Tagged: Appraisal Management Companies

ASA Letter opposing Bill A3781 2

ASA Letter Opposing Bill A3781

Letter from ASA Opposing Bill A3781 Abolishing the NJ State Appraisal Board and Transferring Control to the Real Estate Commission Assemblyman Giblin: The American Society of Appraisers (ASA), the largest multidisciplinary professional appraisal organization in the United States, is writing to express strong opposition to Assembly Bill 3781, which would abolish the New Jersey State Real Estate Appraiser Board and transfer the regulatory oversight of appraisers to the State Real Estate Commission. This bill would weaken the overall regulatory scheme applied to real estate transactions and its myriad parties at a time when new federal and federally-mandated state regulations are...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Another Overtime Class Action Filed Against an AMC - Imagecredit Flickr - moppet65535 1

Another Overtime Class Action Filed Against an AMC

A lawsuit filed last week by a former staff appraiser against LandSafe Appraisal Services, Inc. exemplifies the overtime liability risk faced by many appraisal firms and appraisal management companies. In February, I wrote that overtime lawsuits by appraisers present a genuine liability risk to appraisal firms and AMCs.  In that article, I explained some of the special issues relating to whether appraisers properly can be treated as “exempt” employees for purposes of overtime compensation.  The real-world risk to an appraisal firm or AMC is that a staff appraiser will file a legal action alleging that he or she worked more...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

NAIHP Promotes New Appraisal Rules on Capitol Hill 4

NAIHP Promotes New Appraisal Rules on Capitol Hill

NAIHP acknowledges neither HVCC nor Appraiser Independence rules require the use of AMC’s. The conflict of interest rules contained in the “Interim Final Rule on Appraiser Independence,” were designed to establish a firewall between a loan production department ordering valuations of residential real estate and appraisers, who perform valuations. The Federal Reserve Board (FRB), who established the Interim Final Rule to replace the Home Valuation Code of Conduct (HVCC) in October of 2010, recognized it was not always practical to separate these functions in small financial institutions, which is why the FRB created two sets of firewall requirements: one for...

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

Forecasting Your Appraisal Business 0

Forecasting Your Appraisal Business

Improving your financial management through cash flow forecasting Memorize this statement: “Cash flow is the lifeblood of all businesses.  Without cash flow your business will die.” I stress this statement often when I talk to appraisers during conferences, meetings, and webinars. Why? Because you are a small business owner first… and an appraiser second! Appraisers do a remarkable job and take great pride in their appraisal work. I recommend that you also take this attitude and approach towards your appraisal business, particularly your cash flow. What Is Cash Flow Forecasting? Cash flow forecasting is defined as planning what cash will come into the business in...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

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Kentucky Passes Legislation Helping Appraisers Harmed by AMCs

On March 21, Kentucky Governor Steve Beshear signed into law House Bill 120, which created a new appraisal management company recovery fund to replace its current surety bond requirement. The Kentucky Real Estate Appraisers Board will establish procedures for making claims against the fund and will administer the funds in order to provide restitution to licensed or certified real property appraisers who have suffered pecuniary harm by an AMC. Appraisers will be able to seek

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

Rules making difficult to become a state certified appraiser 5

How to Make a Profession Disappear

…You can see how difficult to become a state certified appraiser. We are fairly near the end of the continuing education cycle for appraisers in my home state of Pennsylvania. Among other topics, I’ve been presenting changes to laws and regulations, which include the new Appraisal Qualifications Board (AQB) standards that go into effect in January 2015. You can find the regulations here. The overwhelming response from existing appraisers is: “Do they just want to make us go away?” The new requirements will include a bachelor’s degree, as well as — in most states — 2,000 hours of experience under...

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

PowerLink Settlement Services Closing 3

PowerLink Settlement Services Closing

Another AMC Closing Down: PowerLink Settlement Services This information was passed along by Washington State Appraiser and Educator, Dave Towne. An AMC called PowerLink Settlement Services is expected to close down by the end of April per letter to their vendor appraisers. “Appraisers, Another AMC bites the dust, or will, by the end of April, per their letter sent to their vendor appraisers. They expect the volume of orders to taper off during March and April: PowerLink Settlement Services (and affiliates) Coraopolis, PA” The letter does indicate appraisers will be paid as long as invoices are properly submitted. It’s nice,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / PowerLink Settlement Services

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Read That Agreement Before You Sign or Leap

Having the most unfair agreement will cause the lender or AMC to lose those appraisers I recently ran across the provision below in a new contractor agreement between an AMC and its panel appraisers, when one of LIA’s insured appraisers asked me to take a look at the agreement. The contract contained the average indemnification provision found in most unfair AMC contracts in which an appraiser promises to defend and reimburse the AMC for “any and all liabilities, damages, costs and expenses (including all legal fees) arising out of or relating to any claim, action, suit, complaint, liability, damage, or other...

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

Overtime Lawsuits Affecting Appraisal Firms, Lenders and AMCs - Imagecredit Flickr - Pictures of Money 1

Overtime Lawsuits Affecting Appraisal Firms, Lenders and AMCs

Are employee appraisers of appraisal firms, AMCs or lenders “exempt” from overtime pay under the FLSA? Under the federal Fair Labor Standards Act (FLSA), employees in most types of businesses are required to be paid overtime at 1.5x their hourly rate if they work more than 40 hours in a seven-day workweek, unless they are properly classified as “exempt.” As I’ll show in three cases below against an appraisal firm, a lender and an AMC, this law presents a genuine liability risk to businesses in the valuation industry. Let’s start with what should seem like a basic question: Are employee...

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

AMC Declares Bankruptcy: What Appraisers Need To Know 0

Bankruptcy Declared by AMC

AMC Declares Bankruptcy: What Appraisers Need To Know You received a letter in the mail informing you that your client has filed for bankruptcy.  It is this moment you realize that this bad news just became your problem. Many of us are familiar with the recent bankruptcy filings of Evaluation Solutions and its subsidiary ES Appraisal Services. Peter Christensen, attorney and general counsel to LIA Administrators & Insurance Services, shared in his blog that the total unpaid fees to appraisers, agents, and brokers as listed in bankruptcy documents is $11,048,411.97!  This is a remarkable amount.  Evaluation Solutions’ bankruptcy documents accounted for...

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

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