Appraisers Shortage? A Personal Story
Very large lender who treats appraisers poorly…
I received an email from an AMC I have not worked for before at 2:15 PM. They were looking for an appraiser to complete a 1004 report for a very large lender who treats appraisers poorly. The property is in a suburban/rural area, on 5 acres, about 30 minutes from my office.
I responded that I could do it, but not until early NOVEMBER, due to being fully booked until then. I requested the rep let me know if that would work for the AMC, and if so, I would then provide my fee.
About an hour later, reply message said my turn time would work for them.
About 4:30 PM, I responded with my fee which was stated to be higher than normal because of the very large lender and a delivery date around Nov. 10. In that message I told the rep that I DO NOT PUT LICENSE OR E&O in any report, for any client, at any time. I also told the rep that I had to be notified by noon if my conditions were approved, as I do not hold days on my calendar for prospective assignments.
Very early this morning, the assignment was almost approved – with fee and turn time – but the rep said I would have to pay $44 to have a background check done.
I replied that I don’t pay for any background check for any client, at any time.
Shortly after the rep’s message said license & E&O would not have to be included in the report.
At 11:15 AM, rep’s message said ‘management’ would pay for the background check, and to “Please fill out the attached application and send it back quickly so I can get the assignment given to you.”
I looked over the application, standard stuff, until the part where it said to include a COPY OF DRIVER’S LICENSE with the application.
Guess what I told the rep, in a reply message sent at 12:15 PM??
About 10 minutes later, rep replied back that I could “blank out the license number” but they still needed to see the license image.
At that point, I decided to go to lunch. It’s now 4:50 PM as I write this.
What do you suppose I’ve decided to do with this potential assignment from this particular low echelon AMC?
A day was wasted by the AMC trying to place this assignment for this very large lender who treats appraisers poorly.
I relate this to you because this kind of situation happens frequently between quality appraisers and low tier AMC’s, and it’s likely one of the key reasons why appraisals are not getting done as quickly nowadays as they once were.
It’s not just a ‘shortage of appraisers’ available for assignments (as Brian Coester is fond of saying). It’s because of relationships that have been damaged by major lenders and their AMC’s that have caused appraisers to disregard potential assignments.