From the Publisher Appraiser Roast At an industry gathering last fall speaker after speaker seemed to delight in detailing and documenting the dumbest of appraiser mistakes- from carelessness and stupidity all the way to recklessness, incompetence and fraud. The speakers, many of whom are lifetime appraisers working for lenders or AMCs, earned plenty of chuckles…
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Editor’s Note: Home Inspectors no longer have to pay more for the complete coverage they need. A new program from OREP includes E&O and General Liability/Off-Premises Coverage, plus many other ancillary coverages inspectors need like termite, radon, drone, EIFS, commercial and much more! OREP Announces New Home Inspector Insurance Program Complete Coverage: New Lower Rates OREP-…
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Professional Marketplace Insurance, Education, Information Individual Appraiser E&O Rates Per Claim/Annual Aggregate Most States $1,000,000 / $2,000,000 $650.00 $500,000 / $1,000,000 $573.00 $300,000 / $600,000 $501.00 Please Note: Rates vary by state. Commercial rates are slightly higher. Please call or visit www.orep.org for more (888-347-5273). A standard deductible of $500 per claim/$1,000 aggregate is included…
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Industry News Lender Makes Good on AppraiserLoft Bad Debt The argument is unsettled to what degree lenders are responsible for the agents they hire to administrate valuation services- appraisal management companies (AMCs). The case of the AMC AppraiserLoft kicked off a heated debate when it closed its doors last year, leaving an estimated $3 million…
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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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From the Publisher Moving Ahead According to our How’s Business? survey (click for results), most appraisers are as busy or busier than last year. There’s still a lot of grumbling on the blogs but the silent majority seem to be back to work. Most appraisers we talk to at OREP, to place their insurance, tell…
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Professional Marketplace Insurance, Education, Information Individual Appraiser E&O Rates Per Claim/Annual Aggregate Most States $1,000,000 / $2,000,000 $650.00 $500,000 / $1,000,000 $573.00 $300,000 / $600,000 $501.00 Please Note: Rates vary by state. Commercial rates are slightly higher. Please call or visit www.orep.org for more (888-347-5273). A standard deductible of $500 per claim/$1,000 aggregate is included…
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Industry News Editor’s Note: Last issue we reported on an important Congressional hearing on the appraisal profession. The following are the Top Ten Appraisal Reform Recommendations [NCRC] as presented at the hearing by David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition. In conclusion, I reiterate that the time has come for members of Congress,…
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Readers Respond How Well Do You Know Your Rights Very informative article. In addition to keeping a copy of any request for changes or alterations in file, I also copy and paste their request directly into my report. This has made some Underwriters very uncomfortable and requests for changes have dropped dramatically. Lender’s Choice: Violate…
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From the Publisher OREP/Working RE Webinar Series This is one of my favorite expressions: “You don’t know what you don’t know!” Amen to that. We learn from others and if we don’t, we may never realize what we don’t know. In this competitive business environment, that means everything. Many of you work solo with little…
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