Class Valuation Did Me a Favor
My profile has been disabled from Class Valuation. They actually did me a favor. This does not bother me in the least as I have gotten nothing but bid requests from them. My resolution for 2020 is to change my focus and remove unwanted low-life companies from my business. Class Valuation fits squarely into the low life company category. I cannot call them a client as I have never received any work from them. Here is an email I received from them.
Hello,
Please note your profile is currently disabled with us pending a completed direct deposit form. The state of Virginia requires appraisers to be paid within 30 days, the only way we can guarantee that is to place you on direct deposit.
I have attached the blank document to this email, if you could please fill it out and send it back to me, or directly to accountspayable@classvaluation.com. If you email it to our accounts payable team please include this in the subject – “ACH form VA and your name”
Once we have that information processed we can reactive your profile and you can start receiving work from us.
Please let me know if you have any questions.
Thank you!
Let me start with the errors in the above email:
- Virginia is a Commonwealth, not a State. This is information you learn in fourth or fifth grade.
- In the sentence that begins with “The state of Virginia requires…” the wrong punctuation is used. The comma should be a semi-colon.
- The first sentence in the second paragraph consists of a run on sentence which incorporates a poorly worded question.
- In the last paragraph, the wrong verb is used. It should read … we can reactivate your profile, not reactive your profile.
I will be the first to admit I am not perfect and certainly make my share of misspellings and typos. But you have to admit, if you are sending a blanket email to large group of people, which I know many received the same email, wouldn’t most of us take a moment to check it first? Every email program I have every used has a spelling and grammar check feature. If not, Microsoft Word does a fantastic job of catching errors. The lack of due diligence speaks volumes on how little Class Valuation employees care. It speaks volumes on the type of individuals Class Valuation hires.
Now the content of the email is disturbing. 54.1-2022.1 of Virginia Statute does require appraisers to be paid within 30 days of initial delivery of the appraisal; however, nothing states it must be accomplished by direct deposit.
Why can’t Class Valuation pay appraisers within 30 days without direct deposit? What about the electric company, Gas Company, Internet provider and Telephone Company? What about their rent? Do they get paid within 30 days by direct deposit? I would place a wager they actually do get paid within 30 days and not by direct deposit. Those obligations are necessary for the day to day operation of their company and if the bill is not paid, the utilities would be cut off and an eviction notice placed on their door.
Julie Jones, the SVP of Transformation and Engagement at Class Valuation has stated multiple times on more than one platform that part of her responsibility is to advocate for appraisers. Where is Julie Jones on this topic? Certainly as a Senior Vice President she would have been part of any discussions. Why has she not stepped in and explained not paying the people that keep you in business is a bad idea. Why has she not insisted appraisers be the top priority of Class Valuation? Why has she not explained failure to comply with state requirements will be detrimental to the future of Class Valuation? Does it sound like Julie Jones is advocating for appraisers to you? Sadly, her silence speaks volumes on how little she cares. Lack of caring seems to be the common thread at Class Valuation.
Don’t misunderstand I am not upset in the least. I actually wish to thank Class Valuation for showing their true colors. Error ridden emails from Class Valuation are no longer junking up my inbox.
Thank you Class Valuation!
By Advocate. The author is a Certified Residential Appraiser and has chosen to use the pen name Advocate to protect their identity. Many famous people including Benjamin Franklin, Agatha Christie, and Steven King have written under a pen name for various reasons. Just Google pen names used by famous authors, there are only 45,700,000 results to choose from.
No Class
I bet they pay their staff every 2 weeks with no problems not every 30 days or make them sign up for direct deposit. Just another way for them to make money by putting that into a special account then make excuses. I bet appraisers will get paid on day 29th day or at least get an email saying that payment has been made via ACH on day 29th day.
Most of if not all these companies get paid before the appraisal is ordered therefore they can send payment the day the appraisal is completed. They can send it later that week. Many of these companies use the Coester VMS way of business and that’s to collect straight from the borrower and avoid the lender touching the money, which means they have it right then and there. Yeah. How did that work out?
These AMCs charge fees on top of fees to appraisers. They make even more money than they should. Yet for a company so big, one that likes to boast all of their accomplishments and so innovative in tech and other spaces, CLASS can’t figure a way to pay an appraiser within 30 days or less other then ACH? (I bet they charge the appraiser a fee as well for signing up to do ACH).
Maybe they need to spend less money on company employee spotlights, social media, technology, trying to go more towards bifurcation and spend more time in paying appraisers better fees, on time and treating them better. It’s called good business. I’m in the opinion that class is no friend to the appraiser and looking to get more tech ready so that they have the larger slice of the pie.
Why does a state have to pass a law to assure any AMC pays promptly? This is another reason AMC’s should be eliminated.
I do probably 1 or 2 appraisals for Class a month. I say this to emphasize that they are not a huge client and I’m not advocating specifically for them. I’ve never had a fee below $400 from them which is reasonable in my area in TN. I’m not sure why the requirement for direct deposit is so bad. It probably helps them be able to comply with Virginia payment requirements. With the postal “service” ability to handle mail, I’m sure they’re afraid of people filing complaints when paper checks get misdirected by USPS. Also, the part about labeling Virginia a state instead of a commonwealth seems petty. People frequently refer to America consisting of 50 states. We are called the United States of America, not the United States/Commonwealths of America. As far as the spelling and grammar errors, I think that speaks more of the state of our education system in general than to this particular company. There are plenty of bad AMC’s around with horrible business practices that need to be highlighted. This just doesn’t seem like a big deal to me. Just my opinion.
While I’ll agree with you on some of your points, I don’t think it’s up to the AMC to decide to disable profiles thus preventing appraisers who chose not to do ACH payments from getting work. Many states require payments to be made within 30 days or less and I know amcs I work with send me a check in that time frame with 0 issues. I do have some that do ACH as well which is my business decision, while some don’t offer it thus getting a check. This is another example of the AMCS having too much power over appraisers. Either you use ACH or you get 0 work. That’s seems reasonable right? For a large company like Class to not be able to pay within 30 days by other means seems a bit far fetched.
You lost me at “amc’s I work with”. Please don’t drink the Dustin Harris Kool-aid and say its okay to work with AMC’s as long as they are A clients. Perhaps they treat YOU fairly, and YOUR area receives a C&R fee, but I promise you the high population center appraisers are getting killed by these AMC’s. These corrupt companies make huge profits in the the big cities (high volume), only to redistribute those profits to outlying area appraisers. How can the state of CA loose 50% of its population of appraisers, but yet fees are stagnant to declining as comped to 20 years ago (net fees, business expenses, etc.)? Work for the VA, credit unions, etc., but stop contributing to the cycle.
Facts are facts Mark, and bringing them forward does not make me a complainer, but rather the messenger.
Seek the truth.
When are you actually going to do something more then run your mouth over and over with constant stupid references to Dustin Harris and constant complaining about everything? I’ve yet to see you actually do anything but be a constant complainer and name caller on here. It’s so tiring from a man who hides behind a fake name, has been asked to join dustins podcast to talk yet still here we are listening to you trying to SEEK THE TRUTH. What have you done? What have you tried to do? I’d like to know so I can start maybe taking you seriously for once.
Lets keep it simple Mark so I don’t offend you for running my mouth. I’ve boycotted AMC’s as clients, have you? Calling me the problem while you are aiding and abetting and profiting with the enemy would be funny if it wasn’t s so true and devastating to the industry.
Not picking a fight Mark, but why argue with the messenger when the village is being burned and plundered by so many?
Mark, seek the truth or don’t, but either way its still the truth.
“Amc’s”. I’ve identified your problem.
One chooses to be part of the solution, or abides continuation of the problem.
Hey, whatever it takes to get a leg up on the competition right? Ethics, who needs it?
Have you guys given any thought to the moral implications of being complicit in both defrauding homeowners with concealed junk and improperly co mingled unearned fees, as well as willingly supporting companies whom are known to crush appraisers futures nationwide? Asking for a friend.
Divided and Confuse!?
Mark Skapinetz, considering Dustin Harris has your podcast rated number one over the past 5 years, your sensitivity to his feelings now makes more sense. It’s okay, I’m not judging who you spend your private time with (your secret is safe).
It could be a rumor, but I heard his 1st podcast in year 6 is about how one should never have the same password for say your AMC login and your email.
Too soon?
Seek the truth.
Ha ha ha. Love it.
I must agree that all this fuss over ACH is a business model decision. If they choose to only pay by gold bullion delivered to your door by a Viking, that is their business model. As long as they are willing to pay in a valid currency for the work you perform in a timely manner. I have an AMC that asked me to move to ACH due to fraudulent checks being passed. So whats the problem? I have an account that will be credited my fee within the proper stated time-frame.
And yes, they can go after over payments in the account, but that is justifiable as the over payment is their money. If it gets hacked, I believe the bank covers the losses as fraud.
Why is all this bitching going on about these tiny things when we have MUCH BIGGER issues to deal with and to spend our time on. FOCUS PEOPLE!!!!
The AMC does not have the power over me or my business decisions. If that were the case I could not make a living in my profession and enjoy what I do. IMO.
Here you go Dale.
“I hereby authorize XXX National Bank to initiate automatic deposits to my account at the financial institution named below. I also authorize XXX National Bank to make withdraws from this account in the even that a credit is made in error.”
Further, I agree not to hold XXX National Bank responsible for any delay or loss of funds due to incorrect or incomplete information supplied by me or by my financial institution of due to an error on the part of my financial institution in depositing funds to my account”
Why are these agreements so one sided Dale? Why don’t they give me authorization to THEIR account where I could make withdraws per say VA policy (day one post NOV), or say within 30 days (state law), etc. without their involvement / delay tactics? Why must I give them a key to my account while they hide behind layers of administration where it can takes hours/weeks/months to sort the issue out?
Why is it I must agree not to hold them responsible, but we all know they will hold us responsible for every appraisal issue?
Dale, the AMC game is nothing more than a ponzi scheme where appraisers are not paid via the immediate borrowers credit card charge, but rather your paid by a borrower from weeks/month down the line. Look no further than Coaster to see how fast the game can be over.
Seek the truth.
I must respectfully say that I can choose to seek legal action against any wrongdoing by any party. Regardless of legal wrangling by attorneys. And I think it is rare to find a contract that is not one sided! (Sans Real Estate~LOL) While there are many who have experienced unfortunate advantages by others, I respectfully say that out of 60,000 appraisers in the nation, probably less than 1% suffered any debilitating loss through AMC, lender, attorney fraud this year. Yes there are no statics in my reasoning, but I would welcome any available.
We all expose ourselves to business losses through means other than our own, so is there enough proof that the ACH issue is more of a mass problem or just a one on one concern. We now routinely give our ACH authorization to businesses throughout our life. Even today, our Credit Cards, bank accounts and SS# can be found if you look hard enough. Are we really afraid that someone is going to hack our account and take money? Or do we just want to sabre rattle against an AMC for their business decision.
I am tired of all the negativity surrounding our profession. Are people out to get us? No. Are big business remodeling their products to stay in the black? Yes. Will that entail Appraiser nullification, I doubt it.
I am sorry for the Kum By Yah feel that this may have, but I am just tired of all the fighting instead of trying to work together.
FYI, I believe in our profession and that is why I am Very Active in our State Coalition, The Network, and representative of SCPAC to TAFAC.
Sorry Dale, this is appraisersblogs.com, not theappraisercoach.com where such propaganda is mandated and shared within free flowing pitchers of Kool-Aid. Feel free to remove the post, and don’t forget to try the coach’s special AMC Sour Grape flavor. I’ve heard if you pinch your nose with both hands, you can hardly smell, and or taste the awful AMC blend.
Seek the truth.
You are probably a real nice guy, but you have a type of emotional cancer in your heart. Hope you feel better. I sincerely wish you all the best from someone who has never listened or read Dustin Harris articles. So I know nothing of kool aid.
I’m blessed to know the truth Dale and don’t confuse my passion to expose it as a cancer, but rather its a continuous gift of an opportunity to inform the public as their trust has been broken millions of time (example AMC / split fees).
The truth will set you free Dale. Signed “Nice Guy”.
Tim, largely agree.
Personally, I only give my bank account information to people I trust. I’m more trusting of individuals than I am of corporations. ACH & many other forms of ePayments can be reversed. Not saying they would be, but that they could be. It’s a business decision.
Class is on a corporate growth buying binge right now. Other AMCs and data master and a host of services as if they too want to become the next Ocwen or CoreLogic competitor.
More power to them. On the other hand, the marketing associated with it (latest acquisition) such as “empowering appraisers” (re data master) is pure puffery.
It’s also an indicator of how little reliance they place on the accuracy of the information and the time (or money) to assure that accuracy. It’s a step toward more hybrid appraising, and THAT is something I vehemently oppose.
Unless Congress comes right out and says “We no longer care about standards. We drank the FHFA Koolaid and it is good”, I will continue to oppose bad appraisal practices; and TAF’s SOW Rule vs the old Departure Provision which was far more honest.
I’ll continue to oppose phony processes dressed up to mislead one into thinking USPAP compliance is being delivered when it isn’t. That includes all bifurcated hybrids and AVMs. No exceptions.
Outside of these things Im sure Class employs many wonderful people
I like to think that I was a Highbred appraiser. When I measured myself against others; sometimes I felt good, some times I screwed up. I still believe that the screw ups did more for my breeding. One of my competitors bragged that he was also proud of his work ” he would only fake the third comp, as it was only supportive.
Good morning!
Appraisers at Class Valuation can choose two methods of payment:
1. Direct Deposit, which automatically enrolls you in our 24-Hour QuickPay program.
2. Paper checks, which are issued on the 15th of every month.
The first option is the most popular, as appraisers receive payment directly into their accounts within 24 hours of submitting the appraisal report.
While many appraisers still prefer a paper check, we made a decision to require direct deposit for the Commonwealth of Virginia in order to pay our appraisers in a timely fashion and remain compliant with § 54.1-2022.1.
I remain available for appraiser questions or concerns by phone or email:
jjones@classvaluation.com
248.955.9316
I have a few questions Julie.
Why do you not follow a known government appraisal fee schedule (VA) which is one of the approved methods for paying C & R fees?
When borrowers are paying $700+ for an appraisal, and with a race to the bottom bid system, do you keep the spread, or return a portion to the borrower?
As you business / AMC model is not sustainable long term Julie (low fees to appraisers / 50% loss of CA appraisers), after in part causing and or contributing to the problem, what software are you developing to replace the appraisers on your panel?
To keep my client informed, you have 4 hours to respond.
Seek the truth.
So you are discriminating against VIrgina Appraisers? Many other states have similar requirements. Are they also required to direct deposit?
The reality is it should not matter if an appraiser chooses direct deposit or not. The method of payment has no bearing on the requirement of law to
pat within 30 days. People have been paid in 30 for many years prior to Class Valuations existed. It boils down to lack of competency and efficiency on the part of Class Valuations.
Julie, with all due respect, you do not advocate for appraisers. Your actions show a very different story.
Sir/Madam,
We do, in fact, require direct deposit in states with similar requirements in order to remain compliant. Class Valuation is making every possible effort to pay our appraiser-partners within 24 hours, which industry-wide is seen as a benefit and not a barrier.
This will be my last response on this thread, as responding to an anonymous party is neither productive or conducive to positive change or open dialogue. As I have shared on this forum and others multiple times, I am always available via email or phone.
All the best,
-JJ
If you were truly paying attention, you would realize, I have been a regular on this this blog for a very long time. What difference does it make, if you know my identity? The facts are the facts. The only reason you are not responding is you are unable to overcome common sense with the poor practices by the company who pays you.
For what it is worth, Julie, we have actually known each other for many years. I applaud your success in leaving that small town in North Carolina to better yourself, however, you are not the same genuine wholesome person I once knew. Sadly, you are pretending to be someone you are not and quite frankly, it does not reflect positively for you.
It sounds like Ms. Jones is hanging out with the wrong crowds.
Julie Jones,
“Conducive to positive change” now that is downright hilarious. Neither you nor Class Valuation has a clue on what is positive. Class Valuation has done nothing but further deteriorate the profession.
Julie. When Class action attains an appraisal vendor for a lower service fee than expected, does your company return cost savings to the consumer, or do you pocket the difference thereby creating a financial incentive to drive the consumers fee up and the appraisers fee down?
If a licensed mortgage banker did that it would be considered fraud. Individual licenses, ethics, accountability who needs that?
I don’t care how long these companies take to pay me. What is important is they are not gaming me against other appraisers and the homeowner alike. If appraisal management companies don’t know what a fair C&R fee is by now, and they are unable to present that up front, I can’t help them.
Answering a never ending slue of bids, is for the birds.
Definition of profiteering: the act or activity of making an unreasonable profit on the sale of essential goods especially during times of emergency
Sidestepping the issue. Just as receiving ACH or paper is a business decision, so too is only sending out checks on the 15th of each month.
A company that only pays its bills once a month is demonstrating supreme dictatorial arrogance. I seriously doubt that they only pay their rent, and utility payments on the 15th of the month, so the statement appears to be or at least may be a misleading falsehood.
Personally back when I did do AMC work I never worked for anyone that promised payments in more than two weeks. I cannot for the life of me understand why anyone else would.
Companies that only pay their vendors monthly are essentially saying “You are not important enough for us to make timely payments to you. Our policy is to use YOUR money as long as we can; and in doing that we wait til the very last moment to send checks out…which is why we are at risk of failing to comply with Virginia Law.
While we are on the topic of Virginia Law, does Class ALSO pay not less than $550 for each and every 1004 form reported appraisal? Thats ALSO a law.
As for typos-no criticism from me…I make them all the time in blog posts, etc. (other than work). I think we have bigger issues to be concerned with.
Julie, if you could have been a fly on the wall during one of your companies Meet & Greets (Landmark / Class Valuation) you would have witnessed fake appraiser smiles up front, and nothing but spreading the real awful truth that is your business / AMC model around the table.
One person at a time, a blog here, my state representatives there, etc., the seeking and exposing of the truth will NEVER end.
Seek the truth, expose the truth, spread the truth, and judge others after they know the truth. Julie, you and your company know the truth, and have been judged.
Be careful of these requests for direct deposit as often they require you to give them an open door to your account in case they make an error and need the money back. When their systems get hacked its like handing your wallet to the bad guys.
Seek the truth.
Be careful with this company. When you don’t hit their value number Class Valuation will advocate for the borrower and submit your report to the state board along with a complaint.
I also ONLY receive bid requests from Class Valuation.
I do not allow any company to initiate “direct deposit” to my accounts. It allows them too much control. (I’m an ex-banker) and I understand the process. The VA forbids this practice. Just send me a check within 30 days, it’s not difficult.
Any AMC that requires me to pay them a fee for completing their work is never going to have me work for them. AMC’s typically call these fees by different names; portal fee, transaction fee, maintenance fee, technology fee, etc. I don’t hire a contractor, plumber, CPA, attorney, etc and tell them I am charging a fee for their services. Only appraisers seem to find this an acceptable practice.
So….we’re complaining about an Email that contains some typos. We need to move on to some better topics here.
The hidden author is Bill
Sorry, but perhaps its Dustin Harris / Theodor Seuss Geisel coming to grip with his true feelings while seeking and exposing the truth on how AMC’s are a cancer to the profession. With one day a week office visits, I’m sure he’ll confirm the rumor next week when he’s back in the office.
Seek the truth.
No Steve, just complaining about an AMC email somehow brushes past how we got here and almost says what they have done over the past decade is okay. The email is just the rust on the guillotine blade, but the real issue has been the systematic building of the apparatus for us innocent parties.
Seek the truth.
Yes.
Just a warning as a former 20 year banker – you are (as another stated) generally agreeing they can debit your account. Do you trust every employee of the client who will have access to your account information? There are fewer laws that protect businesses than protect consumers. Several months ago we had an individual attempt to debit money from our business account (three times). The fraudster just had to give the name on the account and the account number in order to initiate the debit. I watch our accounts closely and caught it before it could be completed. We never gave our account information to anyone other than clients for the purpose of ACH. It was a nightmare to resolve and we finally had to move to another bank. If you allow ACH deposits, use a separate account from your operating account.
I have couple of orders now. I am not setup for direct deposit
https://bluepointmtg.com/wp-content/docs/Class_Appraisal_Fee.pdf
is anyone ACTUALLY receiving Class Valuation Appraisal fees that are this high???
$950 for an 1004 in Oregon???? Really??????
Where’s my UHAUL truck?
Yes SB, the COW states (Colorado, Oregon, & Washington), have been operating outside the appraisal norm for some time. How does $1,100 sound (VA fees) for units in the entire state of Washington (14 day turn times)? Seek the truth, expose the truth, tell the lenders / AMC’s the truth, and wait for the lie as they tell you “their client has authorized a maximum fee of $2XX for such a product and no one is getting those fees. Bull, a second, a minute, an hour earlier the processor was ordering a $1,000 dollar appraisal in a COW area, and suddenly in areas where its twice as expensive to live, the rate is cut by 75%.
Seek the truth.
I worked there for a minute to gain insight while I had my limited license. I actually was asked by a one time president of that company, who was an appraiser, if I would be interested in becoming an “appraiser liaison” to reach out to appraisers to guarantee more workflow for lower fees (around $260) and accumulate that client base for the company. I asked them, “As an appraiser would you accept that fee? I mean, coming from the profession does that not bother you?” That pretty much sealed my fate and I was gone within weeks.
If you have to send out blast bid requests you’re a fake AMC/Company. A good company wants top talent and will pay for it. The appraiser saying he gets $400 and that’s not unreasonable misses the point entirely. Appraisers are being treated like Uber drivers and these Email blast AMC’s are digging they’re own grave! If more appraises don’t give them the time of day we will help expedite the the process!
Is the public being served in their best interests when they have no say in how their appraisal fee gets spent? How is the consumer being protected when the appraisal has been turned into an alternate profit stream? Why is it okay to for them to keep the spread instead of offering a return/refund to the borrower?
Seek the truth.
Hey Bill….
What’s the OVER/UNDER on how many months longer Julie Jones stays with Class Valuation?
https://www.bbb.org/us/mi/troy/profile/real-estate-appraiser/class-valuation-llc-0332-90015044/customer-reviews
https://www.yelp.com/biz/class-valuation-troy
The turnover is so big at those companies and with the lack of sleep they get from trying to remember their own lies, burnout is usually in +/-12 months.
For the record SB, there are many on this site who don’t like the spreading of the truth (Their BBB rating / reviews), and thus perhaps you to will become a target.
Keep up the fight, and seek the truth.
One of the Yelp reviewers located in Florida posted:
“So this group gets tasked to do a “drive by” evaluation of a home that has already been appraised by a certified appraiser…and in this drive by, they supposedly can verify the value of a home without even stepping in it. This particular home has a 200k pool and is worth over $500k, yet these guys are so good they can see that from their car…and make claim the actual appraiser was way off on value.
Run away from this place as fast as you can.”
Most of the reviews complain about low appraisals, rude customer service & appraisers, appraisers not showing up to appointments, and one posted that she paid for the appraisal before she even knew what the charge was for, & another one was charged 4 times for one appraisal.
Here is another one:
“Very poor experience with the appraiser. He was arrogant, rude, and has a negative personality. No “please”, “thank you”, or any eye-contact; he was very short with my wife. The appraiser is the only point of contact we as consumers get to interact with, and this appraiser has left a bitter taste in my mouth. Not that I would have any choice in choosing an appraiser, but should I have a choice I will definitely not use Class Valuation again. Class Valuation, choose your appraisers carefully, as they represent your brand.”
& 2 more:
“Already off to a bad start with Class Appraisals. They’ve ran my card 4 times for the same amount of $480! You can be sure I’ll be disputing these charges with my credit card company and I’ll be using another organization. See photo of charges attached above. Who’s running this place!? A bunch of monkeys!?”
“This company was used for my appraisal. Best advice I can give you is either request a different company to do your appraisal or make sure you do all the leg work looking up all the sales for the appraiser that comes to your house, because apparently the appraisers aren’t competent enough to look in your own neighborhood for the sales, and when they get it wrong they don’t seem to care. I was even told by the appraiser that he got the value wrong but there was nothing more that he could do, it ended up costing me additional closing costs. The value was not missed by a little bit but by quite a lot. When you get this company on the phone they act like they’re all about customer service but there is absolutely no follow through.
The message below asking me to send them a PM????? They haven’t responded to anything………What.A.Joke.”
The funny thing A. Brown is that if the appraiser accepts the order within a 20 minute window of assignment (lowest bidder), calls within 24 hours to schedule, updates the AMC portal regarding the process, and gets the report back within 24 to 48 hours post inspection, he becomes a YES man and moves to the top of the list for future work.
There are those who ask me “what have I done other than to complain”, but here’s something we all can do and should have been doing for the past 10+ years (HVCC). If in one day say 50,000 appraisers do 50,000 residential loans and each of us meets one individual (owner, agent, buyer, tenant, etc.), and time (5, 10 minutes ?) is spent exposing the evil underbelly of this profession (AMC’s, split fees, C&R, appraisal waivers, etc.), how long would it take us to spread the truth? In 10 years time, the spreading of the truth could have reached 182 million people.
Unfortunately for many, the goal to churn out 4 to 9 appraisals a day supersedes ones in my opinion obligation to protect the public by exposing the fact that their $600 appraisal fee is most often not for the appraiser.
Seek the truth.
I’ve been on Class Valuations panel for more than a year and have yet to receive a single order. The only thing I receive from them are bid request. Obviously, they are fishing for the lowest bid. Are you listening regulators!
Bid declined. Bid declined. Bid declined. Bid declined. I don’t bother with Class anymore. Their bid request blasted e-mail summarily goes to the trash bin.
If you’re still on an amc’s mailing list even though you don’t respond to the neverending abuse and ignorance of the bid blast process, you’re still a major part of the problem. That same company will advertise to lenders that you are on their panel, part of a larger number. And if a lender ever asks specifically, you’ll be on the list and they’ll be able to show you’re on board.
As long as fees remain improperly co mingled, there is no answer to amc’s except to relinquish ethics in billing, or remove yourself completely. I spent more time removing myself from amc lists than I ever spent getting on them… Amc’s are telemarketers with a limited list which is recycled to infinity. Every single order comes with a non disclosure clause in the scope of work. It defies logic that appraisers ever made any headway against these companies in court while simultaneously colluding with them to help the amc defraud homeowners.
How to get amc work: Provide a greater thing of value in the billing process than the next guy.
It’s a good thing that amc lady already proclaimed her last post in this thread.
She as well as every other abusive amc out there knows they can not effectively answer my questions within the parameters of traditional ethical expectations regarding fair billing, honest transparent process, and an equal playing field for vendors. These sorts of questions remain unanswered over 12 years later.
The reason all Appraisal Management Companies want to pay appraisers by ACH is that If and When a bankruptcy proceeding happens to them or they end up going out of business the creditors By Law get paid first. That means that if Appraiser/vendors have been paid by ACH the appraisal management company owing banking or investment capital loans for their business operation and they do not have the available funds on hand to pay it- the money paid out to appraisers can get clawed back via a court order to retake the funds from your account also by ACH in order to pay the business expenses of the AMC the bankruptcy court has deemed to be first priority before YOU, the appraiser. This is and will always be the model you are faced with when agreeing to be paid via ACH. You can verify this with any of the AMC’s who have also claimed BK and all the appraisers who got debited fees out of their accounts for earned work when the AMC went down. The appraiser may have withdrawn the fee received into their bank but it would not matter the lending institution is required if by court order to claw back any money even from your savings account or current account in the same bank risking posting your account negative. ACH is a financial trap all appraisers should be aware of when agreeing to this with companies that you don’t know or that have poor reputation or are not trusted. Beware and request being paid by a check in all the ways you can. They cannot take back a fee paid to you by a paper check. Your work must not be subject to a financial loss due to a poorly run AMC.