12th April 2012

The Busy Appraiser 13 – May Day, May Day!

It has been a while since my last podcast, so I just thought I would check in and share a little information on a new project I am working on with another appraiser down here in Southern California.

We met over coffee a while back and really hit it off. I was completely blown away by his techniques on getting estate work and he brings in enough work to keep himself and his entire staff busy.

This guy is so busy he is working 16 hour days! Non-stop, around the clock appraisal work. He really had it down and has over 20 years experience running an appraisal business.

He once had the largest appraisal company in Southern California.

I have been doing the best ever and have found a good number of appraisal management companies to work with, but if I had 100% estate work and was flooded with it, I could see how it would take my business to a whole new level.

If you are interested in finding out more how you can take your business to the next level, listen to the podcast and stay tuned for more announcements.

Thanks!

Bryan

posted in Podcasts | 0 Comments

9th April 2012

ASA & NAIFA concerned about Good Faith Estimate (GFE)

This past February, the American Society of Appraisers and the National Association of Independent Fee Appraisers (NAIFA) contacted the Consumer Financial Protection Bureau to explain the importance of itemizing the separate fees collected in the appraisal process for the prototype Good Faith Estimate (GFE) and settlement forms.

The CFPB continues to test different variations of the forms, the ASA and NAIFA sent another letter to reiterate the importance of separating the AMC fees from what is paid to the appraiser.

read the letter here:
March 30: Read the NAIFA and ASA Follow-Up Letter to CFPB Re: Disclosure of AMC Fee on Revised GFE/Settlement Form

posted in Dodd-Frank C&R Topics | 0 Comments

20th March 2012

Metro-West Appraisal Co., LLC is seeking Certified Appraisers

Metro-West Appraisal Co., LLC is seeking Certified Appraisers to join their team. 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 Non-Exclusive Contract
Free CVR Certification
$20 /Month Cell Phone Credit
ACI Software & 24/7 Support Team
Metro-West pays for Federal Insurance Contributions Act (FICA) tax and Federal Unemployment Tax Act (FUTA) tax
Guaranteed Bi-Weekly Pay Checks
Errors and Omissions Insurance
$15,000 Life Insurance Policy Paid For by Metro-West

Medical Insurance Benefit Program
Flexible Spending Account
Dental Insurance
Access to Tech Support for Home Office PC’s 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 AM EST – 8 PM EST.

For consideration please submit to careers@metrowestappr.com:
1. Appraiser license
2. Resume
3. Coverage Area
4. Two recent UAD sample appraisals. (At least one 1004 w/ MC form)

posted in Appraisal Management Companies | 2 Comments

15th March 2012

Lender Paying Appraisers Stiffed by AppraiserLoft

Editor’s Note: Hundreds, possibly thousands of appraisers are left with unpaid invoices as a result of AppraiserLoft shutting its doors; now one major lender is stepping up and paying up. Reprinted with permission from WorkingRE.com

Lender Paying Appraisers Stiffed by AppraiserLoft
By Isaac Peck, Assistant Editor

The argument is unsettled to what degree lenders are responsible for the agents they hire to administrate valuation services- appraisal management companies (AMCs). The case of the AMC AppraiserLoft kicked off the debate when it closed its doors leaving an estimated three million dollars or more in unpaid appraiser fees.

In the meantime, one major lender, Metlife Bank, is saying it will make good on the bad debt created when its agent, AppraiserLoft, shut its doors.

…continue reading the rest of this post: Lender Paying Appraisers Stiffed by AppraiserLoft

posted in Appraisal Management Companies | 2 Comments

14th March 2012

Implementing the Dodd-Frank Act

Implementing the Dodd-Frank Act: The Federal Reserve Board’s Role
The Federal Reserve Board is responsible for implementing numerous provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or “DFA”), sometimes in conjunction with other government agencies. Listed below are the implementation initiatives recently completed by the Board, as well as several of the most significant initiatives that the Board expects to address over the next few months. Timeframes for upcoming initiatives are estimates and may be adjusted.

Initiatives Completed
Initiatives Planned: January to March 2012
Initiatives Planned: April to June 2012
Dodd-Frank Act: Statutory Dates For Actions
Initiatives Planned: April to June 2012

“Financial Company” Definition
The Board expects to request comment on a re-proposed rule to establish the standards for determining when a company is predominantly engaged in financial activities and qualifies as a “financial company.” (DFA Section 102(a)(6))

Real Estate Appraisal Requirements
The Board, along with other Federal regulatory agencies, expects to: (1) request comment on a proposed rule to implement appraisal requirements for higher-risk mortgages, and (2) issue final rules restricting acts and practices to ensure appraisal independence and to require reasonable and customary fees for independent appraisals. (DFA Sections 1471, 1472)

Real Estate Appraisal Management Company Registration and Reporting
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule to establish minimum requirements for registration and reporting of appraisal management companies. (DFA Section 1473)

Residential Mortgage Appraisal Portability
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule on residential mortgage appraisal portability requirements. (DFA Section 1472)

Real Estate Appraisal Automated Valuation Models
The Board, along with other Federal regulatory agencies, expects to request comment on a proposed rule to implement quality controls for real estate appraisal automated valuation models. (DFA Section 1473)

posted in Dodd-Frank C&R Topics | 0 Comments

29th February 2012

AGA Petitions Federal Reserve, CFPB

On Capitol Hill, the American Guild of Appraisers (AGA) is petitioning the Federal Reserve Board and the Consumer Financial Protection Bureau to overturn a recently adopted rule that stands in opposition to regulations contained in the Dodd-Frank Act.

The AGA wrote the organization’s plea based on the assertion that the Fed’s new rule poses a threat to “the viability of professional appraisal practice and undermines the legitimacy of real estate appraisals.”

The legislation in question was put in place last year by the Fed, and the regulation allows appraisal management companies (AMCs) to cut fees for appraisers. In its petition, the AGA stated that AMCs control up to 80 percent of the appraisal market and that, by allowing such companies to pay appraisers only a fraction of customary and reasonable fees, the law makes it possible for AMCs to offer fees that are nearly 50 percent below prevailing appraisal rates.

…continue reading the rest of this post: AGA Petitions Federal Reserve, CFPB

posted in Dodd-Frank C&R Topics | 0 Comments

24th February 2012

Upcoming Webinar: Maximizing AMC Orders and Income

Webinar: Maximizing AMC Orders and Income

– “Thanks for all of the tips. I found this very valuable.” – Patrick Jones

– “We learned so much on Tuesday, we decided to come today and bring our office manager.” – Lu Waara

– “I wanted to let you know that myself and another representative from our company sat in on your recent webinar and found it truly informative. I wanted to thank you for the service, and also inquire about how my company can get on your AMC list (as I’ve noticed you, or your company are not in our current system).” -Nick Honiotes, Allstate Appraisal

This Webinar Series starts on Tuesday next week, so reserve your seat now!

Working with the best AMCs, negotiating your own fees, and enjoying a better process–one that meets your income expectations–gives you more power and more choice. Space availability is limited to the first 100 registrants, so register now to reserve your spot!
(*OREP Members always receive a discount)

…continue reading the rest of this post: Upcoming Webinar: Maximizing AMC Orders and Income

posted in Appraiser Marketing | 0 Comments

14th February 2012

ES Appraisal Services – Evalonline.com Not Paying Appraisers

It has come to my attention that ES Appraisal Services / Evalonline.com is not paying appraisers. The story has been the same in all cases.

[UPDATE 01/30/2013] – Bankruptcy and stiffs appraisers of over 9 Million! Read the article here: http://appraiserincome.com/2013/01/30/evaluation-solutions-es-appraisal-services-stiffs-appraisers-of-9349612-79/

[UPDATE 12/20/2012] – 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

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

[UPDATE 12/21/2012] – You can also try sending your CHASE invoices to: accounts.payable.research.team@jpmchase.com this is for chase only.

After a while, and numerous past due invoices, contact is made by the appraiser regarding the past due status of invoices. After that point, emails are received stating the profile has been updated and a check should be received in 2-3 business days.

They still send out numerous email requests, so they appear to doing quite a lot of work, but if they aren’t paying, they might be going the route of AppraiserLoft. I would be very careful doing any further work with them until they fix their payment issues.

Other appraisers, please comment below regarding the status of your payments received from this company and if you have any problems receiving payment.

This seems to have started in December.

When I attempted to contact them regarding this issue, I was forwarded to voice mail for ‘Tiffany’. I also sent them a few emails regarding my post, so hopefully something will get resolved soon.

I will post an update on how to get paid asap.

Bryan
UPDATE: 06/27/2012
I am still hearing plenty of problems with them, but check out the link below about factoring if your invoices are not too old.

They are not calling me anymore, but not sure if it is because of my messages here or turning down all work. I have emailed the initial blog post to everyone in their company hoping for a follow up, but they never emailed me back.

UPDATE: 06/13/2012
Still not paying appraisers. Be very careful and look in to factoring your current invoices with them: http://appraiserincome.com/2012/06/12/getting-paid-in-1-day-vs-30-60-90-or-never/

UPDATE: 05/21/2012
Appraisers are still emailing me daily about large open invoices and not getting paid. I would be very careful about doing work with them.

I currently turn down all their offers for work because of this and they call me almost daily.

UPDATE: 02/15/2012
I just got off the phone with Lori @ Es Appraisal and she stated they pay for all their appraisals, but there sometimes might be a delay on payments.

They run their checks once a month, usually on the work 30 days since submitted. This can sometimes result in delays on some payments being received for delivered appraisals. But with many appraisers comments below, it sounds like there are numerous appraisers experiencing payment problems.

Make sure to check your profile, confirm the address on your W9 is where checks should be mailed and update with a new W9 if needed.

Lori also stated you can email her directly with your account information, including your sign-up email and she will look in to it and contact accounting. Email her at lcarter@evalonline.net

[UPDATE 12/20/2012] – 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

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

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

posted in Appraisal Management Companies | 169 Comments

25th January 2012

2012 AMC Resource Guide Now Available

“I purchased the AMC directory last week and am very happy. I signed up for 4 companies and already received two orders.” – Diane F.

Hi all,
I removed deadbeat AMCs and removed all the companies that have gone out of business, lowered the number of AMCs to under 300 – no need to waste your time applying to companies that don’t send work, and added some new clients. I updated my list so that the top 45 companies are the ones that send me over 95% of all my AMC work. I also updated the marketing information, tips and advice on my best techniques for getting more business and making more money in 2012. ~ Bryan Knowlton

Designed by an Appraiser for Appraisers
Do you want more appraisal orders? Are you looking to recession proof your appraisal business by getting more estate and FHA appraisal requests? Do you want the ability to select the best paying and most desirable appraisal work from the appraisal management companies?

· Easy to get started today

· First 40 listed send 90% of the author’s work

· National Management Companies

· Verified Companies that send orders

· Marketed successfully to appraisers for over three years

“Thanks Bryan, your list is worth the price. I’ve been getting good business from some of those AMCs. :)”
-Ray

“I have purchased your AMC directory and have been successful with obtaining new clients. Your emails are also very informative and full of excellent advise. Out of the AMC’s I have signed up with, I was able to get two solid clients with consistent work on a weekly basis. Three other AMC’s send orders on occasion. Thank you.” -Zachary Brown

Chapters Include:

· Make more money with AMCs

· The Application Process

· Maximize AMC Orders

· Links to each AMC’s online application page or email

· Common Errors to Avoid

· Specific AMC Requirements

· Companies that SEND ORDERS!

Bonus Chapters Included:

· Recession Proof Your Appraisal Business

· Appraisal Company Marketing

· Top Revenue Generating Techniques

· Maximizing Internet Orders

Order Now!

OREP Members – Those who purchase their E&O insurance from OREP qualify for a discount.
Special Discount for OREP members – Click Here

Click Here to order the 2011 AMC Directory

posted in Appraisal Management Companies | 1 Comment

25th January 2012

AGA uses law firm to request documents related to Customary and Reasonable Fees

WASHINGTON, Jan. 23, 2012 – [List of AMCs] On behalf of the American Guild of Appraisers, today the law firm Garvey Schubert Barer filed a request with the Federal Reserve Board under the Freedom of Information Act seeking a wide variety of documents related to the regulations on customary and reasonable compensation of fee appraisers that were issued by the Board in October 2011.

In announcing this action, Guild President Peter Vidi said, “It is clear that appraisal management companies have interpreted rules issued by the Fed as permitting practices that result in real estate appraisers being compensated at levels that are far below ‘reasonable and customary fees’ as required in the Dodd Frank Law. We want to learn whether the Fed intended this result and if so why.”

…continue reading the rest of this post: AGA uses law firm to request documents related to Customary and Reasonable Fees

posted in Dodd-Frank C&R Topics | 0 Comments









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