Rels Valuation National Review Department Quality Control Advisory Report – June 2016

[gregb]

While I have never worked for RELS, these comments to the article posted, relating to the fees paid to the appraiser, would seem to underlay the attitude of some appraisers to this company.

http://www.housingwire.com/articles/35953-corelogic-buys-rels-from-wells-fargo

 

[J Grant]

Core Logic is like a Caliphate expanding territory.

RELS is not horrible to work for but their fees are very low, therefore I hardly do any work for them though I did some years back when they paid higher than they do now. They mostly use staff appraisers and only call me once or twice a year when their staffer in area must be on vacation so that is the only time they will be a reasonable fee.

They did contact me a few months ago about a staff position...the pay was very low, slightly better but not much better than min wage level. There are benefits but you can't pay your bills with benefits and a bonus for volume but that would mean working 60-70 hours a week for the bonus to kick in, must be high turnover because they contact me every couple of years and the salary is always low . No wonder they fought to scrap the college degree they need fresh bodies for these jobs. Nothing wrong with going on staff but why accept such a pathetic salary.

The requirements listed, most of them make sense but I can say from having worked for them the alternate comps they send are sales picked from a computer they are spit back within moments of sending the report and even if in a geo are superficially with similar sf most have nothing in common with subject and make no sense. I personally do not like the idea of appraiser having to list by address the sales they choose not use. Keep them in the work file. If a if client cant' trust your judgement what sales to exclude that speaks volumes. It should be sufficient to write that other sales nearby were found but they were less similar and therefore were not used as comps.

I find working for this kind of client soul crushing and depressing.

 

[Bob Ipock]

Worst ever. Fired them twice and continue to decline their orders. Too many requests for changes, additions, deletions 3-4 days apart for 2-3 weeks. I can easily finish 2-3 other orders.in the time spent on there stuff. The $450-$550 fees look OK until you figure out the hassle factor.

 

[Joe Flacco]

What a interesting use of the word "suspense".

 

[Joe Flacco]

Sometimes I am sorting through 100's of sales. They all look pretty similar if looking at the UAD tracked areas of comparison. A short paragraph describing the important attributes of the subject property and brief explanations of why I selected the sales I did and how they compare to the subject property is sufficient. It is absurd to expect commentary on excluded properties one by one.

 

[chad hampton]

Rels still sends orders to appraisers in my market for $240. They pay $250 when the purchase price is over $500k, so that's nice of them

But they have a seat at most appraisal boards and have tremendous influence. Pay off politicians to write laws that favor your bottom line, it's the American way.

 

[J Grant]

Agree re corporations influencing regulation.

450 -550 fees? They send work out here for $275.

 

[Tim The Enchanter]

The problem that RELS and some other AMCs have is the relationship between them and the appraisers is so antagonistic,

This is the issue, imo. And it's not me who is antagonistic. I doubt many appraisers are.

 

[bnmappraisal]

I met an agent today who went OFF about a recent RELS order they had (all I had mentioned was that there was an a m c between myself and the lender, that I wasn't in direct contact with the lender; FTR, this was not a RELS deal - I don't do work with them)
It seems it's not just appraisers who aren't happy with them

 

[chad hampton]

The last few borrowers I've spoken to have said wells fargo changes them $550 for an appraisal. Rels keeps over 50% of the fee. Not a bad profit center. Wells fargo makes $300 on every potential loan before they start too much paperwok.