Should AMCs Be Audited?
Why haven’t State Licensing Boards audited AMCs?
Things went a bit crazy, but in a very good way!
Monday April 29th, VaCAP launched a consumer protection campaign on WRVA 1140 AM News Radio. Our email and social media accounts were non stop. Many of our sister Coalitions in The Network of State Coalitions helped spread the word and shared our Press Release with their members, posted on their websites and on their social media pages. A huge thank you to all our Sister Coalitions for helping us spread the word.
In case you missed all the excitement, here is the Press Release and links to the recorded announcements.
On Saturday May 4, VaCAP President Pat Turner went live on The Home Show with Richard McKann as part of the Consumer Protection Campaign. Pat did an excellent job! You can listen to the recorded show below.
On Wednesday May 1, the Virginia Real Estate Appraisal Board met for their quarterly meeting. The Guidance Document concerning Hybrid Appraisals was a major topic of the discussion. The Board appeared to be split on the proposed Guidance Document and agreed to post it on Townhall for public comment. Once the document is posted, VaCAP will provide a link so everyone can review and provide comments.
Clarocity Back in the Spotlight:
On April 30th Clarocity had a walk out of the Board of Directors. According to the Globe Newswire, Clarocity announced the resignation of Jim Boyle, Shane Copeland, Willem Galle, Robert Gloer and Dave Guebert as directors and/or officers of CLY Canada effective April 30, 2019. Per the article, “There is no change to the management or continued operations of U.S. subsidiaries Clarocity Inc., Valuation Vision Inc. or Clarocity Valuation Services LLC.”
Then on May 1st, the Investment Industry Regulatory Organization of Canada (IRROC) halted the trading of Clarocity Shares on the TSX Exchange for “failure to maintain exchange requirements.” VaCAP doesn’t know exactly what triggered this action, but it may have something to do with the fact they did not file financials. Then again, they have no money, so what exactly is there to report?
From the numerous investor comments on the Stockhouse Bullboard, investors are pretty upset and angry. They suspect foul play. There is even a comment referencing CoreLogic has gone unpaid for a year. See the comment and a copy of an email from one of Clarocity’s Executives.
If you really dig into the comments and links, there is some pretty enlightening information to be found. But to put this in a nut shell, the very same people who ran Zaio into the ground, ran Clarocity into the ground and are going over to iLookabout to continue their destruction…
See VaCAP’s prior post for more information on what will happen to Clarocity Valuation Services.
Here’s a few questions to ponder: Should the state licensing boards investigate this fiasco? Have any states completed audits on Appraisal Management Companies? Would an audit of an AMC reveal bad business practices or violations of law? Why haven’t State Licensing Boards audited AMCs?
Appraiser Trainee Looking for a Supervisor:
VaCAP was contacted by two individuals last week looking for a supervisor to complete their training. Both of these individuals are in the Richmond area. If anyone is looking to take on a trainee, please shoot us an email and we will put you in touch with them.
Thank you for being a part of VaCAP!
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022