appraisal management company

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NOTE: Please scroll down to read the other topics in this long blog post on AMCs, appraisal business, real estate market, unusual homes, mortgage origination stats, etc.

Appraisal Obsolete? Now or in the Future?

AMC Mergers and Acquisition for Appraisers

By Ann O'Rourke on February 4, 2022 / AMCs, ANSI, appraisal business, appraisal management company, waivers / Leave a comment

Tags: AMC, ANSI, appraisal business, waivers

AMC Mergers and Acquisition – Someone has a positive view of residential lender appraising!

Nationwide Property & Appraisal Services purchased by investment firm Arcapita Group Holdings

Excerpts: The deal gives Arcapita an AMC that serves mortgage lenders in all 50 states, has a network of over 15,000 licensed appraisers, and grossed $144 million in revenue in 2021.

“We were attracted by Nationwide’s highly cash generative business, experienced management team, and strong base of clients across the country,” Arcapita CEO Atif Abdulmalik said in a statement. “Close to 50% of Nationwide’s customers have maintained their relationship with the company for over six years, highlighting the longevity of its customer relationships, and the company benefits from a free cash flow conversion rate of over 99%.”

The AMC has acquired five other companies since Corridor bought a stake in Nationwide in 2016. In June, Nationwide acquired Portland, Oregon-based First Choice Appraisal Management, expanding its reach into the Pacific Northwest.

Other large financial firms are also putting money into the appraisal management space, which is highly fractured.

In October, private holding group StoicLane acquired control of the appraisal management company Lender’s Valuation Services (LVS).

To read more, click here

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Class Valuation purchases Metro-West

Excerpt: In a press statement, Class Valuation said Metro-West, founded in 1987, is the largest independent residential appraisal firm in the country, with staff appraisers in over 80 U.S. metros.

Class Valuation, which itself is owned by private equity firm Gridiron Capital, said the acquisition of Metro-West would fit into its larger strategy of fusing tech tools such as automation and 3D measurements to help clear the well-documented capacity issues in appraisal.

“One area of focus for us has been the growth of a staff appraiser network and building out a nation-wide trainee program,” John Fraas, CEO of Class Valuation, said in a statement.

This is the fifth acquisition Class Valuation has made in the last 12 months, and the seventh in recent years. In September, Class Valuation acquired Kansas City, Missouri-based Pendo Management for an undisclosed sum.

There’s been a surge in private equity investment in the U.S. appraisal space over the last two years.

To read more, click here

My comments: The investors see money to be made in appraisals. What will they think when it inevitably crashes again, like it always does. I wish I had an AMC I could sell to investors ;>

If you work for any of these AMCs, keep close track of your billings, so they don’t get lost in any accounting mergers. No one knows, of course, if their appraisal management will change.

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, ANSI, Waivers, Cell phone full, mortgage origination stats, etc.

Homes with Major Structural Problems for Appraisers

By Ann O'Rourke on March 5, 2021 / adjustments, AMCs, appraisal management company, bias, george dell, weird homes, zillow / Leave a comment

Tags: adjustments, AMC, strange house, zillow

Homes with structural problems for appraisers

Take a break and see some very strange things that can happen!!

Excerpt: For nearly 30 years, Alpha Structural, Inc. has developed a powerful reputation as the number one foundation engineering and repair, landslide repair, earthquake, and structural rehabilitation contractor in the Los Angeles area.

In this post, they share photos from its engineers’ day-to-day work, including all the funniest, most bizarre, and downright dangerous things they discover.

To check out the text, photos, very humorous comments, and leave your own comments, Click Here !!

My comments: I have appraised a lot of hillside homes and seen a lot of foundation damage, including strange ways people try to keep the damage from getting worse. One house was slowly moving down the hill. I appraised it as land value plus interim use as a rental (a very slow market at that time). Many thanks to long-time appraiser and friend (30+ years), John Regan, for this Most Excellent Link,!!Getting too many ad-only emails?

Covid-19 Residential Appraisers Tips on Staying Safe

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NOTE: Please scroll down to read the other topics in this long blog post on subpoenas, pets, Zillow, mortgage origination stats, etc.

Working with difficult appraisal clients(Opens in a new browser tab)

AMC Fined for Appraisal Order Blast Violation

By Ann O'Rourke on October 16, 2020 / AMCs, appraisal business, appraisal management company, comp photos, Coronavirus, COVID, data, FHA, Freddie, Mortgage applications, unusual homes / Leave a comment

Tags: AMC, AMC fined, comp photos, FHA repairs, mortgage loan volume, strange house

AMC Fined for Appraisal Order Blast Violation

Excerpt: Consolidated Analytics, an AMC based in Anaheim California, was fined $3,000 for violating the Utah AMC Administrative Rules R162-2e-306 “Offering An Appraisal Assignment and Communicating with Two or More Appraisers About a Potential Assignment.

The specific part of this rule that pertains to broadcasting has been relatively effective in reducing the broadcasting of assignments. Clear Capital recently was fined $5,000 for failing to comply and there are additional complaints working their way through the system.

To read more, click here

My comment: Broadcast orders are bad for many reasons for both the AMC and the appraiser: goes to everyone on their list, no considerations about appraiser qualifications for the assignment including geographic. Hundreds of appraisers competing on fees when business is slow make it hard for appraisers to stay in business. There is always someone with a lower fee, in appraising, and any type of business.

When business is strong, such as today, AMCs have to take whatever warm body they can get. Many appraisers are way too booked up and not taking any more work.

Maybe you can get your state appraisal regulator to get a similar regulation!!

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Marketing and Management Tips for Appraisers

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Which Appraisal Clients are used the most?(Opens in a new browser tab)

Should Appraisers Pay to Be on AMC List

By Ann O'Rourke on August 28, 2020 / adjustments, AMCs, appraisal business, appraisal management company, cost approach, COVID, Fannie, fauci, new appraisers / Leave a comment

Tags: adjustments, appraisal business, appraisal management company, Coronavirus, Fannie, mortgage lending, mortgage loan volume, new appraisers, unusal homes

By Dustin Harris

Excerpt: Should appraisers pay to be on an AMC’s approved appraiser list? Is this one way to get new clients? If an AMC solicited you, would you check it out?

Now, I work for some AMCs that, frankly, you might not choose to work for. That’s fine. It’s a choice we all make. Understand that most of the areas I work are rural, so AMCs are generally willing to pay more because of this. Some AMC are very demanding. Yet, when I meet those demands, I get a lot of well-paying jobs from them.

To read more, plus lots of appraiser comments, and listen to the podcast, click here

My comment: A never-ending very controversial topic ever since AMCs took over residential lender appraisals after the mortgage crash around 2008!

Coronavirus and Appraisals March 13 2020

By Ann O'Rourke on March 13, 2020 / AMCs, appraisal business, Appraisal fees, appraisal management company, AVMS, future, lender appraisals, Mortgage applications, mortgage loan volume, unusual homes, weird properties / 1 Comment

Tags: AMC, appraisal business, appraisal fees, appraisal management company, future, mortgage loan volume, unusal homes, unusual buildings

Appraiser’s (Changing) Role

Q&A with Mark Verrett, Chief Innovation Officer at Accurity Valuation

Excerpts: WRE: How can appraisers adapt to meet the profession demands?

Verrett: I think there are several ways to adapt to these challenges. The first is to work toward diversifying your practice away from 100 percent mortgage business niches. Our firm is a leader in green valuation, rural valuation, valuation consulting and litigation support and we help our offices diversify into those spaces. However, this solution isn’t for everyone….

To directly take on the challenges facing appraiser relevancy in the mortgage space, significant change is required. Appraisers need to unite to create a like-minded national voice that is not rejecting proposed changes for the profession, but rather working with stakeholders (regulators, lenders, clients, etc.) in conceptualizing, testing, tweaking, and ultimately modernizing the appraisal process on the mortgage side.

The appraisal community has a tough assignment in their role in this modernization. To be useful in the discussion, we need to challenge ourselves to be creative and open-minded, yet diligent in maintaining or, even better, improving the quality of the valuation being produced. I think it is extremely important for appraisers to listen and understand the needs of their clients and to creatively develop solutions that meet those needs.

Worth reading with some good ideas. To read more, click here

My comment: Accurity has franchisees and some very savvy appraiser officers and directors.

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Appraiser Covid Survey Results April 2020

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Which Appraisal Clients are used the most?(Opens in a new browser tab)

Appraiser Work Stress Humor

By Ann O'Rourke on January 24, 2020 / AMCs, appraisal business, appraisal management company, FUN, humor, Mortgage applications, real estate market, Strange homes, USPAP, weird properties / Leave a comment

Tags: adjustments, appraisal management company, humor, unusal homes, unusual buildings, USPAP

8 Funny Quotes About Appraiser Work Stress

Just For Fun!!

Excerpts: Real estate appraisal is an exciting and enjoyable profession—for the most part. But every appraiser knows that the job can be stressful at times, especially for those who are self-employed. If you’re having a hectic or frustrating day on the job, it helps to have a sense of humor. Here are some super funny quotes about work stress that we hope will brighten your day. Appraiser Work Stress Humor is what we all need!!

A few quotes

“‘Yay! It’s the weekend!’ Said nobody who is self-employed.”

“There cannot be a stressful crisis next week. My schedule is already full.” — Henry Kissinger

Very creative gifs! Sorry, they don’t work in these emails. To see them, click here

My comment: Very Funny and Realistic!

Appraisal Humor

Appraisal business tips

Terrible Real Estate Agent Photos for Appraisers(Opens in a new browser tab)

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$1 Billion Appraisal Error

By Ann O'Rourke on December 20, 2019 / AMCs, appraisal business, appraisal management company, bad appraisers, FUN, Mortgage applications, mortgage loan volume, real estate market, unusual homes / Leave a comment

Tags: AMC, appraisal business, appraisal management company, Bad appraiser, humor, mortgage loan volume, real estate market, unusal homes

Bad News: Dropped Phone Causes Utah Home to be Valued at Nearly $1B

A Very Strange Story!!

Excerpt: The 1,570-square-foot house built in 1978 on 2 acres in an unincorporated area of the county was recorded in 2019 tax rolls with a market rate value of more than $987 million and an overestimate of about $543 million in taxable value. In reality, the property should have only had a 2019 taxable value of $302,000, according to county property records.

That error — which the Wasatch County assessor explained possibly occurred when a staff member may have dropped their phone on their keyboard — has resulted in a countywide overvaluation of more than $6 million and revenue shortfalls in five different Wasatch County taxing entities.

To read lots more, click here

My comment: Wow!! Makes AMC and client complaints (and appraiser typos) fade away in comparison!! $1 Billion Appraisal Error

Covid-19 Residential Appraisers Tips on Staying Safe

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Previous Career Before Appraising

By Ann O'Rourke on November 22, 2019 / adjustments, AMCs, appraisal business, Appraisal fees, appraisal management company, lender appraisals, Mortgage applications, real estate market / Leave a comment

Tags: adjustments, appraisal business, appraisal fees, mortgage loan volume, real estate market

What Was Your Previous Career Before You Got Into Appraisal?

Excerpts:

The Top 3

Real estate sales (14%)
Mortgage lending (8%)
Insurance (5%)
Assistant or admin work (5%)
Banking (1%)
Others: 63%

To read more, click here Check out the respondent comments and a list of some of the many previous careers

My comment: I was a chemist before I started appraising. Really liked learning about science in school, but 7 years of lab work was too boring. I felt trapped inside. Saw an ad for “appraiser assistant” at the local county offices. “Work in the field.” I had never heard of it, so read a book about it at the library (1974). I got the job and still love appraising!! I didn’t see many science careers on the “Other” list. But, I think it prepared me well for appraising as I was trained to be very objective and analytical.

Covid-19 Residential Appraisers Tips on Staying Safe

The future of residential appraising(Opens in a new browser tab)

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