5th November 2014

Case Closed: Appeal Dropped in ESA/Chase Bankruptcy

With the appeal dropped and the Bar Order in full effect, it is unlikely that any further claims against Chase will be pursued for the over five million dollars in unpaid appraisal and BPO fees.

Editor’s Note: The take away of this decision sheds doubt on how many interpret federal law when it comes to lenders and AMCs; the court held there was no agency relationship between Chase and its AMC, Evaluation Solutions/ES Appraisal Services (ESA)- leaving many appraisers with unpaid fees.

Case Closed: Appeal Dropped in ESA/Chase Bankruptcy
By Isaac Peck, Associate Editor

Many appraisers will remember the bankruptcy case of Evaluation Solutions/ES Appraisal Services (ESA), an AMC whose primary client was JPMorgan Chase. After ESA declared bankruptcy in January 2013 with $11 million in unpaid debts, a number of real estate appraisers, agents, and brokers tried to file lawsuits against …continue reading the rest of this post: Case Closed: Appeal Dropped in ESA/Chase Bankruptcy

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22nd October 2014

Webinar on handling appraiser complaints

Aside from defending yourself against USPAP violations, there is a lot that appraisers and their attorneys often don’t understand about the regulatory/enforcement process and how to achieve the most favorable result.

Editor’s Note: Despite the many challenges appraisers face, there is always help available. See the free webinar offer below.

Complaints: What You Don’t Know Can Hurt You
By Bob Keith, MAA, IFA

Republished from WorkingRe.com

If you’re like me, you’ve probably never chosen to sky dive out of an airplane or bungee jump off a bridge. But if you had to jump out of an airplane or off a bridge, you’d probably choose to be with an expert right? Sometimes we don’t get a choice.

Sometimes we are forced into unfamiliar and dangerous territory. In these instances, what you don’t know can hurt you and that’s when it’s good to have an expert along.

Imagine you are forced to participate in defending yourself against a complaint that is being investigated by your state appraiser licensing board. You didn’t choose to participate in the process; you don’t really know anything about it and refusing to participate is not an option! In this event, what you don’t know can and probably will hurt you!

Aside from defending yourself against USPAP violations, there is a lot that appraisers and their attorneys often don’t understand about the regulatory/enforcement process and how to achieve the most favorable result.

I was a practicing appraiser for over two decades before becoming an AQB-Certified USPAP Instructor and subsequently the Executive Director of the Oregon Certification and Licensure Board. I served in that position for more than a dozen years and in that capacity I had Board-delegated authority to investigate complaints, determine USPAP violations, negotiate settlement terms with appraisers or their attorneys, and if necessary, pursue disciplinary actions through administrative hearings. I have been involved with hundreds of cases that were brought against appraisers.

Since my departure from the Oregon Board’s staff, I have counseled many appraisers across the country who were responding to complaints from their state appraiser licensing boards. My advice to them often involves not only USPAP compliance, but many times I am able to give advice of a different nature. …continue reading the rest of this post: Webinar on handling appraiser complaints

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24th September 2014

Review appraisers increasingly are being named as defendants in lawsuits

Editor’s Note: Real estate attorney Todd Stevens sees a trend in real estate law: attorneys are waking up to the potential liability of review appraisers. Couple this with the common misunderstanding among review appraisers that their risk is less than the author of the original report, and you get a burgeoning new area of litigation.

review appraisalReview Appraisal Liability
By Todd Stevens
WorkingRE.com

In my practice, review appraisers increasingly are being named as defendants in lawsuits. In the typical transaction, the review appraiser has a contractual relationship with the lender while the original appraiser, retained by the mortgage broker or Appraisal Management Company (AMC) to perform the original report, does not. Lenders usually include language shifting some of the risk of loss to the reviewer. Lender/reviewer contracts often contain provisions permitting the party prevailing in a lawsuit to recover court costs as well as the fees paid to lawyers. Carefully read any contract you are asked to sign by a lender who is hiring you for review work. You may be able to negotiate out some of the more onerous provisions.

…continue reading the rest of this post: Review appraisers increasingly are being named as defendants in lawsuits

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16th September 2014

Free FHA Appraisal Webinar from HUD 09/18/2014

Webinar Title: FHA Appraisals
Date/Time: Thursday, September 18, 2014 1:00 PM – 3:00 PM
(Eastern)
Event Location: Webinar – No Fee
Registration Link: http://www.visualwebcaster.com/event.asp?id=100315
Description: This session will provide an update and overview of FHA Single Family mortgage insurance appraisal requirements. It will address the most common appraisal questions and appraisal deficiencies. Property inspection requirements, appraisal validity period, case numbers, REO, manufactured homes, well and septic, attic and crawl spaces, lead-based paint, termite infestation, and the FHA Appraiser Roster will be addressed. FHA appraisers, underwriters and lender management personnel with all levels of experience may benefit from this session.
Special Instructions: On-line registration is required.

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11th September 2014

Appraisal Management Company Fined For Late Payments

Editor’s Note: Getting paid- more evidence that meaningful AMC legislation at the state level is an appraiser’s best friend.

Appraisal Board Sanctions AMC for Late Payments
By Isaac Peck, Associate Editor – WorkingRE.com

Getting paid by appraisal management companies (AMCs) in a timely fashion has long been a challenge for appraisers, who, in many cases, have been forced to wait months for their money. While several state boards have adopted “prompt pay” provisions into their appraisal regulations, it is rare for AMCs to face formal sanctions over late payments. In what many will view as a win for rank and file appraisers, the North Carolina Appraisal Board (NCAB) recently assessed a civil penalty against an AMC, Residential RealEstate Review, Inc., for its failure to comply with North Carolina regulations which require AMCs to pay appraisers within 30 days of the submission of the appraisal (N.C.G.S. 93E-2-4[d]).

The Investigation
The civil penalty originated from a complaint filed in December 2013 by an appraiser who claimed the AMC failed to pay within 30 days. After receiving the complaint, NCAB requested an audit of the AMC’s payments to North Carolina appraisers for the calendar year 2013. After examining the payment schedules of the AMC, Residential RealEstate Review, NCAB discovered that out of 1,277 appraisal assignments in North Carolina that year, 74 of those payments were late- received later than the 30 day deadline.

On August 12, 2014, Residential RealEstate Review signed a Consent Order admitting to violating the North Carolina Appraiser’s Act by its failure to pay appraisers within 30 days and agreeing to pay a $1,000 fine. The penalty for subsequent violations can be as much as $25,000.

…continue reading the rest of this post: Appraisal Management Company Fined For Late Payments

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19th August 2014

Drop in US Real Estate Appraisers Slows: Appraisal Institute Research

CHICAGO, July 31, 2014 /PRNewswire-USNewswire/ The number of active real estate appraisers in the United States fell less than 1 percent in the first half of 2014, the Appraisal Institute announced today, lower than the average annual decrease of 2.6 percent over the past six years.

DeclineGraph_43Research conducted by the nation’s largest professional association of real estate appraisers found that as of June 30, the total number of active real estate appraisers in the U.S. stood at 80,500, down from 81,050 on Dec. 31, 2013. A broader analysis suggests the rate of decrease could rise sharply over the next five to 10 years due to retirements, reduced numbers of new people entering the appraisal profession, economic factors and greater use of data analysis technologies, Appraisal Institute research found.

“As appraisers leave the profession, the Appraisal Institute is preparing the next generation through its education, publications and other training,” said Appraisal Institute President Ken P. Wilson, MAI, SRA. “As the real estate valuation profession’s leader, we will continue to ensure that we are preparing tomorrow’s appraisers today.”
The Appraisal Institute’s research also found that the proportion of licensed appraisers in the U.S. continues to decrease and stands at 11.3 percent as of June 30. The proportions of certified residential appraisers (56.7 percent) and general/commercial appraisers (32 percent) increased slightly from year-end 2013. Also, 18.5 percent of appraisers held a license or certification in one or more states outside their home state. That number increased slightly from 18.2 percent in 2013 and 17.2 percent in 2012.

Appraisal Institute surveys also found:

  • Two-thirds (66 percent) of appraisers have spent at least 15 years in the valuation profession.
  • Thirty-nine percent work as sole proprietors (no employees/partners), and another 22 percent are an owner or partner in a firm.
  • Forty-one percent work as commercial appraisers, while 31 percent are residential appraisers.
  • Seventy-five percent work for an appraisal services firm.
  • More than half (51 percent) are ages 51 to 65, and another 11 percent are 66 or older.
  • Fifty-eight percent hold a bachelor’s degree, and another 20 percent hold a master’s or doctoral degree.
  • Forty-seven percent of Appraisal Institute professionals earn more than $100,000 per year, compared to 22 percent of non-AI professionals.

U.S. appraiser population statistics were derived from the Appraisal Subcommittee National Registry as of June 30, 2014. Demographic statistics were derived from Appraisal Institute studies conducted in 2014 of 1,451 randomly selected AI professionals and non-AI individuals. The survey had a margin of error of +/- 2.6 percentage points.

The Appraisal Institute is a global professional association of real estate appraisers, with nearly 22,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.

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14th August 2014

Amerisave Mortgage and Novo Appraisal Management Company fined for inflated appraisal fees

 

Amerisave and Novo AMC busted
The national lender Amerisave Mortgage Corp and its affiliate, Novo appraisal management company were fined by the Consumer Financial Protection Bureau (CFPB) for violating the Truth in Lending Act and Real Estate Settlement Procedures Act by using misleading interest rates and them locking them in with inflated appraisal fees.
On Aug. 12 the Consumer Financial Protection Bureau fined both companies and Patrick Market, the organizations’ collective owner, millions of dollars for enticing tens of thousands of borrowers with deceptive advertising then overcharging them for appraisal services.

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14th August 2014

Voice of the Appraiser Survey – 2014

The annual Voice of the Appraiser survey is open again and I suggest you give your input to the profession. It provides a lot of really great insight when the results are published.

Survey

http://www.valuationreview.com/vr/voice-of-the-appraiser-survey.aspx

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11th August 2014

No More Middlemen – Full Fee Directory

No More Middlemen

Have you noticed a significant decline of lender work over the past few months? Do you want to learn how to get more appraisal orders and finally get off the Appraisal Management Company roller coaster ride for good?

Like many appraisers I have seen a very significant decline in AMC orders over the past few months. I have been kicking myself in the butt for not getting started on my marketing to Attorneys, bail bond companies and credit unions prior to the interest rates going up.

Luckily I have a steady stream of attorney work that keeps me busy due to having a good contact management system in place and a steady client base of bail bond companies that refer their customers to me.

In this book I have detailed the steps that I take to create an inexpensive mailer to get more work from credit unions, attorneys and bail bond companies as well as the systems I use to continually get more referral work from all my past clients.

This is an incredible resource to those appraisers that are really looking to learn how do market your appraisal company and build up your client base so you don’t have to deal with seasonal and economic slow downs. This kind of work never goes away!

Possibly one of the most valuable aspects of this book is the spreadsheets that include:


2500+ Credit Unions
550+ Bail Bond Companies
300+ Direct Lenders
 

 

Chapters Include:

  • How To Use the Spreadsheets Included With This Book
  • Will Rising Interest Rates Affect Your Appraisal Business?
  • Getting Off The Appraisal Management Company Roller Coaster Ride for Good
  • How to Market to Attorneys, Bail Bond Companies, Direct Lenders and Credit Unions
  • Step-by-Step Instructions to Make a Postcard Mailer From Card Design to Mailing
  • How To Get Low Cost Mailing Lists Made Targeting Local Divorce and Bankruptcy Attorneys
  • Tested Methods on How To Get More Referral Work From Past and Existing Clients
  • How to get a FREE Local Listing in Google and Optimize it for Best Results

You are going to especially love the Bail Bond marketing information. These orders are amazing and I have been focusing a lot of my efforts to getting more of their referrals. Why?

When I am referred a customer, I quote 3 fees. I base my first fee off of complexity of the appraisal. Lets say it is a standard tract home in San Diego. I quote them $400 and will inspect within 2 working days and have the appraisal report back to them within 2 days. The second fee is to inspect within 24 hours and have back within 24 hours for $800, and finally a same day inspection and deliver of the appraisal is $1200.

Which one do you think the client wants when they are trying to get a loved one out of jail? 75% of the time it is the $1200 fee for a simple tract home appraisal.

But you do have to follow up to keep these clients, and I have listed all the techniques I use to stay in contact with these clients so the work doesn’t go away.

This resource is jammed packed with information and the spreadsheets are 100% sortable by state to make it easy to create your postcard and do your mailing as noted in Chapter 5: Step-by-Step Instructions to Make a Postcard Mailer From Card Design to Mailing

The next chapter lays out the steps I use to get a massive list of Attorneys in my market area by an inexpensive virtual assistant.

Take the time today to order my New Book & Directory – No More Middlemen – Full Fee & Appraisal Managment Free : 2014 Appraiser Marketing Guide and List of 3400+ Direct Lenders, Credit Unions and Bail Bond Companies and finally get off the crappy appraisal management company roller coaster ride for good!

Click Here To Order

Bryan Knowlton
Appraiser Income
http://www.appraiserincome.com

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24th July 2014

Zaio Announces Acquisition of Axis Appraisal Management Solutions

CALGARY, July 23, 2014 /CNW/ – Zaio Corporation (TSX-V:ZAO), (“Zaio” or “the Company”), is pleased to announce that, as the result of a successful due diligence process, it has entered into a definitive agreement to acquire 100% of Axis Appraisal Management Solutions Inc. (“Axis”) with Axis and shareholders holding 97% of the issued share capital of Axis. Zaio and Axis expect that the remaining shareholders will sign the definitive agreement by the end of the week, however, in any event the shares of any minority dissenting shareholders will be acquired pursuant to the dissent procedures under applicable legislation. …continue reading the rest of this post: Zaio Announces Acquisition of Axis Appraisal Management Solutions

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