Category: Trending

Class Valuation Fits Squarely Into the Low Life Company Category 53

Class Valuation Did Me a Favor

My profile has been disabled from Class Valuation. They actually did me a favor. This does not bother me in the least as I have gotten nothing but bid requests from them. My resolution for 2020 is to change my focus and remove unwanted low-life companies from my business. Class Valuation fits squarely into the low life company category. I cannot call them a client as I have never received any work from them. Here is an email I received from them. Hello, Please note your profile is currently disabled with us pending a completed direct deposit form. The state...

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

Amrock Suspends the Use of CA Fee Panel Appraisers to Comply with AB5 22

Amrock CA Fee Panel Appraisers Suspended

Amrock recently sent their California fee panel appraisers an email informing them it will suspend the use of fee panel appraisers in California, in order to comply with AB5 law. Dear Valued Partner, New legislation has recently gone into effect that requires Amrock to suspend the use of fee panel appraisers in the State of California. As we take the difficult steps necessary to comply with this new law, we would like to thank you for all the contributions you have made towards making our partnership successful. We appreciate your dedicated service and we will continue to advocate aggressively for...

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

Amrock Sharing Appraisers' Personal & Tax Info Without Permission 27

Don’t Open that Email!

Have you given permission to Amrock to outsource / share your personal and tax information?… Amrock recently sent their panel appraisers an email informing them a third party company, Fidelity Financial LLC, will be sending an email with a link to obtain their 1099-MISC. Don’t open that email! A simple Google search did not reveal any specific results for Fidelity Financial LLC. Who are they? Are they part of Fidelity Investments which is the #1 result on the search? Are they part of Fidelity Financial Group, which is an insurance wholesaler? Where are they located? Who are the principals? How can we contact them?...

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

Mortgage Financial Services Puts Appraisers on Timeout for Delays 21

Appraisers on Timeout for Delays!

Early in January, Mortgage Financial Services (MFS) sent out a notice to the appraisers on their panel announcing changes in their turn time policy. In this communication, they state if appraisals are more than 48 hours late, the appraiser will be suspended for 10 business days with no new orders assigned. They also state that the appraiser must request for a longer due date prior to accepting the order, or to raise the appraisal fee for rushes. However, they add, “turn times and fees have to be realistic”. Not long ago, a small number of our clients included penalty clauses...

Appraisal / Appraisal News / Appraisers News / Trending

Beware of Spot Value Solicitations 28

Beware of Spot Value Solicitations

Many appraisers have gotten invitation letters in the mail from Spot Value to join their panel. The letter states that the appraiser was recommended by one of their clients and that their panel is by invitation only! They have a website which makes them look legit. Their address at 2601 Main St, Irvine, CA 92614 is to Century Centre building but they do not provide a suite number. The domain is registered to a Michael Miller who is also the CEO and sender of the invitation letters. We were unable to reach Michael Miller at 919-404-4889. Their greeting message is...

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

Number of CA Appraisers Drop 50% & Renewal Fees Up 76% 45

CA Appraisers 50% Decline & Fees Up 76%

The Number of CA appraisers drops from 20,120 to 9,987. Renewal fees up 76% for 2020. Excerpt: It’s time to assess and reflect on the numbers as the decade ends. It’s noteworthy that the total population of Bureau of Real Estate Appraisers (BREA) licensees has now fallen below 10,000 for the first time since the Bureau began keeping records. The numbers reflect some interesting trends. Licensee population counts vary daily as licenses are granted and others expire, so this data is a recent snapshot in time. Also, approximately 7% of licensees are trainees, 8% report out-of-state addresses, and some percent...

Snippets / Trending

Incorrect Comments in Multi-Family Appraisal Report 35

Incorrect Comments in Multi-Family Report

I have in my possession an appraisal for a DUPLEX (2 family residence) on a FNMA 1025/FrMac 72 form, commonly called the ‘1025 Form’ which was done by a Certified Residential Appraiser licensed for 8 yrs, 6 months. Items “observed” in the report: UAD rating numbers are used for Quality and Condition. 1025 forms are not UAD coded, so why are these used? Please don’t tell me “the client said so” because the client is incorrect, and may not be aware. Use the standard wording for those items, and provide a definition description of the standard wording you use. The Highest and...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Trending / UAD

Luxury Real Estate Appraising Designation? - Appraisers Blogs 22

Luxury Real Estate Appraiser Designation?

Back in the late 1970s, when comedian Steve Martin was at his standup peak, he appeared on Saturday Night Live in a routine whose theme was “How to have A Million Dollars And Never Pay Taxes.” Steve got right to the heart of the matter: “First, get a million dollars…” Appraisalbuzz provided a press release type piece on luxury real estate appraising, and I did a double-take wondering whether this was a parody. McKissock, a well respected online education company, now offers a designation for luxury real estate appraising, which I find quite silly. Here are the steps they shared...

Snippets / Trending

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers 23

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / Trending

Latest Bid Scam for Fee & Turn Time Quote via Mercury Network 26

Latest Bid Scam for Fee & Turn Time Quote

Lately, I and other appraisers who are ‘members’ of Mercury Network have been getting emails with what ‘looks like’ individual “bid requests” to quote fee and turn time for residential properties. I say ‘looks like’ because the email only has the singular appraiser’s email address showing. What’s actually been happening is the client is sending multiple emails to individual appraisers via Mercury Network. These emails always have an acceptance window of several hours, which is acceptable (unless 4 hrs or less). But they are not honoring the time frame window to present a bid, and withdraw the potential assignment, after...

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