a la mode and National Data Collective Form Partnership to Offer Real Estate Data Services to Appraisers November 10, 2014 — Naples, FL — a la mode announced today that NDC (National Data Collective), a leading national provider of property data services for real estate professionals, has agreed to integrate its data services with a la mode’s full range of appraisal formfilling systems. NDC offers a subscription-based data service to appraisers covering more than 130 million properties in all 50 states, with full property profiles, assessor records, deed history and comparables data. Its products are available on desktop and mobile...
HOA Fees but no PUD? It happened again this week. An appraisal was done, the report was turned into the AMC, and this was the revision request: “A preliminary review of your appraisal indicates that the HOA fee was filled out, but the PUD box and PUD section was left blank. Please fill out the PUD information and resend the report at your earliest convenience.” Ugh! I opened up the report and wrote a quick sentence or two in the Additional Comments section explaining that the subject has HOA fees for the private road maintenance, but it was not located...
A consumer class action complaint has been filed against a lender and its AMC relating to the subject matter of a prior CFPB investigation and settlement. Last August, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against Amerisave Mortgage Corporation, its affiliated AMC Novo Appraisal Management Company, and one of the owners of both companies Patrick Markert. Part of the CFPB’s action concerned alleged overcharging for appraisal services by the AMC and failure to disclose the AMC’s affiliation with the lender. Under a consent order, Amerisave and Novo agreed to pay $14.8 million in refunds to consumers and a $4.5 million...
We are professionals and should be treated with the same respect and trust that other professionals are afforded. Relationships are important. The bonds we form with a spouse, children, friends, or business associates can be powerful and a strength. When trust is broken, however, deep challenges emerge. Divorce, separation, or permanent dissolution can be the end result when someone’s integrity is on the line. The trust factor between an appraiser and the client is essential if professionalism and continued business is to be amicable. Last month, I wrote an article about taking drive-by and comp pictures. The comment boards lit up. Most appraisers agreed...
Can You Tell I’m Excited about working for an Appraisal Management Company? Today I received a notice telling me my best customer was changing over to an AMC for all their appraisal ordering. I have worked for this company for many years and have always enjoyed a great relationship. Today that ended. I can longer talk to any person at the bank. In my application to continue working for this company I have worked with for so long, I have to provide sample reports, a resume, three business references, license info, info about CE classes I have taken. I have...
Virginia Study on Customary & Reasonable Fees for Residential Appraisals BLACKSBURG, Va., Oct. 7, 2014 – Virginia Tech researchers and students conducted a survey of Virginia residential real estate appraisers to analyze the patterns of fees earned in 2013. Prior to the release of this report, no data existed that defined “customary and reasonable” residential real estate appraisal fees in Virginia. This report is the third report of its type to be conducted in the United States, and the first in Virginia. The research was conducted in response to recent amendments to the Truth in Lending Act modified by the...
Regulations state that appraisal adjustments cannot be based upon an appraiser’s opinion. According to federal and state law, adjustments must be based on support and evidence- proof if you will, and an appraiser’s opinion is not considered to be “support.” Many appraisers have failed to support their adjustments and as a result have had their licenses revoked, penalties assessed and lawsuits lost, all because the they failed to understand a single but important requirement. Think about your appraisals. Are the adjustments based on your opinion or do you have proof of the adjustment in your workfile? Then one day I...
Real Estate Appraisers of America: Declare appraiser independence by prohibiting lenders from having any ownership or stake in the real estate appraisal process. This declaration of the real estate appraisal workers of the United States of America and those who stand together with the appraisal industry is made subject to the understanding that commercial and financial events guide growth and development of society, and that financial products and services are integral to the necessary and successful health of our citizens. It is further understood and recognized that the fair and independent valuation of underlying assets backing financial products are critical...
Utah Study on Customary & Reasonable Fees for Residential Appraisals An online survey of both Utah mortgage lenders and Utah licensed and certified residential real estate appraisers was conducted to discover customary and reasonable fees for residential appraisals throughout Utah for 2013. Federal regulation pertaining to customary and reasonable fee studies specifically “excludes compensation paid to fee appraisers for appraisals ordered by appraisal management companies.” Therefore, this study does not include appraisal fees paid by appraisal management companies to Utah appraisers. Two surveys, one for lenders and one for appraisers, were prepared to capture the unique demographic and background information...
The CFPB has ordered Amerisave and Novo to pay $14.8 million… The Consumer Financial Protection Bureau (CFPB) announced Aug. 12 that it fined mortgage lender Amerisave Mortgage Corp., its affiliate, Novo Appraisal Management Company, and the organizations’ collective owner, Patrick Markert, $19.3 million for allegedly luring prospective borrowers with misleading interest rates and trapping them with inflated appraisal fees. The CFPB claimed that the lender and its affiliated AMC violated the Truth in Lending Act and Real Estate Settlement Procedures Act by enticing tens of thousands of borrowers with deceptive advertising and then illegally overcharging them for third-party services. The...
