Tagged: AMC

Another Huckster Enters the Appraisal Arena 20

Another Huckster Enters the Appraisal Arena

Yet another third party huckster has entered into the real estate appraiser and appraisal arena. It’s that time again! Yet another third party huckster has entered into the real estate appraiser and appraisal arena. Apparently motivated by pure altruism. We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” stated Vladimir Bien-Aime, president and CEO at Global DMS. (I LOVE this guy, he writes like me!) Global DMS Launches SnapVal to Provide Instant, Accurate, Guaranteed...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

The Truth is Hybrid Hucksters Don't Hire Professionals! 8

The Truth is They Don’t Hire Professionals!

Hybrid hucksters always argue “Why can’t trained professionals like brokers or insurance inspectors” perform the appraiser’s field inspection. The answer is because ‘trained professionals’ like those noted don’t work for $25 an inspection; are unwilling to give up their day jobs for a chance at a single $25 inspection one or two days a week, AND if they are truly trained professionals, to begin with, they are unwilling to work for part-time income of $0 to $25 a day in vain hope of having a periodic 8 or 16 inspection day (assumes all 16 are side by side since there’d...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

AMC Request to Only Appraise the Residence of the Live-Work Building 13

Is This Something You’d Do?

An AMC for a lender contacted a residential appraiser with the request that the appraiser “appraise only the second floor residence” in a two story Live-Work building within a commercial district, where SFR’s are allowed by zoning. Ground floor area of this Live-Work building is an ice cream & gift shop. The second floor is a fully finished & functional residence. Entire property is being sold. There are numerous legitimate Live-Work buildings in Seattle (and likely elsewhere also). They are properly zoned as such, are listed that way, appraised by using similar type sales – and mortgaged. Typically these are 2-3...

Appraisal / Appraisal News / Appraisers News

$599 Appraisal Waiver to Save the Borrower Money? - Appraisers Blogs 16

$599 Waiver to Save the Borrower Money?

The consumer is being fed yet another lie! Remember when we heard an appraisal waiver will save the borrower money? Do you recall all those videos from loan officers and mortgage companies encouraging borrowers to obtain an appraisal waiver to save them money? News flash – they lied! But you already knew that. Well, fellow appraiser and blogger Krystal Schware of Paragon Appraisal Services has a story for you: “The Danger of Saying Yes to an Appraisal Waiver”. “For only $599, we will grant you an appraisal waiver to help you avoid having an appraisal that ‘comes in short’.” **...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Cyber Threats Are Real Risks to Appraisal Firms. Corelogic's Data Hacked 17

Cyber Attacks on Corelogic

Recent Cyber Attacks on CoreLogic and a Large Appraisal Firm Expose a Real Business Risk to Valuation Firms and Companies. As two recent attacks show, cyber crimes pose a real risk – legally and economically – to appraisal firms, management companies and other businesses involved in property analytics. If an operation like CoreLogic can be victimized by criminal hackers seeking property information, as it was in an attack earlier this month, any valuation firm or property analytics company is at risk. And, more seriously, the losses suffered by an appraisal firm in the separate cyber attack discussed below demonstrate how...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

Smedley Dingledorf Takes the Job for $275...No Quality or Expertise 75

Smedley Dingledorf Takes the Job for $275

One of my lifetime best friends is Bart Simpson, who is an actual person. We grew up together from elementary school through high school but went our separate geographic ways to college. My other best friend during that era of my life was Harry Benson, who was also the key character in Michael Creighton‘s early best seller, “The Terminal Man” but that’s another story. Bart taught me how to ski and how to make plexiglass cookbook holders (hey it was the 70s). We spent our weekends riding bicycles everywhere, especially into D.C. on weekends to meticulously go through each of the...

Snippets / Trending

COD at The Door? - Can Appraisers Collect at the Door? 28

COD at The Door?

Can Appraisers Collect at the Door (COD)? In the past, it was common for appraisers to collect their fees directly from the borrower at the time of the property visit (i.e., at the door). I would take credit cards, checks, or cash while at the door. Many years ago, this was common. Now, however, that rarely happens and we usually have to wait 30- to 60-days for payment from the AMC client. So recently, when I got a COD order from HUD, I was really surprised. In fact, I thought something was bogus. I needed to check this out since...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Appraisals Costs Hardly a Burdensome Cost? Appraisers & Realtors Unite! 19

Standing With Us Protecting Consumers!

…average costs and appraisal turnaround times are minimal… VaCAP joins 29 State Appraisal Organizations in opposing an increase in the appraisal threshold. Behind the scenes, VaCAP and the Network have been working with Constantine Cannon LLP on drafting a formal comment on the proposed appraisal threshold increase from $250,000 to $400,000. The result is very thorough and factual. Each state organization contributed facts, figures and scenarios and Constantine Cannon compiled it all referencing current law and prior attempts of increasing the threshold. VaCAP is proud of the work that has been accomplished and proud to be part of a Network...

AGA / AI / AMC / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 34

Planet of Deadbeat AMCs!

So who is really responsible for payments to appraisers?… Where to start with this? Do I have to refer you back to my past articles like What’s Not in Your Wallet or Appraisers Outraged? Where do we even begin… We begin here. Another story of an Appraisal Management Company going out of business, owing tons of money to appraisers for services they provided. Coester VMS, once one of the biggest players in the game, closed its doors recently. They closed them leaving appraisers with thousands of unpaid invoices for services that who knows if they will ever be paid for....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Hybrids' Indicated Value & USPAP Coup de Grace, Better off at McDonalds 29

I’d Be Better off at McDonalds

…they provide no documentation as to how their algorithm produces this indicated value… I had to “jump in the pool” and see what these bifurcated appraisals are all about. The names have been withheld to protect the guilty. I recently completed a “bifurcated” report for one of the AMC’s providing this type of service. The form is to be completed on their site and they recently upgraded to the “new and improved” report on their portal as of January 1, 2019. The subject is sited in an urban location and while not an anomaly per se, does display features such...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

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