Category: AMC

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 34

Planet of Deadbeat AMCs!

So who is really responsible for payments to appraisers?… Where to start with this? Do I have to refer you back to my past articles like What’s Not in Your Wallet or Appraisers Outraged? Where do we even begin… We begin here. Another story of an Appraisal Management Company going out of business, owing tons of money to appraisers for services they provided. Coester VMS, once one of the biggest players in the game, closed its doors recently. They closed them leaving appraisers with thousands of unpaid invoices for services that who knows if they will ever be paid for....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Hybrids' Indicated Value & USPAP Coup de Grace, Better off at McDonalds 29

I’d Be Better off at McDonalds

…they provide no documentation as to how their algorithm produces this indicated value… I had to “jump in the pool” and see what these bifurcated appraisals are all about. The names have been withheld to protect the guilty. I recently completed a “bifurcated” report for one of the AMC’s providing this type of service. The form is to be completed on their site and they recently upgraded to the “new and improved” report on their portal as of January 1, 2019. The subject is sited in an urban location and while not an anomaly per se, does display features such...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Third Party Inspectors, Hybrids... Spelling Out the Consequences 10

Hybrid Assignments, the Consequences

The concept of a third party providing one or more functions in an appraisal assignment is nothing new. Back in the 1970s and 1980s there were plenty of appraisers who used somebody else to do the sketch or to take the pictures or to pull comps. The “appraiser” put all of the pieces together and signed the report. Then came USPAP in 1989. Licensing followed shortly thereafter. Today, there are a number of lenders and AMCs who believe that they’ve invented something no one else has ever considered. The bifurcated or hybrid appraisal process. To be clear, we’re not talking...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

MCS Valuations (AMC) Closing Shop - ABA Supports Raising De Minimus 18

MCS Valuations (AMC) Closing Shop

I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company. They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline. What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business! February 5, 2019 This communication is to inform...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

Outraged Appraisers Owed Money! End The Appraiser Payment Issue! 30

Outraged Appraisers Owed Money by AMCs!

“I am owed $20,000”. “I am owed $2000”. “I am owed $500”. “I am owed $1500”. These are just some of the quotes pulled from various groups, message boards and forums from appraisers all over the country that are owed money for the appraisal services they provided. Services they provided for a Lender, Mortgage Company or Bank through an Appraisal Management Company or AMC as they are known. What’s an Appraisal Management Company you ask? Well for those that do not know, AMCs have been around a long time. Appraisal management companies (AMCs) are business entities that administer networks of independent...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / AppraiserLoft / Appraisers News

AMC Asking Appraisers to Violate State Law 40

AMC Asking Appraisers to Violate State Law

…inducing another to violate… Appraisers Beware! VaCAP has been informed an email has been sent to Virginia Appraisers from Xome Vender Manager, Adam Burg. The email, addressed to “undisclosed recipients,” starts with “Dear Virginia Appraisers.” The body of the email announces that SunTrust Bank has begun ordering a bifurcated valuation product with an interior inspection. The appraiser is to use information from a third party property inspection for subject property data. VaCAP cautions appraisers on this product. Virginia Statutes and Regulations are very clear the appraiser who signs the appraisal report must have complete direction and control over the appraisal. The Virginia Real Estate Appraisal...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

The Proposed Bifurcation of the Appraisal Process. Who Benefits & Why? 15

Shifting Narrative of Appraisal Modernization

…the reasoning for changing the appraisal process has shifted… Is there are Crisis? Rahm Emanuel eloquently stated “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” There has been a narrative that there is a shortage of appraisers. Interestingly, this is not coming from lenders that engage appraisers directly. This is coming from Appraisal Management Companies otherwise known as “Middlemen” and the lenders that employ the Middlemen. These Middlemen will shop an appraisal assignment by blast emails to as many appraisers...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

Bonding Company Info for CoesterVMS for if You Are Owed Money 11

Bond Company for CoesterVMS

…contact information for the bonding company… Appraisers, if any of you are owed money for unpaid appraisals from CoesterVMS, you might want to read and save this message. However, first…often, bonding companies require a Superior Court judgement in writing before they will pay up. So you may need to follow that process in your state. You will need to have invoices for all unpaid reports which document the property address, and report file number, plus lender name if known. A peer appraiser has provided me the name and contact information for the bonding company as filed with the CoesterVMS AMC...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

AGA Objects De Minimis Increase Proposal - It is Time to Call out the Liars 40

AGA Objects De Minimis Increase Proposal

We object to the proposal to increase the de minimis threshold at which no appraisal is required… Sirs: The American Guild of Appraisers (AGA), of the Office Professional Employees International Union (#44 OPEIU) of the AFL-CIO represents the members and extended family and retirees, taxpayer and consumer real estate appraisal interests of nearly Twelve and a half million citizens and voters. We object to the proposal to increase the de minimis threshold at which no appraisal is required from $250,000 to $400,000. Respectfully, if anything is done with it at all, lowering it to a range not to exceed $100,000...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

What Are You Waiting For? Only 179 Comments...Please Comment Now! 13

What Are You Waiting For?

Please comment now! VaCAP sent out a “Call to Action” a month ago to comment on the proposed increase in the appraisal threshold to $400,000. As of this writing, only 179 comments have been received. This is our future, please comment now! Comments must be received by February 5, 2019. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000.Consistent with the requirement for other transactions that fall below applicable thresholds, regulated institutions would be required to obtain an evaluation of the real property...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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