Category: Appraisal

AMC Apps Do Nothing But Promote Fast and Cheap Appraisals 13

Appraisers Need to Rethink How to Conduct Business

AMC apps and text messaging does nothing but promote fast and cheap. Last week we learned of a lawsuit file by an appraiser against an AMC and its owner. The allegations are his personal and business email accounts were illegally accessed and the investigation lead back to an AMC located in Rockville, Maryland and its owner. (You know who it is, no need to mention any names.) This news angered many appraisers as our personal space, property and livelihoods have been violated. In case you missed the story, you definitely want to learn about it. There are several good sources...

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

CoesterVMS AMC & Brian Coester Sued by Mark Skapinetz, Appraiser 31

Coester Sued by Appraiser

CoesterVMS & Brian Coester have a questionable history with the law… According to a lawsuit filed against CoesterVMS and Brian Coester by appraiser Mark Skapinetz on April 20, 2017, Brian Coester and CoesterVMS have illegally accessed (hacked) his email accounts. The lawsuit alleges violations of the Stored Communication Act, Trespass to Chattel, and Trespass to Land, Conversion, Fraud, and Invasion of privacy. Mark Skapinetz is a Certified Residential Appraiser in Georgia that owns a very active private Facebook page with over 700 members. Mr. Skapinetz has been very vocal about appraisers being treated unfairly by AMC’s and advocates for appraisers.

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

Skapinetz Believes Appraisers Are Being Held Captive by AMCs 28

Who is Mark Skapinetz?

Mark Skapinetz believes that appraisers are being held captive by AMCs…. Reserved is not a word that anyone would use to describe Mark Skapinetz; at least of those who know him. Shy is not in his vocabulary. Mark is the founder of the “100% Real Estate Appraisers” group on Facebook. He joined me on April 23, 2017 as a guest on The Appraiser Coach Podcast to discuss everything from training the next generation of appraisers to the AMC debacle. Mark believes that appraisers are being held captive by AMCs. Though he works for a handful of AMCs himself (in other...

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

Ocwen's Trouble May Mean More Business for Appraisers 3

Ocwen Is In Trouble

Could Ocwen’s trouble mean more business for appraisers? Ocwen Financial is in trouble with 22 States and the Consumer Financial Protection Bureau. Some states have issued a Cease and Desist Order, others like South Dakota are telling it like it is: “Ocwen does not possess the competence, experience, character, or general fitness required to permit Ocwen to continue…” Could this mean more business for appraisers? Will these issues be found in other lenders? How will the Real Estate and mortgage market be impacted? Time will tell. In the meantime, read all about Ocwen’s trouble on HousingWire here. In Other News:...

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

Preferred Appraiser, the Latest AMC Ploy 15

The Latest AMC Ploy

Oh what fun it is to become PREFERRED… Folks, From various sources I’m learning that you now have the outstanding opportunity to become a "preferred appraiser" with certain AMC’s. What does that mean…really? It means you will have assignments automatically assigned to you at a set (lower than C&R) fee and with a mandated report delivery date pre-selected. This process might even 'help you out' by also pre-scheduling the home visit with the borrower or RE agent for a certain day and time. It matters not that many of the assignments will be the left over highly complex junk properties...

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

Merger of NAIFA & ASA to Strengthen Appraisers - Appraisers' Voice Just Got Louder 8

Appraisers’ Voice Just Got Louder

ASA and NAIFA Agree to Move Forward with Merger Consideration The American Society of Appraisers (ASA), the original multidisciplinary valuation society, and the National Association of Independent Fee Appraisers (NAIFA), the leading voice for independent professional real estate appraisers, announced on April 18, 2017, they have reached an agreement to move forward with a Memorandum of Understanding leading to the merger of NAIFA with ASA. Boards for both organizations will provide details to their memberships in upcoming weeks for final consideration and approval. The merger will add to ASA’s nearly 5,000 multidiscipline credentialed valuation professionals in over 75 countries and...

American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

Employees at Quicken Loans... They Delivered Your Pizza! 19

I Must Apologize; I Got it Wrong…

Your employees did not come from Taco Bell, they delivered your pizza! In a recent New York Times article by Julie Creswell on 01/21/2017, former executives of Quicken Loans confirm “many employees come in with little or no background in financial services. One employee joined after delivering pizzas to the Quicken Loans Offices”. No need to say anymore, that statement speaks volumes. The article titled “Quicken Loans, the New Mortgage Machine” is a tell all article, right down to the founder and Chairman Dan Gilbert’s physical altercation on a former colleague at a religious function, to his public tirade against LeBron James,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Federal Housing Administration

E&O Binder Page in Appraisal Reports: Just Say No 21

Quit Doing This. Just Say NO!

E&O coverage has nothing at all to do with underwriting mortgage loans… Do not include your E&O binder page in any appraisal report. Period. End of story. Especially if you are being ‘managed’ by an AMC who has that in their engagement agreement, claiming it’s a lender requirement. A while ago, I received a “correction notice” via a prominent AMC for a report I submitted: “Per lender requirements, evidence of E&O coverage must be included in the report.” My response to the AMC directly via email, not in the report, was this: “To: AMC rep Is there any way you...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Desktop Appraisal... Should I or Shouldn't I?  28

Desktop Appraisal… Should I or Shouldn’t I? 

New wave of AMCs desktop “appraisal” products… VaCAP has received several emails from members concerning a new wave of desktop appraisals available from some AMCs. These products have an inspection of the property performed by another individual and the photographs and property specific data is provided to the appraiser. The AMC’s are claiming that the entire product is on-line and no written report is needed. They also claim the report is USPAP compliant. They are looking at compensating the appraiser $65 and the report should take approximately 45 minutes to complete. VaCAP does not have any specific knowledge of these...

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

Clear Capital Push For Hybrid VA Appraisals 54

Clear Capital’s Push For Hybrid VA Appraisals

Clear Capital suggests that the VA consider the use of a desktop appraisal On April 4, 2017, the House Committee on Veterans Affairs held a hearing on “Assessing VA Approved Appraisers And How To Improve The Program For The 21st Century.” The hearing was designed to “assess VA’s current appraisal process, as well as specific difficulties for timely appraisals in highly rural areas”, as well as to investigate possible technological solutions to mitigate timeliness issues. Much of the hearing focused on two areas: The requirements for becoming a member of the VA appraiser panel, and the baseline requirements for comparable...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

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