Category: Trending

Appraisers Just Say No to Certain Assignments From Certain Clients 32

Appraisers Just Say No to Certain Assignments From Certain Clients

Some appraisers just say no and refuse to do assignments for low echelon AMCs fishing for cheapest and fastest appraisers… Folks, A very experienced Chief Appraiser, Mr. Greg Stephens, for the largest independently owned appraisal company in the US, Metro-West, has had an article published in National Mortgage Professional magazine, about the state of affairs concerning the so-called “appraiser shortage.” You can read the article here. While this article reveals important details based on appraiser population facts, there is a glaring omission. The omission is relative to “why” certain mortgage lending assignments are being delayed. It is different, and perhaps...

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

Appraisal Profession: Open Letter to AMCs 116

Open Letter to AMCs

AMCs have failed the appraisal profession, the financial industry and the consumer Dear AMC, Thank you for your interest in our profession. The trial period we have conducted is over and the appraisal profession has determined your services are not needed. The reasons for our decision are as follows: The use of an AMC is not required by any federal or state law. The use of an AMC does not provide any benefit to the appraiser. The use of an AMC does not provide any benefit to the consumer. The use of an AMC has not protected the consumer. The...

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

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

ACI Sky Causing Distress for Appraisers 49

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

1004MC / ACI / AMC / Appraisal / Appraisal Management Companies / Appraisal News

GLA Adjustment & Pizza Slices – They Do correlate! 22

GLA Adjustments & Pizza Slices – They Do Correlate!

Determining the GLA Adjustment in Appraisal Reports I promised in a previous post I’d send out my method for determining the GLA adjustment in appraisal reports. Goodness! Appraisers actually found that statement buried in the prior post, and have ‘rung my chimes’ requesting this info! OK, but first, the pizza analogy. I often tell clients and other appraisers that appraising (residential) real estate is far more complex than grabbing a store-bought pre-boxed pizza (that has exactly the same ingredients from box to box no matter which store you shop in) at a grocery and then applying 425 degrees of love...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

Purpose of the Appraisal Report 41

Purpose of the Appraisal Report

We have lost track of the purpose of the appraisal process This is an open letter to anyone who may have an interest in the residential real estate market. This includes buyers & sellers, homeowners, mortgage companies & brokers, real estate brokers & agent, loan officers, FHA/HUD, Fannie, Freddie and others. We have lost track of the purpose of the appraisal process. The purpose of the appraisal process is to provide an opinion of the estimated value of the property. The appraiser is hired to provide his/her opinion of the estimated value of the property usually by the intended mortgagee....

Appraisal / Appraisal News / Appraisers News / Trending / Uniform Standards of Professional Appraisal Practice / USPAP

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Twisted AMC & C&R Fees Gone Wrong!

This AMC is Just Wrong & Confused! An AMC sent an appraiser the following email this morning: “…..customary and reasonable fees are compliant under Virginia presumption that rates are based on recent rates paid to a representative sample of providers of appraisal services in the geographic market based on the fee schedules of these providers. Please complete the attached form and submit to:“ Wow are they confused about customary and reasonable fees! This is a severe twist on Virginia Regulations for customary and reasonable fee compensation to appraisers. Virginia Law mirrors the language in the TILA. They are essentially the...

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

Appraiser’s Response to LRES Order Blast 80

Appraiser’s Response to LRES Order Blast

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

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

CU Robot Keeps Score on Appraisers 51

Collateral Underwriter Crumbles

CU Robot Keeps Score on Appraisers Appraisers, No, this is not about “cuukie” crumbles. It’s about what the Fannie Mae Collateral Underwriter (CU) process is finding in far too many appraisal reports. A few days ago, I had an opportunity to speak with someone on the ‘inside’ of Fannie Mae. The discussion evolved to “what are the most serious items the CU process is finding in appraisals?” The CU process, which became effective January 26, 2015, is a giant electronic robot collecting tons of specific data from submitted appraisals to FNMA. This data can then be tied directly to the...

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

ppraisers Under Siege & Cost of Appraisals 31

Appraisers Under Siege & Cost of Appraisals

Appraisals that were just $400 are now $550 This little ditty of a few hundred words is via Jonathan Miller’s Housing Notes blog on June 24, which I hope he, and Mr. Chrisman, won’t mind if I re-post. I added a bit more below: Appraisers Remain Under Siege Miller: The banks have won and the appraisal industry has lost. At least for now. Here is a series of feedback from Rob Chrisman (Mortgage News Daily blog) in his must read newsletter on the mortgage industry. It is a heavily read source of in-the-trenches mortgage insights that I subscribe to. He...

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

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