The appraiser community is still reeling from the decision of a Florida bankruptcy judge to absolve JPMorgan Chase of all liability in the case of Evaluation Solutions/ES Appraisal Services (ESA) bankruptcy case.
Over 10,000 real estate appraisers and agent/brokers were left unpaid by ESA, an Appraisal Management Company (AMC) that procured valuation reports on behalf of…
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Editor’s Note: The bankruptcy earlier this year of the appraisal management company (AMC) ESA left millions in unpaid fees to appraisers, agents and brokers, who now are trying to collect from Chase, the bank who hired the AMC. What happens will have far-reaching effects on the appraiser-AMC relationship and the industry. Chase Denies Responsibility for…
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Appraisers are coining a new term for certain appraisal management company (AMC) staff - “Checkbox Chimps.” These are the personnel who are “reviewing” appraisals, and no matter how solid they may be, are instructing appraisers to change their reports.
Are they really providing an “appraisal review” or are they just checking boxes on a form?
Are…
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Five Step Program for (Honest) Appraisers By Phil Boehm We live in interesting times. Large and small lending operations are doing battle for the remnants of the re-fi market. The Internet makes it easy for small, aggressive shops to compete with larger lenders on rates and fees. Borrowers are much smarter and much more likely...…
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Editor’s Note: Last issue, in Appraiser Cleans House, Christie Bond uncovered a dirty little secret shared by many appraisers: they love working with AMCs! In response to a mailbag full of reader questions, Christie brings us this follow up: Making Money with AMCs. Making Money with AMCs By Christie Bond So you have heard the...…
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Editor’s Note: Times have changed and so should appraisers wanting a long-term and profitable career. If you haven’t learned how to promote yourself and your business, the next down cycle could be your last. Charlie Elliott lays out a few choices. Power of Networks By Charlie Elliott, Jr., MAI, SRA An appraisal “network” can be...…
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Appraiser Cleans House By Christie M. Bond I own and operate a two-appraiser firm in a small, under-served town in West Michigan. I have worked very hard to build a good reputation for my firm and myself. Fed up, burned out and tired of the day-to-day struggle to maintain that reputation and keep a steady cash flow, I have decided to take drastic measures with my current and future clients…. I fired them all. After six years in...…
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Editor’s Note: In this visionary piece, David Biggers introduces you to the future of appraising. Internet: Highest and Best Use By David Biggers When it comes to technology, the appraisal industry has gone through two major upheavals over the past 20 years and is in the process of a third. The first two shifts substantially...…
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“If men were virtuous, there would be no need of government at all.” Thomas Jefferson 2006: Cleaning Up the Lending Mess By Stewart Heller The following is a summary of notes taken from the official audio recording of the sworn testimony of a chief appraiser of a major mortgage lender. The chief appraiser appeared before...…
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In business, with every change comes opportunity: the radical changes expected to hit this industry may mean new opportunities for appraisers.
On the minds of many fee appraisers this fall is how the new Home Valuation Code of Conduct (HVCC) will affect their businesses. The agreement between the New York Attorney General’s office and Fannie Mae/Freddie…
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