Tagged: Appraisal Management Companies

Hiring of Trainees to Remain Slow - Disservice to the profession 6

“Hiring of Trainees to Remain Slow” Shocking News?

“Hiring of Trainees to Remain Slow” This is ‘Shocking News?’ According to a recent survey conducted by the Appraisal Institute, “trainee hiring will remain relatively weak for the next one- to two-years.” Um, I hate to disagree with the results of what I am sure is a credible survey, but this is just a gross underestimation. One-to two-years? How about FOREVER unless something drastically changes in our industry? Most know me as a fairly optimistic voice in the appraisal world. I am not usually one of those on the sidelines calling “foul” at every supposed indiscretion and ‘unfair’ practice that...

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

Former Chief appraiser sues AMC 8

Former Chief Appraiser Sues AMC

Former Chief Appraiser Sues Appraisal Management Company Over Alleged Appraisal Independence Violations With respect to appraisal management companies (AMCs), based on the large volume of appraisal regulatory and legal matters that we track, I feel comfortable stating that there is no material governmental enforcement of the appraisal independence rules adopted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (or in the earlier rules adopted by the Federal Reserve Board in 2008 as part of Regulation Z). Neither the Consumer Financial Protection Bureau nor any state attorneys general have undertaken any significant investigations or taken any significant legal actions...

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

Upcomming AMC Licensure 0

Upcomming AMC Licensure

AMC Licensure in Virginia On July 1, 2014, every AMC wishing to continue operating in Virginia will be required to apply to the Virginia Real Estate Appraiser Board for a license to conform with recently passed AMC laws. Hopefully, the VREAB will prudently and completely vet these business PRIOR to the issuance of a license. It is my understanding the VREAB staff is leaning towards granting licensure upon application without any substantive vetting of the applying AMC’s. It is also my understanding that appraiser members of the VREAB are opposed to this administrative position and understand the importance of pre-licensing...

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

Appraisal fee study 6

Appraisal Fee Study – Louisiana

Louisiana Appraisal Fee Study The Business Research Center at Southeastern Louisiana University conducted an online survey of mortgage lenders with offices in Louisiana and licensed Louisiana real estate appraisers to collect information on typical residential real estate appraisal fees paid in Louisiana in 2012. Appraisal fee data were restricted to appraisal fees paid directly to licensed appraisers (i.e., not routed through appraisal management companies (AMCs)), per guidance of relevant federal regulations for determining “customary and reasonable” fees. Useable responses were received from 113 mortgage lenders located in 25 parishes (plus out-of-state) and 383 appraisers with primary offices in 38 parishes (plus...

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

Bank of America Appraisals Reviewed in India 6

Bank of America Appraisals Reviewed in India

Bank of America Reportedly Sending Property Reviews to India Bank of America reportedly opened a unit in India to review valuation reports in an effort to boost its share of the U.S. mortgage market at a lower cost, Bloomberg reported June 28. Workers in the new Bangalore office use checklists to decide if appraisals are complete, according to people who talked to Bloomberg on the condition of anonymity. Bank of America also eliminated positions at its Plano, Texas-based LandSafe appraisal division, which made $78.8 billion in loans in 2012. “One of the biggest problems in the mortgage business is all...

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

JPMorgan Chase Not Liable for AMC Appraiser Fees 1

JPMorgan Chase Not Liable for AMC Appraiser Fees

JPMorgan Chase absolved… In a June 27 ruling, the U.S. Bankruptcy Court for the Middle District of Florida permanently absolved JPMorgan Chase of all liabilities for fees due to appraisers as a result of the closure and bankruptcy of Evaluation Solutions, an appraisal management company that provided services to JPMorgan Chase. The court’s decision resulted from an action brought by the bankruptcy trustee, Summit Financial Resources, and by JPMorgan Chase that requested the court approve a settlement to be paid from the assets of the bankruptcy estate to Summit for a loan made to Evaluation Solutions. The loan had been...

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

Volunteer to help VaCAP 1

Letter From Pat Turner

Volunteer to Help As we move forward into a new year and the time for renewing our memberships, I wanted to share some points with you. Yesterday I had a long time respected friend and colleague take me aside to offer me some good advice and counsel. She had been at a gathering of appraisers and she was concerned with the few of us who have joined and/or renewed our VaCap memberships. She asked people why and the overwhelming answer was “Well, VaCap has not done anything for me lately”. This was a wake-up call. Reflecting on that, I can...

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

CoreLogic acquires Marshall & Swift & DataQuick 1

CoreLogic to Acquire Marshall & Swift/Boeckh & DataQuick

The combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities… CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced the Company has entered into a definitive agreement to acquire Marshall & Swift/Boeckh, a leading provider of residential and commercial property valuation solutions to the property and casualty insurance industry, DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lender Solutions from the Decision Insight Information Group (DIIG). Founded in 1930, Marshall & Swift/Boeckh (MSB) is the leading provider of building cost information,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

ESA Bankruptcy, Is Chase To Blame Or A Victim? 3

ESA Bankruptcy, Chase Culprit or Victim?

ESA Bankruptcy, Is Chase to Blame or a Victim? I find myself offering thoughts about many strange and unusual situations involving appraiser E&O and risk management in general, but today may be the strangest subject of all – why it appears Chase did nothing wrong in the ESA bankruptcy case. Don’t misunderstand this as meaning I like Chase in the slightest. I strongly disapprove of what Chase has done and continues to do to appraisers using blacklisting, strong-arming, and filing state licensing complaints to force its will on the appraisal profession. I find much of what Chase has done as...

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

Washington State Raises AMC Bond Requirement to $100,000 1

Washington State Raises AMC Bond Requirement to $100,000

As a direct result of the recent financial failure of appraisal management companies like Evaluation Solutions and ES Appraisal, the State of Washington recently enacted a new law raising the state’s AMC bond requirement from $25,000 to $100,000.  As of July 28, 2013, all AMCs registered in Washington will be required to carry a bond in the new amount. One of the purposes of the bond is to provide security for payments owed to appraisers by AMCs. If an AMC fails to pay an appraiser in accordance with Washington’s requirements, the appraiser then may have a claim against the AMC’s bond....

ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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