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Bank of America (real) appraisers getting less work?

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Doug in NC

Thread Starter
Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Apparently, the AVMs have gotten their foot in Bank of America's door to the appraisal orders department. I got a bunch of orders from BOA in July, but have gotten only about 2 since then. During the time since July, I also received a message (by mistake) from an AVM bragging to their hired appraisers that they have gotten BOA as a client, so they should expect more work (at $50 a piece- whoopeee).

I wish we could find out who the appraisers are that are assisting in the demise of their own industry. I would love to see the appraisal boards paying visits to the offices of some of these AVM appraisers. I would bet that these desk appraisals are not USPAP compliant. I hope the AVMs come back to bite the banks (who are using them) in a big way! And, the appraisers who are supporting the AVMs are worse than pond scum IMHO. :evil:
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Sure they can be made USPAP compliant with the right limiting conditions and certifications. But untill they get burned enough times on condition thats the way the business is going. It doesnt make alot sense to me to have a hypothitical appraisal with no inspections or verification of data. More GIGO. Hey its their money.
Pond Scum? dont you guys make moonshine from that.
 
Joined
Jan 16, 2002
LSI has been a problem for decades already. Based upon the local operation of BOA, I'm surprised they havn't already been arrested and jailed on RICO charges. Never had much use for either of them.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
BofA (before merger) used to do most of its stuff in house (I was a VP with them for a while). Then it started farming out appraisals. Now, while it has somewhat of an in-house operation, the bulk of its stuff is through LSI, et al. The idea is that they don't have to handle approved appraisers, ordering, etc. LSI handles the whole thing, the cost per appraisal is the same, so its a better deal for them. I don't blame them, its a cost control factor. Regrettably, with the merger of lending units and nationwide lending, we're just going to have to either live with AMCs or get out of the business.
 
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