Tagged: compensation

February 19, 2018

AMCs Have Failed

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Staff Appraiser Overtime Class Action Lawsuit Against Corelogic AMC

February 5, 2018

Class Action Against Corelogic

A residential staff appraiser has filed an overtime class action lawsuit against appraisal management company CoreLogic Valuation Solutions. The appraiser is a current employee and works as a staff appraiser in Southern California. On behalf of herself and a putative class of similar CoreLogic staff appraisers, she alleges that CoreLogic’s compensation practices violate the overtime pay requirements of the federal Fair Labor Standards Act and California state labor laws. The case will be legally interesting to watch because CoreLogic allegedly pays its employee appraisers on a “piece work” per appraisal basis with additional compensation for based on production and other...

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

Appraisers Classified as Independent Contractors Treated as Employees

February 2, 2018

Reclassifying Appraisers as Employees

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...

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

January 14, 2018

Cap on AMC Fees

Cap on AMC fees & Compensation Disclosure… VaCAP was informed of Senate Bill 655 introduced on January 10, 2018 in the General Assembly by Senator McPike. The bill limits the amount an AMC can charge a consumer for their services at 20% and also requires the AMC to disclose the amount charged for their services. We do not know who is behind this bill, but we thank Senator McPike for introducing it. We will share more information as we obtain it. See the bill here or below. BILL to amend the Code of Virginia by adding a section numbered 54.1-2022.2,...

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

January 4, 2018

What is Real Estate Valuation Partners Hiding?

In the case of the FTC vs Louisiana Real Estate Board, Real Estate Valuation Partners (REVP) was issued a subpoena by Louisiana to provide some documents. They have filed a motion to quash the subpoena and not provide documents. When you read through the 11 page document, and we highly recommend you do, it appears REVP is hiding crucial documents that may be incriminating to themselves and other appraisal management companies. There are 12 specific items being requested. Take a look for yourself here. It is very telling! b. Requests No. 4, 5, 6, and 11 ask for REVP’s internal...

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

Smoke Detectors Scope Creep & Appraiser Responsibilities

June 21, 2017

Smoke Detectors & Appraiser Responsibilities

Smoke / CO detectors are not “market-measurable” Dear Mr. Lunsford, We have been asked to write to you by an appraiser that just received your most recent communication concerning your new requirements for fee panel appraisers to inspect, photograph and opine as to operability of Carbon Monoxide (CO) and smoke detectors. The American Guild of Appraisers through its affiliated union sponsors represents our own appraiser members as well as the real estate appraisal interests of our combined fraternal families more than thirteen million union members, retirees and their families. We believe this to be an issue of concern for our...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Legislation to Regulate AMC's & Protect Consumers Opposed by REVAA

March 13, 2017

AMCs Are Not Part of The Appraisal Profession

Foreign entities do not get a voice in what legislation is introduced… Let’s think about this with an open mind… More states are introducing bills concerning AMC legislation, more specifically how AMCs will conduct business. Even states with existing AMC legislation are introducing stricter, more precise legislation. Why is this happening in all 55 jurisdictions? States do not want to interfere in how a company or industry conducts business, but when practices are so abusive that it harms small businesses and consumers, they have little choice. States have the obligation to protect their citizens and businesses that contribute to the...

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

July 29, 2016

Twisted AMC & C&R Fees Gone Wrong!

This AMC is Just Wrong & Confused! An AMC sent an appraiser the following email this morning: “…..customary and reasonable fees are compliant under Virginia presumption that rates are based on recent rates paid to a representative sample of providers of appraisal services in the geographic market based on the fee schedules of these providers. Please complete the attached form and submit to:“ Wow are they confused about customary and reasonable fees! This is a severe twist on Virginia Regulations for customary and reasonable fee compensation to appraisers. Virginia Law mirrors the language in the TILA. They are essentially the...

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

April 1, 2016

Compliance Notification to AMCs

Virginia Coalition of Appraisal Professionals’ Courtesy notification to AMCs licensed in Virginia On Monday March 29, 2016, VaCAP sent via email a courtesy notification to each AMC licensed in Virginia along with a copy of the Guidance Document issued by the Department of Professional Occupation Regulation. They will follow up with a hard copy to each licensed AMC next week as well. VaCAP continues to Unite, Preserve and Promote the collective interests of all appraisal professionals in the Commonwealth of Virginia. To all Licensed AMCs in Virginia: This correspondence is intended as the Virginia Coalition of Appraiser Professionals (VaCAP) courtesy...

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

March 25, 2016

Cracking Down on Appraiser Licenses & Higher Fees

Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...

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