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Contract Date / Acceptance Date Study expanded.
VaCAP did a sample study this past winter to determine the number of days from contact ratification to appraiser acceptance from both amcs and lenders. The results were a 9 day difference with amc’s taking 18 days and lenders only 9 days to assign the appraisal.
We have just asked our sister coalitions to complete this survey as well. for a larger data pool and are asking every appraiser to once again participate to help our industry. This information will be used to counter the narrative the appraisal is taking too long.
Below is the email sent nationwide to our sister coalitions by Pat Turner, VaCAP President:
The idea was Debi Jones’ of South Carolina, so I will not take credit for it.
It’s a brilliant idea, and will go far in support of our relevance. Don’t forget Freddie just announced last week that no appraisals of Condos will save 7 to 14 days. We can honestly and objectively dispute that assertion with our members’ honest reporting of actual data.
We did this in Virginia in the winter (November, December, and January). Granted, a slow time of year, but we felt we might get more participation now.
VaCap’s study indicated a 9 day time lapse from direct lenders as opposed to an 18 day lapse utilizing AMCs AND so-called “portals”.
Here are the parameters to a fair report.
- Determine the date the contract was fully ratified (finalized).
- For your (our) information record the name of the lender.
- Record the AMC by name.
- Record the date of final contract ratification.
- Record the date appraisal was ACCEPTED.
- Record the passage of time in days.
Let’s agree to distribute to our members ASAP and ask for results ending September 30. This will give us time to compile and fully report to the AARO conference and other publicly interested entities.
This is an important undertaking, and can go far in support of insuring the safety and soundness of our financial systems, especially under current and pending issues!
Please pledge support and get this done.
Any questions may be directed to firstname.lastname@example.org
Download the SpreadSheet with samples here.
The Northern Colorado Association of Real Estate Appraisers has asked us to pass along an educational opportunity they are sponsoring March 24-31, 2019 on an Eastern Caribbean Cruise. See the flyer here.