“Spirited” Banks Treat Appraisers Like Cattle
Warning: lots of “spirited” inside jokes abound.
No offense to the cows I’ve met in my lifetime (none are on a first name basis with me). When an institution has “spirit” it is all about the lowest bid and fastest turn time…period. Clerical staff usually makes the choice when institutions (with spirit) treat their appraisers whose spirit has been crushed, like this.
In looking at this particular request, here’s what I find — we uploaded the request around 11:30 yesterday. The “huddle” on Appraisal Shield pushes each request out to an appraiser about once an hour — I did a couple of extra pushes on this request because I had been delayed in getting out. As of this morning, this request had been pushed out to 14 appraisers — you were #12 in the rotation. We typically like to receive 3 – 5 bids before making a choice. When the assistant accepted a bid this morning at 9:19 a.m., we had received 9 bids and she chose the one that had the cost bid and delivery time that worked for this project.
My understanding is that the huddle is based on random rotation and I can see on other projects where you were notified much sooner in the process… Read more »
President & CEO at Miller Samuel Inc.
Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts.
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Then the kickback revision requests begin
Value added service. I can tell by the content of your post, you’ve personally paid for this at one point or another. Worth it?
Learning experience, I’ve culled out the bad players (Clear Capital an example), I work with a few that pay well and and don’t go for the lowest common denominator
So, they continue to place the orders based on lowest fees and fastest turn times? My never ending, and never answered question is “How do they assure appraiser competency for that specific assignment, as required under USPAP?”
Assuming an appraiser that is certified will be qualified for a specific assignment does NOT meet their obligation to insure appraiser competency.
The more important question; How can a non licensed process clerk with inadequate experience in any related fields like title, underwriting, origination, realty or appraisal make such quality decisions in the first place? One must remember they’re in that position because they had inadequate experience in the first place.
They send blast emails to hundred of appraisers for the fastest and cheapest, regardless of the appraisers’ geographic competency, qualifications and experience. NO THANK YOU…I’M NO CATTLE!
And they wonder why the appraisers don’t get anything in on time and process delays occur. Amc’s are a time sink. They all do it, the time wasting effect is cumulative.
The pimpin continues
The other day I joked with a fellow appraiser, yet again dealing with amc nonsense, “Why complain about getting shorted when you lost the very minute you decided to engage with an amc in the first place.”
Appraisers whom refuse to exercise their muscle and direct lenders away from amc’s are a part of the problem.
If you have the opportunity to direct a lender to an assignment portal, choose value link ams, they’re the only one that to my knowledge does not pass these lender side operational costs off to the appraiser.
This sounds like normal amc behavior. All one has to do is routinely ask process questions and the non licensed clerks will share that information. Their defensive point is ‘you’re replaceable’. The choice to take action will be yours.
Its more than just AMCs Baggs. Point taken though. Customer service is non existent where appraisers are concerned.
It is the entire concept of UCDP and reconfigured appraisal formats that permit the ‘client(s)’ to steal, data mine, manipulate them, redact them, summarize or simply restate entire portions of our appraisal reports for downstream users that ‘can’t be bothered to read’ all the things our standards dictate that we include.
The only real solution is to return to emailed pdf reports. No mercury. No appraisal Port (even the 5th Circuit court called what they did THEFT). No avms, no hybrids, no AMCs, no AMS’s. Just locked pdf files delivered via email. If not reproduced in a default exactly as originally delivered NO RECOURSE to appraiser and manipulators go to jail.
THAT would “preserve the public trust.”
The distribution clerks confuse managing the act of being a clerk, with managing appraisers themselves. They’re just clerks, appraisers are ultra wimpy if they can’t stand up to a low level process clerk. Kek!
It is Not price fixing to ONLY refer appraisers whose prices are higher, or at least as high. Price does not set quality, based on standards, it does insure a harmonious community
I remember several instances where clerks at the LA VA assignment desk were caught accepting payoffs from appraisers. Never did find out if the appraiser lost his license, but the News media said that actions had been filed.
Did many foreclosure appraisals in the past, Never supplied with the lenders original report. I did receive assignments for duplexes that turned out to be vacant lots. Does the example of crooks in the business frighten tooo many businesses, tooo many disciplines, too many politicians, tooo many unions, and not enough information.
The popular crook is published, the popular politician is heralded for discovery. The politician gains strength for citing STUFF wither the stuff is workable or not.
too much stuff.
don
This topic is very old. I thought that as the number of appraisers decreased the situation would improve. There are a few FACTS to be considered. First…the lenders do not want us to be involved in their transactions. Second….various rules, etc. require that we be involved. The lenders earn a damn fortune making loans….however, they CANNOT do this without appraisers (at this time). It would seem to me that appraisers as a group should have a bit more respect. I have recently retired and I still have hope for this profession. As long as we have appraisers willing to work for chump change for AMCs…nothing will change!
The bigger picture; The FED facilitates a negative lending rate for major lenders. They get paid even if they don’t loan anything. Welcome to the new pump and dump economy. The predatory nature of lending is now built in.