“Low Bid” Appraisal Ordering and Its Effect on Quality
by Isaac Peck, Associate Editor
Any appraiser who has worked with Appraisal Management Companies (AMCs) is likely familiar with the “order by email-blast” system that some AMCs rely on to fill orders.
The process goes like this: an AMC sends an email blast to all appraisers within a…
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Editor’s Note: WRE received many questions and comments in response to last issue’s Making $300,000 a Year Appraising. We sent them to the appraiser profiled in the story for his response. Making $300,000 a Year: Clarified By John Ugrotzi, Jr. First, yes, $300,000 is gross. I wish it were net. When I was in Colorado…
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Editor’s Note: This story is one in a three-part series: Pressure: Dealing with It; Comp Checks: Learning to Live Without You and Getting Full Fees. Find more at www.workingre.com. Comp Checks: Learning to Live Without You According to most appraisers, the only way to “move on” when it comes to comp checks is to make...…
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Getting Full Fees By David Brauner, Editor Appraisers will tell you that fees haven’t budged in 15 years or more. For many, fees are falling. Welcome to the world of mega banks and the AMCs that service them, AVMs, the Internet and an appraiser-supply that outstrips demand. But some appraisers manage to command full fees....…
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Editor’s Note: We received a number of comments on last issue’s cover story: How to Make Six Figures Appraising. One of the most “colorful” leads to this follow-up story (see Readers Respond). The comments were submitted by a fairly seasoned appraiser (four plus years) who is incredulous that anyone would pay a trainee six figures (who...…
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Collection Strategies (That Work) By David Brauner, Editor Appraiser and office manager Nikki Moffatt, like most of us, gets pretty tired of chasing deadbeat clients. Here are a few tips she has developed out of necessity and frustration. If a check bounces you can take it back to originating bank and if there are funds,…
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Editor’s Note: Two blockbusters last week: The Feds released the Interim Final Rule regarding implementation of Dodd-Frank and Fannie Mae released a new Seller Guide for life after HVCC (Home Valuation Code of Conduct). In an exclusive interview with WRE, a Senior Attorney at the Board of Governors of the Federal Reserve helps shed some…
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The good news for appraisers is that the Financial Reform legislation recently signed into law puts teeth into its mandate that appraisers be paid fees that are “customary and reasonable.” Now what?
The “bite” that Congress provided is wording which states that “such fees may be established by objective third-party information, such as government agency fee…
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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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“Comp” Checks: Turning Requests into Orders “Please check the comps first and call me immediately if the value is not there.” Sound familiar? Or the mortgage broker who calls from parts unknown asking: “Do you check comps first? I don’t want my borrower to pay for an appraisal they can’t use.” Just as lender pressure...…
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