21st December 2012

Evaluation Solutions / ES Appraisal Services Goes Morally and Financially Bankrupt

Here is some more information on the latest AMC bankruptcy. How many more is it going to take to get some changes made in the industry? AppraiserLoft screwed hard working appraisers out of $3 Million in unpaid invoices.

I have a feeling Evaluation Solutions / ES Appraisal Services is going to double that figure, maybe even triple. They have been screwing appraisers for years now.

This is a letter from their bankruptcy attorney:

FROM: Stutsman Thames & Markey, P.A.

Our firm has been retained to file a Chapter 7 bankruptcy proceeding for the company. Evaluation Solutions lost its major client earlier this week and was forced to shut down operations. The fact that you are receiving this email means that you are in the system and we are aware of your claim. Once the Chapter 7 case is filed, you will receive a notice and instructions on what to do. A Trustee will be appointed to handle the claims administration process.

The company is not able to make payments on any outstanding invoices at this point.

This is a very large case. It will take our firm a week or two to get the necessary paperwork together. You should be receiving notice of the bankruptcy by mid to late January.

Thank you for your patience.

Brad Markey

Bradley R. Markey
Stutsman Thames & Markey, P.A.
50 N. Laura Street, Suite 1600
Jacksonville, Florida 32202
(904) 358-4000 (904) 358-4001 (Facsimile) brm@stmlaw.net

Additional articles on Evaluation Solutions / ES Appraisal Services:

– http://appraiserincome.com/2012/12/20/evaluation-solutions-es-appraisal-services-is-ceasing-operations-another-appraisersloft-amc-story/

http://appraiserincome.com/2012/02/14/es-appraisal-services-evalonline-com-not-paying-appraisers/

Sorry for the bad news so close to Christmas.

You can also try sending your CHASE invoices to: accounts.payable.research.team@jpmchase.com this is for chase only.

Bryan

posted in Appraisal Management Companies | 3 Comments

20th December 2012

Evaluation Solutions, ES Appraisal Services is ceasing operations – Another AppraisersLoft AMC Story…

I wasn’t surprised when I received this email today:

Due to unforeseen circumstances Evaluation Solutions, ES Appraisal Services is ceasing operations. Any inquires should be directed to :
Bradley R. Markey
Stutsman Thames & Markey, P.A.
50 N. Laura Street, Suite 1600
Jacksonville, Florida 32202
(904) 358-4000
(904) 358-4001 (Facsimile)
brm@stmlaw.net

I was notified not too long ago from Treasure Valley Factors were no longer factoring their invoices, so it appeared thing were getting worse.

There has been a lot of appraisers talking about problems getting paid from Evaluation Solutions, ES Appraisal services for a very long time since my initial post here:
ES Appraisal Services – Evalonline.com Not Paying Appraisers
http://appraiserincome.com/2012/02/14/es-appraisal-services-evalonline-com-not-paying-appraisers

If any appraisers have any ideas on how to get paid, please post them below.

I know contacting the original lender listed on the appraisal has worked in the past, so you might try that route as well. Make sure to contact the company listed above.

Please make comments below.

Thank you!

Bryan

posted in Appraisal Management Companies | 17 Comments

19th December 2012

The Texas Appraisers and Appraisal Management Company Survey

EXECUTIVE SUMMARY
In August 2012, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,584 appraisers and 55 appraisal management companies doing business in the state of Texas. The questions were specifically designed to achieve the following:

– Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals.

– Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors.

– Capture the impact on fees by market area or locale: urban vs. rural, (MSAs, county, zip code, etc.).

– Determine whether appraiser qualifications (experience, education, specialization) impact fees paid to appraisers.

– Determine how far the appraisers travel for an assignment; and if from another state or distant region, how much time they spend gathering the data for the appraisal.

– Determine what fee structure the AMCs offer appraisers for residential appraisals.

– Determine whether those fees vary by property type.

– Determine if there is a difference in the fees they pay based upon urban, rural or other location factors.

– Determine whether AMCs pay differing fees to appraisers based upon their experience.

A brief highlight of the survey results follows:
– Three out of ten or 30 percent respondent appraisers do not complete assignments for Appraisal Management Companies compared to 6 percent who exclusively do. Fortyone percent of respondents complete at least half of their assignments for Appraisal Management Companies; 57 percent complete half or less. Nearly one-fifth (18%) of respondent appraisers complete appraisals exclusively for lenders, individuals, or other non-Appraisal Management Companies. A similar number (15%) do not complete any appraisals for lenders, individuals, or other non-Appraisal Management Companies, with 45 percent completing between 50 and 100 percent, and 52 percent completing between 0 and 50 percent. The majority of respondent appraisers received between $300 to $450 for a residential appraisal from Appraisal Management Companies, compared to receiving $350 to $450 from lenders, individuals, or other non-Appraisal Management
Companies.

– Ninety-eight percent of Appraisal Management Companies noted that the complexity of the property would cause an increase in the fee followed by 85 percent citing the location being in a rural area and the large size of the property as affecting the fee. An
increase in fee is also associated with a greater distance traveled to complete the appraisal. According to 82 percent of the respondents, one factor that would not affect the fee is the property being located in a low cost-of-living area.

EXECUTIVE SUMMARY
In August 2012, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,584 appraisers and 55 appraisal management companies doing business in the state of Texas. The questions were specifically designed to achieve the following:

– Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals.

– Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors.

– Capture the impact on fees by market area or locale: urban vs. rural, (MSAs, county, zip code, etc.).

– Determine whether appraiser qualifications (experience, education, specialization) impact fees paid to appraisers.

– Determine how far the appraisers travel for an assignment; and if from another state or distant region, how much time they spend gathering the data for the appraisal.

– Determine what fee structure the AMCs offer appraisers for residential appraisals.

– Determine whether those fees vary by property type.

– Determine if there is a difference in the fees they pay based upon urban, rural or other location factors.

– Determine whether AMCs pay differing fees to appraisers based upon their experience.

A brief highlight of the survey results follows:
– Three out of ten or 30 percent respondent appraisers do not complete assignments for Appraisal Management Companies compared to 6 percent who exclusively do. Fortyone percent of respondents complete at least half of their assignments for Appraisal Management Companies; 57 percent complete half or less. Nearly one-fifth (18%) of respondent appraisers complete appraisals exclusively for lenders, individuals, or other non-Appraisal Management Companies. A similar number (15%) do not complete any appraisals for lenders, individuals, or other non-Appraisal Management Companies, with 45 percent completing between 50 and 100 percent, and 52 percent completing between 0 and 50 percent. The majority of respondent appraisers received between $300 to $450 for a residential appraisal from Appraisal Management Companies, compared to receiving $350 to $450 from lenders, individuals, or other non-Appraisal Management Companies.

– Ninety-eight percent of Appraisal Management Companies noted that the complexity of the property would cause an increase in the fee followed by 85 percent citing the location being in a rural area and the large size of the property as affecting the fee. An increase in fee is also associated with a greater distance traveled to complete the appraisal. According to 82 percent of the respondents, one factor that would not affect the fee is the property being located in a low cost-of-living area.

– Appraisers reported that factors that would likely result in an increased fee included a property in a rural location (63%), a large property (75%), a complex property (85%), and a property that would require greater travel to complete the appraisal (80%). The factors
that would not affect the fee included a property in an urban location (81%), a property in a high cost-of-living area (60%), a property in a low cost-of-living area (79%), a property with many appraisers in the area available to do the appraisal (72%), and an appraiser with greater experience (53%). Few factors would have the impact of decreasing fees, but 11 percent of respondents stated that having many appraisers in the area to do the work would decrease their fee.

– According to the respondent AMCs, the most important factors when selecting a residential appraiser were the appraiser’s experience (84%), followed by the previous experience for the company (76%) and the reputation for quality work (73%). Seventytwo percent of appraisers responded that their higher fees are due to refusing to work for less. Two-thirds (66%) stated that more experience was the reason for higher fees. Forty percent responded that having a specialization allows them to charge higher fees.

– The vast plurality (42%) of respondent appraisers completed assignments within 50 miles of their city. Sixteen percent complete assignments within 100 miles, while 10 percent complete assignments regardless of their location.

– Nearly all respondent appraisers (96%) hold a current license to conduct appraisals in Texas. More than three-fourths (76%) of respondents are male and 21 percent are female (3 percent refused to answer). Eighty-five percent of the respondents are white (including those of Hispanic origin). Five percent of the respondents are of Hispanic origin and 2 percent are African American. Fifty-three percent of the respondent appraisers have completed a bachelor’s degree, with 13 percent achieving a master’s degree and 2 percent completing a professional or doctorate degree.

To read the entire report – PLEASE CLICK HERE

posted in Appraiser News | 3 Comments

12th December 2012

FHA to sell 40,000 distressed loans

U.S. Department of Housing and Urban Development will sell at least 40,000 distressed loans over the next year, generally in quarterly sales, in an effort to reduce total claims, cost and increase recovery on losses to the Federal Housing Administration Mutual Mortgage Insurance Fund.

The results of which, when considered by FHA independent actuary, should yield an estimate of an additional $1 billion in economic value to FHA’s Mutual Mortgage Insurance Fund in fiscal year 2013 alone by significantly reducing the expected severity of losses on loans sold through the program.

…continue reading the rest of this post: FHA to sell 40,000 distressed loans

posted in Appraiser News | 0 Comments

11th December 2012

Nations Valuation Services is looking for Appraisers

This company contacted me the other day stating they have an immediate need for appraisers. If you have any experience with this company, please leave comments below. If you want to give them a try, please follow the link below to register.

Thanks!

Bryan

Nations Valuation Services is a nationwide appraisal management company established in 1992. Currently, our client base is growing at a rapid rate and because of this we are looking to expand our network of panel appraisers. We’re closing out over 15,000 assignments monthly and looking to share the wealth with you. We are looking for efficient, experienced, knowledgeable appraisers.

Click here to go to our signup web site.
https://nvsvendors.nationsvs.com/

Please have PDF copies of your license, E&O, and 2011 W-9 ready.

posted in Appraisal Management Companies | 8 Comments



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