Tagged: workfile

AMC Vendor Agreement Controversies - Bad, Worst & Ugly AMCs 43

Vendor Agreement Controversies & Worst AMCs

AMC Vendor Agreement Controversies – Bad, Worst & Ugly AMCs And the winner is… According to a recent non-scientific survey conducted by AppraiserNews, the World’s Worst AMC Alive is Clear Capital. Honorable Mention goes to Coester VMS and Streetlinks. And the Worst Vampire AMC title goes to AppraiserLoft which is no longer operational. Excerpt: We’d also like to note the passion with which appraisers made their votes, describing the many ways that these AMCs deserved their titles! One final remark: It is sad that so many appraisers still hesitate to go public with their comments about AMCs, (justifiably) fearing that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / AppraiserLoft

The 1004D for Disaster Inspections 8

The 1004D for Disaster Inspections – Advice

When Disaster Happens… Appraisers, The phrase “disasters happen” is, unfortunately, all too common. Fires, floods, vehicle accidents, wind storms, hurricanes, tornadoes are all factors that can affect real property. When a local disaster happens, and is officially declared, lenders often ask appraisers to observe the current condition of their mortgaged properties. The assignment date may be days, weeks or months after the declared disaster. The hiccups, hang-ups and head scratching occurs when the lender or AMC asks for a ‘Disaster Inspection Condition Report’ to be done on the wonderful 1004D form. Something it is not designed to do. And this...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Appraiser Expert Witness Issue 2

Appraiser Expert Witness Issue

Discovery of Draft Expert Witness Reports (Draft Appraisals) in State Court – a Chart Appraiser Michael Brunson, SRA, MNAA, and I recently wrote an article for the Appraisal Institute‘s 4th Quarter 2015 edition of Valuation entitled “Getting Ready for Expert Witness Work: 10 Practice Pointers.” One of the pointers is that while the Federal Rules of Civil Procedure (Rule 26) now generally protect a retained expert witness’s draft reports (e.g., draft appraisals) from discovery by the opposing party, appraisers need to understand that if a litigation is pending in state court and thus subject to the state’s rules of civil...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions

An Open Letter to the Valuation Profession from the Appraisal Foundation regarding the rift with the Appraisal Institute 2

An Open Letter to the Valuation Profession

An Open Letter to the Valuation Profession from the Appraisal Foundation regarding the rift with the Appraisal Institute Value. Appraisers grapple with this concept daily as they analyze data and information to arrive at an opinion that is credible. Some information found is valid, some is tainted, and appraisers work diligently to separate the good from the bad to arrive at their conclusions – opinions that can withstand future tests. Likewise, The Appraisal Foundation (TAF; the Foundation) remains constantly attuned to what is going on in the valuation realm, conscientiously analyzing information and working to uphold the appraisal profession so its actions...

AARO / AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News

Should Appraisers Include Their Workfile Their Your Submitted Appraisal Reports 9

Workfile With Submitted Appraisal Reports?

Should You Include Your Workfile With Your Submitted Appraisal Reports? Appraisers, On several forums frequented by real estate appraisers, there has been recent discussions about a particular Appraisal Management Company (AMC) owned by a lender who is requiring appraisers to include their ENTIRE WORKFILE with every appraisal report submitted (as of 5/21/2015). The AMC is LenderVend, owned by Provident Funding. One reason why this has come to the forefront is because Provident Funding has had to buy back numerous loans due to alleged faulty appraisals and other underwriting issues. So by demanding the appraiser’s workfile, they are attempting to protect themselves...

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

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“Serial” Podcast & Your Appraisal Workfile

Podcast a growing medium Podcasts are a growing medium for both education and entertainment. Research shows it has grown over 25% per year for the past few years. As an appraiser, I find myself spending a lot of time at my computer as well as traveling to and from appraisal inspections. I discovered podcasting about a year ago and have not turned on talk radio since. Podcasting allows me to specifically pick the topics I want to hear and listen to them when I have the time to listen. I love ‘em. Recently, a few friends of mine turned me...

Appraisal / Appraisal News / Appraisers News

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If I Cannot Support a Small Adjustment, I Just do not Make it

I am more circumspect about the adjustments I make. The most feared date in the appraisal industry has come. January 26, 2015 arrived with much trepidation and trembling amongst myself and my appraiser colleagues. The day of the Collateral Underwriter (CU) had finally arrived. Yet, it turned out to be a pretty typical day for most. We are now over a week removed from the CU and I have yet to receive even one CU-related revision request. I guess that means one of two things; either I am an incredibly talented appraiser who uses all the best comps and supports every one...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

National Data Collective - NDC Shift a la mode 4

National Data Collective Launches “Shift”

National Data Collective Launches “Shift” an Exclusive a la mode TOTAL Integration Tool February 2, 2015 San Diego, CA — Today, NDC (National Data Collective), a leading national provider of property data for real estate professionals, has released a new and improved export tool for a la mode customers only called Shift. Shift allows NDC users to export NDC’s highly-rated collective property data directly into a la mode’s industry leading form filling software with just a push of a button. The tool is compatible with the legacy WinTOTAL system, TOTAL 2013, and the upcoming release of the next-generation TOTAL Titan....

a la mode / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software

FNMA Big Data to Check Appraisals 2

Data Services to Appraisers

a la mode and National Data Collective Form Partnership to Offer Real Estate Data Services to Appraisers November 10, 2014 — Naples, FL — a la mode announced today that NDC (National Data Collective), a leading national provider of property data services for real estate professionals, has agreed to integrate its data services with a la mode’s full range of appraisal formfilling systems. NDC offers a subscription-based data service to appraisers covering more than 130 million properties in all 50 states, with full property profiles, assessor records, deed history and comparables data. Its products are available on desktop and mobile...

a la mode / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software

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Adjustments – Your Opinion Doesn’t Count

Regulations state that appraisal adjustments cannot be based upon an appraiser’s opinion. According to federal and state law, adjustments must be based on support and evidence- proof if you will, and an appraiser’s opinion is not considered to be “support.” Many appraisers have failed to support their adjustments and as a result have had their licenses revoked, penalties assessed and lawsuits lost, all because the they failed to understand a single but important requirement. Think about your appraisals. Are the adjustments based on your opinion or do you have proof of the adjustment in your workfile? Then one day I...

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

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