AMC’s who demand you change site size in reports are amateurs… Appraisers, Yesterday, an appraiser ‘pen pal’ sent me the query below, asking what I would do. My response follows. I admit to having a very low tolerance level for stupidity and demands from others who don’t possess all the facts, and most often are not appraisers. The query: “Over the past year with more AMCs going to automated checker software, I have been getting “correction notices” about the site size I reported, almost for every report. So, I changed how I did it so it would stop coming back, but...
AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...
The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...
What happens after you file a claim against a defunct AMC’s bond? One appraiser has shared the response received from Western Surety Company, the company that issued the surety bond on TCValuations. “Western Surety Company is in receipt of several claims to date. If the amount of claims exceeds the penal sum of the bond, Western Surety Company will be required to do a pro-rata distribution of funds or file an interpleader action. In an interpleader action, the court will decide the amount that is due each individual claimant and generally represents a pro-rata amount of each individual claim based on the total...
In 2013, Brian Coester of the Coester VMS AMC tweets “we pay the least and get the least qualified appraisers.” The graphic below was sent to me so I looked for it on twitter and the conversation is still there. A long dormant appraiser twitter account @insidevalues engaged in a conversation with AMC founder Brian Coester back in 2013. Brian responded 4 days after the question and then explained the “elite gold club” set up where appraisers would get more volume at a lower price point. I kept trying to apply sarcasm to Brian’s (he has blocked me even though I don’t recall ever engaging...
AI & 37 Appraisal Organizations pushing back against Appraisal Waivers… Clarification on Treasure Valley Factors: Last week we shared with you information about Treasure Valley Factors no longer accepting invoices from Managed Appraisal Services. Many interpreted this to mean Treasure Valley Factors was no longer accepting appraisal management companies’ invoices. This is not correct. Managed Appraisal Service, Inc. is an Appraisal Management Company located in Horsham, PA. It is this company’s invoices Treasure Valley Factors is no longer accepting. Treasure Valley Factors is still accepting invoices from other Appraisal Management Companies. Treasure Valley Factors reviews each company individually and makes decisions...
For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices. Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business...
Diligent Asset Valuations Alleged Multiple Non Payment to Appraisers Anyone that knows me, or who has read past comments concerning California BREA’s non enforcement of C&R fees also knows I’m not generally their (BREA) biggest fan. However, it would be intellectually dishonest not to recognize a case where they did the right thing. The case in question, BREA vs Diligent Asset Valuations (DAV), involved alleged multiple order non payment to appraisers by an AMC where orders were placed or assigned through the MERCURY NETWORK. The specific logistics of how Mercury is involved could be of interest to those that use...
Appraisers who won’t or can’t “just say NO” to low echelon AMCs The comic strip below reminds me of… Low echelon lenders who think a copy of an appraiser’s license must be included in appraisal reports. They apparently never have actually read an entire report to find that info is already included Low echelon lenders who think a copy of our E&O binder page must be included in appraisal reports Low echelon AMCs who are agents for the low echelon lenders above and just accept that nonsense, passing the demand on to appraisers Low echelon AMCs who fail to inform their...
What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: Ҥ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...
