Paid Late, Non C&R fees, Operating Without License AMC Violations VaCAP has learned North Carolina has disciplined Appraisal Nation and Independent Settlement Services for non-payment within 30 days in accordance with North Carolina Law. See the details below. How does this help appraisers in Virginia? The answer is simple, precedence! When the VREAB receives a complaint and determines a violation has occurred, there is guidance in disciplinary actions. On the topic of AMC’s not complying, VaCAP has learned of several AMC’s operating in Virginia without proper licensure. And yes, all of them have been reported to DPOR! We can not...
Is transparency with the lender? Did the lender explain to the borrower the fee they (the borrower) are paying to the AMC and the benefit they are receiving? Oh wait, what benefit is the AMC to the borrower? Was this fee disclosed verbally, in writing or anywhere? Did the lender disclose any relationship they have with the AMC? Is transparency with the AMC? Did the AMC disclose their fee to the borrower? Did the AMC disclose how much the appraiser is being paid? Did the AMC explain any benefit of their service to the borrower? Did the AMC explain how...
Lenders’ Requests, C&R Fees, Email Blasts, SOW, Unlicensed AMCs and more… What is the best way to ensure you receive a customary and reasonable fee for an appraisal? Answer: Only accept assignments with a customary and reasonable fee! That being said, here is a reminder of a USPAP requirement to consider before you respond to that email or text blast…. Scope of Work Rule Identify the problem to be solved. Determine and perform the scope of work necessary to develop credible assignment results. Disclose the scope of work in the report. Comment: Scope of work includes, but is not limited...
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...
Appraisers doing $300,000 a year in BPOs There has been a lot of chatter about BPOs again. Maybe we should consider changing the law in Virginia from being a mandatory USPAP state to a state like Tennessee. Appraisers can do BPOs in Tennessee and they do not have to worry about USPAP. Now, mortgage work still falls under USPAP. But I hear of appraisers doing $300,000 a year in BPOs. Food for thought. It won’t affect your business in a negative sense. Because those who want BPOs are getting them already. Just ask any agent. It will just let us...
AMC staff appraisers are not independent If you have not already done so, please listen to the Voice of Appraisal with Phil Crawford. Once again, Phil has brought Virginia into the spot light. This is the third show Phil has talked about AMC staff appraiser positions and the lack of public protection and trust. Thank You Phil and Kevin! Listen to the show at the bottom of this article. Please attend and speak against AMCs hiring staff appraisers to complete the appraisal reports. By definition, an AMC and an appraiser have two very different functions. Even the National Association of...
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...
We work together and support each others initiatives… Like VaCAP, other appraiser organizations are working towards the betterment of the appraisal industry and public trust. VaCAP works independently, as well as with a network of other state coalitions and other professional organizations in our industry. Many of the initiatives VaCAP supports are the same initiatives other organizations support. Although we may have different ideas on solutions, we work together and support each others initiatives as the appraisal industry and the consumer benefits. The American Society of Appraisers was represented by John Russell, Director of Government Relations, at the Customary and...
On Tuesday February 23rd, The Virginia Real Estate Appraisal Board made history! The legislative code of Virginia states Licensed Appraisal Management Companies must provide customary and reasonable compensation to fee appraisers. There are two presumptions of compliance. One based on objective third party information, including fee schedules, studies and surveys prepared by independent third parties, such as government agencies, academic institutions, and private research firms. The other presumption of compliance is based on recent rates paid to a representative sample of providers of appraisal services in the geographic market of the property being appraised or fee schedules of those providers....
We should be busting with mortgage work. Where is all the mortgage work? I talk to appraisers and they all ask the same question. With the looming spring market and low interest rates, we should be busting with mortgage work. But the appraisers I know tend to get a reasonable and customary fee of above $400. So is it going to the bottom third? Now don’t get me wrong; I am quoting 2 to 3 weeks due to our back log. But outside of VA’s it’s everything but first mortgage work. I am fine with it because it’s less hassle....
