Tagged: AMC

August 24, 2020

Could the CFPB Eliminate AMCs?

Will this be detrimental to appraisal management companies that operate under the fast and cheap mentality?… Let’s face it, the appraisal management company will not survive with quality appraisals at a reasonable and fair fee… The Consumer Financial Protection Bureau is seeking public comments on the proposed rules for a Qualified Mortgage. The proposed rules require the lender to season the mortgage for 36 months before they can sell it to Fannie or Freddie. What that means is the lender will own that loan for 3 years. Fast forward if the new rule goes into effect… The lender will be...

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

Should Appraisers Pay to Be on AMCs Approved Appraiser List?

August 21, 2020

To Pay or Not To Pay, That is the Question

Should appraisers pay to be on an AMC’s approved appraiser list? Is this one way to get new clients? If an AMC solicited you, would you check it out? Now, I work for some AMCs that, frankly, you might not choose to work for. That’s fine. It’s a choice we all make. Understand that most of the areas I work are rural, so AMCs are generally willing to pay more because of this. Some AMC are very demanding. Yet, when I meet those demands, I get a lot of well-paying jobs from them. Recently, a new AMC asked me to...

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

June 29, 2020

The Power of No!

Appraisers always had the power to end the appraisal management pyramid scheme. All we had to do is say no. Low fees, headaches, and idiotic reviewers have reached maximum capacity. The imploding of appraisal management companies is forthcoming. Over the past few months, appraisers have been simply saying no to low paying, time wasting, headache giving appraisal management companies; problematic portals too. I even read recently an appraisal was unable to be uploaded to a portal because the opinion of value was below the contract price. This type of influence rises to a whole new level, not to mention the...

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

June 8, 2020

Fast Connections AMC Fined $2.8 Million

Fast Connections USA, Inc. & its President, Towhindul Hussain, were found guilty of hundreds of violations… Well it must be true what they say… Don’t mess with Texas! The Texas Appraisal Licensing and Certification Board (TALCB) has issued a monetary fine of $2,801,500 against an appraisal management company. Fast Connections USA, Inc. and its President, Towhindul Hussain, were found guilty of hundreds of violations of Texas law and regulations. TALCB found Fast Connections contracted 274 appraisals in Texas without proper registration. These violations have a mandatory fine of $10,000 each. TALCB also found Fast Connections USA failed to pay appraisers...

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

May 15, 2020

You Are a FEE Appraiser Not a FREE Appraiser

you are a FEE appraiser, not a FREE appraiser. Do not continue doing business with AMCs who don’t pay you in a timely manner per your state law… There’s an old phrase, whose origination is not precisely known, which says “mind your p’s and q’s.” What it means is ‘watch what you are doing’, or various other aspects of life. How many of you realize that the AMC business model as we currently experience, it is actually a Ponzi scheme in operation? Remember Bernie Madoff? That kind of scheme. It’s been publicized recently in various places that several AMCs, including...

Appraisal / Appraisal News / Appraisers News / Trending

Appraisal Nation Late Paying Appraisers Again

May 13, 2020

Appraisal Nation’s Payment Issues Again!

In July 2019, appraisers were having payment issues with Appraisal Nation. They were slow paying and when they paid, their checks bounced. Yesterday, they emailed the appraisers on their panel explaining that they have come up against a back log in their Accounts Payable team due to the threat of COVID-19. One has to wonder how are they capable of sending orders to appraisers, collecting the appraisal fees, asking for revision requests, etc. but paying appraisers on time is an issue during the pandemic? Dear Appraiser, We continue to find ourselves living through an unprecedented time as the situation with COVID-19 continues. As...

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

April 6, 2020

Desktop Appraisal Not the Same as Hybrids

A modified desktop appraisal is NOT anything like hybrid/bifurcated reports promoted by some AMCs and lenders… Appraisers, I have a correspondence relationship with an appraiser within one of the ‘agencies’ who this past week issued new guidance for “modified” reports, including desktops. I’m not allowed to say who, or which agency, but I have actually met the person at a conference, and the individual has been in this industry about 99 years, give or take a few – no…lots! The person provided this suggestion for those of you who are beginning to do the new desktop appraisal, regardless of which...

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

Homeowner Enabled Appraisal Inspection Tool, Social Distancing Protocols

March 31, 2020

Homeowners Providing Interior Home Data

Clear Capital is launching a new homeowner-enabled appraisal inspection tool the week of March 30… Over the past few weeks, I have seen in forums many appraisers talking about having homeowners provide home interior details (photos, videos, etc.), which can be used in appraisal reports. Well, guess what? American Ingenuity at work, which will be available soon. From the HousingWire article titled “Clear Capital launches new remote inspection tool“: “Real estate technology company Clear Capital has launched a new homeowner-enabled appraisal inspection tool, which adheres with encouraged social distancing protocols in light of the coronavirus. OwnerInsight is a tool that...

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

March 24, 2020

Temporary Appraisal Requirement Flexibilities

Temporary Guidance From Fannie Mae… FNMA has issued temporary guidance on appraisal requirements, including allowing desktop & exterior-only appraisals… Folks, due to the ongoing COVID-19 national emergency, the GSE regulator FHFA and both GSE’s have issued new (temporary) guidance on Monday, March 23, 2020. These remain in effect through May 17, 2020, but could be extended due to the on-going situation. NOTE: I have seen nothing yet from FHA or VA. Appraisers (and AMCs) CANNOT modify assignments or reports without specific authorization from the lender client. Appraisers CAN choose to do, or not do, assignments under the inspection guidelines, and per directives...

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

March 11, 2020

Unsolicited Appraisal Request

…an unsolicited appraisal request instructing payment be collected at the door… Well who said 2020 would be a nice calm year for appraisers? VaCAP has been receiving messages from appraisers about some of the crazy dumb stuff lenders and amcs are doing. What is scary is the things we are hearing are very reminiscent of 12-15 years ago. A long time VaCAP member forwarded an appraisal request to us he received via Mercury Network. All was good with the order, turn time, fee; all good except for one little issue, payment was to be collected at the door from the...

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