP will let you know more as this information is released. If you support customary and reasonable fees in Virginia, join with VaCAP to preserve and promote the appraisal profession.