AMC Fined for Appraisal Order Blast Violation

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.

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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!!

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What does it cost to take appraisal comp photos?

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What does it cost to take appraisal comp photos?

In general, how much do you think the requirements of taking comp photos increases the cost of completing an appraisal? www.appraisalport.com poll
My comments: Comp photos are very controversial, especially with the availability of google (including historic photos), mls, Zillow, etc. Interesting results. Don’t know if this includes blurring out personal items, people, dogs, etc. Maybe includes driving time (non-rural of course) and downloading and filing photos. At least we don’t have to spend lots of money on photo processing plus time going to and from the store any more!!

I am not sure why, but lots of appraisers don’t like to take comp photos. USPAP certainly does not require it. I always do, even if I have taken a photo before, because I can’t remember what was near the comp, condition, etc. I always remember it when I used hear about it when speaking at Canadian appraisal conferences. At that time, appraisers were not required to put comp photos in their lender appraisals. They told me “I know that area very well.” Or, “I drove by it XX years ago.”

Previous Appraisalport polls on comp photos
6/2/15 – analysis of 3 comp photo polls – Comp Photos and MLS, Fannie, USPAP, etc.
Plus read the comments.