Corelogic Just Acquired Alamode

[Eli]

Yes, I know. The fact that I observed the reality of the situation which is that the government has never bailed out appraisers and is extremely unlikely to ever do so makes me biased in your eyes.

You got me....I am biased towards reality and against fantasy.

Again, your opinion is misconstrued. Over and over again. I wish it would stop but it won’t.

Your motivation I think is self preservation and fear.

 

[timd354]

Again, your opinion is misconstrued. Over and over again. I wish it would stop but it won’t.

The government has never bailed out appraisers or any other group of small entitiies in the financial sector. They have a history of bailing out banks and other large entities in the financial sector. Those are facts, not opinions. Those facts make it reasonable to believe that appraisers won't be bailed out in the future. Yes, that is my opinion, but at least I have logical support and a historical basis for my opinion.

 

[lefty2cox]

Yes, I know. The fact that I observed the reality of the situation which is that the government has never bailed out appraisers and is extremely unlikely to ever do so makes me biased in your eyes.

You got me....I am biased towards reality and against fantasy.

Tim,

I agree with you regarding why the government would likely not bail out the appraisal industry as they did with financial institutions, as well as your reasoning behind it.

But as far as the perceived bias, I don't think this is the reason people think it. It's the fact that you are pushing an "all is well" agenda with regard to our industry. And the fact of the matter is, there appears to be 3 camps on this.

1. People who think the industry is in dire straits (as far as mortgage lending appraisals are concerned)
2. People who are concerned or interested and think a discussion is warranted.
3. People who think the first 2 are crazy.

I think that 95% of us fall within the first 2 groups. You seem to fall within the 3rd group. From where I'm sitting, it means one of 2 things...either your out of touch or biased. Based on what others have said and from reading your post, you're not stupid. So the assumption is, your biased.

There is a 3rd possibility but I can't imagine it's likely... You just may simply rely on other streams of income besides residential appraisal for mortgage purposes, but then I don't think you would be involved with the thread. Just remember, a large contingency of appraisers will be looking to diversify as well...and may soon be coming for your business.

 

[Eli]

Yes, I know. The fact that I observed the reality of the situation which is that the government has never bailed out appraisers and is extremely unlikely to ever do so makes me biased in your eyes.

You got me....I am biased towards reality and against fantasy.

Again, your opinion is misconstrued. Over and over again. I wish it would stop but it won’t.

The government has never bailed out appraisers or any other group of small entitiies in the financial sector. They have a history of bailing out banks and other large entities in the financial sector. Those are facts, not opinions. Those facts make it reasonable to believe that appraisers won't be bailed out in the future. Yes, that is my opinion, but at least I have logical support and a historical basis for my opinion.

Yes, but the government insures financial institutions. The government did not always require many many things so your argument has no merit to what the government will do tomorrow. Bailout and policy changes are two different animals.

 

[Terrel L. Shields]

Tim,

I agree with you regarding why the government would likely not bail out the appraisal industry as they did with financial institutions, as well as your reasoning behind it.

But as far as the perceived bias, I don't think this is the reason people think it. It's the fact that you are pushing an "all is well" agenda with regard to our industry. And the fact of the matter is, there appears to be 3 camps on this.

1. People who think the industry is in dire straits (as far as mortgage lending appraisals are concerned)
2. People who are concerned or interested and think a discussion is warranted.
3. People who think the first 2 are crazy.

I think that 95% of us fall within the first 2 groups. You seem to fall within the 3rd group. From where I'm sitting, it means one of 2 things...either your out of touch or biased. Based on what others have said and from reading your post, you're not stupid. So the assumption is, your biased.

There is a 3rd possibility but I can't imagine it's likely... You just may simply rely on other streams of income besides residential appraisal for mortgage purposes, but then I don't think you would be involved with the thread. Just remember, a large contingency of appraisers will be looking to diversify as well...and may soon be coming for your business.

The appraisers are in chaos. Less work, low pay, and banks using non appraisers, evaluators if you will, and AMCs / hybrids, etc. So who is looking out to keep appraisers independent and not so stretched for money that they are beholden to? No one. If your business has dried up just like my business did in 1992 when my oil clients informed me that they were, to a single exception, cutting back on all drilling and consulting work. I had to change careers. If you are under 55, and currently are waiting on things to pick up, I suggest you spend time hunting a new job or career. Insurance underwriter, damage adjuster, assessor or mass appraiser, DOT, federal appraiser, anything. Get the L out of residential appraising.
For me it does not matter. I specialize, I'm retirement age, have a farm, and don't have to work for bankers. Only if sufficient people leave this industry will the appraiser have any leverage ever again. And, I fear, should such leverage come to bear, the bankers will try to stifle it by elimination of all appraisals and substitute silly "evaluations" which are wildly inaccurate. Core logic, for their part, won't ditch appraisers unless they get a clear green light to displace all appraisals with AVMs...which I see as distinct possibility within a decade or perhaps less.
Some say, "I've heard about the demise of residential appraising for years, not gonna happen." That's what the turkey said after being fed all summer as he puzzles over why the farmer has an axe and not a feed bucket today.

 

[gregb]

Trying to understand why appraisers are quaking in their boots over the Corelogic purchase of Alamode. I have never used Alamode, but is the boot quaking about what Corelogic might do to Alamode? My only interaction with a Corelogic has been through two MLS's I subscribe to with Realist (a feature owned by Corelogic), and these two MLS's are not currently owned by Corelogic. None of my clients use Mercury, but one uses Appraisal Port and another one uses RIMS as portals to distribute work and receive the work product. So, how will this transaction impact appraisers, and me in particular?

 

[Terrel L. Shields]

So, how will this transaction impact appraisers, and me in particular?

Phil Crawford makes it plain. It's about sufficient pay and consolidation which does suggest Eli's monopoly powers are in a position of influencing an appraisal.

You have been selected to appraise 002 Short Street. We have determined your drive time to be 0:23 minutes. We've set your appointment time at 8:30 am, and calculated you will need 35 minutes to inspect the house and an additional 45 minutes to drive our pre-selected six comps chosen from our list of twenty comparable properties we predict CU will use. Your neighborhood map will be uploaded along with flood map, legal, and assessors field card by the time you arrive back at your office. We have debited your card on file as follows:

MLS $10
Field cards (7) $70
Flood map $15
Comp Map $15
Legal Description $10
Alamode use $15
Sketching $15
Portal Upload fee $25​

Total fees $175 charged to your debit card.
We anticipate you will complete the report by 1:45 pm. Please respond to our report update requests at 10:00; 12:00; and upon arrival at appointment. Your fee is $285 and will be processed within 90 days after the loan is closed and deposited in your $20/month PoreLogic Bank account.​

 

[miktay]

Nicely done, Terrel. You nailed it.

 

[Non Sequitur]

Trying to understand why appraisers are quaking in their boots over the Corelogic purchase of Alamode.

For me it’s the pure corporate mentality that I know is coming. While Biggers was a pure business man there’s something different in the culture of a billion dollar company that’s always trying to squeeze an extra dollar out of their customers through any means necessary.

Two personal experiences with CoreLogic gives me pause: Their buyouts of of M&S and FNC. In the case of M&S they stopped supporting a form I needed, changed pricing/billing, and all but eliminated customer support. In the case of FNC they raised upload fees by 40% soon after acquisition.

I, and many other appraisers, are concerned with the heavy handedness that comes from big corporations like CoreLogic. When CoreLogic raises prices and changes the course of a la mode, and they will, our options to leave are limited.

Edit: Third reason, changes to Mercury Network after acquisition —
https://appraisersforum.com/forums/...another-fee-increase-just-gets-better.219498/

 

[Salty]

Does this mean CoreLogic is sponsoring Appraiser Fest.