27th June 2012

Appraisal Foundation will testify before the US House of Representatives,

On June 28, 2012 at 10:00amET, The Appraisal Foundation will testify before the US House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity.

The topic of the hearing is Appraisal Oversight: The Regulatory Impact on Consumers and Businesses, and you may click on the following link to the hearing website:

http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=300543

You may also view a copy of written testimony of The Appraisal Foundation (and that of other participants) by clicking on the following respective links:

Panel I

Mr. William B. Shear, Government Accountability Office

Mr. Don Rodgers, Association of Appraiser Regulatory Officials

Mr. James R. Park, Appraisal Subcommittee

Panel II

Mr. David Berenbaum, National Community Reinvestment Coalition

Mr. David Bunton, The Appraisal Foundation

Mr. Francois K. Gregoire, National Association of Realtors

Mr. Don Kelly, Real Estate Valuation Advisory Association

Ms. Karen J. Mann, American Society of Appraisers

Ms. Sara Stephens, Appraisal Institute

We encourage you to visit the hearing website tomorrow at 10:00amET for a live feed of the hearing.

About The Appraisal Foundation
The Appraisal Foundation, a Obsessionally authorized non-profit organization established in 1987, is dedicated to the advancement of professional valuation. The Foundation accomplishes its mission through the work of its three independent Boards: the Appraisal Practices Board (APB), the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). More information on The Appraisal Foundation is available at www.appraisalfoundation.org.

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21st June 2012

Why it benefits AMCs to pay Customary and Reasonable fees : report

This is an amazing report that explains 20 self-serving benefits for why Appraisal Management Companies (AMCs) should support an industry-wide implementation of the full-fee, customary and reasonable payment model when requesting appraisal assignments from real estate appraisers.

Explained in detail, 20 distinct benefits are given:

Paying appraisers their full (or retail) fees…
1. Removes the single-largest barrier to acceptance of AMC as legitimate business partners.
2. Increases the supply of appraisers willing to work with AMCs.
3. Encourages new appraisers to enter the appraisal profession.
4. Leads to better control of appraisal quality.
5. Lowers costs for recruiting, quality control, and rework.
6. Enables AMCs to gain market share.
7. Provides AMCs rationale to charge lenders for the actual value the AMC brings to the transaction.
8. Enables AMCs to provide clients quantifiable means with which to compare AMC alternatives.
9. Reduces third-party risks described in numerous FFIEC Financial Institution Letters and agency guidelines.
10. Promotes less contentious treatment of AMCs.
11. Takes the subjective “customary and reasonable” fee requirement in the Dodd-Frank bill off the table.
12. Paves the way for nationalizing AMC regulation.
13. Provides clients better overall service quality.
14. Preempts external efforts of factions to force AMCs to pay up.
15. Is the most ethical thing to do in a fair and equitable society.
16. Allows for significantly improved vendor relations between the AMC and the appraiser.
17. Reduces the risk that disgruntled appraisers will draw the attention of federal regulators.
18. Provides joint marketing opportunities because appraisers will see the AMC as worth promoting.
19. Opens the door to a better borrower experience because the appraiser doesn’t enter the home angry.
20. Opens the door for joint publicity efforts because appraisers will feel like partners.

There are two methods of curing the mischiefs of faction:
remove its causes or control its effects.
~ James Madison

Click here to read the entire report.

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19th June 2012

Now Hiring Certified Staff Appraisers!

Now Hiring Certified Staff Appraisers!
Get a $500 Signing Bonus

Stop wondering when you will receive your next order and allow yourself the peace of mind of having stable work. Since 1987 we have provided quality valuation products throughout the United States. We offer the appraiser more than just a job; we provide an opportunity to prosper in a valuation career. Take shelter from the real estate industry storm and join our team! As our valued team member you will enjoy the following benefits:

90-day nonexclusive contract
Free CVR certification
$20/month cell phone credit
ACI software and 24/7 support team
Metro-West pays for Federal Insurance
Contributions Act (FICA) tax and Federal
Unemployment Tax Act (FUTA) tax
Guaranteed biweekly paychecks
Errors & Omissions insurance
$15,000 life insurance policy paid for by
Metro-West
Free USPAP training
Medical insurance benefit program
Flexible spending account

Dental insurance
Access to tech support for home office PCs and all business software
Proactive and engaged marketing team developing new clients and creating new business
Vision insurance
401(k) retirement savings plan
Quality control appraisal advisors and status support available Monday through Friday 8 a.m. EST – 8 p.m. EST
Workers’ comp. insurance
Corporate partnership with DataMaster
Free USPAP training

Note: $500 signing bonus contingent upon the appraiser working in his or her new position at Metro-West for 90 days
after his or her first assignment.

For consideration please submit to careers@metrowestappr.com:

Resume
Two recent UAD sample appraisals (at least one 1004 w/MC form)
Coverage area
License

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19th June 2012

60 Minutes to investigate AMC issue

According to AppraiserNews.com, 60 minutes will be coming out with a report on two appraisal management companies in September, so keep your eyes peeled as more people become of the issues we appraisers face when dealing with Appraisal Management Companies.

In their investigative report they cover how and why they were created. Why appraisers dislike them and how the AMCs are eroding appraiser earnings and leading to inferior quality reports.

We look forward to this news piece to bring some light to the rest of the financial industry on how some AMCs are negatively influencing the profession.

posted in Appraiser News | 4 Comments

13th June 2012

AppraiserLoft Fined almost $1 Million for paying AZ appraisers late

A now-defunct San Diego company that handled home appraisals across the nation failed to pay appraisers in Arizona at least 171 times within the past 18 months, a Phoenix judge recently concluded.

AppraiserLoft, the company in question, has been at the center of several non-payment and late-payment claims from appraisers, former employees and other parties, before and after it shuttered suddenly in October, according to public records.

…continue reading the rest of this post: AppraiserLoft Fined almost $1 Million for paying AZ appraisers late

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