MCS Valuations (AMC) Closing Shop
I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company.
They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline.
What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business!
February 5, 2019
This communication is to inform you that MCS Valuations, LLC will soon discontinue operations of its appraisal products. New orders will soon be discontinued, but we will request your assistance by continuing to process current orders that have already been placed and are open in our queues. With that being said, our staff will remain in place to assist you during this transition. In addition, all services rendered will be paid as part of our normal processing.
Please allow us to thank each one of you for all your services, invaluable suggestions, guidance and support you have provided to us and our clients over the years.
On a side note, American Bankers Association submitted their support letter for the proposed residential real estate appraisal threshold increase. It’s not surprising that the American Bankers Association would wait until the last day to submit their SUPPORT letter for raising the de minimus to $400,000. That way, their submitted comments would not be seen on the Agency web site before the deadline date.
You can read the American Bankers Association’s 6 page letter here or below.
Current Evaluation Tools Are Highly Reliable:
Depository institutions have access to, and currently employ, very accurate valuation tools. Our members perform valuations for residential portfolio transactions, home equity loans, and routine asset quality reviews. These valuations adhere to the interagency guidelines 7 and are assessed by the prudential regulators during safety and soundness examinations. If the bank provides an internal evaluation for the transaction, the cost is usually borne by the bank. Third-party evaluations cost approximately 50 percent or less than appraisals, and often result in meaningful and immediate reductions in consumer costs. ABA believes that existing regulatory oversight rules have the necessary safeguards to assure that depository institutions deploy proper control methods.