Appraiser Income

According to a recent article in the Washington Post, appraisers are hindering a full recovery in the real estate market.

http://www.washingtonpost.com/realestate/house-sales-hampered-by-appraisers-who-fail-to-recognize-appreciation/2012/06/21/gJQALhMetV_story.html

After reading the article, I believe that low quality appraisals are causing an influence, but we can’t accept all the blame. The article states that a recent poll to NAR members stated 33% of sales fell through due to problems with the appraisal. Sounds like BS to me, sounds more like selling agents trying to get the most $$$ for their clients in a heating up market. That doesn’t mean a buy should over pay for a property. Do we really want to go down that road again?

The article goes on to explain how many appraisers are afraid to make adjustments for appreciation due to the appraisal management companies. So to save some time and avoid backing up their data, I can see many underpaid appraisers just opting out and stating no appreciation for the area.

I can also see why AMCs are afraid of adjusting for appreciation. Most lenders don’t want to see this again after the big melt down.

The final value has to be supported by an ‘unadjusted’ sale as well, so I do not see how appraisers are getting blamed for this issue as well. If sales are showing appreciation, then ALL the sales should be showing appreciation, it is fairly easy to determine if an adjustment is required.

AMCs are controlling many aspects of the appraisal process which is hindering a full recovery of the Real Estate Market. The direct lenders who have their own ‘amc division’ and are forward thinking understand the value of a qualified appraiser and not only hire better appraisers but get better quality appraisals that reflect current market conditions.

Just my 2 cents.

Bryan

Here are just some recent news that came out today. The Appraisal Management Companies are exploding in size and continue to grow.

In my opinion, find the best ones to work with and secure your future.

But of course, also work on increasing your non-lender work by learning how to market your appraisal business. Check under the Appraiser Marketing section of Appraiser Income to learn how to market your appraisal business again.

Steetlinks Expanding with new 77,000-square-foot lease at NetPark located in Tampa.

With 160 currently on staff and plans of hiring another 100 over the next year, it appears the company is rapidly growing. I have a feeling they are really looking to take a larger piece out of the market and I have not only seen an drastic increase in orders, I know many other appraisers that have as well. Hopefully they will become a good appraisal management companies that becomes known for treating their appraisers well!

a la mode Partners With SharperLending on Appraisal Initiatives

“The integration with Mercury Network gives Appraisal Firewall lenders instant access to an expanded list of AMCs with which they can work,” said Dave Black, president and chief executive officer of SharperLending, the company behind the Appraisal Firewall technology. “We feel that this is an especially effective strategic partnership because both of our companies have demonstrated a commitment to delivering efficiency and compliance technology solutions to lenders to make sure appraisal processes don’t get bogged down.”

Zaio Expands AMC Distribution Network Nationally

Axis Appraisal Management to Distribute Zaio’s Suite of Appraisal Products

CALGARY, ALBERTA–(Marketwire – July 31, 2012) – Zaio Corporation (TSX VENTURE:ZAO) (the “Company”) today announced that its partner in the United States, Zone Data Systems LLC (“ZDS”), has entered into a reseller agreement with Axis Appraisal Management Solutions Inc. (Axis), a national appraisal management company (AMC), to provide direct order access to Zaio’s suite of on demand appraisal products.

Based just north of San Francisco, California, Axis has a nationwide panel of certified appraisers that provides appraisal services to a large and growing list of mortgage lenders and other clients across the United States. “Partnering with Zone Data Systems and utilizing Zaio technology provides Axis with a unique product offering in the United States,” noted Ron Simmons, Director of Valuation Services & Chief Appraiser of Axis. “Zaio’s product offering leverages our position in the marketplace and complements our nationwide appraiser panel, growing review service needs, and automated valuation model offerings. It gives our customers another option and additional price points by which they can do business with Axis.”

Axis joins Kirchmeyer & Associates, Veros Corporation, and Servicelink in offering Zaio products and services across the United States.

National AMCs are an important link in the property appraisal process. Local property appraisers align themselves with AMCs to gain access to a broader base of regional and national customers who may be looking for appraisal services in their area. Regional and national mortgage lenders use AMCs to route their appraisal orders to these local appraisal experts. By establishing direct order access relationships with AMCs, Zaio is able to provide the AMC’s customer with an accurate, cost effective, rapid response suite of appraisal products.

“We are starting to see increased interest from the AMC community in Zaio’s appraisal product suite because our database has now reached a critical mass in terms of the number of properties and the number of urban centres that we cover,” noted David King, Zaio’s President and CEO. “I expect Zaio’s relationship with Axis to grow as we continue to fill out the scope of our coverage, which today stands in excess of 30 million properties ready for order taking.”

Axis, a nationwide leader in appraisal management, is hiring!

Axis, as an AMC, believes that appraisal management should focus its energies on customer service, communication, education, and a carefully developed panel of the very best local certified appraisers. We are now hiring for multiple positions in various locations. Consider the internal Axis team for:

Director of Review Services

The Director of Review Services will build off of the Axis current review process to integrate the latest technologies and data to provide the most accurate review products and services as well as to build a team of review appraisers to support this growing division within Axis. The ideal candidate will possess many of the experiences and qualifications listed below:

…continue reading the rest of this post: Axis is hiring 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)

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

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.

“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

I have a few copies left and will be changing my policy on getting free updates for life starting in 2012.

The time involved updating the list and making sure it is the best list around, I just can’t afford to offer free updates for life on the new 2012 AMC directory.

But what I will do, if you act NOW is to send you free updates for life (or for as long as the directory is published! I have no plans of stopping!)

The only way to do that is to order one of my last remaining copies of the book or the 2011 appraisal management company directory E-Version.

That way you will get the free updates for life. I was so swamped this year with appraisal work that I had to delay updating it, but will definitely have it completed by the end of this month.

I will be sending annual free updates in PDF format to all purchasers of the 2011 AMC Directory.

Thanks again for all your support. Remember, this is a VERY limited time offer. It will expire on 01/31/2012.

So get shopping and make sure you get free updates for life. Click here to order a copy of my Appraisal Management Company Directory.

~ Bryan