Tagged: AMC

Coffin Lid Closed on Defunct AMC 38

Coffin Lid Closed on Defunct AMC

AMC is indeed closed! Over the last number of days, I have sent messages about a Washington State Appraisal Management Company which was about to fail. This AMC is owing many appraisers thousands of dollars in unpaid appraisal fees. I performed an ‘autopsy’ on that AMC while it was still kicking and screaming. I now have confirmation from two separate appraisers, on two separate days, that the AMC office is now closed, with most furnishings removed. The AMC owner has not informed any appraisers about this action, or anything else related to the business closing. Because those of us involved...

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

Valligent New $40 Alternative Valuation Assignment 31

Valligent New $40 Alternative Valuation Assignment

Valligent, an AMC with ‘national’ presence, is soliciting appraisers to complete a new alternative valuation product on behalf of their GSE clients. There is nothing wrong with doing these. Any appraiser can. But any appraiser who does these assignments is required to comply with USPAP’s Record Keeping Rule. Which means keeping a Workfile for every assignment. In order to do these alternative valuation assignments, you need to comply with USPAP Standard 3, because you ARE providing a report review service. Even though Valligent is sly about not really revealing that aspect. The SOW for these assignments, which I highlighted below,...

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

The Decline of Appraisers 26

The Decline of Appraisers

The problem is not simply that too many appraisers are retiring. Very few appraisers are entering the profession. In Illinois, the drop in real estate appraiser trainee applications went from 1,231 in 2005 to only 55 in 2015. That’s an over 95 percent decline. This drastic reduction in new entrants is being seen in states across the country. Many appraisers welcome the shortage, which has already driven up fees in many areas. But many believe the celebration is shortsighted. A decline in the number of appraisers threatens the integrity of lending and undermines the stability of the real estate market…

AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal Management Companies

Autopsy of a Failing AMC 16

Autopsy of a Failing AMC

The autopsy has revealed… Appraisers and others, I have previously reported about a Seattle area AMC, who I and others believe, is just about to ‘officially fail.’ This AMC claims to be registered in many states, places orders ‘nationwide,’ and uses both “Staff” (1099) appraisers in the metro areas, and independent vendor appraisers (also 1099) in other areas. I am purposely not reporting the AMC’s name. Even though it’s a terrible situation for many appraisers, the AMC deserves some courtesy as they attempt to stay afloat. They have taken steps to do so. But with no expectation from observers with...

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

Demand Payment - AMC in Trouble 11

Payment Trouble – Another AMC Failing?

If you don’t demand payment, you work for free. Folks, I learned from two different appraisers, that an AMC/Appraiser Company may be on the verge of failing. The AMC is based here in Washington State not far from Seattle. It has 4 initials in its name. First initial starts with “W”. This company operates as an Appraiser Company with W-2 employee staff appraisers, and as an AMC with vendor appraisers in those areas where their staff appraisers don’t work. The situation came to light today in an email sent out to their appraisers. They admitted they do not have the...

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

Mister 225 appraiser & VaCAP 27

Mr. $225 Appraiser and VaCAP

Mr. $225 Appraiser, you are a major contributor to the problem Recently VaCAP has been receiving correspondence from Virginia Appraisers complaining about low fees and AMC abuses. Comments like the “The AMC is taking more than half of my fee” and another “Why hasn’t VaCAP done something?” One of the best yet… ”When is the Customary and Reasonable Fee Committee meeting? I can’t keep accepting appraisals for $225“ This came two weeks after the Customary and Reasonable Fee Committee meeting! Well Mr. $225 Appraiser, what rock have you been under? VaCAP sends out information on a regular basis; on average...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Porter Ranch Environmental Issues 5

Environmental Issues Notice to Appraisers

Response to LRES email concerning appraiser’s responsibility regarding environmental issues Fellow Appraisers, Have you asked yourself WHY a few more of the larger regional AMCs are joining organizations like REVAA? In my opinion, it is because they and their clients (usually GSE lenders) KNOW that they are not truly compliant with Dodd-Frank’s C&R requirement. Despite disclaimers or advisories like this, they also know that the bulk of their work products are ‘probably not compliant’ with USPAP. Notices like this don’t normally get set out until ‘after the fact’ issues arise. REVAA recently helped coerce the State of Virginia (through threat...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Big data is in real estate 13

Big Data is in Real Estate

The only thing Big Data can’t do is smell. I got a call from my credit card company. Now I have been traveling a lot lately on business. Apparently, someone got my number and charged $199.53 at WalMart on Monday. I was not in WalMart, but a couple a weeks ago I bought a new TV at Sam’s Club. No question about the Sam’s Club purchase. How did they know I did not go to WalMart? I am truly amazed. The reason – BIG DATA! The banks are amassing massive amounts of data on you, me, everyone. They know more...

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

Board Member Says Squeaky Wheel Gets the Grease 2

Board Member Says ‘Squeaky Wheel Gets the Grease’

Board Members reported a shortage of individual appraisers offering suggestions, complaints and concerns… Legitimate ‘complaints’ should never be referred to as whining by any professional in my opinion. To do so diminishes the importance of the concerns being addressed. I attended the Las Vegas Public Hearing of the The Appraisal Foundation (TAF) / Appraisal Practices Board (APB) last Friday. No Appraisers Guild or member funds were used in any way for this. There was lots of good information. Board Members reported that there really is a shortage of individual appraisers offering suggestions, complaints and concerns to them as a Board,...

AGA / AMC / APB / Appraisal / Appraisal Management Companies / Appraisal News

Talked lately - We need to Talk VaCAP 6

Talked Lately? We Need to Talk!

Being informed is the key to success. Have you talked lately? Communication among appraisers is critical to our continued success. Whether it is reading a newsletter, having lunch with a colleague, or socializing at an industry function, this is how we learn, grow and succeed. Are you registered with the Townhall? The Virginia Regulatory Townhall is the regulatory website for information. Here you will find the regulations of the Virginia Appraisal Board, proposed regulations, and proposed changes. The Townhall is also the place to go for dates, times, agendas, and meeting minutes of the Virginia Appraisal Board Meetings. This is a must...

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

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