Appraisal management companies are the primary reason the appraisal industry is shackled and so poorly managed. Before the amc’s came along the majority of all appraisers really cared about consumer protection and took mortgage lending work routinely, we all took a fair share among each other. Not anymore. The appraisal industries programs are implemented and managed almost completely by people whom are not appraisers, who’s primary purpose is to exploit the system and people whom work within for personal gain. One has to have a plan to fix things in order to have an effective program.

‘Some of these responces are textbook racist’. Sorry no. Went back and read every comment. Not here. Not today. Triggered by certain language? You may benefit from a spell checker browser add on. On peoples screens whom have spell checkers installed, every spelling error is clearly underlined in red, impossible to miss. I believe you meant a reference to either PHD’s or people with doctorate or doctoral degrees. Anyone can get one, college degrees are a dime a dozen and does not magically imbue people with common sense or higher intelligence. These days the longer the people stay in the educational institutions, the less common sense they appear to possess.

There is a high voluntary withdraw and burn out level for new appraiser licensees. Many don’t make it past the two year mark because that’s just about how long it takes to really figure out, this industry is not what the educators and public pr firms for the associated industries paint it to be. Pepsi challenge to get your hours from more than one appraiser mentor. As the appraiser everything is on you, when you sign and send, you’re taking on a substantial long term responsibility which includes personal financial liability. Don’t end up being the subject of an article like this one. May not be a good idea to throw your fellow appraisers to the sharks, at any point in the future, you could be next. We’re standing by to help with any and all complex issues related to appraisal. Good luck, you’re going to need it.

‘He said not to panic. He said not to panic.’
https://x.com/TiVo/status/1532089968738410497

You need additional training, sir. As a new appraiser trainee (who needs a lesson in using spellcheck) you have absolutely no idea what you’re talking about.

I thnk you do not know of what you speaketh…

Oh wow.
Please enlighten us in detail with the issues that current appraisers have caused within the industry. You might want to pull up a chair and take notes and learn this industry before you make such bold accusatory comments.

Also, spell check is your friend.

ValuPro360 is engineered to ensure that every adjustment is backed by solid data analysis, using modules to transfer and analyze data across multiple worksheets for comprehensive assessment. Our approach not only promotes transparency and accuracy in appraisal reports but also sets a new standard for the industry and helps eliminates bias, as the data analysis does the talking. You can’t argue with data.

I strongly advocate for a more methodological approach to appraisal adjustments, one that is rooted in rigorous data analysis and empirical evidence. For those interested in exploring how to elevate their appraisal practices and avoid lawsuits like this, I invite you to visit our website at datahubsolutionsllc.com. Discover how ValuPro360 can transform your appraisal reports from mere estimates into well-supported analyses that stand up to scrutiny.

Yep

Is English your third language? Asking for a friend.

Bagging, I’m sang engage a 10 appraisers to complete market valuations on the same house with a week of each other. Offer the same scope of work or as similar as one can get to the requirements on an 1004 form to the GP form. Pay the fee, whatever that fee is to engage 10 said appraisers. So no I’m not expecting each Appriaser to be paid the same, nor do I expect the quality to be the exact same. Just get ten appraiser to complete the task and see what the results are. I understand there will be differences but hopefully the differences in the reports quality and value aren’t that far off.

Yeah I saw that too. I actually think the 4th appraisal used a couple superior comps in terms of quality of construction and 3 car garages. Appraisal 1 and 3 seemed decent. A lot of smaller GLA comps were used though in comparison to the subject. Either way, a 1 year difference in sales can mean a lot especially during that time line. It’s a shame this actually went to court because a lot could have been explained. Some people are just sue happy though.

Your position is the same work quality is delivered, regardless of substantial differences in engagement terms and fee?

It was brought up that they are professors. That shouldn’t have any impact on what the appraiser does and the report quality. They will have thier day in court as does the appraiser. So hopefully the Appriaser did thier job correctly.

You are making way harder than it is. You can get your hands on a letter of engagement. If you have than any Appraiser can do the job. They are not that hard. The borrower is the one hiring directly so they pay for it all and whatever the Appraiser asks. It’s not that hard.

Wintotal or Total? Try removing your primary form from your template via change to another primary. Save. Re open. Re load a fresh 1004. Then add your pre write back in, and save again. As the tech guy explained this to me, residual problems in field functions can carry over undetected, but they can cause recurring errors. I have one field which constantly erases itself and I have to check it every time.

Most people looking from the outside in have no clue how complicated the GSE’s imposition of MISMO & XML UAD requirements caused the specialized appraisal software to become. Using the software competently is a specialization to itself, equivalent to a two year associates degree or more to figure out all the details and use it intuitively. And the GSE’s think it’s a good idea to have us all learn a completely new format with updated forms. The learning curve takes years, it will take appraisers even longer to competently use new forms, than it took for the GSE tech staff to develop them. Modernization!

The form is not all that important, so that’s good clarification. Yet one could still not get around the fact that three out of four appraisers they may reach to ‘recreate’ the process, do not actually ever work for the same or any amc companies under similar terms and conditions of engagement.

Unless theoretically someone could convince an appraiser having already left the amc industry, to be willing to bid for the order, then accept restrictive half rate or less service fees pertaining to an independent engagement. The reduced service fees the amc’s provide are clearly having substantial influence into the process. The reduced fees, excessive oversight, unfair engagement terms, are why they refused amc service in the first place and would be therefore unfamiliar with the engagement and working conditions the original amc appraiser was subjected to. Must complete the report within 48 hours of inspection, must inspect within 24. They’d have to wait 30 to 60 days for payment.

Again; highlighting how the old model of the lender simply ordering direct assignment full fee origination appraisals, then following up with full fee second appraisals or full fee field review services, was a superior operational model which better protected the lender, the borrower, the appraisers, and also as I’m illustrating with this theoretical example, was guaranteed to utilize a lenders approved appraiser whom was already familiar with the process and would be engaging on basically equivalent terms as the origination appraiser.

Fully agreed on that. Never know when and if your assignment, signature, E&O and license is put on blast. I strip everything from the E&O documents to be compliant with my E&O, but seeing it like this is scary.

“We’re back to the ‘duty of care’ argument. Appraisers whom expect report confidentiality and use time saving cost cutting methods may want to reconsider how far and wide any and every appraisal report may reach.”

I could not agree more. There are far to many areas where time savings can come and bit us all hard. Higher fees and less work. Once the new UAD reporting requirements kick in, there is going to be more required of the standard 1004 forms with said redesign. Good luck to us all.

Thank you all for the great comments. Hopefully many more to come. Thank you to the article author for providing the intriguing content and heartfelt personal perspective. Everyone please remember the difference between administrative review and appraisal review. Nobody here is providing anything other than reflection on administrative review process. Only an appraiser engaged for a specific task with a specifically formed scope of work alongside an applicable state license can provide actual report content review service which can be relied upon by intended users, or anyone else for that matter. We’re back to the ‘duty of care’ argument. Appraisers whom expect report confidentiality and use time saving cost cutting methods may want to reconsider how far and wide any and every appraisal report may reach.