Appraisal Port?

[Ron Schwartz]

Just curious if anybody out there uses Appraisal Port and can recommend it to others since there is a conference next month in Washington DC. Or is it another one of those AMC's which likes to hire skippy for $150.00 for a 1004/condo who is working out of his car.

 

[Couch Potato]

Appraisal Port is a communication system that enables clients to order and receive appraisals in a secure, consistent manner. The client could be anyone from a homeowner to a large bank to an AMC. Fees are strictly between you and your client. The appraiser pays a small fee for processing the order and delivering the appraisal; $6 is a common amount. Appraisal Port allows delivery as a PDF or in "AI Ready" format. The latter should be called "AI not Ready" IMHO; I only deliver as a PDF.

Appraisal Port is operated by FNC. There is currently a pending class action suit over claims of FNC mining data from the appraisals sent through Appraisal Port in AI Ready format. It is unclear whether the data mining claims also include PDF reports sent through the system. Frankly I am not concerned over data mining that may or may not occur through the Appraisal Port system. The large banks that use the system would likely use an AMC as an alternative. The difference in what I get as a fee by dealing direct through Appraisal Port more than compensates me for any data mined if compared to what the typical AMC would pay.

Those I know that went to an Appraisal Port conference in the past found it very worthwhile and a source of contacts for new business.

 

[Ron Schwartz]

OK but what is there typical fee??? and are you competing with other appraisers that accept $150.00 for a full URAR

 

[Pamela Crowley (Florida)]

PLEASE do read this suit:

The Appraisers v FNC suit can be found at the MortgageFraudWatchList website.

 

[Couch Potato]

There is no such thing as a "typical fee" in the system. Getting an order in Appraisal Port is no different than getting one on a fax machine in that respect. The "typical fee" will be what ever you decide. One is always in competition with every other appraiser out there. There is no such thing as fee regulation in this industry.

 

[Dr Seuss]

Ron,

I went to the AppraisalPort conference last year (in Chicago). I went for a couple of new CE courses (one on Mtg Fraud and the other was Appraisal Review) and the instructors were top notch AI people. Although there were some "ra-ra" moments by the FNC speakers on how they are changing the face of the appraisal delivery business, all-in-all I found it informative. There were a couple of group discussions with a panel of chief appraisers (BOFA, IndyMac, etc.), some ASB folks did a presentation, and I was able to catch up with a couple clients that were in attendence as well.

A "power networking" session was available that allowed appraisers to move around one-on-one to several AMC's (you give them your card and they give you instructions on how to sign up with them). I attended the session but for my own business reasons, did not sign up with any.

If you want to see the nations capital and need some CE credits, it may be good...but if you need to sign up with AMC's, you can do it there...but it may take 15 AMC orders to cover your conference and expenses.