22nd April 2016

Photographer: Andrew Harrer/Bloomberg Lenders Are Getting Choosier When It Comes to Risky Real Estate Deals

Lenders are getting stingier when it comes to funding risky U.S. real estate developments, putting pressure on landlords in need of fresh funding to keep their projects afloat.

Banks are proceeding with caution as the specter of slowing economic growth rattles financial markets and shakes investor confidence in a six-year recovery that’s helped lift property values to records. Lenders are going to be more selective and discriminating as the year progresses, said Mark Myers, the head of the commercial real estate business at Wells Fargo & Co., the largest U.S. commercial-property lender.

“We’re getting late in the cycle,” Myers said in a phone interview. “If the economy continues to grow ever so slowly, demand for commercial real estate will continue to grow ever so slowly. To the extent that the economic climate goes in the wrong direction, it’s going to have an impact on demand for commercial real estate.” …continue reading the rest of this post: Photographer: Andrew Harrer/Bloomberg Lenders Are Getting Choosier When It Comes to Risky Real Estate Deals

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20th April 2016

Appraisers Win $36 Million Class Action

by Isaac Peck, Editor
On January 19, a federal judge in Orange County, CA approved a $36 million settlement between Landsafe Appraisal Services, Inc., a subsidiary of Bank of America (BoA), and 369 current and former appraiser employees. The award amounts to roughly $100,000 per appraiser, before attorney’s fees of 33 percent.

The lawsuit, originally filed in 2013 (See Appraisers Entitled to Overtime, Court Holds), alleges that BoA erroneously applied the “administrative” and “professional” exemptions to in-house staff appraisers and failed to pay them overtime.

A press release issued by employment and civil rights attorney Bryan Swartz, counsel for the plaintiffs, states that “In approving the settlement, at the hearing, the court noted that as a result of the lawsuit, the new owner of Landsafe – CoreLogic – has begun paying all appraisers overtime.”

Ethel Joann Parks of Manteca, California, one of four the named plaintiffs that is to receive an additional $25,000 for her time and effort in pursuing this litigation, says she frequently worked from 6 a.m. to 10 p.m. and decided to step forward because she felt that the bank failed to treat her and other appraisers “as human beings” with “family and personal needs that should be acknowledged.”

Parks says she feels vindicated by this lawsuit and the exceptional relief obtained on behalf of the class. “I hope it will force banks and appraisal management companies throughout the country to reconsider pressuring their staff appraisers to work long hours without paying overtime,” says Parks.

Swartz, lead counsel for the 369 appraiser class members, says the judgement not only provides meaningful compensation to hundreds of people, but he hopes it will lead to industry change for many thousands more.

One of the keys to success in this case, according to Swartz, was that the lead appraiser plaintiffs in the suit refused to quit. “First and foremost, our clients had the courage to step forward with their claims, and to stick with them for years. Next, we were able to avoid arbitration and stay in court with a thoughtful and fair-minded judge who had both the inclination and the ability to weigh the evidence carefully and make the right decision,” says Swartz.

In terms of the effect that the settlement will have on the appraisal industry, Swartz says he believes that AMCs with staff appraisers have significant exposure if they are not paying their appraisers and reviewers overtime and other required wages of non-exempt employees. “My firm hopes to find appraisers who – despite companies now clearly knowing the risk of liability – are denied appropriate overtime and other premiums, and ensure that they get paid what they are owed,” says Swartz.

“Employers take grave risks by cutting corners, and not fairly compensating their employees in tune with state and federal law. My firm and many others, including my co-counsel, are working to end wage theft in the economy…quickly,” says Schwartz. Click here for the Settlement Order.

The case is Terry P. Boyd et al. v. Bank of America Corp. et al., case number8:13-cv-00561, in the U.S. District Court for the Central District of California.

Bryan Schwartz Law is co-counsel with Schonbrun Desimone, of Los Angeles, in the case. He can be reached at bryan@bryanschwartzlaw.com.

repost from http://WorkingRE.com

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18th April 2016

Get More Non-Lender Work – Create a mailing list

No More Middlemen

 

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:


2016 Appraiser Marketing Guide and List of 11.000+
Direct Lenders, Credit Unions and Bail Bond Companies
 
Spreadsheets included with the Directory:

9500+ Credit Unions
650+ Direct Lenders
350+ Bail Bond Companies

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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15th April 2016

Interest Rate Hikes Could be Closer Than You Think

Federal Reserve Bank of Boston President Eric Rosengren said on Monday said that investors that believe the central bank would only raise rates one time or not at all this year could be wrong.

As the Federal Open Market Committee (FOMC) heads into its third meeting of the year without having fulfilled one of the expected federal funds rate increases, many in the industry are beginning to question if, when, and how many times they will make their move.

Rosengren stated in remarks prepared for a Fed economic and cybersecurity conference in Boston, “financial market expectations of only a very slow removal of monetary policy accommodation could… prove unduly pessimistic” …continue reading the rest of this post: Interest Rate Hikes Could be Closer Than You Think

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8th April 2016

Check out the new Appraiser’s Club – Learn how to market your appraisal business!

I made it way easier to find all the information you need about getting more non-lender work with the help of the Appraiser’s Club.  Visit http://appraisersclub.com for all the details.  

We will show you:

-> How to make your appraisal business STAND OUT!Appraiser's Club
-> The best appraisal management companies to work with
-> How to do marketing for non-lender work
-> How to be found in your local area online… and why that’s so important
-> Websites: How to set yours up so you can get found in the search engines
-> The right way to build your list and do follow-up (and how to automate a huge percentage of it!)
-> How to build relationships that will send you an endless stream of leads
-> How to use direct mail effectively (i.e. without losing money!)
-> The fastest and easiest way to get #1 rankings in Google (just wait until you see what we were able to accomplish for other appraisers!)
-> One way to reach your list within minutes… and all but guarantee they see your message
-> How you doing LESS work can actually grow your business 10x faster
-> And much, much more!

I hope to see you there!

Bryan Knowlton

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8th April 2016

Credit Suisse to pay $29 million in U.S. regulator’s mortgage case

Credit Suisse Group AG (CSGN.S) has agreed to pay more than $29 million to resolve a U.S. regulator’s claims that it sold toxic mortgage-backed securities to credit unions that later failed, according to court papers filed on Thursday.

The deal, disclosed in a filing in federal court in Manhattan, resolves one of several lawsuits by the National Credit Union Administration against banks over their sale of mortgage-backed securities before the 2008 financial crisis.

The deal boosts to more than $2.5 billion the amount the NCUA has recovered from banks through lawsuits it began filing in 2011, the U.S. regulator said. …continue reading the rest of this post: Credit Suisse to pay $29 million in U.S. regulator’s mortgage case

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6th April 2016

AI Recognizes Robert L. Mesner, MAI, AI-GRS, Region X (South Florida Chapter) and Edward Molinari, SRA, Region VI (Southern New Jersey Chapter) as ‘Volunteer of Distinction’ in April

The Appraisal Institute announced April 6 the recognition of two individuals as a “Volunteer of Distinction” for the month.

The individuals honored are Robert L. Mesner, MAI, AI-GRS, Region X (South Florida Chapter) and Edward Molinari, SRA, Region VI (Southern New Jersey Chapter).

Mesner serves the South Florida Chapter as chair of the Candidate Guidance Committee and as regional representative. He was a participant in the Leadership Development and Advisory Council conference in 2015 and will be again this year. He also served on the national Demonstration Appraisal Report Grading Panel; Experience Screening Panel, and as a facilitator for the Capstone Demonstration Appraisal Program. He is an advisor to four AI Candidates for Designation. Mesner joined a predecessor organization of the Appraisal Institute in 1975, and received his MAI and AI-GRS designations in 2014. …continue reading the rest of this post: AI Recognizes Robert L. Mesner, MAI, AI-GRS, Region X (South Florida Chapter) and Edward Molinari, SRA, Region VI (Southern New Jersey Chapter) as ‘Volunteer of Distinction’ in April

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6th April 2016

Lender Capital Is Pouring into Affordable Housing

Affordable housing developers often run a daunting gauntlet when it comes to cobbling together different financing sources to move projects forward. But the job of accessing capitalhas gotten a lot easier lately as lenders and agencies alike step up their focus on the sector. It is an “absolutely awesome” time to be a borrower on the affordable housing side, says Frank Lutz, a senior vice president at Berkadia Commercial Mortgage. Banks are incredibly aggressive and both Fannie Mae and Freddie Mac have increased their lending to affordable housing projects, he adds. …continue reading the rest of this post: Lender Capital Is Pouring into Affordable Housing

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20th March 2016

CFPB Director: Mortgage Credit is “Still Too Tight, In My View”

CFPB Director: Mortgage Credit is “Still Too Tight, In My View”

frozen-credit

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray called attention to the mortgage industry, particularly lenders, in a speech on Wednesday, where he highlighted some of the progress and pitfalls that the housing market faces.

An Urban Institute report recently confirmed Cordray’s remarks by finding that between 2009 and 2014, 5.2 million borrowers with less-than-pristine credit were unable to get a mortgage loan due to tight lending.

The data showed that between 2009 and 2013, 4 million loans could have been originated if credit standards were like 2001’s levels. On top of this total, an additional 1.2 million borrowers were unable to get a mortgage loan.

“A tight credit box means that fewer families will become homeowners at an opportune point in the housing market cycle, depriving them of a critical wealth-building opportunity,” Urban Institute said. “It slows the housing market recovery by limiting the pool of potential borrowers. Ultimately, excessively tight credit hinders the economy, as it slows all the associated economic activity that comes with home buying, such as furniture purchases, landscaping, and renovations.”

In his speech, Cordray stated that the millennial generation is beginning to welcome homeownership despite the stereotype surrounding this generation, but as they are facing with the issue of tightening credit.

“Credit is still too tight, at least in my view, but we can now look in the rear-view mirror and see that some of the undue fears people had about legal liability under the QM rule, or market paralysis due to streamlining the mortgage disclosure forms, can be put in healthier perspective,” Cordray explained. “There is ample opportunity in the mortgage market as it continues to heal, and you should be doing what you do best: serving your customers through great deals and great customer service. Homeownership still remains the most effective engine of wealth accumulation for the American middle class, and you are the ones who are making that happen and rebuilding a key marketplace that failed this country so brutally less than a decade ago.”

Despite the bleak credit picture, mortgage lending practices have improved since the financial crisis, Cordray said in his speech.

“The market crash itself led to many changes, with bad actors and bad practices no longer feasible in a marketplace that had all-too-belatedly exposed the risks inherent in irresponsible and often predatory lending. Indeed, if anything, the market meltdown produced an overreaction, marked by very tight credit and historically low levels of consumer demand and available supply,” he said. “For those of us engaged in the important work of protecting consumers, these developments posed a very tricky task in implementing reforms. We were well aware of the concerns many had raised that the cost of protecting consumers would constrict the availability of credit and even drive many financial service providers out of business altogether.”

About Author: Xhevrije West

Vri 2
Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.

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16th March 2016

Been to busy to announce new 2016 AMC Directory Available!

UPDATED: JANUARY 02, 2016

CLICK HERE TO VISIT THE BLOG
AT APPRAISERINCOME.COM

2016 Appraisal Management Company Directory
Fully Updated for 2016

    • Now With over 200 AMCs Listed
    • TOP 41 on the list send me 90% of all appraisal orders
    • TOP 10 on the list are my BEST clients
    • Money Back Guarantee

Published by a full time Real Estate Appraiser

Do you want more appraisal orders? Are you looking to recession proof your appraisal business by getting more Estate and FHA appraisal requests? Have you signed up to appraisal management companies and are still not getting any offers from the AMCs? Do you need a GOOD list with all the bad guys removed?

Don’t Hesitate! If you have any questions please contact me any time during the day! email me at bryan@appraiserincome.com and I will get back to you immediately!!!

2016 APPRAISAL MANAGEMENT COMPANY DIRECTORY

200+ VERIFIED Appraisal Management Companies Listed!

Honestly, most of us hate working for the appraisal management companies but want to stay in business… But are you doing AMC orders full time? Are you making $8,000 – $12,000 per month?

On average I make over $12,000 a month doing Estate Appraisals ordered off my top ranking website and completing orders for appraisal management companies. I update the list frequently and now I can easily say more than 90% of my AMC work comes from the top 41 vendors. They also offer the most competitive rates and turn around times.

This book lays out all the details on how to get signed up with the appraisal management companies and information on creating top ranking websites. Order the book today and you will receive a free search engine optimized website built by internet marketing specialists. All the details are in the AMC Directory.

APPRAISAL MANAGEMENT COMPANIES BLOW – BUT YOU CAN DO WELL USING THEM

Chapters Include:
– Maximize orders with Appraisal Management Companies
– The AMC Application Process
– Links to online applications and emails
– List of Common Errors to Avoid
– Vendor Specific AMC Requirements
– Ordered by which companies that SEND ORDERS!
Bonus Chapters Included:
– Recession Proof Your Appraisal Business for the future
– Appraisal Company Marketing and how to maximize income
– Top Revenue Generating Techniques for 2016
– Maximizing Internet Orders through a top ranking website
– FHA Checklist and common errors to avoid

90% of my work come from the first 41 on my list!Get Started Today!

appraisal management companies

Online AMC Directory Available through a membership with the
Private Appraisers Club – http://www.appraisersclub.com

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