Tagged: appraisal fees

UWM Appraisal Direct: No Mandatory AMC Use for Appraisal Assignments 25

No Mandatory AMC Use

When you work with UWM Appraisal Direct… if a borrower pays $500 for an order, the entire fee goes to you. UWM doesn’t make $1 on the order. No appraisal management fees… This announcement just popped into my email, from HousingWire: UWM launches AMC-free appraisal program UWM to coordinate appraisals in-house United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals. The Pontiac, Michigan-based wholesale lender will instead coordinate appraisals in-house, contracting with appraisers directly, offering appraisers and brokers a way to bypass AMCs altogether, which UWM CEO...

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

Waiting for the Platform to Fall... They Hired the Fastest Cheapest Guy 35

Waiting for the Platform to Fall…

…waiting for the platform to fall… because you know they hired the fastest and cheapest guy to build it! When Dodd Frank was implemented lenders started using appraisal management companies, eliminating appraisers relationships basically overnight. Appraisers embraced the change reluctantly and started accepting assignments from appraisal management companies. Over the years appraisal management companies showed their true colors and lowered fees, required appraisers to pay upload fees and forced many appraisers to pay for unnecessary back ground checks. Some have hired staff appraisers, completely disregarding the intent of Dodd Frank in an attempt to lower operating costs. Today, most AMC’s...

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

Appraisal Issues: Waivers, Racism, Fees & Trainees 18

Let’s Talk Waivers, Racism, Fees & Trainees

Frank Garay with National Real Estate Post interviewed Mark Skapinetz on Monday May 17, 2021. They discussed racism, entry into the appraisal field, appraisal fees and appraisal waivers. Frank intends on having Mark back to discuss other issues at hand within the appraisal industry. Kudos to NREP for using their platform to allow boots on the ground appraisers explain the current state of affairs with regards to the appraisal profession. On racism and racial bias allegations, Mark explains What we don’t know is the other side of it. We don’t know the appraiser side of it. We haven’t seen any...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees

Appraisal Fees Back in the Spot Light 5

Appraisal Fees Back in the Spot Light

FTC vs LREAB Update The Supreme Court has denied the Louisiana Real Estate Appraisers Board’s petition to intervene in the administrative case for price fixing by the FTC. The FTC trial is scheduled to proceed on April 20, 2021. VaCAP is closely following this case and will update you as it proceeds. To view all the activity for this case, go to the FTC’s webpage here. Working RE Appraisal Survey Let your voice be heard on what is customary and reasonable fees for your services. Working RE is conducting the annual fee survey. We have been asked to help distribute...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

Update on FTC’s Price-Fixing Enforcement Action Against LREAB 6

New Appellate Decision – LREAB v FTC

FTC’s price-fixing enforcement action against LREAB… A federal appellate court – the U.S. Court of Appeals for the 5th Circuit – has issued a decision in the long-standing fight between the Louisiana Real Estate Appraisers Board (LREAB) and the U.S. Federal Trade Commission about “customary and reasonable” appraisal fees. I’m venturing here to provide a short, understandable, unbiased summary of the litigation and what this latest court decision means. What did the Court of Appeals decide? Here’s the very short summary: The Federal Trade Commission (FTC) is pursuing an administrative complaint it filed in 2017 against LREAB, contending that LREAB’s “customary and reasonable”...

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

Consolidated Analytics AMC Fined for Appraisal Order Blast Violation 18

AMC Fined for Appraisal Order Blast Violation

Consolidated Analytics, an AMC based in Anaheim California, was fined $3,000 for violating the Utah AMC Administrative Rules R162-2e-306 “Offering An Appraisal Assignment and Communicating with Two or More Appraisers About a Potential Assignment. The specific part of this rule that pertains to broadcasting has been relatively effective in reducing broadcasting of assignments. Clear Capital recently was fined $5,000 for failing to comply and there are additional complaints working their way through the system. CONSOLIDATED ANALYTICS, INC., BRIAN GEHL, Owner/Manager, Appraisal Management Company, Anaheim, California. In a stipulated order dated June 24, 2020, Consolidated Analytics, Inc. admitted that it broadcast...

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

Survey Says... Bifurcation is a DUD! - Appraisers Blogs 9

Survey Says… Bifurcation is a DUD!

“It’s a dud” is the unofficial results on bifurcated appraisals from the OREP / WorkingRE Magazine Appraisal Bifurcation Survey in the print edition of Working RE Magazine that is hitting your mailbox now, an overwhelming majority of appraisers want nothing to do with these products. Less than 10% of the respondents stated they were open to bifurcation products as the appraiser and only slightly more, 13.64% were open to data collection assignments. Fees, liability and a detriment to the profession were the main reasons appraisers will not consider only the data collection assignments. The survey is still ongoing, but with...

Appraisal / Appraisal News / Appraisers News

Appraisal Nation Late Paying Appraisers Again 18

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

WRE Surveyed Appraisers Say NO to the Bifurcated Model 18

Listening to Appraisers

…appraisers believe that the bifurcated model and the use of unlicensed, untrained and unaccountable contractors for key elements of collateral assessment will adversely affect the health and welfare of the housing finance system, increase their own liability and damage the public trust… It is the goal of the Federal Financing Housing Agency (FHFA) to ensure the health and welfare of the housing finance system. FHFA oversees Fannie Mae and Freddie Mac and has, for the time being, paused the testing and development of bifurcated appraisals that bypass the participation of licensed appraisers (FHFA Puts Brakes on Fannie’s Bifurcated Program). I...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Federal Housing Finance Agency

Beware of Spot Value Solicitations 28

Beware of Spot Value Solicitations

Many appraisers have gotten invitation letters in the mail from Spot Value to join their panel. The letter states that the appraiser was recommended by one of their clients and that their panel is by invitation only! They have a website which makes them look legit. Their address at 2601 Main St, Irvine, CA 92614 is to Century Centre building but they do not provide a suite number. The domain is registered to a Michael Miller who is also the CEO and sender of the invitation letters. We were unable to reach Michael Miller at 919-404-4889. Their greeting message is...

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

xml sitemap
blank