Appraisal News and Business Tips

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CU – census tracts, adjustments, "bad apples", etc.

There is a lot of misinformation about CU. No one knows what will happen when CU is fully implemented. I speculate myself. I am an appraiser. I have opinions ;>

UAD is mechanical. CU is asking appraisers to think about their appraisals, not how to classify a characteristic.

For the appraisal profession, I think CU will make us better appraisers by making us take a critical look at adjustments. It will also help get rid of the “bad apples”, including appraisers that “push” values, throw anything into the form to get it out the door, need lots more training and education, etc.

I think Fannie’s main purpose of CU may be to stop appraisers from having low (or high) adjustments, inappropriate comps, using Q/C ratings, etc. to make values higher. That is what they worry about.

Only using comps from within the subject’s census tract is ridiculous and I’m sure CU will not be doing this. It is a good idea to see which census tracts match the neighborhood boundaries that you use. Or, part of Census Tracts. Then you can put the census tracts you use in your appraisal. In some areas census tracts are way out of date due to new construction, plus other problems.

To find census tracts near any property, go to http://www.huduser.org/qct/qctmap.html and type in an address.

I started my business in 1986 and had to put census tract numbers in my appraisals for the first time. I had previously worked for an assessor’s office and had never done a lender appraisal. I used Thomas Brothers Census Tract books to find them. To me, they often represented a reasonable way to delineate all, or part of, a neighborhood. Looking at the current census map for Alameda, CA, my city (population 75,000), it definitely did a good job of defining neighborhoods. However, I usually have to include more than one census tract as there is not enough data to do an appraisal otherwise. It did miss one very important neighborhood where most of Alameda’s large historic homes are located. There is a significant premium for being in this neighborhood. I very, very seldom go out of this neighborhood for comps. I suspect there are issues like this in other geographic areas. I have no idea what area Fannie would use, so I would put an explanation in my appraisal.

The problem is the forms, which were developed for use on tract homes. If you are not appraising a conforming tract home, it is like trying to put square boxes into round holes.

Every appraisal will have a risk score. A high risk score (1.0 to 5.0, where 5.0 is high risk) does not mean an appraisal is “bad”. It may be in an area of declining values or have a negative location problem. Or, not enough comps to provide a reliable value.

Remember that only certain UAD items will be considered by CU for now. If it is not UAD formatted, it will not be looked at. I don’t think Fannie’ use of census tracts will be the issue.

The Big Issue is support for adjustments. I have no idea how to support all the adjustments I make in my appraisals. I know what buyers will pay more, or less, for. But, I don’t know the exact dollar amount.

Regression is just one way to support adjustments, but it will not work for many adjustments, particularly if there are very few sales. Regression is not the only answer. There are many other methods. I will be writing about them in my paid email newsletters.

Regression works very well for time adjustments. Be sure yours are market based, not just from an MC form.

I am seriously considering not making any dollar adjustments when I use form reports for non-lending work, except time adjustments. I never make dollar adjustments on narratives and apartment form reports. My state regulator wants to see support in my files for adjustments.

Just because there is a box does not mean it has to be filled in. Qualitative adjustments are fine. There was a Fannie form developed and used for awhile in the 80s or early 90s that did not use dollar adjustments, only plus or minus signs. I worry about that a lot. The old Fannie 2-4 unit form did not have any adjustment boxes. I really hated when they changed that form to include adjustment boxes and de-emphasize the Income Approach.

No one knows how CU will work out. Will everyone turn down appraisals except for conforming tract homes? Will there be no one to do the tough appraisals and work in rural areas. When appraisers are compared, does the majority opinion win?

Will the days of 24 hour turn times and $200 fees be gone? Will AMCs stop broadcasting all appraisal orders to everyone on their fee panels? Will all appraisers be seen as the same and interchangeable? Or, will appraisers be rated on skills, education and experience? Will fees go up? Will fees be based on difficulty of the appraisal? Will lots of appraisers abandon the lender appraisal ship of fools?

Read the webinar pdfs and look at the maps from the two Fannie Webinars to see what they actually are doing. I spent lots of hours doing this, plus speaking with others about what they thought. Of course, it was for a 12-page article in my paid newsletter. Plus 18 pages of excerpts from Fannie documents and webinars. I probably would not have done it otherwise ;>

Go to www.fanniemae.com/singlefamily/collateral-underwriter and listen to Fannie’s two webinars for underwriters – very good with excellent illustrations and explanations. Plus, read the FAQs. You need to register, but it is very easy and you go directly to the webinar and can return at any time. There are lots of links on the web page for more information.

Last month’s January 2015 issue of the paid Appraisal Today newsletter had a 12-page article on CU plus 18 pages of addenda material. The February and subsequent issues will address problems such as how to make adjustments. Click the ad below for more information.

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Lender and AMC revision requests

Lender/AMC revision requests
By Steve Costello
Source: AppraisalPort monthly newsletter

My comment:  www.appraisalport.com  recently redid their web site and somehow their surveys got put on another page. Now, they are back. AppraisalPort has my Most Favorite Appraisal Surveys!! The current poll is about what measuring device appraisers use. Be sure to vote!! Their poll responses were typically very high, 4,000 to 6,000 responses.

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Full article below:

First, I am glad to report that the poll is back up and running on the AppraisalPort homepage. It was down for a few weeks during the transition to the new version, but you can now find it by either scrolling down a bit or by just clicking on the button that says “Weekly Poll” on the right side of the screen.

This month, I want to discuss a couple of recent polls related to lender/AMC revision requests. First we asked: “Compared to a year ago, my lender/AMC revision requests have…?” Out of the 5019 responses, nearly 40 percent went with the answer “Stayed about the same.” Unfortunately the second most popular answer of “Increased significantly,” which took 21 percent of the vote and was followed closely by “Increased somewhat” with 19 percent. These were followed by the responses of “Decreased somewhat” pulling 13 percent of the vote and finally, “Decreased significantly” with a 7 percent share. There are two ways we can look at this data: Taking a negative view, 40 percent of the appraisers are experiencing some kind of increase in revision requests. That is a big number, but looking on the positive side that means that the other 60 percent have either stayed at the same level or have experienced a decrease in revision requests.

In the second poll we asked: “On average, how much time do you spend making and delivering requested revisions on any given appraisal?” We had a total of 4870 responses to this poll. Nearly half (48%) of those chose the response of “10-30 minutes.” This would seem about right for most minor to moderate revisions. Many must be making pretty minor revisions because the second most popular response with 24 percent of the vote was “Under 10 minutes”. Another 18 percent are having to take a bit more time and went with the choice of “31-60 minutes.” A smaller group of 7 percent is having to invest some real time to make the revisions and picked the response of “Over an hour.” The final 3 percent selected the answer of “I don’t make revisions.” I’m not sure if that means they are doing an amazing job on every report and never get a request or if they just refuse to do any revisions!

My comment: these results are somewhat similar to the recent Valuation Review survey results. I keep hearing lots of complaints about revision request hassles. It is good that it seems to be stablizing. Interesting results. I hardly ever have revision requests from my estate clients, except when I have a typo on the address or client name ;> I really hate getting reviewed!! Well… maybe it would be okay if it is an experienced local appraiser who knows all about my market!! I have always wondered why lender appraisals have been regularly reviewed. I don’t know of any other profession where someone else reviews so many reports that are done. I really think this is why appraisers are so negative about other appraisers’ work. I can’t remember if I took the poll… I often don’t because I don’t do any lender work and it sorta skews the results…

What do you think? Post your comments below!!

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How to stem appraiser "low tide"

By Alan Hummel, Chief Appraiser Forsythe Appraisal

Excerpt:

The topic may seem peculiar at a time when mortgage originations are down from the heyday of the early 2000s, but if the issue isn’t addressed now, a shortage of qualified residential appraisers could have a dampening effect on the mortgage market at precisely the moment when it is trying to regain its past vibrancy.

The decline in the numbers of appraisers entering the profession can be attributed to many factors including (but not limited to): qualifications and licensing requirements, the economics involved in training, and unwillingness on the part of some financial institutions to allow trainee appraisers to perform services. The most significant obstacle for many trainee appraisers is completing the 2,500 hours of required experience to achieve Certified Residential status, after the education component has been completed.

My comment: The only answer is for lenders to allow trainees to “sign on their own”.Hummel proposes a training program. But, I don’t see this happening on a large scale.  Since Fannie and Freddie started loan securitization in the 1970s, the volume of appraisals needed has been very, very cyclical. Before licensing, most appraisers were employees of lenders. Lenders solved the problem by hiring armies of trainees during boom times and then laying them off when volume dropped. Few appraisers are employees of lenders now. Fee appraisers have been expected to train new appraisers. Lenders paid them a salary and experienced salaried appraisers were the supervisors. But, fee appraisers are not set up for it – no time, minimal supervisor training, little economic incentive, etc.

Read the full article at:
http://www.housingwire.com/articles/31233-how-to-stem-appraiser-low-tide

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$200 appraisal fees – appraisers removed for refusing low fees!!

Blacklisted for Refusing Low Fees
Source: WorkingRE

Excerpt:
Dawson (quoted under an alias because she fears retaliation), tells a story that many appraisers can relate to. She says she was blacklisted for requesting what should be protected under law-her right to customary and reasonable fees. Dawson is different because instead of being secretly blacklisted and left to wonder why she stopped receiving orders after requesting a fee increase on an assignment, she was formally removed from an AMC’s panel after insisting that the AMC’s fee was not customary and reasonable…

Recently, however, her client began using an AMC to manage the appraisal process. After an 18-year relationship with a quality client, Dawson found herself dealing with an AMC that wanted to pay her considerably less than her standard fee. Dawson says the AMC wanted to pay her $290 for an appraisal. “For five years my standard fee with my client was $375. They decide to go through an AMC and now I’m expected to accept a fee of $290 for the same work,” says Dawson.

She discussed her concerns multiple times via telephone with the AMC. “I told them that I would not accept a fee of $290 for the same appraisal that my client had previously paid me $375 for. Their fees are unprofessional and not in the spirit of Dodd-Frank. One girl just laughed at me on the phone because I wouldn’t take $290. She told me they didn’t need me because there are plenty of other appraisers who will do it,” says Dawson.

Dawson was removed from the fee panel for “Unprofessional Conduct – Derogatory responses to communication from Nationwide Appraisal Network,” according to a document supplied to Working RE . Dawson says it was her pushback on fees that led to her removal, which followed her sending the AMC an email pointing out that the C&R fee established between her and her client was $375, and that the fee offered by the AMC was neither customary nor reasonable. The return letter from the AMC concludes: “Due to the issues we have experienced with your conduct… you are hereby notified that you are being removed from our approved appraiser list.”

http://www.workingre.com/blacklisted-refusing-low-fees-2/

My comment: Appraisers are getting letters or emails that they are being removed from AMC lists because they are turning down low fees. I am also hearing about desperate AMCs who can’t find anyone to work for their low fees. This often happens in rural areas with few appraisers. Low fees can be ok in nearby conforming tracts but go rapidly go downhill from there. I have no idea who will be doing appraisals as more and more appraisers are turning down the low fees.

I am also hearing some AMCs are raising fees. Maybe they have figured out that one fee for an entire state often does not work well!!

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$200 Appraisals – Poor Business Decisions for the Appraiser AND Lender
By Joanna Condé
Source Arizona Association of Real Estate Appraisers

Excerpt:
As many of us fight for customary and reasonable fees of $350 or more, some of our appraisal brothers and sisters are still taking the $200 appraisal and not only hurting the cause for the rest of us, but doing something that will eventually, if it hasn’t already, hurt themselves.

… there are many AMCs that pay customary and reasonable fees of $350 and more, that give five business days to do the report, and that will pay more if the properties are complex, in an area that requires more work and research, and will allow more time if there are reasons…

So why would anyone accept a fee below $300, let alone in the $200 range. I can only attribute it to not thinking it through.
Below are the reality checks as I see it.

Reality Check – $: The net from doing one $350 appraisal is about the same or even more than doing two $200 appraisals…

Reality Check – Time: There is twice as much time spent on two appraisals as there is on one. So, the appraiser taking the $200 appraisal spends twice as much time for the same money unless corners are cut. If an appraiser tells me he doesn’t do the same amount of work for the $200 appraisal as he would for the $350, then there is no other choice but to believe he is: a) cutting corners, or b) not doing a full report and providing the information necessary for a credible report, i.e. USPAP compliant. Not smart. The issue becomes not “if” you get reported, but “when” you get reported.

Reality Check – Liability: It seems apparent to me that the same lenders that have the highest foreclosure rates are also the lenders that work through AMCs that pay low appraisal fees and ask for short turn around times…

To Lenders: For those lenders that do not inquire of the AMCs they use what they pay their appraisers, and the time they give them to complete the report, shame on them. They are putting their own company at risk as well the borrower. Why?
The best appraisers won’t work for cut-rate fees. They know the quality of their work and they charge for it. Those appraisers who work for low fees usually produce low quality. “You get what you pay for.”

Low quality appraisals put the lender at a higher risk of making a bad loan.Isn’t it time ALL appraisers and lenders realized that!

Cheap is Expensive!

My comment: well written. Not just a lot of whining and complaining. Explains why it is important to the lender.

CLICK HERE TO READ WHAT OTHER APPRAISERS SAY ABOUT LOW FEES AND POST YOUR COMMENTS ON MY BLOG

Read the full commentary at:
http://appraisersblogs.com/appraisal/the-folly-of-the-200-dollar-appraisal/

 

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AMCs – questions about value and revision requests – Poll

Appraiser Poll results
www.Appraisalport.com

How often, if ever, do your lender/AMC clients question your opinion of value? 8/4/14
Almost every report 108 votes 2%
1 out of 10 reports 327 votes 6%
1 out of 20 reports 247 votes 5%
1 out of 30 reports 333 votes 6%
Almost never 3,535 votes 68%
My opinion of value has never been questioned 635 votes 12%

Total Votes: 5,185

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Compared to a year ago, my lender/AMC revision requests have:
7/28/14

Increased significantly 1,053 votes 21%
Increased somewhat 971 votes 19%
Stayed about the same 1,981 votes 39%
Decreased somewhat 661 votes 13%
Decreased significantly 353 votes 7%

Total Votes: 5,019

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On average, how much time do you spend making and delivering requested revisions on any given appraisal? 8/14/14

Under 10 minutes 1,163 votes 24%
10 – 30 minutes 2,323 votes 48%
31 – 60 minutes 875 votes 18%
Over an hour 366 votes 8%
I don’t make revisions 141 votes 3%

Total Votes: 4,868

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My comment: Good to see that there are not many valuation hassles but, of course, there should be none since that is what AMCs are supposed to do – no valuation pressures!! Interesting revision results, since many appraisers complain they spend lots of time responding to them – 72% are 30 minutes or less. My favorite is No revisions, but only 3%.

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Appraiser-AMC symbiosis?? Not!!!

An Evolving Symbiotic Relationship Between AMCs and Appraisers  ????
Monday, August 11, 2014, posted on Appraisal Buzz
Scott Pickell – vice president and chief appraiser at LRES

A few quotes:

“As a former appraiser with nearly 30 years of experience and now an executive working at an AMC, I have observed a true evolution in the way appraisers and AMCs work together. The relationship between AMCs and appraisers started off unsteadily but has improved over the years. It has now reached a point of mutual respect.“

“When working as an appraiser, I recall some AMCs treated me as though I was a rookie in the industry despite my 20 years in the field at the time. There was no reason for that. When AMCs treat appraisers with the respect they deserve, appraisers will return that respect and produce better work.“

My comments: Maybe Pickell’s AMC respects appraisers but the way appraisers are treated by most AMCs does not indicate any respect.

Appraising in the U.S. started during the Great Depression when lenders needed appraisals for foreclosures. Until the 1990s, when mortgage brokers took over, lenders somehow managed their appraisals without armies of telephone calls for updates, 10+ page engagement letters, sending broadcast emails trying to get the lowest fees, etc. etc.

Somehow, since HVCC, appraisers are managed as if they were children, who have to be prodded incessantly and corrected to do their appraisals “right” to ever increasing requirements.

Appraisers are seen as barely competent and unreliable, who have to be heavily managed. But, all of this costs a lot of money, as compared with the old lender management of appraisers. Of course, mortgage broker management cost very little, if anything. Who pays for it today? Appraisers and borrowers.

The same “barely competent” appraisers are increasing required to provide lots of time consuming information and analyses which often do not contribute to the accuracy or reliability of their opinions of value.

Residential appraisers are often required to “support” all their adjustments. That’s fine if you are doing a conforming tract home. If not, it all goes downhill fast. What’s my answer? Turn down as much as possible anything not a conforming tract home. Or, change your geographic area to one that has a lot of tract homes. Working for AMCs with less hassle can help, but scope creep seems to be affecting all lenders.

Few residential appraisers are willing to do non-lender work. Learn how to do it, including marketing. I have special reports that can tell you about how it differs from non-lender work, and how to get work. This will reduce some of your lender dependency. See my ad above.

FYI, I have a Certified General license. I do a lot of 5+ unit apartment properties. They are easier than 2-4 units and I get much, much higher fees. There are few appraisers who do them in my area. Cert residential are not licensed for it and local commercial appraisers don’t like to do them as they prefer commercial and industrial properties.

Very interesting comment posted on an appraiser chat group by Charles Baker, SRA: (editor addition: A more appropriate comment by Pickell would be) “It’s my job to maximize profits for the company. If you wish to participate as a contractor that’s your choice. But make no mistake, our job is to service the client, reduce costs, boost our bottom line and reward our principals and shareholders. You may wish to participate in those profits by contacting our investor relations department, but don’t expect to get rich as an appraiser. Thank you very much.” I really like this comment as it says what a corporate manager would view the situation.

Link to the full article. http://appraisalbuzz.com/buzz/features/an-evolving-symbiotic-relationship-between-amcs-and-appraisers#sthash.QH5TBFby.dpuf

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How accurate is the reported square footage from the tax records in your primary service area?

How accurate is the reported square footage from the tax records in your primary service area?
3/10/14 poll – www.appraisalport.com
Poll Results
– Very accurate for most homes 869 votes – 16%
– Mostly accurate (about 75% of the time) 2495 votes – 55%
– Hit and miss (about 50% of the time). 1470 votes – 27%
– Not reliable (accurate less than 25% of the time). 475 votes – 9%
– The tax records do not usually show the square footage in my area. 127 votes – 2%
Total votes = 5,346
My comment: AMCs seem to be assuming that tax records are more reliable than appraisers’ measurements. WRONG!! I started appraising at an assessor’s office in 1975. We were no more accurate than any other appraisers and never thought that our square footages were exact.
I used to do a lot of relocation appraisals where 2 or 3 appraisers were hired to appraise the same property. Very, very seldom did the appraisers have the same square footage.
A few years ago, a local real estate agent asked me about an appraisal where the sketch did not match the house. Tax records sq.ft. was way off. The appraiser had “fudged” the dimensions to match public records.
Do many appraisers do this to avoid AMC hassles or they were taught to do this by their supervisors?
I have always looked at tax records sq.ft. as a cross check, but never assumed it was more accurate than my measured sq.ft. In some neighborhoods and cities they are accurate and are very unreliable in other areas as they often are not correct.

Appraisal Today newsletter

AMC fees – going down?

Poll Results – www.appraisalport.com  survey 11/4/13

Have you noticed any change in the fees being paid by AMC’s since the market has slowed?

– No, fees seem about the same as before. 2,618 votes 52%
– Yes, the fees seem to have increased slightly. 464 votes 9%
– Yes, the fees seem to have decreased slightly. 1,419 votes 28%
– Not sure 488 votes 9%
Total Votes: 4,989

My comment: I am forecasting declining AMCs fees because loans have dropped. Keep up with fee changes at www.appraisaladvisor.com  which is now free to all appraisers!!
I have lots of tips on getting higher AMCs in my AMC Special Report – $20 and FREE to paid subscribers!!
go to www.appraisalport.com to take the current survey.

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StreetLinks AMC's new AppraiserPlus Program-paid on inspection, no micromanagement?

My comment: Hmmm… we will see what happens. Maybe too many appraisers took Streetlinks off their approved AMC list?

Full Streetlinks press release:

May 23, 2013 /PRNewswire/ — StreetLinks Lender Solutions(R) announced today the August 2013 launch of its AppraiserPlus(SM) program. AppraiserPlus(SM) significantly enhances the professional partnership between StreetLinks and appraisers by removing the traditional hurdles of micromanagement and post-completion appraiser payment cycles. StreetLinks’ lender partners will continue to benefit from exemplary quality and service levels, with the assurance that they will never be responsible for an AMC’s failure to pay the appraiser.

“I have said many times that we want to make a positive impact on our industry and to continuously make it better than it was when we entered. AppraiserPlus(SM) is consistent with that goal by providing measurable benefits to appraisers and lenders through real partnerships — not traditional vendor micromanagement,” said StreetLinks President, Tom Hurst. “This program allows appraisers to focus on running their businesses and brings back the days of “COD” style payment. This announcement is a year in the making and as an original founder of StreetLinks, this is the most exciting announcement of my career.”

For years, traditional AMCs have put all appraisers into a single bucket and micromanaged every aspect of the process, resulting in real or perceived nuisance calls, texts and emails that interfere with the appraiser’s productivity. While StreetLinks has never set appraisers’ fees and has remained loyal to exceptional appraisers, the company also approached each order with a standardized follow-up process. AppraiserPlus(SM) changes that trend by restoring the days when appraisers were trusted to run their businesses and provide great service and quality reports, in addition to receiving the majority of their payments at the inspection versus weeks or months later.

AppraiserPlus(SM) will limit or remove calls, text messages and emails to participating appraisers during the appraisal fulfillment process, thus allowing appraisers to spend their time inspecting properties, compiling data and writing appraisal reports. Appraisers will have the opportunity to remove nearly all follow-up questions, revisions and stipulations by completing a StreetLinks QX review prior to report delivery. Additionally, AppraiserPlus(SM) will generate ACH payments to appraisers the same day the property is inspected.

Appraisers accepted into the program agree to consistent and fair service metrics and quality control requirements. Hurst noted that this will also ensure lenders that the best, most qualified appraiser will be handling each report.

“We have spent years developing great partnerships with our clients and continue to see unprecedented growth and capture market share. This program will strengthen our partnerships with appraisers while driving additional value for our clients,” Hurst added. “With multiple AMCs recently closing their doors, some lenders have been put in a tough spot — including being left to pay millions in situations where the AMC collected the funds, but failed to pay the appraiser. AppraiserPlus(SM) mitigates such risk, making it a win for both appraisers and lenders.”

About StreetLinks

StreetLinks Lender Solutions provides innovative and comprehensive suite of valuation services and lending technology solutions to banks, lenders and other mortgage industry firms. StreetLinks’ commitment to quality and service, embodied by our partnership approach to clients and appraisers, continues to set us apart as the nation’s premier lending solutions partner. Our products and services are used by thousands of mortgage bankers and appraisers nationwide to simplify and improve everyday business operations. For more information, visit www.streetlinks.com/landing/AppraiserPlus.

Contact Information:

Tom Hurst

tom.hurst@streetlinks.com

317-215-8182

Link to streetlinks web site:
https://www.streetlinks.com/landing/AppraiserPlus

Appraisal Today newsletter

New AMC – 8 hour turn time!!

An AMC to Keep Pace With?
Q&A with Richard Johnson of Pacer AMC
April 1, 2013
Appraisal Buzz

BUZZ: How will you differentiate your company from the other 500 AMCs?

RICHARD: We have created a unique appraiser scorecard. We have an algorithm that measures the appraiser’s self esteem. We find appraisers who set a low fee, never complain when we are a slow pay, and love challenging assignments. We have no dress code. Appraisers just hate that.

We have spent a lot of time picking the best appraisers for our assignments. We call it dialing for dollars. We reward our processers based upon setting new lows.

Because we are the low cost provider we attract the very largest lenders in the US.. These large lenders too have an algorithm that includes input as to the cost of regulation. They have figured out the risk of penalties and fines is somewhere between slim and none. They have lobbyists to ensure that. We have hitched our star to their wagon.

BUZZ: What is this we have heard of your 8 hour Turn Times?

RICHARD: One of the ways we feel we can stay ahead of our competition is we have instituted an 8 hour turn time. We feel it shouldn’t be too hard to get all our appraisals done the same day they are assigned.

Of course we are not unreasonable though if a property is over 250 miles away we allow an extra 2 hours to submit your report.

BUZZ: With all the transparency, disclosures and Customary & Reasonable laws how do you get away with being the low cost provider?

RICHARD: It is really simple. We know our clients love AMCs because they get our services for free. It is the greatest business on the planet. The appraiser pays for the services for the lender. What a racket. We find appraisers who are willing to drive anywhere and do anything for an ungodly low fee.

We don’t worry about compliance because the appraiser signs an affidavit that certifies we have paid them a customary and reasonable fee. Have you seen the CFPB enforce any appraisal rules ? No of course not. Zero risk for lenders and AMCs.

My comment: be sure to click on the link and read the rest of the articled before you let your blood pressure go way up ;> It was published on April Fools Day!!

http://appraisalbuzz.com/an-amc-to-keep-pace-with

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