Late Appraisals

[Bobby Bucks]

Ditto. I don't remember the bank robbers name, but when asked why he robbed banks responded "That's where the money is." Want to be a RE Appraiser in 2017, you deal with AMCs. Those lucky enough not to venture down that trail are the exception to the rule and need to tone down their arrogance and thank whatever God they pray to.

A few years ago there was a truly arrogant, self-righteous “semi-peer” who used to boast about not doing any AMC work. His non-stop I’m better than the rest of you, you’re all slobs, etc. etc got to be old. One day a now defunct AMC emailed a proposal bid for an assignment in a specific zip code to 5 different appraisers and he was one of them. The AMC neglected to use proper email etiquette and listed everyone’s name and email address in the header, even addressed us all informally. Needless to say the other 4 of us had some fun with that, almost as much as Ken Starr did. I think there a lot of similar types in our midst in here who never do AMC work. 

 

[bnmappraisal]

So, if an appraiser cant get paid until they turn in the report, why would they let it sit on their desk?

I think it comes down to clients. As Sammy pointed out, I'll complete the report for the client who's going to pay me within 2 weeks (or sooner) first over the report for a client who may take 30, 60, 90 days to pay me. It's just business. Generally, that client that pays quicker is a much better client to deal with, not just because of the quicker payment policy

But I agree Sandpiper, I don't like reports sitting on my desk. It does nothing for me except take up space and time! I do my best to get the reports out in a timely fashion because I like to get paid for them.

 

[Terrel L. Shields]

don't remember the bank robbers name,

Willie Sutton

I think there a lot of similar types in our midst in here who never do AMC work. 

Seriously, I've never done work for AMC. I have bid on RIMS and some priority system for a large regional. Not anymore. This year I appraised two for a bank and waited about six weeks. I just took on a duplex for a small bank. That makes three. I'll be done Friday on a narrative, they'll send the check by next week. At least they always have as they order direct thru the local bank. So bank work is what? 1-2% of my income?

 

[Mark K]

Seriously, I've never done work for AMC.

Same here. Bank work is maybe 5% of my work and its for in-house loans only, no secondary market; have never worked for an AMC.

Don't get me wrong, I've done my share in the past, thousands of mtg. loan appraisals but moved in a different direction about 10 years ago.

 

[leasedfee]

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser.

You're not the client. You're the asset. Mortgage backed paper: under-written, rated, bundled, tranched, and sold on international fixed-securities market.

 

[andrew81]

bank work is what?

 

[exbanker]

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser. The appraiser is not affected by the close, but everyone else is. The buyer, seller, mortgage broker, realtor...all dependent on the close for their own desired outcomes. It's not like if the appraisal is late, the appraiser doesn't get paid right? And from what I've been told there really isn't any recourse either.

 

[exbanker]

The appraiser shouldn't be affected by the close in order to remain unbiased. The appraiser is, however, affected by a turn time that is either AMC/lender imposed, or self imposed as a business model. From this appraiser's perspective, the lender very often blames the appraiser for hold ups that have nothing to do with us. I have had experiences where I got texts/calls/emails from frantic realtors or homeowners asking me what was taking so long, but I had turned the report in days ago - they just weren't told that by the lender. The AMC took a few days to review, then the lender got it and took a few days to review, and perhaps decided they wanted something on the report changed to suit them, and all the while they were telling the interested party (you, for example) that the appraisal wasn't in, or there were problems with the appraisal. Because we are a vendor relying upon the lender/client's business, and you are a customer whose business they rely on, it is better for them to blame the appraiser for delays. And our assignment instructions often tell us that we can't discuss turn time with the borrower, so we can't even tell you that we turned the report in a long time ago. Even if we could, we probably wouldn't because again, the lender is our client and it would be unprofessional to make them look bad.

 

[Terrel L. Shields]

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser.

I am sure you understand why. The appraisal is to protect the bank, not the borrower.

I have had experiences where I got texts/calls/emails from frantic realtors or homeowners asking me what was taking so long, but I had turned the report in days ago - they just weren't told that by the lender

25 years ago the appraiser was contacted and the appraisal ordered much earlier in the process.

 

[TRESinc]

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser.

as an appraiser you question this or have a problem with it? the appraisal is not done for the borrower, it is done for the client, the lender. the lender can choose to pay for it themselves or pass the cost on to the borrower as part of the loan charges, so if you have a problem with that take it up with the lender.

The appraiser is not affected by the close, but everyone else is. The buyer, seller, mortgage broker, realtor...all dependent on the close for their own desired outcomes. It's not like if the appraisal is late, the appraiser doesn't get paid right? And from what I've been told there really isn't any recourse either.

again, how can you question this as an appraiser? you must be brand new with no experience. i can't even begin to count the number of times i have received an order where the contract is dated weeks, if not months, in the past and suddenly it's a rush or "super rush" order and they expect me to drop everything. i'm sorry, but the orders that came in front of this "super rush" are just as important as it is. i received an order just yesterday that was sent as a rush and the contract was dated 9/6/17. should i now be expected to drop everything for someone who most likely went loan shopping for 2 months?