You receive a call from a lender or an appraisal management company (AMC) who wants to talk to you about an appraisal assignment you recently completed for them. The call usually comes from the quality control department at the post closing stage of the loan. They start questioning you on your line item adjustments. …
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After over two years and many tens of thousands of dollars in lost revenue, appraiser Bill Smith fought his way off Citibank’s infamous “do not use list.” Here’s how he did it.
To begin with, Smith (not his real name), has a “can you top this” aspect of how he was blacklisted in the first…
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Readers Respond Fighting Your Way off Blacklist After reading your article, I am in the process of trying to make the same complaint to see if it gets me anywhere. They (very large bank) don’t give you a chance to rebut or even threaten you. They simply send you a letter stating you have been placed…
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Editor’s Note: Lawmakers got an ear full from appraisers at a June hearing in Washington. D.C. This time, it appears Congress is listening. Appraisers Talk, Congress Listens by David Brauner and Isaac Peck After the Congressional hearing in June, rest assured that Capitol Hill is well aware of appraisal industry issues, including customary and reasonable...…
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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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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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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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