Tagged: AMC

January 30, 2013

Evaluation Solutions Failure

Evaluation Solutions, LLC: The Anatomy of an AMC’s Failure and Why Lender’s Should Care Last week, I had the pleasure of speaking to the Collateral Risk Network about lender oversight of appraisal management companies. With that exciting topic as my general theme, I chose to address the specific issue of AMCs failing to pay independent contractor appraisers for appraisals ordered by the lender-client (and also failing to pay agents and brokers for BPOs). This issue has been brought to the forefront of many appraisers’ minds and bank accounts by the recent failure of two large AMCs: National Real Estate Information...

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

January 28, 2013

Deadbeat AMCs – FBI Wants to Know

We are passing along this message from Dave Towne: “Ivor Hill has been working with the FBI. Today (1/24/13) the FBI collected all the files he had for JVI and appraisers that are owed money.” “He has asked to ask everyone, and that they ask everyone they know, to spread word that if anyone is owed money from ES Appraisal or any other AMC that went out of business without paying for appraisals to please contact him. He is putting together information directly for FBI investigations.” Please tell your friends to contact Ivor at: ijh@ijhill.com

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / ES Appraisal Services

January 23, 2013

NCRC Statement on CFPB Appraisal Rules

Washington, DC Jan 18, 2013 – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new appraisal rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new appraisal rules promote transparency and fairness for consumers. In a step that NCRC has long called for, all consumers will now receive copies of appraisals and automated valuation model (AVM) reports and will be able to check them for errors. Further, consumers and industry alike will benefit from the use of responsible valuation professionals in high cost loan origination. We are very pleased that the CFPB...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

January 18, 2013

The Help for Appraisers

I love movies, but I did not enjoy going to ‘The Help’ this past year with my wife. It probably stems from the fact that I wanted to attend the other theater (which was playing Captain America), but it was her turn to pick. The movie did, however, remind me of a time in our history where certain individuals were treated less than others. Not cool, and it made me very uncomfortable. There is another kind of ‘Help’ that many appraisers also find not so cool and makes them feel uncomfortable; that is… ANY HELP WHATSOEVER! For some odd reason,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

January 16, 2013

CoesterVMS Flat Fee Appraisal Structure Controversy

Lately, there has been some controversy surrounding the announcement of CoesterVMS implementation of a flat fee appraisal structure which went into effect on January 1. The announcement appeared on CoesterVMS Blog on January 7: CoesterVMS, a nationwide appraisal management company, has implemented the appraisal industry’s first ever flat fee model for residential appraisals. Under the flat fee model, which took effect on January 1, 2013, all conventional appraisals for mortgage lenders are priced at $450 while FHA appraisals are $475*. Customarily, appraisal management companies utilize a tiered fee structure, whereby prices are determined based on the property type or the...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

January 16, 2013

Solidifi & Kirchmeyer Join Forces

Solidifi and Kirchmeyer complete deal positioning Solidifi as 3rd largest independent provider of residential real estate appraisals Companies consolidate offices in Buffalo, New York Solidifi Inc., Buffalo, New York, January 7, 2013 — Solidifi and Kirchmeyer, two leading independent real estate appraisal management companies, have joined forces in a deal that will see Solidifi become the third largest independent provider of residential real estate appraisals in the country. The company is a trusted, well-capitalized alternative to traditional appraisal management companies servicing more than 50% of the nation’s top lenders. “Following a $22 million financing in 2012, Solidifi is in growth...

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

January 4, 2013

National Real Estate Information Services (NREIS) Closing

National Real Estate Information Services (NREIS) to Close in February. Information is circulating from various sources that National Real Estate Information Services (NREIS) will be closing within the next sixty days. Sources say NREIS employees have been notified that it will be closing. If you are owed for unpaid appraisal reports, you should contact NREIS immediately and demand payment. When the shutdown happens, and you are still unpaid, contact the LENDER directly. LENDERS are responsible under federal lending regulations for the actions of their AGENTS (such as NREIS), and thus are legally responsible for your fee payment. If you are in...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / National Real Estate Information Services (NREIS)

January 2, 2013

Filing a Complaint Against ES Appraisal Services

Filing a Complaint Against ES Appraisal Services With Arizona Board of Appraisal The Board of Appraisal has received information that ES Appraisal Services, registration #40150, has filed for Chapter 7 bankruptcy and is closing its doors for business. If you have an open invoice on an appraisal completed for ES Appraisal Services in Arizona, which is past the 45 days required by statute, please file a complaint with Rebecca Loar at the Board of Appraisal by January 11, 2013. A.R.S § 32-3675. Payment EXCEPT IN CASES OF BREACH OF CONTRACT OR SUBSTANDARD PERFORMANCE OF SERVICES, EACH APPRAISAL MANAGEMENT COMPANY SHALL...

ABOA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

December 27, 2012

Evaluation Solutions Closes Its Doors

Evaluation Solutions, ES Appraisal Services in bankruptcy… Another AMC is closing its doors. Evaluation Solutions, ES Appraisal Services is in bankruptcy. Appraisers who have been inquiring about money owed to them, are receiving emails stating “Due to unforeseen circumstances Evaluations Solutions, ES Appraisal Services is ceasing operations” and “any inquiries should be directed to Bradley R. Markey…” The following is a letter from their bankruptcy attorney, Stutsman Thames & Markey, P.A.: Our firm has been retained to file a Chapter 7 bankruptcy proceeding for the company. Evaluation Solutions lost its major client earlier this week and was forced to shut...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / ES Appraisal Services

November 30, 2012

Geographical Competency

Can we stop equating distance with geographical competency? There was a recent study completed that proved, beyond a doubt, what I have essentially suspected for years. The topic was what causes criminals to do what they do. After much study and consternation, it was discovered that all criminals, regardless of the crime and in 100% of the cases, have one thing in common. They all had a mother. There is an old debate trick called “Hasty Generalization.” Basically, it means taking something that may be true in some cases and applying it to all cases. “The Hansen family home schools...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice