Alaska Real Estate Appraisers Required To Be Bonded As Of 2019

[glenn walker]

had me going for a minute there

Did anybody read this - The BOND is only applicable to appraisers who also do appraisal management for lenders. In my State if I have over X-appraisers working for me I register as doing appraisal management and post a bond. Anyway the typical Appraiser in Alaska is not running AMC's anyway so it's a non-event for most. As far as the bond it's worthless anyway. The AMC's that have recently closed down or filed bankruptcy went through their bond money in a matter of days. In some States to file a claim against the bonding company the appraiser has to first obtain a judgement proving they are owed money. Simply sending in an-invoice to a bonding company is a fruitless waste of time and energy anyway because that money was gone long before the appraiser realized his invoices were 3 -4 months old.

 

[TRESinc]

In my State if I have over X-appraisers working for me I register as doing appraisal management and post a bond.

every state is like that. more than 15 in one state or more than 25 in multiple states = AMC.

 

[Raven59]

first obtain a judgement proving they are owed money

This is the case in my state. Although in the past a group of state appraisers were successful getting one bonding company to pay with little resistance and without judgement of proof.

 

[Raven59]

every state is like that. more than 15 in one state or more than 25 in multiple states = AMC.

As recognized to be placed on the national registry but a state can add a layer to their law dictating what determines an AMC...they just won't show on the registry if the 15 and 25 rule is not met

 

[glenn walker]

Bondy don't pay anyway

 

[Raven59]

Bondy don't pay anyway

Funny...I recently heard a circuit judge say bonding companies are worthless. They get their 10% premium and disappear. The judge said now a subpoena is issued to the bonding company for no shows. If the bonding company does not pay they make a trip to the jail. Maybe we will find a judge that offers the same deal to the AMC bonding company

 

[Deleted member 152047]

Funny...I recently heard a circuit judge say bonding companies are worthless. They get their 10% premium and disappear. The judge said now a subpoena is issued to the bonding company for no shows. If the bonding company does not pay they make a trip to the jail. Maybe we will find a judge that offers the same deal to the AMC bonding company

I've read many of the AMC forums on here where they don't pay the appraiser (Coester). I just can't wrap my head around how this is not out and out fraud? How are this guy and his associates not in jail? Essentially, they cheated a bunch of people and corporations out of money (people- appraisers, corporations- banks).

How the hell can we get sued because someone thinks we didn't pull the right comps (and we all have to have E&O), and these jokers get away with financial murder? It seems like the AMCs are the most insulated from risk in any capacity in the appraisal world.

 

[gregb]

Some think cheating an appraiser is merely a "civil matter" not amounting to fraud.

https://www.sandiegouniontribune.co...appraisers-171-times-2012jun12-htmlstory.html

 

[ICT RE]

My state has a 45 day pay limit on AMCs, with an additional statement saying something to the effect of “unless other arrangements have been mutually-agreed upon”.

A toothless, meaningless, nothingburger written into regulation by an AMC de facto, basically. Just make sure you let the appraiser know exactly how you are going to screw him/her in the engagement letter, so when appraiser is in the process of getting screwed they can reference said statement.

 

[Raven59]

I've read many of the AMC forums on here where they don't pay the appraiser (Coester). I just can't wrap my head around how this is not out and out fraud? How are this guy and his associates not in jail? Essentially, they cheated a bunch of people and corporations out of money (people- appraisers, corporations- banks).

How the hell can we get sued because someone thinks we didn't pull the right comps (and we all have to have E&O), and these jokers get away with financial murder? It seems like the AMCs are the most insulated from risk in any capacity in the appraisal world.

Very good question. I would think there is an appropriate Federal statute regulating deceptive practices across state lines. Depending on how their AMC legislation, many boards have little authority to enforce the AMC over payment. We have bonding and a 45-day rule but it does not amount to much in regards to enforcement.