Good on you. I always used an engagement letter at the request from a client and IF I received payment on the site, I issued a receipt, in it I named my client.

WOW

That’s the best summary of the situation I have seen. It makes me want to join AGA.

Don Martin CA

When appraisers provide a lower priced product to an amc, the consumer does not save a dime.

Supply and demand. That’s not what’s happening here. That is not the whole picture.

It’s a good thing the amc’s don’t have to comply with something like 11.4 or 11.5.

Are you trying to bore me to death?

Don’t worry about state investigators being broke much longer.

Appraisal Subcommittee; Notice of Adoption of Grants Handbook

https://www.federalregister.gov/documents/2020/02/14/2020-03021/appraisal-subcommittee-notice-of-adoption-of-grants-handbook

Yup, worth a read.

I completely disagree we should ignore them. As the article states respond professionally and ask to be removed from their list. Like Robocalls, if you don’t stop them, they will only continue.

i collect at the door for several of my clients. I’m don’t extend credit. I’m going to start quoting fees to AMCs that include a 45 day credit charge. Like this. $650 for COD. $700 for billing.

I forgot to add, my lender/client also orders through Mercury so I don’t have to put up with an AMC!

One of my lender/clients PREFERS that I collect at the door! In fact, because of their policy they are my ONLY lender/client!

I’m glad VaCAP is reminding appraisers in their state of the additional prohibitions. What would be MORE helpful is an effort to change that legislation so that we CAN collect at the door again. The original logic was to lock in an appraisal to a specific lender so other lenders couldn’t steal deals without paying for new appraisals. Pure and simple self-interest. FNMA later came up with the fairytale that it compromises appraiser independence.

In practice, the 3rd party deferred payment has been MORE prone to abuse of independence since AMCs use it as a lever to extort favorable modifications to appraisals under the guise of ‘necessary revisions’.

Its truly amazing how originally GOOD legislation like FIRREA has been allowed to become so bastardized with subtle changes over the years that the public trust is no longer served or protected.

The very organization charged to develop and maintain standards (USPAP) TAF, is now one of the biggest causes of diminished standards, requirements, and appraisal credibility. THEIR corporate self-interests conflict with their original mandate. THEY developed remedial education programs for state enforcers. Then they caved to AARO and started teaching investigator programs that tell investigators they don’t have to comply with USPAP themselves!

Apparently, there is no sense directly competing with AI education providers if no one takes the courses. Enter their regulatory investigative courses. Designed specifically to promote a prosecutorial approach to appraiser review, they now have a captive audience that states gladly keep feeding them through bogus complaint ‘findings’.

Hopefully, GAO will in response to Congress Member Waters Committee letter identify all these current failures of FIRREA, and redo it like it was originally intended. Back when it worked. We already HAVE USPAP. We don’t need an overpaid private corporation to needlessly change it every two years. Leave that up to the existing recognized appraisal professional organizations, unions and state coalitions. Go back to the Departure Provision and tie it to SOW like it used to be. Don’t let reduced SOW sidestep any principle or standard anyone chooses to ignore on any given day anymore.

Put USPAP compliance under one single federal agency such as ASC with peer groups performing the SR3/4 reviews for compliance, with a SINGLE SET of standards instead of the current Heinz-57 FLavors Enforcers Buffet that allows broke bureaus like California’s BREA; or confused regulators like those in other states that think USPAP doesn’t apply to them.

I agree, unless you’re set up for unsolicited requests, be careful. People who are not familiar with the process are also more likely to become irate when something happens that they don’t understand. Unless you’re prepared for these requests, proceed with caution.

Alternatively, seek out firms that do these types of requests and learn.