Industry News When Do Comps Requests Cross the Line? The following Q&A comes from attendees to the webinar The Top 5 Questions Asked of an Appraiser and How to answer presented by Richard Hagar, SRA. (For more, visit WorkingRE.com, Webinars.) Question: Hi Richard. I took part in your webinar last week on the Top 5…
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Texas Fee Survey Unpacked by David Brauner, Editor The most recent appraisal industry survey reveals interesting results, mainly because both appraisers and appraisal management companies (AMCs) participated. The Texas Appraisers and Appraisal Management Company Survey, as the title suggests, sampled appraisers and AMCs in Texas only. Despite this limitation, certain survey results will be of...…
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Jim Park, Executive Director of the Appraisal Subcommittee (ASC), has valuable information for appraisers regarding their professional information posted publically on the National Registry of Appraisers and more.
Last year, when Park spoke at the Valuation Expo in San Antonio, many appraisers wondered why the “complaint hotline,” established under Dodd-Frank nearly three years ago, was taking…
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Editor’s Note: Fast becoming one the profession’s most pressing problems, another AMCs has failed; this time leaving individual appraisers owed thousands or tens of thousands of dollars. How the lender and regulators respond may create important precedence for the industry. AMC Fails: Appraisers Stiffed Again by Isaac Peck, Associate Editor Evaluation Solutions/ES Appraisal Services is…
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Editor’s Note: Hundreds, possibly thousands of appraisers are left with unpaid invoices as a result of AppraiserLoft shutting its doors; now one major lender is stepping up and paying up. Lender Paying Appraisers Stiffed by AppraiserLoft By Isaac Peck, Assistant Editor The argument is unsettled to what degree lenders are responsible for the agents they…
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Success Collecting AMC Debt from Lender By David Brauner, Editor One appraisal company, at least, has collected monies owed by the now defunct appraisal management company (AMC) AppraiserLoft. How did they do it? They did it by citing chapter and verse of FIRREA. C. Brent Chitwood, office administrator for Phoenix Real Estate Appraisal in Irmo,…
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Appraiser Kim L. Herzfeldt is mad as hell at being stiffed by AppraiserLoft and by the lender’s refusal to redress the loss. His course of action offers hope and possible precedence for every appraiser who is owed money by an Appraisal Management Company (AMC).
“It felt like your best friend stealing your daughter’s college fund,” says…
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Wells Fargo Paying JVI Bad Debt By Isaac Peck, Associate Editor Appraisers getting stiffed by appraisal management companies (AMCs), that either declare bankruptcy or simply fail to pay, remains a hot-button issue for the industry. As many appraisers are reporting on OREP/Working RE’s AMC Rater blog, JVI Solutions is the latest AMC to leave appraisers…
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Editor’s Note: Appraisers are well aware that their professional feet are held to the fire regarding USPAP: to know it, understand it and follow it. So what happens when a lender decides they don’t agree with the document and punishes an appraiser for only trying to abide by its guidance? So far, not much. Chase…
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Editor’s Note: Andy Anderson looks around and ahead toward fixing a now broken appraisal profession. Customary and Reasonable Assignments By Andy Anderson The appraisal profession was not broken. Just like other professions, there were (and are) some bad actors, but appraising was not broken and should have been allowed to do its job correctly. That is not…
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