30th January 2020

Avoid Spot Value Solicitations

I received an email from Spot Value regarding the need for appraisers to join their panel by “invitation only” last month. Since I sign up to all the AMCs out there to test them and see if they are a good fit for the Appraisal Management Company Directory that I publish annually, I started the process and stopped immediately when they asked for payment.

ANY COMPANY THAT ASKS FOR $ TO JOIN THEIR PANEL IS A SCAM!!!!

After further research, I came across an excellent post I found over at AppraiserBlogs. Beware of Spot Value Solicitations was republished with permission from AppraisersBlogs below.

Many appraisers have gotten invitation letters in the mail from Spot Value to join their panel. The letter states that the appraiser was recommended by one of their clients and that their panel is by invitation only!

They have a website which makes them look legit. Their address at 2601 Main St, Irvine, CA 92614 is to Century Centre building but they do not provide a suite number. The domain is registered to a Michael Miller who is also the CEO and sender of the invitation letters. We were unable to reach Michael Miller at 919-404-4889. Their greeting message is computer generated and there is no voicemail setup to leave a message.

We researched the name Michael Miller and found the following:

“Mehdi Moarefian, also known as “Michael Miller,” 37, Irvine, California, was sentenced by U.S. District Judge Stefan R. Underhill in Bridgeport, Connecticut, to 52 months of imprisonment, followed by three years of supervised release, for participating in an extensive mortgage loan modification scheme. Moarefian also was ordered to pay restitution in the amount of $2,390,496.59.”

Per HousingWire, he was the ringleader of a massive mortgage modification fraud scheme.

..falsely purported to provide home mortgage loan modifications and other consumer debt relief services to numerous homeowners in Connecticut and across the United States in exchange for upfront fees…Homeowners were charged fees that typically ranged from approximately $2,500 to $4,300 for their services.

In order to induce homeowners to pay these fees, the group made a series of false representations, including: stating that the homeowners already had been approved for mortgage loan modifications on “extremely favorable” terms;

If this is the same person as the CEO of Spot Value, then it is clear that he is using the same type of tactics to scheme appraisers.

Spot Value appears to be operating as a portal, meaning they just provide a central repository of appraisers the lenders can access.

Per Spot Value website:

Spot Value makes the appraisal process quick and efficient. Appraisal orders will be assigned via email and text message and based on your member profile coverage areas and good standing within our performance rating system. You may accept or decline appraisal orders as your schedule allows, but we will continually expect a high standard of quality and timely work.

Appraiser fees: Spot Value operates with full transparency and with an ethical business model: Cost Plus. 100% of the appraisal fee goes to the appraiser, who completes the assignment. Spot Value charges a separate fee to the client for using our uniquely developed SaaS (Software as a Service) platform . Each appraiser is required to enter the fees for areas and products and are paid that amount for each order completed.

Application Fee: The application processing fee is $39.00. Application processing fee is a one-time fee for processing your application and checking against our customers blacklist. Please note that we will not review your application until your application processing fee is received.

Not an AMC: platform as a non-biased means to introduce appraisers to lenders and facilitate the flow of information and files between them.

Sounds like another pay to pay scam. Beware!

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30th January 2020

New 2020 AMC Directory

UPDATED: JANUARY 01, 2020

 

2020 Appraisal Management Company Directory
Fully Updated for 2020

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    • TOP 46 on the list send me 90% of all appraisal orders
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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!!!

…continue reading the rest of this post: New 2020 AMC Directory

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23rd August 2019

ASC OKs North Dakota Request for Temporary Appraisal Waiver

The Appraisal Subcommittee on July 9 granted a request from North Dakota for a temporary waiver from appraisal licensing requirements after state officials claimed a scarcity of appraisers. The ASC granted the one-year waiver from licensing requirements by a 5-2 vote; an additional year is possible if state officials again seek a waiver based on the scarcity argument. 

The Federal Financial Institutions Examination Council still needs to approve the decision, which is expected to happen at its meeting later this month. It’s important to note that the temporary waiver is not a waiver from appraisals, but from appraisal licensing requirements. All appraisals still need to comply with the Uniform Standards of Professional Appraisal Practice.  

…continue reading the rest of this post: ASC OKs North Dakota Request for Temporary Appraisal Waiver

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12th August 2019

New Redfin-Opendoor ‘iBuying’ partnership: another transformation in how you sell your house

Discount real-estate brokerage Redfin will partner with Opendoor, one of the leading home-buying services, allowing homeowners to get an instant offer when they want to sell with Redfin RDFN, -2.17%  , the firms announced Thursday.

The tie-up is the latest sign of the increasingly fuzzy lines between traditional ways of transacting residential real estate and the increasing popularity of new tech-enabled disruptors. Companies like Opendoor, known as “iBuyers,” buy homes from consumers directly, allowing them to skip the hassle of open houses, repairs and renovations, and uncertain closing schedules.

At a moment when consumers increasingly expect more bespoke and favorable experiences for less cost, the two companies say their initiative “gives homeowners more options for selling their home in a simple and convenient way.”

…continue reading the rest of this post: New Redfin-Opendoor ‘iBuying’ partnership: another transformation in how you sell your house

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8th August 2019

Appraisal Institute Opens Valuation Profession’s Premier Event

DENVER (July 22, 2019) – More than 525 real estate professionals from around the world today attended the opening session of the valuation profession’s most important annual event, hosted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

The 2019 Appraisal Institute Annual Conference, being held at the downtown Hyatt Regency Denver today through Wednesday, features world-renowned keynote speakers, 30 breakout sessions on trend-setting valuation topics, networking opportunities for industry professionals, an exhibit hall featuring cutting-edge products and services and an awards ceremony honoring the valuation profession’s best and brightest.

…continue reading the rest of this post: Appraisal Institute Opens Valuation Profession’s Premier Event

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6th August 2019

Veros: Home Price Appreciation Steady

Veros Real Estate Solutions, Santa Ana, Calif., said average projected appreciation rate for residential real estate in the nation’s 100 largest markets should hold steady at 3.7 percent through June 2020, maintaining the same rate from the previous quarter’s forecast and marking a leveling out after a four-quarter decline from a projected appreciation rate of 4.5 percent a year ago.

The VeroFORECAST said 5 percent of markets are projected to depreciate over the upcoming year, a figure that has remained the same since fourth quarter 2018, after it jumped from 3 percent in a single quarter.

“This flattening indicates that although there is definite softness overall in the housing market the fundamentals are healthy,” said Eric Fox, Veros Vice President of Statistical and Economic Modeling. “One potential contributing factor we saw in the models is some softening of mortgage interest rates, which is helping to prop up values and stem the decline.”

…continue reading the rest of this post: Veros: Home Price Appreciation Steady

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4th August 2019

Appraisal Standards Board Considering Creating Standards for Evaluations – ASB to Issue Concept Paper and Hold Public Hearing

(Washington, DC) August 1, 2019 – The Appraisal Standards Board (ASB), an independent board of The Appraisal Foundation, announced today that it intends to examine the concept of creating standards for evaluations, which are alternatives to appraisals used by financial institutions.

Currently, there are no uniform standards for appraisers to follow when conducting an evaluation, which leads to greater risk to the safety and soundness of the real estate transaction and diminished protection for consumers. The ASB intends to issue a concept paper around Labor Day, and will follow up with a public hearing with panels of constituents on October 18, 2019 in Washington, DC. As with all public meetings of the ASB, the public hearing will be broadcast via livestream.

…continue reading the rest of this post: Appraisal Standards Board Considering Creating Standards for Evaluations – ASB to Issue Concept Paper and Hold Public Hearing

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2nd August 2019

U.S. Median Home Prices Reach A New Peak In Q2 2019

IRVINE, Calif. – July 18, 2019 — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $266,000 in the second quarter, up 10.8 percent from the previous quarter and up 6.4 percent from a year ago — reaching a new median home price peak.

Meanwhile, the report also shows that homeowners who sold in the second quarter had owned an average of 8.09 years, reaching a new peak, up 3 percent from last quarter and up 4 percent from Q2 2018. Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession.

…continue reading the rest of this post: U.S. Median Home Prices Reach A New Peak In Q2 2019

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31st July 2019

Appraisal Institute Condemns NCUA’s Action, Calls for Congressional Oversight

CHICAGO, July 18, 2019 /PRNewswire/ — The nation’s largest professional association of real estate appraisers vigorously condemned today’s action by the National Credit Union Administration, calling the NCUA’s decision to effectively reduce the number of appraisals required for commercial real estate loans irresponsible, radical and dangerous.

AI Logo. (PRNewsFoto/Appraisal Institute)
AI Logo. (PRNewsFoto/Appraisal Institute)

“This is an outlandish scenario for anyone who cares about the safety and soundness of the nation’s commercial real estate lending system, and it could recreate conditions that led to the financial crisis of the late 2000s,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “The NCUA’s ill-conceived, damaging decision shows overwhelmingly the need for immediate, rigorous congressional oversight.”

The NCUA Board of Directors today quadrupled – from $250,000 to $1 million – the appraisal threshold for nonresidential real estate loans. The appraisal threshold is the loan amount below which appraisals are not required. Increasing the threshold would drastically increase the number of nonresidential real estate loans that would not require an appraisal.

“This decision – based entirely on providing regulatory relief – completely ignores the fact that the United States suffered through a financial crisis less than a decade ago,” Wagner said. “If anything, current market conditions beg for heightened due diligence by regulated institutions — not a loosening of a fundamental risk management activity.”

The federal banking regulatory agencies – the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Federal Reserve Board – last year approved increasing the commercial appraisal threshold from $250,000 to $500,000. The NCUA’s decision could create a regulatory arms race between the agencies and the NCUA.

The NCUA – the agency with the least direct experience in overseeing business and commercial real estate lending – effectively could be driving the appraisal policies for the entire financial regulatory system. The bank regulatory agencies – despite already determining otherwise – will face pressure to establish a corresponding threshold level to the NCUA’s level.

Additionally, federal legislation signed into law last December links commercial appraisal threshold levels for two of the Small Business Administration’s most popular loan programs to those established by the federal banking regulatory agencies.

“The potential domino effect is chilling,” Wagner said. “Everyone involved in this country’s commercial real estate industry should be incensed at the NCUA’s reckless decision, which potentially places the nation’s economy at significant risk.”

The NCUA’s action would significantly increase the number of credit union loans not requiring an appraisal – with the proportion exempted rising from 27% to 66%. Last year credit unions made $67 billion in commercial loans in this country.

“It’s clear that the solution is not only increased congressional oversight, but also improvements to the appraisal regulatory structure,” Wagner said. “The Appraisal Institute is working with members of Congress and their staffs to bring about meaningful change that will help prevent this type of outrageously heedless public policy making in the future.”

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27th July 2019

Raising Commercial Appraisal Threshold Puts U.S. Economy at Greater Risk

Statement: Raising Commercial Appraisal Threshold Puts U.S. Economy at Greater Risk
(WASHINGTON) July 19, 2019 – The Appraisal Foundation President David Bunton today raised concerns about the action taken by the National Credit Union Administration, which quadrupled the threshold for commercial transactions requiring an appraisal from $250,000 to $1,000,000.

“The Appraisal Foundation is deeply concerned that the action taken yesterday by the National Credit Union Administration is yet another needless attempt to dilute the federal financial and public policy protections of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which requires real estate appraisals to be used in federally related transactions.

Yesterday’s action and the proposed rule by federal banking regulators to raise the threshold amount for residential real estate, combined with the years of accumulated carve outs, waivers, and exemptions, has jeopardized the U.S. economy by putting it at greater risk.?

The protections originally envisioned by Title XI are facing a death by a thousand cuts, and unfortunately, the 1000th may be too close for comfort.

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