Tagged: Dodd Frank

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 34

Planet of Deadbeat AMCs!

So who is really responsible for payments to appraisers?… Where to start with this? Do I have to refer you back to my past articles like What’s Not in Your Wallet or Appraisers Outraged? Where do we even begin… We begin here. Another story of an Appraisal Management Company going out of business, owing tons of money to appraisers for services they provided. Coester VMS, once one of the biggest players in the game, closed its doors recently. They closed them leaving appraisers with thousands of unpaid invoices for services that who knows if they will ever be paid for....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Outraged Appraisers Owed Money! End The Appraiser Payment Issue! 30

Outraged Appraisers Owed Money by AMCs!

“I am owed $20,000”. “I am owed $2000”. “I am owed $500”. “I am owed $1500”. These are just some of the quotes pulled from various groups, message boards and forums from appraisers all over the country that are owed money for the appraisal services they provided. Services they provided for a Lender, Mortgage Company or Bank through an Appraisal Management Company or AMC as they are known. What’s an Appraisal Management Company you ask? Well for those that do not know, AMCs have been around a long time. Appraisal management companies (AMCs) are business entities that administer networks of independent...

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

The Proposed Bifurcation of the Appraisal Process. Who Benefits & Why? 15

Shifting Narrative of Appraisal Modernization

…the reasoning for changing the appraisal process has shifted… Is there are Crisis? Rahm Emanuel eloquently stated “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” There has been a narrative that there is a shortage of appraisers. Interestingly, this is not coming from lenders that engage appraisers directly. This is coming from Appraisal Management Companies otherwise known as “Middlemen” and the lenders that employ the Middlemen. These Middlemen will shop an appraisal assignment by blast emails to as many appraisers...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

AGA Objects De Minimis Increase Proposal - It is Time to Call out the Liars 40

AGA Objects De Minimis Increase Proposal

We object to the proposal to increase the de minimis threshold at which no appraisal is required… Sirs: The American Guild of Appraisers (AGA), of the Office Professional Employees International Union (#44 OPEIU) of the AFL-CIO represents the members and extended family and retirees, taxpayer and consumer real estate appraisal interests of nearly Twelve and a half million citizens and voters. We object to the proposal to increase the de minimis threshold at which no appraisal is required from $250,000 to $400,000. Respectfully, if anything is done with it at all, lowering it to a range not to exceed $100,000...

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

Quoting Fee/TT to AMCs - Lenders SLOWING DOWN the Loan Process 30

Quoting Fee/TT to AMCs

Appraisers, I had a revealing conversation with a clerk at an AMC last week. I actually received an email requesting Fee/TT, then awhile later a phone call about the same property, from a different clerk. I decided to call that clerk back after researching the property. Conversation went something like this: AMC clerk: Hi, this is James. Me: Hi James, I’m calling about the Timbucktoo property, which I can do for you. AMC: OK, I have that pulled up. Me: First of all, I don’t discount my fee for anyone, including your AMC. Second, I can do the assignment, probably...

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

Closed for Business, Sorry Folks! Appraisal Management Company Fiasco 62

Closed for Business, Sorry Folks!

For those who are not familiar with what an AMC is, it is short for Appraisal Management Company. They are not new, but since the adoption of the Home Valuation Code of Conduct, the number and the frequency of their use have increased. They are the order manager for the lender and ensure appraiser independence. If you have not already read “What’s Not in Your Wallet” or “Round and Round!”, go get a little more familiar before reading this. AMCs manage appraisal orders. They find the appraisers to give the orders to, and are supposed to provide quality control reviews...

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

Open Letter to Taxpayers... Afterall, Taxpayers Aren’t Stupid 32

Open Letter to Taxpayers

An Open Letter to Taxpayers Dear Ms; Mrs. & Mr. Taxpayer: In a recent article published by Housing Wire; authored by Ben Lane (November 20, 2018) it was reported that our federal “regulators” are at it again. “At what?” One might ask. Facilitation of increased LOAN FRAUD & consumer deception with Taxpayers yet again left holding the bag. Click here for the article Back in 1994 (actually it started in 1989-91 when FIRREA was being drafted) the Fed agreed that the loan threshold for banks when an appraisal of real estate would not be required was $250,000. That was roughly...

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

TALCB States 70% of All Complaints Against Appraisers Are Unfounded 118

Frivolous Complaints Against Appraisers

TALCB noted that roughly 70% of all complaints against appraisers are unfounded… The American Guild of Appraiser recently wrote to Texas Sunset Commission expressing member concerns and suggested solutions. We urge readers to copy, paste, edit and send their own comments – even out of state appraisers. Click here to send your comments. Posted AGA comments and concerns Appraiser complaints are allowed to be filed against appraiser by third parties that are not the clients. The appraiser has no recourse to these for recouping costs of defense. Third party complaints by non clients (agents; brokers, buyers, sellers) serve only to...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR

AMROCK Valuations New Service Seems to Seek Circumvention of USPAP! 14

Can you say ‘L-A-W-S-U-I-T’ boys and girls?

Fellow appraisers I strongly discourage anyone from accepting AMROCK Valuations work generally due to their poor track record in dealing with appraisers across the country; and their apparent habit of making up their own appraisal rules as they go along without regard to C&R fees; Dodd Frank and most other common sense sound appraisal practices up to and including USPAP. Y’all remember USPAP don’t you? A series of uniform rules we’d all follow to promote, preserve and protect the American real estate appraisal profession and the American Public. That is until it became an inconvenient impediment to MISMO; FNMA and...

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

MISMO Blueprint... The Evil Octopus - AppraisersBlogs 5

The Evil Octopus

Appraisers, it’s not paranoia when ‘the bastards’ really are out to get you (end us as a profession). …Find each octopus and how they relate to our jobs. Look at MISMO Directors list… An Open Letter to Appraisers: Residential & Commercial This started as a response to a blog post by a respected appraiser concerning the influence of AMCs. During drafting it was clear that trying to explain AMCs was only part of the bigger struggles we face today. Picture a violent “all in” three-way gang fight among Octopi. Say a dozen on each side. That’s 36 Octopi x 8 tentacles...

a la mode / AGA / AI / AMC / Appraisal / Appraisal Institute

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