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Lagow was an appraisal manager and assistant vice president at Landsafe, Inc., the appraisal subsidiary of Countrywide, a position which gave him an inside look at the practices which caused the downfall of the largest mortgage lender in America. For his part, Lagow sees Countrywide as being at the heart of both the housing bubble…
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Frustrated with low-ball Appraisal Management Company (AMC) fees, appraisers are digging in, many refusing to work for less, some calling for a national strike to prove their point, but there may be a better way, such as knowing what appraisal services are worth in your market and demanding it. New regulations requiring fair pay for…
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Decrease Time and Liability during the FHA Loan Process By Lore DeAstra, MBA, SRA, CDEI, CTM Over the past year, the United States has encountered one of the most volatile housing markets in history. After the collapse of Fannie Mae and Freddie Mac in 2008, the Federal Housing Administration (FHA)[1] has insured more than 25 percent...…
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Editor’s Note: As we are learning- appraisal reports are being sliced, diced and in some cases, plundered. This new solution promises to secure your reports and preserve your identity.
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Readers Respond AMC Fails, Appraisers Stiffed Push your state’s licensing board to adopt North Carolina’s system which states that an AMC that doesn’t pay for the appraisal within 30 days of the report being submitted (not addendums or requests for more comps), risks losing their N.C. registration. – posted to OREP/WRE Appraiser Talkback Blog This…
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From the Publisher Reward, Risk and Bankrupt AMCs The extent of my business savvy is pretty simple: make more money than you spend. So it’s hard for me to imagine a reasonable scenario in which Evaluation Solutions/ES Appraisal Services (ES) can go out of business owing appraisers and real estate agents $11 million. Neither, by...…
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According to appraiser David Smith, AMCs just need to be told to do their job.
“When an AMC receives a request from a lender for more information, BANG, it is immediately forwarded to the appraiser for correction without the AMC reviewing the legitimacy of the lender’s request,” says Smith (not his real name). “I often wonder…
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Editor’s Note: Appraisers report that despite tough new appraisal independence laws, lenders, AMCs and others haven’t stopped trying to influence the process- they’re just being more careful about covering their tracks. Fraud expert Richard Hagar, SRA, explains how to protect yourself and your independence. Pressure, Subtle Influence and Plausible Deniability by Isaac Peck, Associate Editor...…
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// Stiffed Appraisers Go After Chase by Isaac Peck In January, Evaluation Solutions/ES Appraisal Services (ESA) declared bankruptcy, leaving thousands of real estate appraisers, agents, and brokers with unpaid invoices for work performed. With close to nine million dollars in unpaid invoices for appraisals and broker price opinions (BPOs), it is the worst of a...…
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Editor’s Note: This review is reprinted with permission from Real Estate Appraiser Tips. Please see below for details on how to win a free custom-built appraiser blog by author, appraiser and social media expert Bill Cobb. 2010 Appraiser Survival Kit: FHA Inspection Course, Checklist and eManual By Bill Cobb With the many challenges before…
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