Corelogic Getting Out Of The AMC Business

[Alsie35]

Just announced via email to its clients. Relevant portion quoted here:

"Valued Partner,

Thank you for your support through the years. We sincerely appreciate your loyalty.

CoreLogic® has made the difficult decision to exit the appraisal management company (AMC) services business; .....

The AMC business was one of many business lines within CoreLogic. All other CoreLogic business lines are unimpacted by this change and will continue to operate. CoreLogic will continue to deliver industry-leading collateral valuation technology to lenders and appraisers through its Collateral Management System (CMS), AppraisalPort, a la mode software, and other products...."

 

[Terrel L. Shields]

has made the difficult decision to exit the appraisal management company

In other words, they were not making enough money to justify it to stockholders.

 

[George Hatch]

My guess is they are being squeezed by their fixed overhead.

Like I keep saying: any plan will make money when times are good. It's when times are slow that we find out which plans have staying power.

 

[djd09]

• January 27, 2023

How New Appraisal Waiver Policies Affect Old Homebuying Practices​

Desktop appraisal solutions have also played a key role in shaping the current homebuying process​

Those who bought, sold or refinanced a house in 2022 are likely familiar with the term appraisal waiver. Those who did not likely haven’t thought much about the appraisal process, let alone how the elimination of an appraisal can change the entire homebuying experience. But those who have received an appraisal waiver from a lender or who have waived the appraisal contingency in a purchase know the pros — and the cons — that can result from this choice.

In red-hot markets, electing to accept a lender’s offer for an appraisal waiver may make the difference between closing on a loan and getting stuck in a repeat bidding cycle while prices slowly inch upward.

Successful Appraisal Modernization Begins With New Technology

Integrating appraisal modernization changes will require support from technology partners with extensive, accurate, and comprehensive property data.

www.corelogic.com

who needs an appraisal department when the gses are just gonna accept the value...it's a good thing they cut the mortgage brokers out of the loop

 

[Bobby Bucks]

I suggest that we as a community come together and start a gofundme page to avert this industry tragedy.

 

[djd09]

Real Estate Valuation Tech Provider Clear Capital, CoreLogic to Support Appraisal Readiness​

Clear Capital, a national real estate valuation technology company, announced an expanded relationship with CoreLogic, a global property information, analytics and data-enabled solutions provider, “to assist lenders in modern valuation and appraisal readiness.”


Through an existing integration, Clear Capital’s recently launched Universal Data Collection (UDC) product is now “available to be ordered and fulfilled through CoreLogic’s suite of Valuation Workflow Solutions.”


Together, Clear Capital and CoreLogic are supporting industry-wide modern appraisal efforts by providing the ability for lenders to order data collection products in a streamlined way.

Kenon Chen, EVP of Strategy and Growth at Clear Capital, said:

“The key to appraisal modernization is wide-spread adoption, and alongside CoreLogic, we are expanding access to modern appraisal tools with the aim of pushing the mortgage industry closer to this new standard. We have been long-time partners with CoreLogic, and we are looking forward to continuing to collaborate as we advance appraisal modernization together.”

Bob Jennings, Executive of Platforms, Collateral, & Risk Solutions at CoreLogic, said:

“At the root of our alliance is simplifying ordering and creating an efficient set-up and implementation process for lenders. Clear Capital and CoreLogic have supported the industry together for some time now, and this expansion of our relationship is a natural next step as the industry embraces a more modern approach to valuations.”

https://www.crowdfundinsider.com/2023/04/205997-real-estate-valuation-tech-provider-clear-capital-corelogic-to-support-appraisal-readiness/

they are in the sixth year of the three year secret hybrid pilot, right DW?

 

[George Hatch]

These situations demonstrate the risks of taking a staff job with a lender or AMC. You make concessions with income, lifestyle and self-determination when times are good with the expectation that the employer will cover you when the volumes slow down. Only to be cut loose within a few weeks of the volumes slowing down. Then you're entering into a job search or to establish as a fee appraiser at the worst possible point of the RE cycle.

Very few staff appraisers make it long enough to retire.

 

[chad hampton]

every appraiser I know was drawn to the profession to be self employed. Most of us left corporate jobs, we certainly have no interest in becoming a corporate appraiser.

I would choose another career before I would take a job as a staff appraiser/manager.

 

[Alsie35]

every appraiser I know was drawn to the profession to be self employed. Most of us left corporate jobs, we certainly have no interest in becoming a corporate appraiser.

There are some of us who became involuntarily self-employed mid-career only as a result of the Great Recession that resulted in our layoffs from stricken lenders. And who subsequently found that being self-employed had more than its share of advantages over working for a large outfit. "Never again".

 

[Charles West]

I was offered a management position with Long Beach Bank but I did the smart thing and went to work with Foster-Osley as a manager and they closed about a year later. It wasn't a smart move or brilliant career planning but I was flipping and didn't really care one way or another. 100 hour work weeks does that to you.