Some times a fourth appraisal, and we did work hard to ferret out the details. Some times those ERC’c would move a whole bunch, a whole industry over a short time, creating a flooding of the market. Some regulars both appraisers and agents would get a low ball reputation. When two or more do the same job in information was perfected by the ERC counselor.

Sometimes the selling agent, and the buyers agent had different interpretations, and we had to consider what was probable. Verification may change everything or not.

Worked for the DOJ on trespass properties. The two independent appraisers followed the FBI verifying all sales and info, made the unimportant appraiser respectable, not the typical beggar seeking free info.

FNMA allowed its sellers to order an extra appraisal every tenth one, as QC.I ran into several questionable situations. Lomas &; Nettleton (TJ Bettes), one of the biggest mortgage houses was making a loan in a bad neighborhood, every other year it would foreclose on IT and resell to another Unqualified buyer to address the issue of diversity.

No Vincent. we are all taught that as licensees that if we have a casual conversation with a buddy that it “may” constitute an appraisal. I’ve never actually HEARD of that happening in the real world nor outside of a USPAP instructors class where I suspect their suspenders were too tight. There is already too much guessing and hypothesizing about what ‘may’ be something under USPAP. Lets start holding the experts accountable for what IS rather than what ‘could be’ depending on how the planets are aligned that week, or what TAF ‘s sponsors choose to redefine each month..

While oral court testimony can easily be an appraisal, we need to start standing up to those who perpetuate the false myth that an over the fence; around the campfire or over a beer discussion between two friends is “an appraisal” simply because a value guess or value range is tossed into the discussion.

1. Appraisals are defined in both USPAP and state codes.

2. There is a specified client and a specified intended use in an appraisal. Both of which are missing from the imaginary conversation.

3. USPAP only applies to federally regulated transactions… unless you are in one of those states that still expects integrity and has required USPAP be followed in all appraisals.

4. Appraisals also have intended users and intended uses.

IF all the garbage that is labelled evaluation (which per fed regs may NOT be an appraisal); or hybrid or “AVM” or zillow or “Proprietary Algorithms better than an appraisal” don’t constitute an appraisal then neither does my personal conversation with a friend.

There is still a First Amendment to the U.S. Constitution that protects my right of free speech

It’s a pretty thinly disguised work around to self-selected lender panels. Personally I think the current refusal of FNMA to buy a loan where an owner pays for the appraisal direct; OR where the owner selects the appraiser is misguided.

For years, the only thing we had to sell was our skill and reputations for honesty. Period. Sacrifice either one, and there was a 10% probability it WOULD be discovered on each assignment because back then FNMA was having about 10% of ALL appraisals reviewed.

FNMAs adoption of bogus review forms intended to produce ‘clean’ reviews lead to the demise of meaningful QC checks and balances. It also lead to increased instances of incompetent reviewers being assigned to do the newer abbreviated reviews…especially the so called “enhanced reviews” where an alternative value was required but you were still only paid for a half page garbage review form intended to find everything ok.

For years, ERC gave at least three choices to owners to select from. People whose work was known to be solid. Owners selected primarily on the basis that the appraiser would be thorough and professional. ERC appraisals have the lowest tolerance for error than any I’ve ever done (2% or less was the sought for allowable variance standard); and there were usually two and sometimes three appraisals completed. Appraisers didn’t feel compelled to “cheat”. Just the opposite. We did our darndest to be as spot on the money as was humanly and professionally possible.

HVCC originated practices and current AMC competition are so far removed from real integrity that it is COMMON PRACTICE for correspondent lenders to get their own appraisal panels approved by AMCs used by the funding lenders.

Their first names are usually “Skippy”.

Hi Art, Look up their current stock value – it’s on the Toronto Exchange – they are not allowed to sell or offer stock here in the USA.

There is a LOT of online published data concerning their financial abilities… or lack thereof.

JUST FOR FUN… repost your post above on AppraisalBuzz.com. You could also try to contact someone at the CRN. I think they just honored Ernie Durbin as Grand Poobah AMC Operator of the Year or best fiction writer… I’m not sure which.

THEN file complaints with your states AMC regulators AND the lender clients regulators. I wouldn’t worry too much about ‘losing’ them as a client. They don’t have a lot of people still willing to work for free.

Hi Jeff, when they say that, give them this link https://www.asc.gov/Home.aspx

Also suggest to those borrowers that it may really be more related to how much of the total “appraisal fee” is being skimmed off by the AMC. Borrower tells you they paid $650 and AMC is trying to only pay $350, there’s the problem.

Cant wait to hear all the responses on this one

Has anyone else had any issues with Clarocity Valuation Services not picking up the phone and running months late on payments? Anyone have any ideas on how to get recourse? I have done some poking around and there are stories of the company being out of money and I am owed several thousand dollars worth of fees.

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Without an assignment, there is no engagement, and you’re free to sell and call away to whomever you want to.

I told the borrower that and it got me thinking that the lender has a contract with the AMC and now the AMC is holding the lender hostage. I told the borrower if their lender wanted to call me directly that would be fine with me but I wasn’t allowed to discuss anything except I am able to accept an assignment on her property.

These antics AMC’s use surely are about to dry up. I really hardly work with any AMC’s these days

Ha! That’s a clever trick isn’t it? The reps are beaten down, exhausted their limited calling list, and rather than raise the fee or provide agreeable terms, they trick the borrowers into trying to source an appraiser themselves. I have had 2 such calls over many years. The borrower was instructed by someone in the process although I can’t say for sure, to try and source an appraiser. Once I entertained and explained, the borrower told me they were instructed to have me call into this particular amc and sign up with them.

Sounds like an AIR violation to me. But then again, what do I know, it’s the non licensed managers with no educational or records checks compliance requirements whom are in charge of appraisal assignment through appraisal management companies now. They probably don’t even understand it’s illegal activity, like many other of their common activities.

Acquire the lender’s’ name, call the managing broker, and use it as a sales opportunity. “I’m available, as long as I don’t have to share the fee with an amc.”

It is the lenders burden to assure oversight of them, and they’re been running around without leashes for so long, they really do think there is no oversight and they can do what they want. I referred to this with a peer appraiser a few years ago as using the borrower as unpaid salesmen to help build appraisal panels. They have a financial incentive not to be honest with lenders, because otherwise they’ll get dropped in lieu of one of the many readily available direct assignment systems.

Prove it, present an example. The few samples we’ve seen here did not have that.

Third party and any party related to the reports are noted. I don’t know where you think names are left out, your misinformed.

A ‘report’ which relied on significant assistance from unnamed unknown persons.

When your ‘home inspector’ gets paid 10 dollars, picked up the assignment from day laborer style web systems, and the providers of this service refuse to put the inspectors name in the reports and requests, you might have a problem.

Are you smarter than a 5th grader. Better yet, can you rely on the inspection services of someone whom otherwise can’t get a real job and relies on third party connection services for steeply discounted rates off the internet?

That’s an ‘appraisal’ I would not even write down on a napkin.

Inferior to subject. Superior to subject. Better porches. More exterior items. Assumed offsets. Reasonable offsets. Expected updates. dtd in comparison. Better kitchen items. Sup K & bath imprvmnts. Much bettr locatn. Share that.

Relative to the subject. Comps sharing is for the birds.

DONT BUY INTO THEIR BS THAT IT WILL “SAVE YOU TIME”

IF YOU USE ALAMODE SOFTWARE

PLEASE OPT OUT OF DATA SHARING.

Isn’t it true that a conversation, just a conversation about a property and value can be construed as an appraisal? Your barking at a report ? Lol