You Are Out of Here…
The New York Stock Exchange has removed Ditech Holdings from trading due to their share value and volume of shares. According to a HousingWire article, Ditech shares are less than $1.00.
It’s been a swift fall in the stock price department for Ditech. When the company emerged from bankruptcy, it began trading under a new symbol, “DHCP.”
See the article here.
Please watch your receivables. The market is slowing and there is chatter about late payments from several amcs and lenders in social media appraisal groups.
Save the Date: The VaCAP conference will be held February 7-8th in Northern Virginia! More details will be released as they are finalized.
Follow VaCAP on LinkedIn! We will be starting a consumer education campaign shortly and will utilize our connections to help spread our message.
Personal Message from Pat Turner: Please take a moment to read a personal message from VaCAP President Pat Turner:
Dear Colleagues,
Mike Small, Frank Wright, Anna Todaro and I attended AppraiserFest 2018 in San Antonio. The conference was held on November 1, 2, and 3. These guys sacrificed a lot for all of us. We had to leave at 4 AM on Wednesday and the return trip was a 4 AM wake up as well!
Just considering Wednesday, Thursday, and Friday we sacrificed a total of approximately 120 hours of appraisal work time to represent every appraiser in Virginia.
Presentations were made by the American Society of Appraisers on multi-discipline practices.
Data Analysis was presented by Jonathan Miller.
An Antitrust session was led by Allison Sheedy of Constantine and Cannon who is the law firm for the Louisiana FTC case. A lot of good stuff was presented.
I confess I did not attend the Block chain seminar, although I heard Phil Crawford and Jonathan Miller explained it very well.
Professor Eisenberg was VERY entertaining and educational. Economic knowledge and principals were presented along with speculation on where and when the economy will turn.
One of the most exciting things to come out of this was the fact Whistle Blowers United and Bill Black hired a Documentary Film Crew and they were there. This was unreal to me. It is the first time in my memory that anyone has ever asked the boots on the ground appraiser to step forward. And step forward we did. The film crew acted like they were in Disney Land to hear the facts regarding the last crash and the incoming crash. They had wide open mouths as they interviewed many of us.
The value was in the networking. I am lucky enough, old enough, and loud enough that a lot of folks recognized my name. I loved introducing myself around and conversing with others from around the country. Many connections and friendships were made.
I was pleasantly surprised to see the number in attendance and how far they travelled to attend this epic event. Keep it up!
It was an honor and privilege to represent you all. I was and still am overwhelmed to the response to my receiving the Lifetime Achievement Award. The number of times it has been viewed on social media is truly amazing.
Keep moving forward. Get involved with VaCap NOW. Join and participate the ASA for national representation. Be active in your Realtor community and support causes that impact the appraisal profession.
Highest regards to all,
Pat
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Ditech Funding must be trying to compete with Clarocity. In a race to the bottom, I think Clarocity may still be ahead. At least until Ditech’s stock drops to half a penny
Appraisers, please be careful. There is nothing wrong with telling an AMC that because of their declining stock prices and credit issues, that you look forward to working with them…on a cash basis or a pay as you order basis..
Appraisal management companies have no business going public and funneling fees stolen from appraisers to greedy investors. Apparently extortion is legal in the current stock market setting, however, not very profitable for investors.
AHA moment, that’s why our Real Estate side received emails from Ditech several months ago looking for agents to perform CMA/BPO. They stated buried in the wording that these CMA/BPO’s are not being used in place of appraisals, but would be used for loss mitigation and foreclosures depending on the quality, accuracy and thoroughness of the information contained in them.
Whew glad nobody accepted that offer!