Category: Trending

AMC Business Model is Based on Lies That Hurt The Consumer 36

The Reality

There is no shortage of appraisers, only appraisers willing to work for Appraisal Management Companies, but there will be a shortage if the current toxic business climate does not change. The AMC business model is based on lies that hurt the consumer and your constituents. There are many voices that have agendas to reduce the qualifications to become a Real Estate appraiser, whether it be a Licensed Appraiser, Certified Residential Appraiser or a Certified General Appraiser. There are also voices that would like the requirements of an appraisal by a person licensed by the state to be waived as there is a...

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

Just say NO to Superfluous AMC Addenda Requests 30

Appraiserville – Just say NO

…Multiple Wall Street and other large financial institutions have approached my firm this year after they neutered their AMC vendors, requiring that they use our firm for high-end work. We are to be paid our fee and allowed to provide our reasonable turn times. I was told many horror stories by those institutions who came to realize we are not robots, nor are we widgets. By taking this step, they invested in risk management. However, their initial stream of new business was met with 3-4 addendum requests per assignment that had nothing to do with any requirements, repeated prior requests...

Snippets / Trending

Senior Citizen Homeowner Rejects Hybrid Appraisal - AppraisersBlogs 27

Homeowner Rejects Hybrid Appraisal

Appraiser Alert: Don’t Mess with a 4’ 10” Senior Citizen! Last week I called a borrower to schedule the appraisal appointment. She asked me some very odd questions; “Are you a licensed appraiser? What is your license number? How can I verify this information?” Well I had never been asked any of these questions in my entire career, but I answered as there really wasn’t anything I was hiding. It was 19 degrees outside when I arrived at the property and this senior citizen, not more than 4 feet 10 inches tall, was sitting on the porch. I proceeded up the porch...

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

Alternative Valuation/Hybrid Appraisal Created by Independent Appraisers? 83

Hybrid Appraisal Created by Appraisers?

Hybrid Appraisal Created by Independent Appraisers? Hybrid appraisals/alternative valuations is the most polarizing topic in the profession these days. With AMC’s all rolling out their new alternative valuation products, wouldn’t it make sense for independent appraisers to come together and create OUR own hybrid/alternative product? This is our opportunity to compete directly with AMC’s and regain control of our profession. The blueprint for this hybrid/alternative valuation model is already in place. We just need to come together, create a better one, and market it to the same investors that are already using them. If independent appraisers got together and did...

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

Valuation Partners & Schizophrenic AMCs vs. Appraisal Professionalism 23

FTC & REVP vs LREAB Bombshell

Like many other appraisers I received a copy of paperwork filed in conjunction with the Louisiana Real Estate Appraisers Board / FTC and Real Estate Valuation Partners (REVP) aka Valuation Partners. (Thank you VaCAP!) To me it’s a bombshell, but before I go into the story of who did what to whom, and for how much let’s start off by asking all readers to click this link to see who the players are. Even if you read the article elsewhere please read the following link. Got it? Great. Just so we are clear, one of the Chief players appears to...

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

1004D Update Shenanigans... Potential Games Played by Some AMCs 24

AMC 1004D Update Shenanigans

Why wasn’t the original appraiser asked to do the 1004D Update? Here it is the new year, and the potential games played by some AMC’s have already started. On January 3, 2018, I received word from an appraiser that this “substitute” appraiser was asked by an AMC to do a 1004D Update on a report another appraiser had done in September 2017. The AMC provided the original appraisal with the assignment request. I see mentions of this kind of assignment on various forums I read, and the posters always question these requests. On the surface, it was not a highly...

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

Appraiserville – Fake Claim of An Appraisal Shortage 65

Appraiserville – Fake Claim of An Appraisal Shortage

Please provide feedback immediately to “two banking institutions have requested that the Appraisal Subcommittee temporarily waive the requirement for use of state licensed or certified appraisers” based on the fake claim of an appraisal shortage. I wrote about Tristar Bank in Appraiserville a few weeks ago. It is worth re-visiting since I translate the Tristar request into my interpretation of what they are really saying. It is recommended to send your responses ASAP to webmaster@asc.gov rather than to Jim Park directly although either way is fine. The Appraisal Foundation will be responding to this issue. Here is an email I just received on this issue:...

Snippets / Trending

Solidifi on Notice... AMC System Is Further Degrading Itself 62

Appraisers Pushing Back!

Solidifi has taken the disrespect to another level… Appraisers Pushing Back Against AMC Bad Behavior! Appraisers have finally had enough of bad behavior by AMCs. VaCAP received the following email from an appraiser, who by the way is not located in Virginia. VaCAP spoke to the author concerning the email and found out a few more details. First, the author does not do residential work as they are a Certified General nor do they work for AMCs and are not on any AMC roster. Somehow, this nonresidential appraiser received this email from Solidifi. VaCAP commends our colleague for stepping up...

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

59

Another AppraiserLoft?

If you do work for Clarocity Valuation Services, you definitely should pay attention… Simple Wall St reports: “Clarocity has limited growth and a worrying balance sheet” On November 26, 2017 VaCAP shared an issue with one of our members not receiving communication from Clarocity Valuation Services concerning past due invoices. Due to our research and public sharing, our member was paid. During that time, VaCAP learned some things about Clarocity and we continued to follow the company. We are not going to tell anyone who to do business with or how to operate their business, but we ask that the analytic...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / AppraiserLoft / Trending

Another Appraisal Waiver Request 101

Another Appraisal Waiver Request

Another Appraisal Waiver request has been sent to the ASC. This time from City Bank and Trust in Oklahoma. The bank is claiming a shortage of acceptable appraisers in the area. Their solution: “Our bank has on staff an individual who has maintained a Certified Residential Appraiser license until April 2017. This individual has provided acceptable appraisals and evaluations for the past 20+ years. He determined to allow his license to expire due to the rather burdensome CE requirements and the distance to and from approved course within the state. With the educational requirements, training process, number of hours required...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

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