Category: AMC

April 4, 2016

College Degree Requirement Misguided

The college degree requirement seems more like a forced attempt at elevating the status of the profession by closing the club, and that strikes me as elitist. I know about half of you disagree but the college degree requirement for Certification was a wrong turn for the industry. To its credit the Appraisal Foundation (TAF) is on the right track in trying to find a way out of the corner it has painted the profession into but it doesn’t look like it intends to go far enough in fixing the problem. As we all know by now, veteran appraisers as...

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

April 1, 2016

Compliance Notification to AMCs

Virginia Coalition of Appraisal Professionals’ Courtesy notification to AMCs licensed in Virginia On Monday March 29, 2016, VaCAP sent via email a courtesy notification to each AMC licensed in Virginia along with a copy of the Guidance Document issued by the Department of Professional Occupation Regulation. They will follow up with a hard copy to each licensed AMC next week as well. VaCAP continues to Unite, Preserve and Promote the collective interests of all appraisal professionals in the Commonwealth of Virginia. To all Licensed AMCs in Virginia: This correspondence is intended as the Virginia Coalition of Appraiser Professionals (VaCAP) courtesy...

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

March 29, 2016

AMCs Bidding Game

An appraiser’s response to AMCs bidding system. Recently, we came across an interesting story and thought it’s something fruitful that needs to be shared. If you receive “appraisal orders by email-blast”, you may find the below “template” useful. This was inspired by another appraiser. We encourage appraisers to copy this defacto response or adapt your content to suit your context/circumstances. We need to work together as a group in our efforts to fight AMCs’ bidding system and put an end on low bid appraisal ordering. Dear AMC, If your company consistently calls for bid quotes and is unable to assign...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

March 25, 2016

Cracking Down on Appraiser Licenses & Higher Fees

Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...

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

March 21, 2016

Licensed Residential Appraiser Response to Appraiser Shortage

Licensed Residential Appraiser out of work! I find it hard to believe that there is a shortage of appraisers when I, a Licensed Residential Appraiser, have only completed three (3) appraisal assignments for 2016. I am constantly denied approval by Banks and AMCs. I’ve been denied because I am Licensed. I’ve been denied because I am not Certified. I am not being denied work because I am incompetent or because I have not been USPAP compliant. Certainly not because I have been disciplined. FHA removed Licensed Residential Appraisers. Then Banks and AMCs were eager to follow. I do not see...

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

March 14, 2016

An Opportunity for More Work…

Work opportunity for $25… Opportunity? A member of VaCAP forwarded this email from an AMC. VaCAP wanted to share. “We have a new product which is a review of a BPO. You’ll need to log onto a site and complete a checklist. The pay is $25 per report with a 24-48 hour turn time. Most can be done in about 10-20 minutes. All work can be done from your desktop. Training will be provided. Please let us know if you are interested. At this time, we are reaching out to garner interest. We’ll let you know the next steps as...

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

March 10, 2016

An Appraisal Profession Tsunami is Coming

TSUNAMI! Before the Internet and YouTube, most of us read about or saw a few pictures of Tsunami’s in books. Reading about a tsunami though, will never be the same as actually being in a tsunami, or seeing a video of a tsunami. A YouTube video of the Japanese tsunami of 2011 truly captures what a tsunami is, and how destructive it can be. If you have never seen that video, take a look at it below. People die in tsunamis. Tsunami death pictures can be found all over the internet. But who were those people and why did they...

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

March 9, 2016

Ask & You Shall Receive – VaCAP

Smoke & Mirrors? Could it be as easy as updating your fee schedule? I got an email from an appraiser today. The only thing the email said was “Call Me 804-XXX-XXXX”. The email had a read receipt attached to it . My first thought, “What did I do now?”. With hesitation, I called the number. The appraiser said, I have to share something with you, but you have to promise not to mention my name or the AMC. I agreed. The appraiser received an order request from an AMC for a fee that was low, but not nearly the lowest...

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

March 8, 2016

Appraisers Need to Learn to Stop Being Doormats!

Being a bad businessman is not an excuse not to pay me. Period. The borrower pays the AMC up front. The AMC HAS MY FEE FROM DAY ONE! If they do not have it on the date I complete the assignment, it is because they used MY MONEY for some other purpose. If they are too incompetent to operate a general ledger, then open a second checking account and make the fee deposits for the appraisers the same day they are received. Being a bad businessman is not an excuse for not paying me for work I do for you....

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / The American Guild of Appraisers

March 4, 2016

Commercial Fees Taking a Hit, Revision Requests & C&R Fees

Fee for commercial appraisals cut in half Metro West is an AMC entering the Virginia Commercial world. They are coming on strong as they have viable operations in other states. I heard that in the states they are presently in, the fee for a commercial appraisal has been cut in half. Like I said before, it’s only a matter of time. Will Virginia establish a C&R fee for a commercial report? Customary & Reasonable Fee Since Virginia enacted the C&R fee rule, I have gotten a lot of emails from appraisers asking when can they charge more. “When can I...

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