background check - Appraisers Blogs

Agent Management Company, a Familiar Ring

Guest Author — Fri, 03 Nov 2023 12:30:05 +0000

We will call it “AGENT MANAGEMENT COMPANY”. We will ensure that the use of runners is prohibited… Public trust. It’s a real thing. It appears that this recent lawsuit that the NAR LOST has exposed antitrust, collusion and price fixing between agents. I am thinking about creating a new AMC. We will call it an “AGENT MANAGEMENT COMPANY”. We will create a buffer per say between the buyers agent and the sellers agent thereby protecting the buyer and seller. We will have a roster of approved agents nationwide. They will be thoroughly vetted. Routinely background checked. Ensure they are fully...

The post Agent Management Company, a Familiar Ring appeared on Appraisers Blogs.

‘Clean-Slate’ Laws, Bad Policy Could Dispatch More Felons to Borrowers’ Homes

Jeremy Bagott — Thu, 18 May 2023 12:30:02 +0000

The idea of unlicensed individuals being hired off the streets and paid a pittance to video and photograph the interiors of borrowers’ homes, which would include the exact location of valuables and children’s bedrooms, has been unsettling to some. An astute real estate broker recognized the name of a Michigan man awaiting sentencing in an armored-car robbery. The latter had been engaged by one of six companies authorized by mortgage giant Fannie Mae to dispatch so-called “data collectors” to borrowers’ homes. The broker alerted the bank and the National Association of Realtors. New, progressive laws designed to conceal felony convictions...

The post ‘Clean-Slate’ Laws, Bad Policy Could Dispatch More Felons to Borrowers’ Homes appeared on Appraisers Blogs.

AMC Hires a Convicted Felon as Property Data Collector

AppraisersBlogs — Fri, 05 May 2023 12:30:19 +0000

The recent case of Paschal Uchendu, a convicted felon awaiting sentencing for orchestrating a $1.2 million armed robbery of a courier van, which he was entrusted to secure, is cause for alarm when it comes to the use of unlicensed property data collectors. One of the largest appraisal management companies, Class Valuation, had hired Mr. Uchendu as one such property data collector despite his criminal background and pending legal issues – clearly demonstrating their lackadaisical attitude towards vetting employees who are tasked with collecting sensitive information about properties and homeowners. Class Valuation is among the six vendors approved by Fannie...

The post AMC Hires a Convicted Felon as Property Data Collector appeared on Appraisers Blogs.

Exactly How Are Property Data Collectors Professionally Trained?

Dave Towne — Fri, 03 Mar 2023 13:30:51 +0000

Somebody explain to me exactly how Property Data Collectors are “professionally trained” per Fannie Mae directives. The fact is, Fannie Mae is explicitly working toward the elimination of appraisers for real property valuations. This is in their latest Selling Guide Announcement SEL-2023-02 to the Fannie Mae Selling Guide: Value acceptance + property data is a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject property. To ensure consumer protections, the lender must verify and be able to demonstrate that data collectors are vetted through an annual background check,...

The post Exactly How Are Property Data Collectors Professionally Trained? appeared on Appraisers Blogs.

No to Desktops with Third Party Inspectors

VaCAP Board — Mon, 14 Feb 2022 13:30:19 +0000

Hybrid Appraisals were tested and failed. So what does Fannie Mae do? Let’s call them Desktops with third party inspectors. Fannie Mae has announced they will soon start accepting Desktop Appraisals. The appraiser does not inspect the property; however an interior floor plan including walls is required. This in itself is over and above what most appraisers typically provide. We understand Fannie Mae’s decision is based on risk; however, risk is not part of an Appraiser’s analysis under USPAP. Will State Appraisal Boards look the other way for USPAP compliance? How will an Appraiser who does not inspect the property...

The post No to Desktops with Third Party Inspectors appeared on Appraisers Blogs.

Desktop Appraisals: Has The Devil Infiltrated The Public Trust?

Mark Skapinetz — Thu, 10 Feb 2022 13:30:41 +0000

Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...

The post Desktop Appraisals: Has The Devil Infiltrated The Public Trust? appeared on Appraisers Blogs.

IAM AMC 24-Hour Fast Pay for Appraisers

AppraisersBlogs — Mon, 15 Feb 2021 13:30:23 +0000

Last week we received an email from an AMC PR company. The email stated that Incenter Appraisal Management (IAM) has implemented a new 24-hour fast pay model and is paying their appraisers within one day of completing the appraisal report. Has anyone heard of or done business with Incenter Appraisal Management? Do they pay C&R fees or do they blast orders to find fast and cheap appraisers? Do they have a scoring system, tech upload fees, background check fees, etc.? The email stated they do not bid or charge tech fees. Back in November, VaCAP published their email solicitation where...

The post IAM AMC 24-Hour Fast Pay for Appraisers appeared on Appraisers Blogs.

Unsolicited Appraisal Request

VaCAP Board — Wed, 11 Mar 2020 12:30:08 +0000

…an unsolicited appraisal request instructing payment be collected at the door… Well who said 2020 would be a nice calm year for appraisers? VaCAP has been receiving messages from appraisers about some of the crazy dumb stuff lenders and amcs are doing. What is scary is the things we are hearing are very reminiscent of 12-15 years ago. A long time VaCAP member forwarded an appraisal request to us he received via Mercury Network. All was good with the order, turn time, fee; all good except for one little issue, payment was to be collected at the door from the...

The post Unsolicited Appraisal Request appeared on Appraisers Blogs.

Hybrid Inspectors Offering Appraisal Opinions

Mark Skapinetz — Mon, 17 Jun 2019 12:30:03 +0000

Clear Capital admission: This is an admission that inspector were previously offering appraisal opinions re Q&C. There remain many other areas in hybrids that also are appraisal opinion being provided by non appraisers. I have written many blog posts here, mainly for the consumer to read and understand what is actually happening in the world of Real Estate Valuations. My blogs range from being overcharged for appraisals so the middle man (the appraisal management company or AMC) can make money, lenders still pressuring appraisers to hit a value, and now having untrained and unlicensed people perform inspections (see my last...

The post Hybrid Inspectors Offering Appraisal Opinions appeared on Appraisers Blogs.

Hybrids Take Another Hit

VaCAP Board — Tue, 24 Jul 2018 12:30:41 +0000

Registration Act, reinserts the definition of “appraisal firm”… Bifurcated (Hybrid) Appraisals Take Another Hit Last week VaCAP shared some information questioning the legality of these products in Virginia. This week Phil Crawford, Voice of Appraisal, talks about the ethical side of them and how appraisers completing these could be on the receiving end of legal actions. Listen to show E206 at Voice of Appraisal NAR Appraiser Liability Webinar On July 17, 2018, the National Association of Realtors along with Peter Christensen from LIA, presented a Webinar on liability issues for appraisers. A strong concern about the certifications exists that open up liability...

The post Hybrids Take Another Hit appeared on Appraisers Blogs.

Hybrid AMCs & Appraisal Firms

Peter Christensen — Thu, 03 May 2018 12:30:40 +0000

The monetary risk, however, may be much bigger for hybrid AMCs… company’s vendor panelists should be classified as employees, rather than contractors, plaintiff’s counsel offered evidence that the company “tells vendors where to go, when to go, what to do, when to get it done and how much and when they will be paid for their efforts…” Appraisal Firms and Hybrid AMCs: Beware of the Dynamex Decision and Its Impact on Classifying Appraisers as Independent Contractors in California Classifying “staff appraisers” as independent contractors, rather than as employees, is a very common business practice among real estate appraisal firms. It...

The post Hybrid AMCs & Appraisal Firms appeared on Appraisers Blogs.

Help Wanted

Mark Skapinetz — Thu, 26 Apr 2018 12:30:13 +0000

…fee is non-negotiable… Real Estate Appraisers REQUIREMENTS Active appraiser license, preferably certified, a computer, appraisal software, MLS, E&O insurance, dependable vehicle, camera, smart phone, a background check (by us) because the one your state requires every year is just not good enough and good communication skills (see smart phone requirement). JOB DESCRIPTION You will be responsible to perform valuations subject to 30 pages of requirements set forth in the engagement letter. We will require availability always to answer our redundant calls and emails. Special note: if you live in ND and have a license in GA, TX, and NJ you...

The post Help Wanted appeared on Appraisers Blogs.

Reclassifying Appraisers as Employees

Peter Christensen — Fri, 02 Feb 2018 13:30:54 +0000

Classifying Appraisers as Independent Contractors – an Issue for Appraisal Firms and Maybe AMCs Too A hot legal issue that is beginning to more often affect appraisal firms and similar businesses, such as inspection and field service management firms, is the classification of workers as independent contractors, rather than as employees. In some lawsuits, plaintiff workers argue that they were improperly classified by firms as independent contractors and then claim that, if they had been treated properly as employees, they would have been entitled to compensation for overtime, as well as reimbursement for expenses. In other situations, the issue is a...

The post Reclassifying Appraisers as Employees appeared on Appraisers Blogs.

Careless Order Takers?

Michael Ford — Mon, 15 Jan 2018 13:30:55 +0000

Appraisers were simply order takers… A friend that refers a lot of commercial work to me forwarded the following communications from an AMC. He’s been telling to ‘go away’ for some time now. This time he played along to see exactly what it is they are hustling. I’ve redacted my friends name and eliminated excessive line spacing and repetitive email signatures. I also bold highlighted references to John Brenan & AQB communications. Otherwise it’s as copied from my email. We’ve all heard enough about hybrids so you can either read the copied emails or skip them. It’s the article from...

The post Careless Order Takers? appeared on Appraisers Blogs.

Appraiser’s Response to Metro-West

Michael Ford — Wed, 09 Aug 2017 12:30:23 +0000

Metro-West Appraisal, thank you for your bulk email solicitation… I will consider accepting work from you on the following basis: My minimum fee for non complex FNMA guideline compliant SFRs is $550 (net). There are no exceptions. Any upload fees or other forms of service charges or ‘convenience’ fees will be added to that fee. I do not accept or authorize discounting of the fee for any reason. The premium or surcharge for property with a transaction amount or other characteristic that requires completion by a certified appraiser, is a minimum of $250. However the final bid will depend on...

The post Appraiser’s Response to Metro-West appeared on Appraisers Blogs.

AI Ignored the Residential Appraiser

Guest Author — Mon, 05 Jun 2017 12:30:14 +0000

AI all but abandoned the residential appraiser… I have been a member of the Appraisal Institute (AI) for many years and the organization has always been tilted toward the Certified General Appraiser. I am Certified General and recognized this long ago. I think the education of the AI is the best with no comparison for both residential and commercial and their publications are second to none. The AI has long neglected the residential appraisers as they sent in their $300 per year. The AI completely dropped the ball starting in 2007 when the crash began. The Appraisal Management Company (AMC)...

The post AI Ignored the Residential Appraiser appeared on Appraisers Blogs.

Appraisers Shortage? A Personal Story

Dave Towne — Tue, 11 Oct 2016 12:30:40 +0000

Very large lender who treats appraisers poorly… I received an email from an AMC I have not worked for before at 2:15 PM. They were looking for an appraiser to complete a 1004 report for a very large lender who treats appraisers poorly. The property is in a suburban/rural area, on 5 acres, about 30 minutes from my office. I responded that I could do it, but not until early NOVEMBER, due to being fully booked until then. I requested the rep let me know if that would work for the AMC, and if so, I would then provide my...

The post Appraisers Shortage? A Personal Story appeared on Appraisers Blogs.

Call to Action

VaCAP Board — Mon, 25 Apr 2016 12:30:39 +0000

Board meeting about AMCs hiring staff appraisers, email blasting, non C&R fees, & background checks. VaCAP understands you are busy with lots of orders, but it is important for you to attend the VREAB Board Meeting on Tuesday April 26th. There will be a public comment period during the meeting. Every independent fee appraiser needs to voice concerns about AMCs hiring staff appraisers to complete appraisals, email blasting, the continuation of non customary and reasonable fees, and background checks. The public is not protected with any of these practices. The Virginia Real Estate Appraisers Board Meeting April 26th,@ 10:00 AM...

The post Call to Action appeared on Appraisers Blogs.

Background Checks Issue for Appraisers

Dave Towne — Tue, 01 Sep 2015 12:30:27 +0000

Background checks & third party relationships Appraisers, One of the recent thorns in appraisers’ sides has been the issue of background checks. A key reason for this is the Office of the Controller of the Currency (OCC) bulletin, which outlines the management responsibility banks must take when dealing with ‘third parties. Third parties include the AMC’s banks use to ‘manage’ their appraisal orders, and vendor appraisers. The bulletin puts the fear of God into bank Board of Directors. Since water runs downhill, the banks are telling AMCs that they must improve how they ‘vet’ appraisers on their panels. Many AMC’s are...

The post Background Checks Issue for Appraisers appeared on Appraisers Blogs.

Shouldering the Weight of AMC Hidden Costs

Brian L. Trotrier — Wed, 23 Apr 2014 12:30:10 +0000

…hidden costs introduced by AMCs… Thinning wallets and dwindling fees for work performed are nothing new for the appraisal community. Yet in their latest income-reducing move, AMCs have sparked an outcry by requiring appraisers to foot the bill for additional services. These charges are further cutting into appraisers’ fees, which already suffer from AMC management fee deductions. Recently, FREA uncovered three hidden costs being introduced by AMCs – which of these have you experienced? Technology Usage An increasing tendency among AMCs is the passing of technology fees on to appraisers. When an AMC orders a home valuation, the appraiser must...

The post Shouldering the Weight of AMC Hidden Costs appeared on Appraisers Blogs.